Principles of Marketing. Creating Competitive Advantage презентация

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Learning Objectives After studying this chapter, you should be able to: Discuss the need to understand competitors as well as customers through competitor analysis Explain the fundamentals of competitive marketing strategies

Слайд 1Creating Competitive Advantage
Principles of Marketing
18

Слайд 2Learning Objectives
After studying this chapter, you should be able to:
Discuss the

need to understand competitors as well as customers through competitor analysis
Explain the fundamentals of competitive marketing strategies based on creating value for customers
Illustrate the need for balancing customer and competitor orientations in becoming a truly market-centered organization

18-2

Слайд 3Chapter Outline

Competitor Analysis
Competitive Strategies
Balancing Customer and Competitor Orientations
18-3

Слайд 4 Competitor Analysis
Identifying Competitors

Competitors can include:
All firms making the same product or

class of products
All firms making products that supply the same service
All firms competing for the same consumer dollars

18-4

Слайд 5 Competitor Analysis
Identifying Competitors

Competitor myopia refers to a firm focusing on what

it considers to be its direct competition and not being aware of indirect or new competitors

18-5

Слайд 6 Competitor Analysis
Identifying Competitors

Industry point of view refers to competitors within the

same industry

Market point of view refers to competitors trying to satisfy the same customer need or build relationships with the same customer group

18-6

Слайд 7Competitor Analysis
Identifying Competitors

Market point of view is considered to provide a

broader set of actual and potential competitors, and a competitor map illustrates the steps buyers take in obtaining the product

18-7

Слайд 8Competitor Analysis
Identifying Competitors

Competitor map highlights both competitive opportunities and challenges facing

the firm
Center is the list of consumer activities
First outer ring lists main competitors
Second outer ring lists indirect competitors



18-8

Слайд 9 Competitor Analysis
Assessing Competitors

Competitor’s objectives
Competitor’s strategies
Competitor’s strengths and weaknesses
Competitor’s actions and reactions
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Слайд 10 Competitor Analysis
Determining Competitor’s Objectives

Competitor’s objectives include:
Profitability
Market share growth
Cash flow
Technological leadership
Service leadership


18-10

Слайд 11 Competitor Analysis
Identifying Competitor’s Strategies

A strategic group is a group of firms

in an industry following the same or similar strategy in a given target market
Competition is most intense within a strategic group
Competition among strategic groups is due to overlapping customers and lack of perceived differentiation and expansion of one strategic group into new segments

18-11

Слайд 12 Competitor Analysis
Identifying Competitor’s Strategies

Companies need to understand the competitor’s
ability to deliver

value to its customers
Product quality
Product features
Customer service
Pricing policy
Distribution coverage
Sales force strategy
Promotion programs
Financial strategies
R&D

18-12

Слайд 13Competitor Analysis
Assessing Competitor’s Strengths and Weaknesses

Primary data
Secondary data
Personal experience
Word of mouth
Benchmarking

is the comparison of the company’s products or services to competitors or leaders in other industries to find ways to improve quality and performance

18-13

Слайд 14Competitor Analysis
Estimating Competitor’s Reactions

Marketing managers need to develop an understanding of

a given competitor’s mentality, culture, values, and way of doing business to anticipate how the competitor will react to the company’s marketing strategies

18-14

Слайд 15 Competitor Analysis
Selecting Competitors to Attack and Avoid

Customer value analysis determines the

benefits that target customers value and how customers rate the relative value of various competitor’s offers.
Identification of major attributes that customers value and the importance of these values
Assessment of the company’s and competitors’ performance on the valued attributes

18-15

Слайд 16Competitor Analysis
Close or Distant Competitors

Close competitors resemble the company the most
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Слайд 17Competitor Analysis
Good or Bad Competitors

Good competitors:
Increase total demand
Share costs of market

and product development
Legitimize new technologies
Serve less attractive market segments
Provide more product differentiation
Lower the anti-trust risk
Improve bargaining power versus legislators and regulators

18-17

Слайд 18Competitor Analysis
Good or Bad Competitors

Bad competitors:
Try to share rather than earn

in the market
Take large risks
Create disruption

18-18

Слайд 19 Competitor Analysis
Designing a Competitive Intelligence System

Identifies competitive information and the best

sources of this information
Continually collects information
Checks information for validity and reliability
Interprets information
Organizes information
Sends key information to relevant decision makers
Responds to inquiries about competitors

18-19

Слайд 20Competitive Strategies
Approaches to Marketing Strategy

Stages of approaches to marketing strategy include:
Entrepreneurial

marketing
Formulated marketing
Intrepreneurial marketing

18-20

Слайд 21Competitive Strategies
Approaches to Marketing Strategy

Entrepreneurial marketing involves visualizing an opportunity and

constructing and implementing flexible strategies
Formulated marketing involves developing formal marketing strategies and following them closely
Intrepreneurial marketing involves the attempt to reestablish an internal entrepreneurial spirit and refresh marketing strategies and approaches

