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© 2007 Thomson/South-Western.© 2007 Thomson/South-Western.All rights reserved.All rights reserved.
PowerPoint Presentation by Charlie CookPowerPoint Presentation by Charlie CookThe University of West AlabamaThe University of West Alabama
Strategic Strategic ManagementManagementCompetitiveness and Globalization: Competitiveness and Globalization: Concepts and CasesConcepts and Cases Michael A. Hitt • R. Duane Ireland • Robert E. Hoskisson
Seventh edition
STRATEGIC
ACTIONS:
STRATEGY
FORMULATION
STRATEGIC
ACTIONS:
STRATEGY
FORMULATION
CHAPTER 5CHAPTER 5
Competitive Rivalry Competitive Rivalry andandCompetitive DynamicsCompetitive Dynamics
© 2007 Thomson/South-Western. All rights reserved. 5–2
DefinitionsDefinitions
• CompetitorsCompetitors
Firms operating in the same market, offering similar Firms operating in the same market, offering similar products and targeting similar customers.products and targeting similar customers.
• Competitive RivalryCompetitive Rivalry
The ongoing set of competitive actions and responses The ongoing set of competitive actions and responses occurring between competitors.occurring between competitors.
Competitive rivalry influences an individual firm’s Competitive rivalry influences an individual firm’s ability to gain and sustain competitive advantages.ability to gain and sustain competitive advantages.
© 2007 Thomson/South-Western. All rights reserved. 5–3
DefinitionsDefinitions
• Competitive BehaviorCompetitive Behavior The set of competitive actions and competitive The set of competitive actions and competitive
responses the firm takes to build or defend its responses the firm takes to build or defend its competitive advantages and to improve its market competitive advantages and to improve its market position.position.
• Multimarket CompetitionMultimarket Competition Firms competing against each other in several Firms competing against each other in several
product or geographic markets.product or geographic markets.
• Competitive DynamicsCompetitive Dynamics The total set of actions and responses taken by all The total set of actions and responses taken by all
firms competing within a market.firms competing within a market.
© 2007 Thomson/South-Western. All rights reserved. 5–4
From Competitors to Competitive From Competitors to Competitive DynamicsDynamics
CompetitorsCompetitors • To gain an advantageous To gain an advantageous market positionmarket position
• Competitive BehaviorCompetitive Behavior•Competitive actionsCompetitive actions•Competitive responsesCompetitive responses
Competitive DynamicsCompetitive DynamicsCompetitive actions and responses taken Competitive actions and responses taken
by all firms competing in a marketby all firms competing in a market
Engagein
Why?
How?What Results? What Results?
Competitive Competitive RivalryRivalry
© 2007 Thomson/South-Western. All rights reserved. 5–5
Competitive Rivalry’s Effect on StrategyCompetitive Rivalry’s Effect on Strategy
• Success of a strategy is determined by:Success of a strategy is determined by: The firm’s initial competitive actions.The firm’s initial competitive actions. How well it anticipates competitors’ responses to How well it anticipates competitors’ responses to
them.them. How well the firm anticipates and responds to its How well the firm anticipates and responds to its
competitors’ initial actions.competitors’ initial actions.
• Competitive rivalry:Competitive rivalry: Affects all types of strategies.Affects all types of strategies. Has the strongest influence on the firm’s business-Has the strongest influence on the firm’s business-
level strategy or strategies.level strategy or strategies.
© 2007 Thomson/South-Western. All rights reserved. 5–6
A Model of Competitive RivalryA Model of Competitive Rivalry
• Firms are mutually interdependentFirms are mutually interdependent A firm’s competitive actions have noticeable effects A firm’s competitive actions have noticeable effects
on its competitors.on its competitors.
A firm’s competitive actions elicit competitive A firm’s competitive actions elicit competitive responses from its competitors.responses from its competitors.
Competitors feel each other’s actions and responses.Competitors feel each other’s actions and responses.
• Marketplace success is a function of both Marketplace success is a function of both individual strategies and the consequences of individual strategies and the consequences of their use.their use.
