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Introduction to Marketing and Communications

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These Five Forces model looks at the level of competition, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitutes, and the threat of new entrants into an industry. In the context of Mega Bastard Corporation’s foray into bionic limbs, the Five Forces analysis and the PESTLE analysis would be able to determine the nature of the marketing environment within which any marketing plan must prove its mettle (Oxford Learning Lab; Oxford Learning Lab (b); Porter).As applied to Mega Bastard Corporation and the bionic legs business opportunity, a review of the external marketing environment in potential country markets can yield insights into what markets are suitable for development and for the introduction of the bionic legs. It may be that the home market in the UK may not be the best market after undertaking a marketing environment assessment for various reasons, such as the micro environment not being conducive due to the presence of substitutes and the large bargaining power of buyers, who may need to be convinced of the merits of the bionic legs and opt instead for more conventional alternatives. This part of the marketing management framework presented here can avoid potential problems in terms of entering unsuitable country markets for bionic legs and for other products that the Mega Bastard Corporation may come up moving forward (Porter; Oxford Learning Lab; Oxford Learning Lab (b)).Buyer behavior relates to the means and ways by which consumers make purchase decisions, evaluate product experiences, and make up their minds on purchase and repurchase decisions in the future, among other processes that have myriads of associated factors, reflecting the complexity of human behavior in general, and reflecting too the challenges of being able to understand consumers and their motivations, desires, subjective feelings and thoughts, experiences, psychological processes, emotional processes, and such related factors that all factor into purchase behaviors. A sound marketing plan takes the customer purchase decision making processes into consideration, and therefore this is an important aspect of a sound marketing management template, especially with regard to new product and business ideas such as the one contemplated here, for bionic limbs. The literature points to various models of buyer behavior that are
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preview essay on Introduction to Marketing and Communications
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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