MM576 Marketing Management
One of the major tasks for marketers is to cope with competition from various sources in the marketing environment. To help address this, Professor Michael Porter put forward his views on competition in his seminal Harvard Business Review paper titled “How competitive forces shape strategy” in 1979. These views have been subsequently coined as Porter’s Five Forces Model.
Four decades have passed; some skeptics have started questioning if the Model is still apt to explain competition faced by firms nowadays. In particular, they are skeptical if the Model could really help explain the competition faced by those firms operating in a service-oriented and highly digitalized industry (e.g., the banking industry).
Note: A copy of Porter (1979) was uploaded on Blackboard (in the folder “Chapter 3 – Marketing Environment).
Among the 4Ps (product, price, place and promotion), some would argue that product is the most important element for effective marketing practices. To guide the proper formulation and implementation of product strategies, some marketing scholars further advocate the importance for marketers to refer to the concept of Product Life Cycle (the PLC concept). Specifically, these scholars believe that the PLC concept can help marketers craft the right strategies at the right time for their offerings.
Notwithstanding this, it is almost always true that a marketing theory/concept could guide as well as blind us; the PLC concept is of no exception.
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