© 2007 Thomson/South-Western. All rights reserved. 5–7
A Model of Competitive RivalryA Model of Competitive Rivalry
Competitive AnalysisCompetitive Analysis• Market commonalityMarket commonality• Resource similarityResource similarity
Drivers of Competitive Drivers of Competitive BehaviorBehavior• AwarenessAwareness• MotivationMotivation• AbilityAbility
Interfirm RivalryInterfirm Rivalry• Likelihood of AttackLikelihood of Attack
• First-mover incentivesFirst-mover incentives• Organizational sizeOrganizational size• QualityQuality
• Likelihood of ResponseLikelihood of Response• Type of competitive actionType of competitive action• ReputationReputation• Market dependenceMarket dependence
OutcomesOutcomes• Market positionMarket position• Financial Financial
performanceperformance
FeedbackFeedback
© 2007 Thomson/South-Western. All rights reserved. 5–8
Competitor AnalysisCompetitor Analysis
• Competitor analysis is used to help a firm Competitor analysis is used to help a firm understand its competitors.understand its competitors.
• The firm studies competitors’ future objectives, The firm studies competitors’ future objectives, current strategies, assumptions, and capabilities.current strategies, assumptions, and capabilities.
• With the analysis, a firm is better able to predict With the analysis, a firm is better able to predict competitors’ behaviors when forming its competitors’ behaviors when forming its competitive actions and responses.competitive actions and responses.
© 2007 Thomson/South-Western. All rights reserved. 5–9
Market CommonalityMarket Commonality
• Market commonality is concerned with: Market commonality is concerned with: The number of markets with which a firm and a The number of markets with which a firm and a
competitor are jointly involved.competitor are jointly involved. The degree of importance of the individual markets to The degree of importance of the individual markets to
each competitor.each competitor.
• Firms competing against one another in several Firms competing against one another in several or many markets engage in multimarket or many markets engage in multimarket competition.competition. A firm with greater multimarket contact is less likely to A firm with greater multimarket contact is less likely to
initiate an attack, but more likely to more respond initiate an attack, but more likely to more respond aggressively when attacked.aggressively when attacked.
© 2007 Thomson/South-Western. All rights reserved. 5–10
Resource SimilarityResource Similarity• Resource SimilarityResource Similarity
How comparable the firm’s tangible and intangible How comparable the firm’s tangible and intangible resources are to a competitor’s in terms of both types resources are to a competitor’s in terms of both types and amounts.and amounts.
• Firms with similar types and amounts of Firms with similar types and amounts of resources are likely to: resources are likely to: Have similar strengths and weaknesses.Have similar strengths and weaknesses. Use similar strategies.Use similar strategies.
• Assessing resource similarity can be difficult if Assessing resource similarity can be difficult if critical resources are intangible rather than critical resources are intangible rather than tangible.tangible.
© 2007 Thomson/South-Western. All rights reserved. 5–11
Drivers of Competitive BehaviorDrivers of Competitive Behavior
• Awareness isAwareness is the extent to which the extent to which
competitors recognize the competitors recognize the degree of their mutual degree of their mutual interdependence that interdependence that results from: results from: • Market commonalityMarket commonality• Resource similarityResource similarity
AwarenessAwareness
© 2007 Thomson/South-Western. All rights reserved. 5–12
Drivers of Competitive Behavior Drivers of Competitive Behavior (cont’d)(cont’d)
• Motivation concernsMotivation concerns the firm’s incentive to take the firm’s incentive to take
actionaction or to respond to a or to respond to a
competitor’s attackcompetitor’s attack and relates to perceived and relates to perceived
gains and lossesgains and losses
AwarenessAwareness
MotivationMotivation
© 2007 Thomson/South-Western. All rights reserved. 5–13
Drivers of Competitive Behavior Drivers of Competitive Behavior (cont’d)(cont’d)
• Ability relates toAbility relates to each firm’s resourceseach firm’s resources the flexibility these the flexibility these
resources provideresources provide
• Without available Without available resources the firm lacks resources the firm lacks the ability tothe ability to attack a competitorattack a competitor respond to the competitor’s respond to the competitor’s
actionsactions
AwarenessAwareness
MotivationMotivation
AbilityAbility
© 2007 Thomson/South-Western. All rights reserved. 5–14
Drivers of Competitive Behavior Drivers of Competitive Behavior (cont’d)(cont’d)
• A firm is more likely to attack A firm is more likely to attack the rival with whom it has low the rival with whom it has low market commonality than the market commonality than the one with whom it competes in one with whom it competes in multiple markets.multiple markets.
