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What are the5 principles of marketing? Is it better to be a pioneer or a follower? Is Netflix a first mover?
Four market entry strategies are:
1) Direct Exports
2) Franchising
3) Licensing
4) Joint Ventures
Marketing Strategy is the basic approach that the business unit will use to attain its goals. it comprises of strategies on large markets, market positioning, mix, and marketing expenditure allocation. moreover, the marketer should take care of the other two strategic aspects viz, expected environment, and competitive conditions while determining the marketing strategy. (Prof. Philip Kotler)
Once deciding over the next step of a marketer is to elaborate on each element of the marketing strategy. The first and foremost step is to choose a potential market and identify its needs. after that have to formulate strategies for each aspect ( product, place, price, and promotion).
The first to market strategy is entering the market with a new product with zero competition. To clarify, it is introducing something new in the market. It creates brand awareness and loyalty at the same time. It is also called the First Mover advantage.
The 5 Principles of marketing: Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal marketing concept.
It is good to be a pioneer but even better to be a follower. According to my point of view, a follower has a lot available at hand, to learn from the already existent competition in the market. Followers can follow the existent strategy with a little twist and turn of their own.
Yes, Netflix is the first mover. It had a 43,000% return for investors on IPO in 2002. Netflix is currently under pressure due to competition by Disney, Apple, Amazon, and Comcast which are trying to capture the consumer demand for content. Netflix shares rose 12% in 2019 while the parent company's index (NASDAQ) rose 36%. the first-mover advantage of NETFLIX is being questioned by the so-called Streaming Wars.