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26 Cards in this Set
- Front
- Back
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Lecture
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Nike's Growth has Exploded
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<b>They continue to expand</b>
Shoes Apparel/Design Accessories -glasses -contacts -sunglasses -bags Electronics Sports Equipment Watches |
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Competition
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Happened from the very beginning.
a huge strategic chess match. its like business sports--you have to try and win the game. |
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The Art of War Sun Zi.
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very applicable in business.
"Those who know when to fight and when NOT to fight are victorious" If you are equal then fight if you are able. i |
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Competitor Analysis
Review! (Fig. 18.1) |
process of identifying assessing, and selecting key competitors.
<b>Identifying Assessing Selecting which/whom to attack or avoid |
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Competitors can include...
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ALL firms making the same product or class of products
ALL firms making products that supply the same <i>service</i> ALL firms competing for the same consumer dollars |
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Different Levels of Competition
(Bulls eye slides--Review slides and example) |
Form Competition (bulls eye)
then Category Competition then Generic Competition then Budget Competition |
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Myopia
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near sightedness
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Competitive Myopia
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Kodak was offering "memories" not film... therefore when digital came out, digital WAS directly attacking Kodak's market
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Supply-based Identification
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North American Industry Classification System (NAIC)
-Demand Based Identification -Benefits sought (LEVELS OF COMPETITION) |
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Winner Takes All game
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2 and 3 step competitive thinking
"what happens next?" Competitive Response |
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Kodak wasn't thinking 2, 3 or 4 steps along the competitive process
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true
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being smart is not enough
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to win you must know and understand what will happen next
2-3 step thinking. |
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Understand your competitors
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motives
tendencies reactions/capabilities |
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Assessing Competitors
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<b>Expected Future Strategies</b>
What are their objectives what is their current strategy (Annual Plan + 4p's) what are their strengths and weaknesses (SWOT) how do you match up against them? (Compare: plan + 4p's SWOT) |
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http://marriottschool.byu.edu
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Market Research Resources
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To win you must know WHEN and WHERE to attack
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Know Figure 18.2 for Midterm--VennDiagram!!
<b>Competitive Environment</b> -Competitors offerings <br> -Customer's needs <i>between these 2 is the sweet spot</i> -Company's Capabilities |
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Books to read
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The Art of War
Blue Ocean Strategy |
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Reading
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Steps in Analyzing Competitors
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Identify Company Competitors
Assess Competitor's objectives, strategies, strengths, and weaknesses, and reaction patterns Select which competitors to attack or avoid |
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Companies can identify their competitors a number of different ways
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<b>From INDUSTRY point of view</b>
--need to understand competitive patterns to be effective <b>From MARKET point of view</b> --companies that are trying to satisfy the same customer need or build relationships with the same customer group --allows the concept of competition to open the company's eyes to a broader set of actual and potential competitors |
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Strategic Group
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A group of firms in an industry following the same or similar strategy
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Benchmarking
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The process of comparing the company's products and processes to those of competitors or leading firms in other industries to identify "best practices" and find ways to improve quality and performance
--powerful tool to increase a company's competitiveness |
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Companies normally learn about their competitor's strengths and weaknesses through...
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secondary data
personal experience word of mouth |
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competition is most intense within...
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a strategic group.
however strategic groups can also compete against each other as markets overlap |
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Review Fig. 18.2
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Sweet Spot
Where a company can meet customer's needs in a way that rivals CAN'T |