• Given the strong competition Given the strong competition under market commonality, it is under market commonality, it is likely that the attacked firm will likely that the attacked firm will respond to its competitor’s respond to its competitor’s action in an effort to protect its action in an effort to protect its position in one or more position in one or more markets.markets.
AwarenessAwareness
MotivationMotivation
Market Market CommonaliCommonali
tyty
AbilityAbility
© 2007 Thomson/South-Western. All rights reserved. 5–15
Drivers of Competitive Behavior Drivers of Competitive Behavior (cont’d)(cont’d)
• The greater the resource The greater the resource imbalance between the acting firm imbalance between the acting firm and competitors or potential and competitors or potential responders, the greater will be the responders, the greater will be the delay in response by the firm with a delay in response by the firm with a resource disadvantage.resource disadvantage.
• When facing competitors with When facing competitors with greater resources or more greater resources or more attractive market positions, firms attractive market positions, firms should eventually respond, no should eventually respond, no matter how challenging the matter how challenging the response.response.
AwarenessAwareness
MotivationMotivation
Resource Resource DissimilaritDissimilarit
yy
AbilityAbility
Market Market CommonaliCommonali
tyty
© 2007 Thomson/South-Western. All rights reserved. 5–16
Competitive RivalryCompetitive Rivalry
• Competitive ActionCompetitive Action A strategic or tactical action the firm takes to build or A strategic or tactical action the firm takes to build or
defend its competitive advantages or improve its defend its competitive advantages or improve its market position.market position.
• Competitive ResponseCompetitive Response A strategic or tactical action the firm takes to counter A strategic or tactical action the firm takes to counter
the effects of a competitor’s competitive action.the effects of a competitor’s competitive action.
© 2007 Thomson/South-Western. All rights reserved. 5–17
Strategic and Tactical ActionsStrategic and Tactical Actions
• Strategic Action (or Response)Strategic Action (or Response)
A market-based move that involves a significant A market-based move that involves a significant commitment of organizational resources and is commitment of organizational resources and is difficult to implement and reverse.difficult to implement and reverse.
• Tactical Action (or Response)Tactical Action (or Response)
A market-based move that is taken to fine-tune a A market-based move that is taken to fine-tune a strategy:strategy:
• Usually involves fewer resources.Usually involves fewer resources.
• Is relatively easy to implement and reverse.Is relatively easy to implement and reverse.
© 2007 Thomson/South-Western. All rights reserved. 5–18
Factors Affecting Likelihood of AttackFactors Affecting Likelihood of Attack
• First movers allocate funds for:First movers allocate funds for: Product innovation and Product innovation and
development development
Aggressive advertisingAggressive advertising
Advanced research and Advanced research and developmentdevelopment
• First movers can gain:First movers can gain: The loyalty of customers who may The loyalty of customers who may
become committed to the firm’s become committed to the firm’s goods or services.goods or services.
Market share that can be difficult Market share that can be difficult for competitors to take during for competitors to take during future competitive rivalry.future competitive rivalry.
First-Mover First-Mover IncentivesIncentives
First Mover A firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position.
© 2007 Thomson/South-Western. All rights reserved. 5–19
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Second mover responds to the first Second mover responds to the first mover’s competitive action, typically mover’s competitive action, typically through imitation:through imitation:
Studies customers’ reactions to Studies customers’ reactions to product innovations.product innovations.
Tries to find any mistakes the first Tries to find any mistakes the first mover made, and avoid them.mover made, and avoid them.
Can avoid both the mistakes and the Can avoid both the mistakes and the huge spending of the first-movers.huge spending of the first-movers.
May develop more efficient May develop more efficient processes and technologies.processes and technologies.
First MoverFirst Mover
Second Second MoverMover
IncentivesIncentives
© 2007 Thomson/South-Western. All rights reserved. 5–20
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Late mover responds to a Late mover responds to a competitive action only after competitive action only after considerable time has elapsed.considerable time has elapsed.
