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The document recommends that companies focus on performing value chain activities efficiently to provide customers value that exceeds costs and generates a profit margin. A firm can achieve a competitive advantage by reconfiguring its value chain to lower costs or improve differentiation. Value chain management aims to optimize efficiency across the supply chain by concentrating on core competencies and managing resources like response time and costs.
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The document summarizes key aspects of new product development and realization from the 3rd edition of the textbook "Business Market Management". It discusses realization strategies, processes, and models including creating value, defining new offerings, causes of failure, and critical success factors. Market-oriented research and development is emphasized along with building a successful strategy and aggregate project planning.
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Goods marketers can improve customer support services in four key ways:
1) Review their unique selling differential to determine what separates them from competitors such as price, quality, delivery speed, warranty, or customer service.
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3) Reduce price by lowering costs through bulk purchasing, reduced packaging and shipping, or offering discounts on multiple purchases.
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describes how pauwels\' award winning research can help companies measure and improve their return on marketing investment
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Profit Scaling Curves show the
relationship between sales of a given
group of products and profitability based
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- Stock Turnover measures how quickly inventory moves and is improved by promotions, just-in-time management, or holding less stock on average.
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The document discusses how to create value for customers and gain profitable customers. It recommends understanding the customer's business model, value chain, costs and profit drivers. This allows identifying key success factors and sustainable competitive advantages. The company should then determine how to provide value by solving customer problems better than competitors. This will lead to customers paying premiums, providing repeat orders and referrals.
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A broad differentiation strategy: seeking to differentiate the company’s product/service offering from rivals’ in ways that will appeal to a broad spectrum of buyers
0. A
best-cost provider strategy: giving customers more value for the money by incorporating good-to-excellent product attributes at a lower cost than rivals; the target is to have the lowest (best) costs and prices compared to rivals offering products with comparable attributes
0.
A focused or market niche strategy based on lower cost: concentrating on a narrow buyer segment and outcompeting rivals by se.
The relationship between operational management and business profit
The document discusses how operational management impacts business profit through five key operational decisions: production processes, quality, capacity, inventory, and human resource management. It explains that effective operations strategy focuses on adding value for customers through cost, quality, delivery, flexibility, and service. By improving technological, employee, and managerial productivity, operations management can increase sales and lower costs, positively impacting a company's net income and profit. The conclusion emphasizes that savings from efficient operations should be reinvested in new products, markets, or doing things better than competitors through an operations strategy aligned with the overall business strategy.
Customer Lifecycle Management
Novoally Software provides innovations for changing business dynamics. It recommends that companies implement Customer Lifecycle Management (CLM) to unify sales and after-sales business management with a holistic view. CLM integrates initial product sales with customer service to maximize revenue over the product's lifetime. Companies must invest in building customer knowledge foundations and offering value-added services throughout the customer relationship.
Blog 4 m villanueva v1
Financial institutions face pressure to optimize costs through competition and customer satisfaction. Most focus only on reducing costs by cutting highest volume roles. However, a sustainable operating model is also needed to maintain and grow customers while generating new revenue. A diagnostic of end-to-end processes can identify cost savings and create a transformation journey to a new operating model. The new model should increase effectiveness with fewer resources while stabilizing a structure to increase capacity for growth. Optimal implementation requires reengineering all departments involved in banking operations.
Business Model
A business model describes how a company generates revenue by positioning itself within the value chain. It involves innovation to create value for customers and increase efficiency. A successful business model also considers competitive strategy, revenue generation, market segmentation, value propositions, and managing growth and risk.
E business architecture final copy
This document discusses the importance of integrating applications to support e-business. It provides examples of how Amazon integrates its ordering, inventory, packing and shipping systems to efficiently fulfill customer orders. The document then discusses how integrating different application clusters is key to building a world-class enterprise. It outlines five stages of e-business design from cross-functional business units to inter-enterprise communities. Finally, it discusses key aspects of customer relationship management including using customer data to provide excellent service, implementing repeatable sales processes and creating loyalty through proactive solutions.
Obstacles to drivers of sc
This document discusses obstacles to supply chain management and identifies several key challenges: increased product variety which raises costs and reduces responsiveness; more demanding customers who expect improved delivery and service; shorter product lifecycles; and increased global competition. It notes that global supply chains create benefits but also difficulties in execution. Overall managers must balance efficiency and responsiveness to overcome these obstacles.
