I can still remember that day during our Group discussion, we have just gotten an Email talking about the Marketing Exam Project worth 50% of the total Course marks. Considering that we are yet to start the Course, we only met the Prof. on the introduction video, we have not even done the pre-module webinar. It was panic all the way but one of our Group members, took his time to work us through the Project requirements and what is expected. At the end of that Group meeting, the panic has reduced, the fear has subsided and then we waited for the Pre module webinar.
Marketing is not ABP
One of the key takeaways for me from the Pre-Module webinar is that Marketing is not ABP. Yes, you need to identify the problem, however, we must not apply the principles of Analysis of business problems (ABP) to marketing. They are different. In marketing, the steps are as follows:
- Identify the Problems
- Itemise all the problems
- Interrogate the list, and evaluate each of the problems identified.
- Then you eliminate by asking this Question
- Which of these problems, when sorted can address the rest of the problems?
- Generate the Solutions
- List all the probable solutions
- List all the probable solutions
- Then you ask yourself which of these solutions if deployed can address the Problem
- Strategic Solution identification
- Once done, develop a strategic plan
- Generate an implementation plan
- Go ahead and execute the implementation plan
- Be sure to evaluate outcomes versus plan as you execute
The Apple Case: Is Apple Managing their 4 Ps effectively?
We have already read the case, and I have done all the permutations on what the possible problems can be. I was ready to contribute in Class and get to the real problem. When Prof. asked us, we went on and on, we started investigating all the problems we have highlighted, canceled some, and kept some in view.
Guess what, the real problem is Competition because if there is no competition in our Business World, Consumers will always buy anything we offer them, they do not know any better but once there is Competition, it challenges our product offerings, it challenges our pricing, it challenges the promotions and offers we give to the consumer, it challenges our Route To Market strategy.
#Competition is the real issue here.
The role of competition in marketing
The four elements of the marketing mix, commonly known as the “four Ps,” are used by businesses to improve sales volume to compete in the market. Product, Place, Promotion, and Price are the four Ps in this acronym. The first stage in creating a winning marketing plan is to fully comprehend and know your competition.
Competition is inevitable in any business and is essential to its success because it helps your company carve out a niche in a market. Marketing competition can affect the effectiveness of your advertising and promotions as well as how interested consumers are in learning more about your goods and services. Understanding competition in the marketing industry can assist companies or marketing firms in better understanding how it operates, what impact it might have on business success, and what kinds of competition to anticipate.
That was a moment of discovery for me, thinking about it critically, all the things we try to change or analyze in my business and the way we run, the changes we make, and the actions we take are all evaluated by looking at what our competition is doing. Yes, I agree 100% that Competition is the real culprit here.