• Any success achieved will be slow Any success achieved will be slow in coming and much less than that in coming and much less than that achieved by first and second achieved by first and second movers.movers.
• Late mover’s competitive action Late mover’s competitive action allows it to earn only average allows it to earn only average returns and delays its returns and delays its understanding of how to create understanding of how to create value for customers.value for customers.
First MoverFirst Mover
Second Second MoverMover
Late MoverLate Mover
© 2007 Thomson/South-Western. All rights reserved. 5–21
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Small firms are more likely:Small firms are more likely: To launch competitive actions.To launch competitive actions.
To be quicker in doing so.To be quicker in doing so.
• Small firms are perceived as:Small firms are perceived as: Nimble and flexible competitorsNimble and flexible competitors
Relying on speed and surprise to Relying on speed and surprise to defend competitive advantages or defend competitive advantages or develop new ones while engaged in develop new ones while engaged in competitive rivalry.competitive rivalry.
Having the flexibility needed to Having the flexibility needed to launch a greater variety of launch a greater variety of competitive actions.competitive actions.
First MoverFirst Mover
Second Second MoverMover
OrganizationOrganizational Size- al Size- SmallSmall
Late MoverLate Mover
© 2007 Thomson/South-Western. All rights reserved. 5–22
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Large firms are likely to initiate Large firms are likely to initiate more competitive actions as well as more competitive actions as well as strategic actions during a given time strategic actions during a given time periodperiod
• Large organizations commonly Large organizations commonly have the slack resources required have the slack resources required to launch a larger number of total to launch a larger number of total competitive actionscompetitive actions
• Think and act big and we’ll get Think and act big and we’ll get smaller. Think and act small and smaller. Think and act small and we’ll get bigger.we’ll get bigger.
Herb KelleherHerb KelleherFormer CEO, Southwest AirlinesFormer CEO, Southwest Airlines
First MoverFirst Mover
Second Second MoverMover
OrganizationOrganizational Size -al Size -LargeLarge
Late MoverLate Mover
© 2007 Thomson/South-Western. All rights reserved. 5–23
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Quality exists when the firm’s Quality exists when the firm’s goods or services meet or goods or services meet or exceed customers’ exceed customers’ expectationsexpectations
• Product quality dimensions Product quality dimensions include:include:
First MoverFirst Mover
Second Second MoverMover
QualityQuality(Product)(Product)
Late MoverLate Mover
OrganizationOrganizational Sizeal Size
PerformancePerformance
FeaturesFeatures
FlexibilityFlexibility
DurabilityDurability
ConformanceConformance
ServiceabilityServiceability
AestheticsAesthetics
Perceived Perceived qualityquality
© 2007 Thomson/South-Western. All rights reserved. 5–24
TableTable 5.15.1 Quality Dimensions of Goods and ServicesQuality Dimensions of Goods and Services
Product Quality Dimensions
1. Performance—Operating characteristics
2. Features—Important special characteristics
3. Flexibility—Meeting operating specifications over some period of time
4. Durability—Amount of use before performance deteriorates
5. Conformance—Match with preestablished standards
6. Serviceability—Ease and speed of repair
7. Aesthetics—How a product looks and feels
8. Perceived quality—Subjective assessment of characteristics (product image)
SOURCES: Adapted from J.W. Dean, Jr., & J. R. Evans, 1994, Total Quality: Management, Organization and Society, St. Paul, MN:West Publishing Company; H.V. Roberts & B. F. Sergesketter, 1993, Quality Is Personal, New York:The Free Press; D. Garvin, 1988, Managed Quality: The Strategic and Competitive Edge, New York:The Free Press.
