What do we mean by commoditization?
A consequence of mature industries where slowing innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor. Commoditization is everywhere and is the result of mature markets where goods and services lack any real means of differentiation. Unfortunately for companies, when customers see the same products with same benefits in that industry, price is the only thing that matters.
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Management
- Simultaneous Production and Consumption meaning what?
- Intangibility meaning what?
- What is a product?
- What are the 4 P's of marketing?
- What is a market and what do we mean by exchange?
- What do we mean by the four different types of utility (time, place, possession, and psychological utility)?
- Know some of the major marketing strategy decisions.
- What do we mean that a product becomes a commodity?
- Know the different stages of the strategic planning process (situation analysis and marketing plan).
- What do we mean by organization mission and vision?
- What are the elements of a good mission statement?
- What do we mean by the width of a mission statement?
- What is corporate strategy?
- What is business-unit strategy?
- What is a strategic business unit?
- What do we mean by competitive or differential advantage?
- What is a marketing plan?
- Parts of the marketing plan:
- Why is the executive summary very important?
- What is the purpose and significance of the Marketing plan?
- What is a situation analysis and what are some of the issues to be considered in a situation analysis? (Three key environments)
- What are the challenges in conducting a situation analysis?
- What do we mean by derived demand?
- What are the different competitors that a firm must face?
- What are some of the aspects of the external environment?