Strategic marketing lectures 2
Transcript of Strategic marketing lectures 2
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Module: Strategic MarketingInstructor: Bilal Ahmad
LECTURE: Markets and CompetitiveSpace
Introduction
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• Markets and Strategies
• Defining and Analyzing Product-Markets
• Describing and Analyzing End-Users
• Analyzing Competition
• Market Size Estimation
• Developing a Strategic Vision about the
Future
Learning Outcomes
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• The Challenges ―
– Markets are increasingly complex, turbulent, and interrelated.
– Importance of a broad view of the market.
– Essential to develop a vision about how the market is likely to
change in the future.
• Continuous Monitoring is Necessary to:
– Find promising opportunities
– Identify shifts in value requirements
– Understand competitors’ positioning
– Guide targeting and positioning decisions
Markets and Strategies
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OPPORTUNITIES OUTSIDE THE COMPETITIVE BOX
The Competitive Box
Traditional Competitors
New Types of Competition
New Business Models
New Customers
New Customers
Conventional Value Propositions
Existing Customer Base
New Customer Base(s)
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AN ARRAY OF CHALLENGESDisruptive Innovation
Creating New Market Space
Fast Changing Markets
Commoditization ThreatsDrivers of Changes
in Markets
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• Markets and strategies are interlinked
– Outside the competitive box
• Array of challenges– Disruptive innovation
– Commoditization treat
– Creating new market space
– Fast-changing markets
Markets and Strategies
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• Product – Market Boundaries and Structure
– Product Market structure• Generic product market
• Product-type product market
– Guidelines for definition• Buyer’s identification
• Market size and structure
• Brand and product category
DEFINING AND ANALYZING PRODUCT-MARKETS
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DEFINING AND ANALYZING PRODUCT-MARKETS
Determine the Boundaries and Structure of the Product-Market
Form the Product-Market
Describe and Analyze End-UsersAnalyze
Competition
Forecast Market Size and Rate of Change
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• Forming Product market– Purpose of analysis
– Changing composition of markets
– Extent of market complexity• Customer function
• Technologies
• Customer segment
DEFINING AND ANALYZING PRODUCT-MARKETS
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SUPER MARKETS
MICROWAVEOVENS
CONVENIENCESTORES
TRADITIONAL RESTAURANTS
Illustrative Fast-Food Product-Market Structure
FAST-FOOD MARKET
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Illustrative Product – Market Structure
• Generic Product Class
• Product Type
• Variant ARegular
• Variant B
• Brands
Food and beveragesfor breakfast meal
Cereals
Ready to eat
NaturalPre-sweetened
Life
Nutritional
Special KProduct 19
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• Identifying and describing buyers– Family size, age, income, geographical location,
gender, and occupation
• Buyer’s choice– Problem recognition– Information search– Alternative evaluation– Purchase decision– Post-purchase behavior
DEFINING AND ANALYZING MARKETS
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• External factors influencing buyers’ needs
and wants: – Government, social change, economic shifts,
technology etc.
• These factors are often non-controllable but
can have a major impact on purchasing
decisions
DEFINING AND ANALYZING MARKETS
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• Building Customer Profiles
– Start with generic product – market
– Move next to product- type and variant profiles
– Customer profiles guide decision making (e.g.
targeting, positioning, market segmentation etc.)
DEFINING AND ANALYZING MARKETS
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• Defining the competitive arena – For generic, specific and variant product market
– Identify key competitors
– Evaluate key competitors
– Anticipate action by competitors
– Identify and evaluate potential competitors
ANALYZING COMPETITION
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Examples of level of competition
Diet-RiteCola
Diet PepsiDiet Coke
Product from competition:diet colas
Regular colas
Diet lemonlimes
Lemon limes
Fruitflavoredcolas
Product categorycompetition:soft drinks
Bottlewater
Wine
Beer
Coffee
Juices
Generic competition:beverages
Baseball cards
FastFood
Video Games
Ice Cream
Budget competition:food & entertainment
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• Industry analysis– Competitive analysis
• Descriptive company profile
• Analysis of value chain (distribution channel)
– Industry analysis• Industry characteristics
• Operating practices
ANALYZING COMPETITION
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• Industry size, growth, and composition
• Typical marketing practices
• Industry changes that are anticipated
• Industry strengths and weaknesses
• Strategic alliances among competitors
Industry analysis
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• Analysis of value added chain– Value chain analysis
• Trends and patterns
• New market opportunities
• Forecasting end user sales
ANALYZING COMPETITION
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• Rivalry among existing firms.
• Threat of new entrants.
• Threat of substitute products.
• Bargaining power of suppliers.
• Bargaining power of buyers.
Competitive forces
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Key competitor analysis
Business scope and objectives
Management experience, capabilities, and weaknesses
Market position and trends
Market target(s) and customer base
Marketing program positioning strategy
Financial, technical, and operating capabilities
Key competitive advantages (e.g., access to resources, patents)
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• Describing and evaluation the competitors– Same market
• Example : Samsung vs. apple
– Source of information• Example : annual reports, industry studies and media
reports
Anticipating competitors actions
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• Estimating competitors future strategies – Assumption on existing strategy
– Strategy drift
• Identifying new competitors – Product market
– Related technologies
– Similar Target market
– Similar product with different geography
Anticipating competitors actions
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• Market potential– Total opportunity for sales
– Upper limit sales
• Sales forecast
• Market share
• Evaluating market opportunity
Market size estimation
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• Phase of competition – Example:
Strategic vision about future
Phase 1 •Product concept, technology choice and building competencies
•Experimentation with ideas
Phase 2 •Controlling industry standards
Phase 3 •Market share•Profits
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• Anticipating the future
– Boundaries and composition of Product market
– End-user customer base
– Market and industry transformation
– Potential threats
– Value chain composition and structure
– Product life cycle phase?
Strategic vision about future