Applying KAM to your specification strategy
Key Account Management (KAM) is a tailored specification sales approach, that allows you to work more efficiently with chosen construction clients. Identifying your key construction clients allows you to work with their Architects, Engineers and Contractors, taking a more holistic approach to your specification strategy for your construction product.
Profitable Sus Rev Growth
The document discusses four key strategies for companies to achieve profitable and sustainable revenue growth during an economic downturn: 1) Focus on existing customer accounts by deepening relationships and tailoring offers; 2) Ensure every sales opportunity is captured through efficient upselling and cross-selling; 3) Reduce the cost to serve customers by empowering associates with tools to work smarter; and 4) Maintain a strong focus on service quality to differentiate the brand in the marketplace.
Profitable Sus Rev Growth
1) The document discusses how companies can achieve profitable and sustainable revenue growth, even during economic downturns.
2) It recommends focusing on existing customer accounts, capturing every sales opportunity, maintaining service quality, and reducing customer service costs.
3) Specific tactics include communicating appreciation to customers, targeting promotional offers, optimizing sales conversions, and providing associates with tools and technologies to improve efficiency.
Chapter 1.pptx
The document discusses key concepts related to gaining competitive advantage through effective logistics and supply chain management. It defines logistics, supply chain management, and supply chain networks. It then explains the concepts of competitive advantage, cost advantage, and value advantage. Cost advantage can be achieved through economies of scale, supplier relationships, lean manufacturing, efficient logistics, inventory management, and automation. Value advantage involves meeting customer needs through product features, price, brand, customer experience, innovation, and convenience. The 3Cs model of competitive advantage focuses on customers, competitors, and a company's internal capabilities.
Chapter 1.pptx
The document discusses key concepts related to gaining competitive advantage through effective logistics and supply chain management. It defines logistics, supply chain management, and supply chain networks. It then explains that competitive advantage can be achieved through cost advantage or value advantage. Cost advantage involves strategies like economies of scale, lean manufacturing, and efficient transportation to lower costs. Value advantage focuses on meeting customer needs better than competitors through product features, brand reputation, customer experience, and innovation. The 3Cs model of competitive advantage emphasizes understanding customers, competitors, and leveraging a company's internal capabilities for a sustainable edge.
Harvard Business Review Reinventing Your Business Model
The document discusses the key elements of an effective business model including the customer value proposition, profit formula, key resources and processes, revenue model, and cost structure. It provides examples of how companies like Tata Motors developed business models for products like the inexpensive Nano car. The document also outlines steps for reinventing a business model and discusses when a new business model may be required.
3 cs
This document discusses Kenichi Ohmae's three key factors model for sustained competitive advantage. It describes how firms should segment customers based on objectives and market coverage to understand their needs. Companies must evaluate short and long term strategies like selectivity, outsourcing, and cost reduction. They can also differentiate their offerings through image, profit/cost structure differences, or balancing management talent, resources, and funding. The overall goal is to stay ahead of competition and maintain long term success.
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Transform your business with Group50. Our expert consulting services streamline operations, enhance performance, and drive sustainable growth. Partner with us to navigate change, optimize strategies, and achieve your business goals effectively. Discover more at Group50 today!
Chapter 05 The Five Generic Competitive Strategies.pptx
The document discusses Porter's five generic competitive strategies: low-cost provider, differentiation, focused low-cost, focused differentiation, and best-cost provider. It explains the key factors that distinguish the strategies and when each strategy works best based on industry and market conditions. The major avenues for achieving a cost advantage as a low-cost provider include performing value chain activities efficiently and reconfiguring the value chain to reduce costs. Differentiation can be achieved by appealing product attributes that are valued by customers. Focused strategies target narrow market niches while best-cost providers offer quality products at lower prices than competitors.
CHAPTER 5The Five Generic Competitive StrategiesCopyri.docx
CHAPTER 5
The Five Generic Competitive Strategies
Copyright © McGraw-Hill Education. Permission required for reproduction or display.
LEARNING OBJECTIVES
THIS CHAPTER WILL HELP YOU UNDERSTAND:
What distinguishes each of the five generic strategies and why some of these strategies work better in certain kinds of competitive conditions than in others
The major avenues for achieving a competitive advantage based on lower costs
The major avenues to a competitive advantage based on differentiating a company’s product or service offering from the offerings of rivals
The attributes of a best-cost provider strategy—a hybrid of low-cost provider and differentiation strategies
© McGraw-Hill Education.
WHY DO STRATEGIES DIFFER?
A firm’s competitive strategy deals exclusively with the specifics of its efforts to position itself in the market-place, please customers, ward off competitive threats, and achieve a particular kind of competitive advantage.
