Marketing Manager Course - Chapter 07

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Marketing Manager Course - Chapter 07

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  1. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  2. Chapter 7 Strategic Management McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  3. Learning Objectives After reading this chapter, you should be able to: Implement the steps in the strategic management process. Conduct an analysis of the firm’s strengths, weaknesses, opportunities, and threats. Identify the factors that create a sustained competitive advantage. Link external and internal environment data to determine a firm’s strategic intent and mission. Choose appropriate business strategies at the corporate and business-unit levels. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  4. The Strategic Management Process It is the job of top level management to chart the course of the entire enterprise. It consists of: Analysis of the internal and external environment of the firm. Definition of the firm’s mission. Formulation and implementation of strategies to create or continue a competitive advantage. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  5. The Strategic Management Process (continued) Strategic management involves both long-range thinking and adaptation to changing conditions. Strategies should be designed to generate a sustainable competitive advantage. Competitors should be unable to duplicate what the firm has done or should find it too difficult or expensive. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  6. Components of the Strategic Management Process: Analyze the external and internal environments Define strategic intent and mission Formulate strategies Implement strategies Assess strategic outcomes McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  7. SWOT Analysis Commonly used strategy tool: SWOT Strengths, Weaknesses, Opportunities, Threats Step 1: Analyze the organization’s internal environment, identifying its strengths and weaknesses. Step 2: Analyze the organization’s external environment, identifying its opportunities and threats. Step 3: Cross-match Strengths with opportunities Weaknesses with threats Strengths with threats Weaknesses with opportunities McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  8. The External Environment Company leaders must study the external environment in order to: Identify opportunities and threats in the marketplace. Avoid surprises. Respond appropriately to competitors’ moves. A major challenge is to gather accurate market intelligence in a timely fashion, and transform it into usable knowledge to gain a competitive advantage. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  9. Components of External Analysis Scanni ng M oniori t ng A ssessi ng Forecastng i McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  10. Scope of the External Analysis G eneral The Industry Environm ent C om pett ior St egi rat c A nal s ysi G roups McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  11. The Segments of the General Environment ic Demography Econom s C ondition a t io n G lob a liz Political/ Legal Forces Techno Socio- logical cultura Condit l Chang ions es McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  12. Porter’s Framework for Analyzing the Industry Environment Threat of new entrants Threat of substitutes Suppliers Customers Intensity of rivalry among competitors McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  13. The Internal Environment Each company has something that it does well. These are called “core competencies.” Company executives should identify the resources, capabilities, and knowledge the firm has that may be used to exploit market opportunities and avoid potential threats. Resource-based view: Basing the strategy on what the firm is capable of doing McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  14. Core Competencies and 4. Select a strategy that best Market Opportunities exploits the firm’s Strategy capabilities relative to external opportunities. 3. Appraise the profit generating potential of Potential for 5. Identify resource gaps resources/capabilities in sustainable that need to be filled. terms of creating, competitive Invest in replenishing sustaining, and exploiting advantage and augmenting the competitive advantage. firm’s resource base. 2. Identify the firm’s capabilities Capabilities (What can the firm do?) 1. Identify the firm’s resources and locate areas of strength and Resources weakness relative to competitors. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  15. Resource Types: Tangible Resources Assets that can be quantified and observed. Include financial resources, physical assets, and workers. Strategic assessment of tangible resources should enable management to efficiently use tangible resources to support the company and to expand the volume of business. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  16. Resource Types: Intangible Resources Difficult to quantify and included on a balance sheet Often provides the firm with a strong competitive advantage. Competitors find it difficult to purchase or imitate these resources. Strategically most important intangibles: Reputation Technology Human Capital McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  17. Analyzing the Firm’s Capabilities FunctonalA nal s i ysi Val C hai A nal s ue n ysi B enchm arki ng McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  18. Analyzing Capabilities by Functional Areas Functional Area Capability Corporate Management Effective financial control systems Expertise in strategic control of diversified corporation Effectiveness in motivating and coordinating divisional and business-unit management Management of acquisitions Values-driven, in-touch corporate leadership Information Management Comprehensive and effective MIS network, with strong central coordination Research and Development Capability in basic research Ability to develop innovative new products Speed of new product development McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  19. Analyzing Capabilities by Functional Areas (continued) FunctonalA rea i C apabiiy lt Manufacturing Efficiency in volume manufacturing Capacity for continual improvements in production processes Flexibility and speed of response Product Design Design capability Marketing Brand management and brand promotion Promoting and exploiting reputation for quality Responsive to market trends Sales and Distribution Effectiveness in promoting and executing sales Efficiency and speed of distribution Quality and effectiveness of customer service McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  20. A Simple Value Chain Product Technology Manufacturing Marketing Distribution Service Design Source Function Integration Prices Channels Warranty Sophistication Physical Raw Materials Advertising Integration Dealer Support Characteristics Patents Capacity Promotion Inventory Availability Aesthetics Product Process Location Sales Force Warehousing Speed Quality Product Choices Procurement Package Transport Prices Parts Production Brand Assembly McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
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