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Transcript of Marketing Lect 1
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Competitive Strategy
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Competitive Strategy
A competitive strategy consists of moves to
Attract customers
Withstand competitive pressures Strengthen an organizations market position
The objective of a competitive strategy is to generate a competitive advantage,increase the loyalty of customers and beat competitors
A competitive strategy is narrower in scope than a business strategy
Five competitive strategies are
Overall low-cost leadership strategy
Best cost provider strategy
Broad differentiation strategy
Focused low-cost strategy
Focused differentiation strategy
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The five forces model
Competitive rivalry
Rivalry is usually intense where some of the
following conditions are in evidence:
As the number of competitors increases and as theybecome more equal in size and capability.
When demand for the product is growing slowly.
When competitors are tempted by industryconditions to use price cuts or other competitive weapons
to boost unit volume.
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When competitors' products and services are so
similar that customers incur low costs in switching
from one brand to another.
When it costs more to get out of a business than to
stay in and compete.
When strong companies outside the industry
acquire weak firms in the industry and launchaggressive, moves to transform the newly acquired
competitor into a major market contender.
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Threat of entry
Economies of scale.
The existence of learning curve benefits. Here the
advantages stem not from large-scale facilities but
from the experience gained through repeatedly producing
the product or service many times.
Brand preferences and customer loyalty.
Capital requirements.
Cost disadvantages independent of size. These might
be due, for example, to access to cheaper labour or
raw materials.
Access to distribution channels.
Government actions and policies
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Threat of substitutes
If substitutes pose a credible threat, then, firms in
the industry will be prevented from raising their
prices or from failing to develop and improve their
products/services.
The competition from substitutes is affected by the
ease with which buyers can switch to a substitute. A
key consideration is usually the buyer's switching costs.
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Power of buyers
Buyers are powerful in the following situations:
When customers are few in number and they
purchase in large quantities.
When customers' purchases represent a sizeablepercentage of the selling industry's total sales.
When the selling industry comprises large numbers
of small sellers. When the item being purchased is sufficientlystandardized that customers can both find other supplierseasily and switch to them at virtually zero cost.
When the item being bought is not an importantinput.
When it is economically feasible for customers topurchase the input from several suppliers rather than one.
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Power of suppliers
Suppliers are powerful where The input is, in one way or another, important to the
buyer.
The supplier industry is dominated by a few largeproducers who enjoy reasonably secure market
positions and who are not beleaguered by intensely
competitive market conditions.
Suppliers' respective products are unique to theextent that it is difficult or costly for buyers to switch
from one supplier to another.
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The overall attractiveness of the industry
If all the five forces are strong industry profitability would
be expected to be low regardless of the products/servicesbeing produced. Conversely, weak forces permit higher
prices and above-average industry profitability.
Firms can influence the five forces through the strategies
they pursue.
But some innovations can lead to a short-term advantage
which, when every player in the industry is forced to follow
suit, can result in the whole industry being worse off.
For example, the first firm to advertise on television may
gain an increase in market share; then everyone else follows
resulting in a stalemate with the only winners being the
advertising agencies and the television companies.
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The crucial question, in determining profitability is whether
firms in the industry can capture and retain the value they
create for buyers, or whether this value is lost to others infending off competition. Industry structure determines who
captures the value
New entrants compete away value, passing it on to
buyers through lower prices, or they dissipate the
value created by raising the costs of competing.
Buyers who are powerful are able to retain most of
the value created for themselves.
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Substitutes place a ceiling on prices.
Suppliers that are powerful can appropriate the
value created for buyers - it is passed from
buyer to supplier with the firms in the middle
taking only a small proportion.
Rivalry, like entry, results either in value being
passed on to buyers (in the form of lower prices)
or it raises the costs of competing (e.g.enhanced plant, new product development,
advertising, larger salesforces).
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Generic Strategy
There are three routes to superior performance.
Become the lowest-cost producer in the industry.
Differentiate the product/service in ways that are valued
by the buyers to the extent that they will pay a premium
price to get these benefits.
Firms can choose to apply either of these strategies to a
broad market. Alternatively, they can focus on a niche
market.
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Overall cost leadership
To achieve a competitive advantage in such markets, a companyneeds to put a lot of effort into lowering its production and
distribution costs so that it can charge lower prices than itcompetitors.
If you offer a product or service that is of standard quality, butyour costs are significantly lower than the industry average you
will earn superior profits.This route to superior performance requires that the product isnotconsidered cheap or low quality by the buyer.