Is the competitive advantage
pursued linked to low costs
or product differentiation?
Is the firm’s market target
broad or narrow?
Key factors that
distinguish one strategy
from another
Jump to Appendix 1 long image description
© McGraw-Hill Education.
THE FIVE GENERIC COMPETITIVE STRATEGIESLow-cost providerStriving to achieve lower overall costs than rivals on products that attract a broad spectrum of buyersBroad differentiationDifferentiating the firm’s product offering from rivals’ with attributes that appeal to a broad spectrum of buyersFocused low-costConcentrating on a narrow price-sensitive buyer segment and on costs to offer a lower-priced productFocused differentiationConcentrating on a narrow buyer segment by meeting specific tastes and requirements of niche membersBest-cost providerGiving customers more value for the money by offering upscale product attributes at a lower cost than rivals
© McGraw-Hill Education.
FIGURE 5.1 The Five Generic Competitive Strategies
Jump to Appendix 2 long image description
© McGraw-Hill Education.
LOW-COST PROVIDER STRATEGIES
Effective low-cost approaches
Pursue cost savings that are difficult to imitate
Avoid reducing product quality to unacceptable levels
Competitive advantages and risks
Greater total profits and increased market share gained from underpricing competitors
Larger profit margins when selling products at prices comparable to and competitive with rivals
Low pricing does not attract enough new buyers
Rival’s retaliatory price-cutting sets off a price war
© McGraw-Hill Education.
Core CONCEPTS (1 of 5)
A low-cost provider’s basis for competitive advantage is lower overall costs than competitors.
Successful low-cost leaders, who have the lowest industry costs, are exceptionally good at finding ways to drive costs out of their businesses and still provide a product or service that buyers find acceptable.
A cost driver is a factor that has a strong influence on a firm’s costs.
© McGraw-Hill Education.
STRATEGIC MANAGEMENT .
Customer Service Excellence Best Practices
This document provides a summary of key aspects of service excellence best practices from an awards program. It discusses 5 elements: customer intelligence, operational effectiveness, engaging people, leadership and values, and organizational agility. For customer intelligence, it emphasizes understanding customer needs and building long-term relationships. For operational effectiveness, it focuses on delivering perfect customer experiences through continuous improvement and tracking costs. For engaging people, it highlights training employees and empowering frontline staff.
Customer Equity
This document discusses the concept of customer equity, which refers to managing customers as valuable assets. It argues that firms should measure, manage, and maximize customer equity like other business assets to directly impact the bottom line. Customer equity management uses financial techniques and customer data to optimize customer acquisition, retention, and additional sales over the lifetime of customer relationships. While some concepts are not new, integrating them into a unified customer equity approach is innovative. Firms that adopt this approach can compute customer asset values, adjust investments over the customer lifecycle, organize processes around the lifecycle, leverage customer interactions, and tailor offerings to maximize long-term profitability and growth from customers.
Similar to Conclusion vcm (20)
Chapter 5 Supplementary NotesThe Five Generic Competitive Strate.docx
Chapter 5 Supplementary NotesThe Five Generic Competitive Strate.docx
The relationship between operational management and business profit
The relationship between operational management and business profit
Harvard Business Review Reinventing Your Business Model
Harvard Business Review Reinventing Your Business Model
Chapter 05 The Five Generic Competitive Strategies.pptx
Chapter 05 The Five Generic Competitive Strategies.pptx
CHAPTER 5The Five Generic Competitive StrategiesCopyri.docx
CHAPTER 5The Five Generic Competitive StrategiesCopyri.docx
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Conclusion vcm
- 1. Recommendation The goals for this activities is to offer the customer a level of value that exceeds the cost of the activities , there resulting in a profit margin. The firm’s margin or profit then depends on its effectiveness in performing these activities efficiently, so that the amount that the customer is willing to pay for the products exceeds the cost of the activities in the value chain. So the company must perform well but still give value to the customer. Therefore company can use six requirements for successful Value Chain Management. It is in these activities that a firm has the opportunity to generate superior value. A competitive advantage may be achived by reconfiguring the value chain to provide lower cost or better differentation. Conclusion In summary, VCM increases the number of steps in the supply chain by focusing on core competencies. VCM attempts to optimize the integrated efficiency of these steps in the management of resources, including the response time and the cost resource. Going into the future, VCM will become increasingly important as pressures to globalize mount, competition shrinks industry profits, and new market entrants challenge.