18-21

Слайд 22Competitive Strategies
Basic Competitive Strategies

Michael Porter’s four basic competitive positioning strategies
Overall cost

leadership
Differentiation
Focus
Middle-of-the-roaders

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Слайд 23 Competitive Strategies
Basic Competitive Strategies

Overall cost leadership strategy is when a company

achieves the lowest production and distribution costs and allow it to lower its prices and gain market share

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Слайд 24 Competitive Strategies
Basic Competitive Strategies

Differentiation strategy is when a company concentrates on

creating a highly differentiated product line and marketing program so it comes across as an industry class leader

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Слайд 25 Competitive Strategies
Basic Competitive Strategies

Focus strategy is when a company focuses its

effort on serving few market segments well rather than going after the whole market

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Слайд 26 Competitive Strategies
Basic Competitive Strategies

Porter believed that companies that pursued a clear

strategy would achieve superior performance and that companies without a clear strategy would not succeed

Porter considered them to be “middle-of-the-roaders”

18-26

Слайд 27 Competitive Strategies
Basic Competitive Strategies

Michael Treacy and Fred Wiersema suggest companies can

gain leadership positions by delivering superior value to their customers in three strategies or “value disciplines”
Operational excellence
Customer intimacy
Product leadership

18-27

Слайд 28 Competitive Strategies
Basic Competitive Strategies

Operational excellence refers to a company providing value

by leading its industry in price and convenience by reducing costs and creating a lean and efficient value delivery system

18-28

Слайд 29Competitive Strategies
Basic Competitive Strategies

Customer intimacy refers to a company providing superior

value by segmenting markets and tailoring products or services to match the needs of the targeted customers

18-29

Слайд 30 Competitive Strategies
Basic Competitive Strategies

Product leadership refers to a company providing superior

value by offering a continuous stream of leading-edge products or services. Product leaders are open to new ideas and solutions and bring them quickly to the market.

18-30

Слайд 31Competitive Strategies
Basic Competitive Strategies

Product leadership refers to a company providing superior

value by offering a continuous stream of leading edge products or services. Product leaders are open to new ideas and solutions and bring them quickly to the market.

18-31

Слайд 32Competitive Strategies
Competitive Positions

Market leader strategy
Market challenger strategy
Market follower strategy
Market nicher strategy
18-32

Слайд 33 Competitive Strategies
Competitive Positions

Market leader is the firm with the largest market

share and leads the market price changes, product innovations, distribution coverage, and promotion spending
Market challengers are firms fighting to increase market share
Market followers are firms that want to hold onto their market share
Market nichers are firms that serve small market segments not being pursued by other firms

18-33

Слайд 34 Competitive Strategies
Market Leader Strategies

Expand total demand
Protect their current market
Expand market share
18-34

Слайд 35Competitive Strategies
Market Leader Strategies
Expanding Total Demand

Expand total demand by developing:
New users
New

uses
More usage of its products

18-35

Слайд 36Competitive Strategies
Market Leader Strategies
Protecting Market Share

Protect current market by:
Fixing or preventing

weaknesses that provide opportunities to competitors
Maintaining consistent prices that provide value
Keeping strong customer relationships
Continuous innovation

18-36

Слайд 37Competitive Strategies
Market Leader Strategies
Expanding Market Share

Expand market share by:
Increasing market share

in served markets, thus increasing profitability
Producing high-quality products
Creating good service experiences
Building close customer relationships

18-37

Слайд 38 Competitive Strategies
Market Challenger Strategies

Challenge the leader with an aggressive bid for

more market share

Play along with competitors and not rock the boat

18-38

Слайд 39 Competitive Strategies
Market Challenger Strategies

Second mover advantage occurs when a market follower

observes what has made the leader successful and improves on it

Challenges firms its own size or smaller

18-39

Слайд 40 Competitive Strategies
Market Nicher Strategies

Ideal market niche is big enough to be

profitable with high growth potential and has little interest from competitors

Key to market niching is specialization
Market
Customer
Product
Marketing mix

18-40

Слайд 41 Balancing Customer and Competitor Orientations

Companies

need to continuously adapt strategies to changes in the competitive environment
Competitor-centered company
Customer-centered company
Market-centered company

18-41

Слайд 42Balancing Customer and Competitor Orientations

Competitor-centered

company spends most of its time tracking competitor’s moves and market shares and trying to find ways to counter them
Advantage is that the company is a fighter
Disadvantage is that the company is reactive

18-42

Слайд 43Balancing Customer and Competitor Orientations

Customer-centered

company spends most of its time focusing on customer developments in designing strategies

Provides a better position than competitor-centered company to identify opportunities and build customer relationships

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Слайд 44 Balancing Customer and Competitor Orientations

Market-centered

company spends most of its time focusing on both competitor and customer developments in designing strategies


18-44

Слайд 45The End


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