There are many ways to drive costs down whilst maintaining
average quality.
Moving down the experience curve more quickly than thecompetition.
Increasing the scale of the operation to gain the maximumpossible economies.
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Low cost can enable the firm to compete on price if that is
required.
It can also generate profits that can be reinvested to
improve the product quality whilst charging the same price
as the average in the industry.
There are some risks associated with the cost leadershipstrategy:
An over-emphasis on efficiency can lead to the firm losing touch
with the changing requirements of the customer.
In particular, in many industries the demands of the consumer maybecome more sophisticated and individual.
The low cost producer who is dedicated to producing a standard,
no-frills product may find his customer base is being eroded by
competitors who are adapting and developing their products.
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Many routes to a low cost position can be easily
copied.Competitors can purchase the most efficient scale
of plant.
As industries mature, the experience curve effectconfers fewer benefits.
Perhaps the greatest threat comes from
competitors who are able to price at marginal costbecause they have other, higher profit-earning
product lines that more than cover the fixed costs
of production.
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Overall Low-Cost Leadership Strategy
Strive to be the overall low-cost provider in an industry
How to achieve overall low-cost leadership
Scrutinize each cost activity
Manage each cost lower year after year
Reengineer cost activities to reduce overall costs
Cut some cost activities out of the value chain
Competitive strengths of a overall low-cost strategy
Organization in a better position to compete offensively on price
Organization is better able to negotiate with large customers
Organization is able to use price as a defense against substitutes
Low cost is a significant barrier to entry
Organization is more insulated from the power of suppliers
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When Does an Overall Low-Cost Strategy Work the Best
When price competition is a dominant competitive force
The product is a commodity e.g., car manufacturing, petrol
There are few ways to differentiate the product
Most customers have similar needs/requirements
Customers incur low switching costs changing sellers
Customers are large and have significant bargaining power
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When Doesnt a Overall Low-Cost Strategy Work
When technological breakthroughs open cost reductions for competitors, negating a
low-cost providers efficiency advantage
Competitors find it relatively easy and inexpensive to imitate the leaders low costmethods
Low-cost leader focuses so much on cost reduction that the organization fails to
respond to
Changes in customer requirements for quality and service
New product developments
Reduced customer sensitivity to price
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Differentiation
The key to a successful differentiation strategy is to be
unique in ways that are valued by buyers.
If buyers are willing to pay for these unique features,
through higher prices, and if costs are under control,then the price premium should lead to higher
profitability.
Central to this strategy is an understanding of buyer
needs. We need to know what the buyer values, deliver
that particular bundle of attributes and charge
accordingly.
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A successful differentiation strategy reduces the head-
to-head rivalry found in commodity-type industries. If
suppliers raise prices, loyal customers with low price
sensitivity are more likely to accept the resulting price
increases that the differentiator passes on. Further
more, customer loyalty acts as a barrier to new entrants
and as a hurdle that potential substitute products have
to overcome.
However, the differentiation strategy is not without its
risks:
If the basis upon which the firm seeks to bedifferentiated is easily imitated, then other firms will be
perceived as offering the same product or service. Then
rivalry within the industry is likely to switch to price-
based competition.
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Broad-based differentiators may be outmaneuvered by
specialist firms who target one particular segment.
If the strategy is based on continual product innovation,
the firm runs the risk of breaking the expensive new
ground merely for followers to exploit the benefits.
If the costs of differentiating are too high, then the
premium prices charged may not lead to superior profits.
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Broad Differentiation Strategies
Striving to build customer loyalty by differentiating an organizations products from competitors
products
Keys to success include Finding ways to differentiate to create value for customers that are not easily copied
Not spending more to differentiate than the price premium that can be charged
A successful differential strategy allows an organization to
Set a premium price
Increase unit sales Build brand loyalty
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Broad Differentiation Strategies
Where to look for differentiation opportunities
Supply chain
Research and development Production activities
Marketing, sales and service activities
Strengths of a Differentiation Strategy
Customers develop loyalty to the brand
Brand loyalty acts as an entry barrier
Organization is better able to fend off threats of substitute products because of brand loyalty
Reduces bargaining power of large customers since other brands are less attractive
Seller may be in a better position to resist efforts of suppliers to raise prices
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Pitfalls of a Broad Differentiation Strategy
Trying to differentiate on an unimportant product feature that doesnt result in providing more
value to the customer
Over differentiating the product such that the product features exceed the customers needsCharging a price premium that buyers perceive as too high
Ignoring need to signal value
Not identifying what customers consider valuable
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Focus
Involves the selection of a segment or group of segments
in the industry and meeting the needs of that segment
better than the broader targeted competitors.
