BSM 100 Lecture Notes - Lecture 7: Mystery Shopping, Bargaining Power

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

If you are an established player, consider who your new competition could be. If you are a new entrant, think about what kind of backlash you may experience from the established players: manage threats of new entrants: Patents --> patent fencing: have a patent relevant items to your product. Stay ahead of the game by looking at user needs. Creating and delivering messages that matter: makes you different and distinct from your competition, marketing requires thinking about innovations too. Marketing has to put out a message in different ways, and not stale so it can attract people and think about their user needs. Marketing: the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (creating customer satisfaction) Goal of marketing: make a profit in the end.