The World's Best Book Summaries
What is Competitive Strategy by Michael Porter about? Do you want a competitive edge in the business world? In Competitive Strategy, Michael Porter demonstrates how to get your business in the lead. Doing so requires a certain level of competitiveness that puts your business first. Read below for a brief overview of Competitive Strategy.
Who makes up your smallest viable market? What do they truly want and need? Should you adjust your product story over time? In This Is Marketing, Seth Godin says that old marketing techniques no longer work. He outlines his guiding principles of marketing in the modern age: create something of value, focus on your smallest viable market, match your story to the story your audience tells themselves, and leverage word of mouth. Continue reading to learn about each of these four basic principles of marketing.
What’s the role of suppliers in marketing? How much influence do suppliers have over pricing? In Competitive Strategy, Michael Porter explains that suppliers with substantial influence can dictate pricing, product quality, and availability. For example, in the diamond industry, a few large diamond mining companies exert significant influence over jewelry manufacturers and vendors by dictating prices, setting quality standards, and restricting sales. Let’s look at the number of conditions that enhance supplier influence over a market.
How do you perform competitive market research? How can studying other businesses improve yours? According to Michael Porter’s book Competitive Strategy, researching your competitors will benefit you in two ways. First, it will enable you to create effective countermoves to their strategies. Second, it will help you anticipate their responses to your strategic initiatives. Let’s explore the insights you’ll gain by performing competitive market research.
Does your business need revamping? Do you want to gain a competitive advantage in business? The goal of every business is to outperform its competitors. Competitive Advantage by Michael Porter suggests that you align your operational procedures with one of three strategies: set lower prices, offer something unique, and target niche markets. Discover how to implement each of these strategies.
Do you want your business to stand out from the rest? How can you practice differentiation in business? To gain a competitive advantage in the market, your business has to offer something unique from other businesses. Additionally, you need to target niche markets that your product specifically caters to. Let’s look at how to make your business one of a kind to draw more consumers in.
Do you find a lot of advertising intrusive? Do you want to market your product or service without annoying prospective customers? Often, disruptive advertisements can feel more obnoxious than persuasive. In Permission Marketing, Seth Godin says there’s a better way for brands to get the attention of potential customers. Keep reading for an overview of Permission Marketing, which shows you how to create marketing that customers actually ask to see.
What do billboards and TV commercials have in common? How much are you annoyed by their intrusion? Even if you haven’t heard the specific term before, “Interruption Marketing” probably sounds familiar. You’ve had your experience disrupted by ads that you don’t expect or want. You certainly didn’t ask for them. Seth Godin explains why this type of marketing had its heyday—but it’s finally time to move on. Read more to learn three reasons why Interruption Marketing is no longer as effective as it used to be.
What is permission marketing? Why is it more effective than old-style “Interruption Marketing”? Seth Godin says that the primary advertising method of the 20th century is no longer the most effective approach. He advocates building relationships through what he calls “permission marketing.” He explains what it is and why it’s so much more profitable in today’s brand-saturated market. Keep reading to understand what permission marketing is as well as the philosophies that are behind it.
Is freebie marketing a smart approach? If so, how and when should it be done? In Permission Marketing, Seth Godin recommends opening a line of communication with consumers by offering them valuable freebies in exchange for their contact information. This is the first step in his three-part permission marketing strategy. Continue reading to learn how to break the ice with prospective customers by giving out freebies.