Focus strategies can involve either being the lowest cost
producer serving that segment, or differentiating to meet
the particular requirements of the segment in a way that
allows the firm to charge a premium.
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Both variants of the focus strategy rest on differences between
the target segments and other segments in the industry.
It is these differences that result in the segment being poorly
served by the broad-scope competitor, who is not well
equipped to tailor its offerings to the particular needs of the
segment.
The firm that focuses on cost may be able to outperform the
broad-based firm through its ability to strip out 'frills' not
valued by the segment.
The obvious danger with the focus strategy is that the targetsegment may disappear for some reason. Either someone else
comes in, 'outfocuses' and steals buyers, or for different
reasons (e.g. changing tastes, demographic shifts) the target
segment withers away.
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Best-Cost Provider Strategy
Striving to give customers more value for the money by
combining an emphasis on low cost with an emphasis onupscale differentiation
Combines low-cost and differentiation
The objective is to create superior value by meeting or
beating customer expectation on product attributes andbeating their price expectations
Keys to success
Match close competitors on key product attributes and
beat them on cost Expertise at incorporating upscale product attributes at a
lower cost than competitors
Contain costs by providing customers a better product
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Advantages of Best-Cost Provider Strategy
Competitive advantage comes from matching close competitors on key product attributes and
beating them on price
Most successful best-cost providers have skills to simultaneously manage costs down andproduct quality up
Best-cost provider can often beat an overall low-cost strategy and a broad differentiation
strategy where
Customer diversity makes product differentiation the norm
Many customers are price and value sensitive
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Focus Strategies
Focus strategy based on low-cost
Concentrate on a narrow customer segment beating the competition on lower cost
Focus strategy based on differentiation Offering niche customers a product customized to their needs
Overall objective of both focus strategies is to do a better job of serving a niche target market
than competitors
Keys to success
Choose a niche were customers have a distinctive preference, unique needs or special requirements
Develop a unique ability to serve the needs of a niche target market
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What Makes a Niche Attractive?
Large enough to be profitable
Good growth potential
Not critical to the success of major competitors
Organization has the resources to effectively serve the niche
Organization can defend itself against challengers through a superior ability to serve the niche
No competitors are focusing on the niche
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Strengths and Risks of Focus Strategies
Strengths
Competitors dont have the motivation to meet specialized needs of the niche
Organizations competitive advantage could be seen as a barrier to entry Organizations competitive advantage provides an obstacle for substitutes
Organizations ability to meet the needs of customers in the niche can reduce the bargaining power of
large niche buyers
Risks
Broad differentiated competitors may find effective ways to enter the niche
Niche customers preferences may move toward the product attributes desired by a larger market segment
Profitability may be limited if too many competitors enter the niche
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Stuck in the middle
The firm that has not made a choice about either beinglow cost or differentiated runs the risk of being 'stuck in
the middle'.
These firms try to achieve the advantages of low cost and
differentiation but in fact achieve neither.
Poor performance results because the cost leader,differentiators or focusers will be better positioned to
compete in any segment.
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The Value Chain
One way of gaining a deeper insight into buyer needs isthrough value chain analysis.
The value chain breaks down the firm into its strategically
relevant activities in order to understand the behaviour of
costs and the existing or potential sources of
differentiation.
A firm gains competitive advantage by performing these
activities more cheaply or better than its rivals.
Value is the amount buyers are willing to pay for what a
firm provides them.
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Value is measured by total revenue, a reflection of the
price a firm's product commands and the units it can sell.
A firm is profitable if the value it commands exceeds the
costs involved in creating the product. Creating value forbuyers that exceeds the cost of doing so is the goal of any
generic strategy.
Value activities can be divided into two broad types:
primary activities and support activities.
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Primary activities are those that are involved in the
physical creation of the product or service, its transfer to
the buyer and any after-sales service. These primary
activities can be divided into the following categories:
Inbound logistics. Activities associated with the receiving,
storing and dissemination of inputs to the product (includeswarehousing, inventory control, vehicle scheduling).
Operations. Activities associated with transforming inputs
into the final product (machining, packing, assembly,
testing, equipment maintenance).
Outbound logistics. Collecting, storing and distributing the
product to buyers.