© 2007 Thomson/South-Western. All rights reserved. 5–25
Factors Affecting Likelihood of Attack Factors Affecting Likelihood of Attack (cont’d)(cont’d)
• Service quality dimensions Service quality dimensions include:include: TimelinessTimeliness
CourtesyCourtesy
ConsistencyConsistency
ConvenienceConvenience
CompletenessCompleteness
AccuracyAccuracy
First MoverFirst Mover
Second Second MoverMover
QualityQuality(Service)(Service)
Late MoverLate Mover
OrganizationOrganizational Sizeal Size
© 2007 Thomson/South-Western. All rights reserved. 5–26
TableTable 5.15.1 Quality Dimensions of Goods and Services (cont’d)Quality Dimensions of Goods and Services (cont’d)
SOURCES: Adapted from J.W. Dean, Jr., & J. R. Evans, 1994, Total Quality: Management, Organization and Society, St. Paul, MN:West Publishing Company; H.V. Roberts & B. F. Sergesketter, 1993, Quality Is Personal, New York:The Free Press; D. Garvin, 1988, Managed Quality: The Strategic and Competitive Edge, New York:The Free Press.
Service Quality Dimensions
1. Timeliness—Performed in the promised period of time
2. Courtesy—Performed cheerfully
3. Consistency—Giving all customers similar experiences each time
4. Convenience—Accessibility to customers
5. Completeness—Fully serviced, as required
6. Accuracy—Performed correctly each time
© 2007 Thomson/South-Western. All rights reserved. 5–27
Likelihood of ResponseLikelihood of Response
• Responses to a competitor’s action are taken Responses to a competitor’s action are taken when the action:when the action:
Leads to better use of the competitor’s capabilities to Leads to better use of the competitor’s capabilities to gain or produce stronger competitive advantages or gain or produce stronger competitive advantages or an improvement in its market position.an improvement in its market position.
Damages the firm’s ability to use its capabilities to Damages the firm’s ability to use its capabilities to create or maintain an advantage.create or maintain an advantage.
Makes the firm’s market position becomes less Makes the firm’s market position becomes less defensible.defensible.
© 2007 Thomson/South-Western. All rights reserved. 5–28
Factors Affecting Likelihood of Factors Affecting Likelihood of ResponseResponse• Firms study three other factors to predict how a Firms study three other factors to predict how a
competitor is likely to respond to competitive competitor is likely to respond to competitive actions:actions:
Type of competitive actionType of competitive action
ReputationReputation
Market dependenceMarket dependence
© 2007 Thomson/South-Western. All rights reserved. 5–29
Factors Affecting Strategic ResponseFactors Affecting Strategic Response
• Strategic actions receive strategic Strategic actions receive strategic responsesresponses Strategic actions elicit fewer total Strategic actions elicit fewer total
competitive responses.competitive responses.
The time needed to implement and The time needed to implement and assess a strategic action delays assess a strategic action delays competitor’s responses.competitor’s responses.
• Tactical responses are taken to Tactical responses are taken to counter the effects of tactical actionscounter the effects of tactical actions A competitor likely will respond quickly A competitor likely will respond quickly
to a tactical actionsto a tactical actions
Type of Type of Competitive Competitive
ActionAction
© 2007 Thomson/South-Western. All rights reserved. 5–30
Factors Affecting Strategic Response Factors Affecting Strategic Response (cont’d)(cont’d)
• An actor is the firm taking an An actor is the firm taking an action or responseaction or response
• Reputation is the positive or Reputation is the positive or negative attribute ascribed by one negative attribute ascribed by one rival to another based on past rival to another based on past competitive behavior.competitive behavior.
• The firm studies responses that a The firm studies responses that a competitor has taken previously competitor has taken previously when attacked to predict likely when attacked to predict likely responses.responses.
Type of Type of Competitive Competitive
ActionAction
Actor’s Actor’s ReputationReputation
© 2007 Thomson/South-Western. All rights reserved. 5–31
Factors Affecting Strategic Response Factors Affecting Strategic Response (cont’d)(cont’d)
• Market dependence is the Market dependence is the extent to which a firm’s extent to which a firm’s revenues or profits are derived revenues or profits are derived from a particular market.from a particular market.
• In general, firms can predict that In general, firms can predict that competitors with high market competitors with high market dependence are likely to dependence are likely to respond strongly to attacks respond strongly to attacks threatening their market threatening their market position.position.
Type of Type of Competitive Competitive
ActionAction
Actor’s Actor’s ReputationReputation
Dependence Dependence on the on the marketmarket
© 2007 Thomson/South-Western. All rights reserved. 5–32
Competitive Dynamics versus RivalryCompetitive Dynamics versus Rivalry
• Competitive DynamicsCompetitive DynamicsOngoing actions and responses taking place Ongoing actions and responses taking place
between between all firmsall firms competing within a market competing within a market for advantageous positions.for advantageous positions.
