WEEK 4
Developing strategies for distribution of content is particularly challenging since the market is characterized by rapid technological change and great uncertainty of the significance and duration of technological standards, as well as customer demand.
Valerine Feldmann notes that the hybrid structure of mobile Internet enabled the combination of virtual and the real world, visibly integrating the online and offline experience in various aspects of daily life.
Within this context, customers gradually have limited acceptance and a short attention span when surfing the internet. Overwhelmed by information overload, they are more inclined to trust brands with which they have established a relationship. This presents significant challenges for marketers: How to cultivate strong connections with their targeted customers? How to seize, retain and exploit the market initiative within the media landscape?
Concerning these questions, being attractive and competitive seems to be a sensible response. Apart from that, seeking profitability must always be kept in focus as it is the driving force when it comes to capital. Therefore, observing market potential and differentiating from competitors has become an integral part of a successful marketing strategy.
Porter’s five forces, as discussed in class, illuminates that the definition of competition extends far beyond today’s direct competitors, pointing out other four notable factors: customers, suppliers, potential entrants, and substitute products. Only when marketers wisely interpret all the five forces can they gain a comprehensive understanding of the nature of competitive interaction within the industry.
In view of the threat posed by new entrants, develop and highlight the company's unique selling propositions are the top priorities that enterprises should take, which will definitely form a solid barrier against potential rivals. In addition, brands are suggested to create compelling marketing campaigns that foster customer loyalty, making it arduous for new entrants to attract customers. These strategies also prove effective when confronted with the threat of substitutes.
Concerning the bargaining power of suppliers, one of the beneficial strategies involves diversifying the supply chain. By developing a wide range of products, services, or even technologies, instead of relying on a single product, companies are able to reduce their dependence on any single supplier. Xiaomi SU7, serves as an excellent example, utilizing their previous experiences and developed technologies in their mobile phone system, thereby effectively reducing costs through a production process. Moreover, strive to envision what additional value can be provided beyond the basic product or service, reducing the voice of suppliers in fixing a price.
When compared with substitute product or service, unique benefits is the winning formula. In virtue of that, educating customers by various means of communication, e.g. social media platforms, podcasts, workshops, webinars. Serving as a considerate and thoughtful counselor who always cater to target customers’ specific needs, help maximize engagement and effectiveness.
The most afflicting force for business might be the rivalry among existing competitors, emphasizing the significance of being sensitive to new trends and innovative techniques that stand out from competitors. As we mentioned last week, numeral coopetition-based business models, such as partnerships with brands aiming to achieve win-win situation, exactly improve developing capacity of new audiences and provide mutual benefits through attractive co-marketing campaigns.
Utilizing a theoretical model as an analytical framework, equipped with the integration of robust data, can enhance informed decision-making and support strategic planning. By integrating theoretical frameworks with real-world cases, the abilities to analyze complex situations effectively and holistic thinking will be significantly cultivated, which are essential skills for market analysts.
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