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Marketing. Activities associated with providing a means by
which buyers can purchase the product, and inducing
them to do so.
Service. Providing a service to maintain or enhance the
value of the product.
Support activities can be divided into four categories:
Procurement. This is the function of purchasing inputs. Itincludes all the procedures for dealing with suppliers.
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Technology development. This embraces not just
machines and processes, but 'know-how', procedures and
systems.
Human resource management. This includes all the
activities involved in the recruitment, training,
development and remuneration of staff.
Firm infrastructure. This includes general management,
finance and planning, estate management, quality
assurance. The infrastructure supports the entire value
chain.
P iti F t f St t i B fit
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Positive Factors of Strategic Benfits
Opportunities
The significant customer related opportunities in presentand future marketplaces for current potential products and
product Technology.
Strengths:
The most significant current strengths of the product group in
terms of the value for money, and attractiveness of existing
products and services, market shares, product profitability,
repeat customer bases and strengths related to product
group capabilities in design, marketing, manufacturing,s ales
servicing and so on.
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Successes:
The successes that indicate a significant current capability toinnovate successfully.
This is the indication of the ability to identify and exploit
opportunities and strengths.
Competitive Weaknesses:
The significant weaknesses of competitor that offer future
opportunities to the product group and indicate areas in which
competitors might be slow and unable to react to competitivemoves by the product group.
N ti A f St t i Ri k
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Negative Areas of Strategic Risk
Weaknesses:
If weaknesses of the product/group is not corrected, will constrain the
ability of the product to innovate and implement competitive initiatives.
Failures:
Significant indicators that the product group has recetly been
unsuccessful in overcoming weaknesses and in implementing new
initiatives, and an analysis of the basic causes of failures.
Threats:
Are the anticipated external trends or occurrences that threaten the
competitive success of the product group. The analysis will examine social, political, technological, economic,
environmental, competitive and customer trends and possible future
shocks.
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Competitors Strength:
Strengths of key competitors which will create difficulty inimplementing new initiatives and responses to external
threats.
Quality of the strategy and realism of the implementation plan
developed by a product group will be directly related to thequality in terms of focus, concentration, depth of insight vision
and lateral thinking.
Organizations and markets coexist in the marketing system.
The production capacity, production range, quality
parameters, extent of distribution and extent of market
coverage are various criteria for an organization to have a
competitive edge in the competitive environment.
Market Leaders
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Market Leaders
Market Leaders:
Firms with largest market share, generally 30 to 40 % of themarket share, would be in the hands of the market leader.
Eg.,
Colgate Toothpaste
Palmolive Shaving Cream
Hindustan Lever Surf Detergent
Amul Butter
Bata Shoes
Maruti Cars
Asian Paints Paint industry
Hero Hoda two wheeler segment
Britannia - Biscuit
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Organizational leadership in the market has been
possible due to stable and effective and efficient
management practices and finally very dynamic and
consistent aggressive marketing strategies.
The dominant firms keep on adding new products,
carry out promotional activities, try new usage andkeep on increasing production capacity to keep te cost
of production at the desirable level.
Trhe competing companies are closely following themarket leader and the leading company will have to be
vigilant and on its toes to ward off any challenge from
other companies in the industry.
Strategies Market Leaders
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Strategies Market Leaders
Innovation Strategy: launch of a new product based on innovation.Better product, low price range (probably). Mark of being offensive. Eg., Surf
vs Nirma (Wheel)
Fortification Strategy: constructive approach to maintain a dominantposition. Reasonable approach as well as its quality and continues to offer
products which would be superior to competitors. E.g., Surf Excel
Confrontation Strategy: a competing company go for a veryaggressive marketing efforts, which would result in clash with leader.
Besides an advertisement/promotional strategy, leader comes up with an
advertisement campaign aggressive enough to counter the competitors
challenges.e.g., Kodak vs Fuji
Harassment Strategy: the leader uses an unethical method forcingdistributors and dealers not to stock and sell the competitors product or will
try to influence materials suppliers or vendors not to be associated with the
competitor. E.g., Cigaratte company,
Market Challengers
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Market Challengers
A runner up firm actively and continuously trying to
expand its market share by aggressive efforts.
These firms would have shares between 20 30 %
E.g.,
Promise Toothpaste
Nirma Detergent
Keokarpin Hair Oil
Savlon
Compaq Computers
Market Challengers Strategies
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Market Challengers Strategies
Price Discount Strategy: expenses are lowered compared tomarket leaders. They offer price discount to potetial buyers keeping the
quality comparable to the leaders. E.g., 2-wheelers, automobiles, fast foodindustry.