• Competitive RivalryCompetitive RivalryOngoing actions and responses taking place Ongoing actions and responses taking place
between between an individual firman individual firm and its and its competitorscompetitors for advantageous market for advantageous market position.position.
© 2007 Thomson/South-Western. All rights reserved. 5–33
Competitive Dynamics versus Rivalry Competitive Dynamics versus Rivalry (cont’d)(cont’d)• Competitive Rivalry Competitive Rivalry
((Individual firmsIndividual firms))
Market commonality Market commonality and resource similarityand resource similarity
Awareness, motivation Awareness, motivation and abilityand ability
First mover incentives, First mover incentives, size and qualitysize and quality
• Competitive Dynamics Competitive Dynamics ((All firmsAll firms))
Market speed (slow-Market speed (slow-cycle, fast-cycle, and cycle, fast-cycle, and standard-cyclestandard-cycle
Effects of market Effects of market speed on actions and speed on actions and responses of all responses of all competitors in the competitors in the marketmarket
© 2007 Thomson/South-Western. All rights reserved. 5–34
Competitive DynamicsCompetitive Dynamics
• Competitive advantages are Competitive advantages are shielded from imitation for long shielded from imitation for long periods of time and imitation is periods of time and imitation is costly.costly.
• Competitive advantages are Competitive advantages are sustainable in slow-cycle markets.sustainable in slow-cycle markets.
• All firms concentrate on All firms concentrate on competitive actions and competitive actions and responses to protect, maintain responses to protect, maintain and extend proprietary and extend proprietary competitive advantage.competitive advantage.
Slow-Cycle Slow-Cycle MarketsMarkets
© 2007 Thomson/South-Western. All rights reserved. 5–35
FIGUREFIGURE 5.45.4 Gradual Erosion of a Sustained Competitive Gradual Erosion of a Sustained Competitive AdvantageAdvantage
SOURCE: Adapted from I. C. MacMillan, 1988, Controlling competitive dynamics by taking strategic initiative, Academy of Management Executive, 11(2): 111–118.
© 2007 Thomson/South-Western. All rights reserved. 5–36
Competitive Dynamics (cont’d)Competitive Dynamics (cont’d)
• The firm’s competitive advantages The firm’s competitive advantages aren’t shielded from imitation.aren’t shielded from imitation.
• Imitation happens quickly and Imitation happens quickly and somewhat expensivelysomewhat expensively
• Competitive advantages aren’t Competitive advantages aren’t sustainable.sustainable. Competitors use reverse Competitors use reverse
engineering to quickly imitate or engineering to quickly imitate or improve on the firm’s productsimprove on the firm’s products
• Non-proprietary technology is Non-proprietary technology is diffused rapidlydiffused rapidly
Slow-Cycle Slow-Cycle MarketsMarkets
Fast-Cycle Fast-Cycle MarketsMarkets
© 2007 Thomson/South-Western. All rights reserved. 5–37
FIGUREFIGURE 5.55.5 Developing Temporary Advantages to Create Developing Temporary Advantages to Create Sustained AdvantageSustained Advantage
Source: Adapted from I. C. MacMillan, 1988, Controlling competitive dynamics by taking strategic initiative, Academy of Management Executive, 11(2): 111–118.
© 2007 Thomson/South-Western. All rights reserved. 5–38
Competitive Dynamics (cont’d)Competitive Dynamics (cont’d)
• Moderate cost of imitation may Moderate cost of imitation may shield competitive advantages.shield competitive advantages.
• Competitive advantages are Competitive advantages are partially sustainable if their quality partially sustainable if their quality is continuously upgraded.is continuously upgraded.
• FirmsFirms Seek large market sharesSeek large market shares
Gain customer loyalty through brand Gain customer loyalty through brand namesnames
Carefully control operationsCarefully control operations
Slow-Cycle Slow-Cycle MarketsMarkets
Fast-Cycle Fast-Cycle MarketsMarkets
Standard-Standard-Cycle Cycle
MarketsMarkets