Cheap Pricing Strategy: improve the quality of the product andonce accepted by the consumers then they raise the prices. E.g., Godrej
Introduction of mini size packages: in the shampoo market bymarket challengers has created dominant companies and other companiesultimately followed the trade.
Improvement in Service Strategy: e.g., Jet Airways / SaharaAirlines ion comparison with Indian Airlines. They are improving their market
shares by improving service, customer care, punctuality in maintaining timeschedules and other benefits to frequent flyers.
HMT watches restructured its distribution network resulting in a seriousthreat to the dominant Titan watches. Titan firm also improved its distributionstrategy to counter this move and emerged as a dominant player in the
market.
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Manufacturing cost production Strategy: this is a difficultidea. As far as this strategy is considered all good companies are
continuously trying to reduce manufacturing cost or carrying out costreduction exercises. Japanese companies have used a manufacturing cost
product strategy for their onslaught on the international automobile market,
electronic market and electrical product.
Intense Advertisement Campaign Strategy: e.g., PrivateInsurance companies have launched an offensive in an advertisementagainst a dominant firm LIC.
Market Followers
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Market Followers
Firms whose market share is below firms who aremarket challengers in the range of 10 20 %
These firms generally have conservative companydealers
They try to retain their marketing shares with standard
marketing efforts.
These firms have their set of customers in differentsegments and they try to retain the same.
They decide their growth depending on the growthpotential of the target market.
These firms often concentrate on profit and cost and
effective organizational management.
Market Nichers
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Market Nichers
The 10% of the market is in the hands of several
companies which would serve the consumers and
markets who are interested in the products of the
lower price and quality.
Market leader / challengers would not be interested in
this part of the market segment.
Specialist Niche: specialize on one type of job. E.g., radiators ofautomobile, fabrication fo air filters, etc.
Vetrical Job Specialist: specializing in certain production parts orjobs which are required by large original equipment manufacturers like
plastic moulded cabinet for television sets, etc.
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Customers Specialist: includes companies such as travel agentswho specialize in operating in suburban areas or towns where the big travel
agents are not present.
Product Line Specialist: includes companies which may productspecial product and continue to sell these products. e.g., Laboratories
Round Bottles, Laboratory Glass material, distillators, beakers, etc.
Service Specialist: firms who offer superior service not easilyavailable from other firms. E.g., diagnostic centers, health clubs, travel
departments or automobile service centers, publishers for special subjects
and restaurants specializing in particular food category.
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SWOT
Internal
Strengths
Weaknesses
External
Opportunities
Threats
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Environmental Analysis
Political
Economic
Social
Technological
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Portfolio Analysis
Market attractiveness & Companys position
B C G
- Stars
- Cash cows
- Question marks
- Dogs
GE 9 Cell grid
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Strategy Formulation Core competence
Value migration
Skating to where the money lies
Look at what market needs, not what you are
good at.
Look for opportunities to innovate
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Innovations
Process
Product
Business Model
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Strategic Options
Capacity Expansion
Market Development
Product Development
Vertical Integration
Diversification
Mergers & Acquisitions
Strategic Alliances
Turnaround
Divestment
Focus areas of strategy
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Focus areas of strategy
Supply Chain Management
Knowledge Management
Enterprise Risk Management
Globalisation
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Supply Chain Management
Goes beyond value chain
Suppliers supplier to buyers buyer
Cost reduction
Agility/responsiveness
Information Vs. Inventory
Bullwhip effect
Postponement
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Knowledge Management
Data
Information
Knowledge
Tacit
Explicit
Wisdom
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Enterprise Risk Management
Risk
Strategic planning
Technology risk
M&A risk
Political risk
Marketing risk
HR risk
Financial risk
Cultural issues
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Globalisation
Standardisation
Customisation
Knowledge sharing
Global mindset
Strategy Implementation
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Strategy Implementation
Leadership
Structure
Culture
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Leadership
Autocratic
Democratic
Visionary
Hands on
Vision
Where we are
Creative tension
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Structure
Simple
Functional
Divisional
Matrix
Cross functional teams
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Culture
Beliefs
Values
Assumptions
Setting priorities
Power distance
Individualistic/Collective
Masculine/Feminine
Formal/Informal
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Thank You