Focus Strategy(Short Tutorial)
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- A focus strategy involves concentrating resources on a narrowly defined market segment or niche. The firm aims to build a strong competitive advantage by focusing on the specialized needs of that niche. - By focusing on a niche, businesses can compete through low costs, differentiation, or rapid response against larger competitors. The objective is to better serve niche buyers than rivals. - Choosing a niche where needs are not met and developing expertise in it is key to success with a focus strategy. Examples include Family Dollar targeting low-income families and Ferrari/Rolls-Royce focusing on luxury cars.
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How should market challengers attack market leaders?
How can market followers or nichers compete effectively?
What marketing strategies are appropriate at each stage of the product life cycle?
How should marketers adjust their strategies and tactics during slow economic growth?
Copyright © 2016 Pearson Education, Inc. 12-*
Growth strategiesBuilding your market shareDeveloping committed customers and stakeholdersBuilding a powerful brandInnovating new products, services, and experiencesInternational expansionAcquisitions, mergers, and alliancesBuilding an outstanding reputation for social responsibilityPartnering with government and NGOs
An important function of marketing is to drive growth in sales and revenue for a company. Marketing is especially adept at doing so for a new product with many competitive advantages and much potential. Chapter 2 introduced how companies can grow through expansion with new products and new markets, the detailed
focus of Chapters 8 and 15. Along those lines, Phil and Milton Kotler stress the following strategies.
*
Copyright © 2016 Pearson Education, Inc. 12-*
Growing the Core
Make the core of the brand as distinctive as possible
Drive distribution through both existing and new channels
Offer the core product in new formats or versions
Although many different growth strategies are available to firms, some of the best opportunities come from growing the core—focusing on their most successful existing products and markets. UK marketing guru David Taylor advocates three main strategies, citing these examples:
1. Make the core of the brand as distinctive as possible. Galaxy chocolate has successfully competed with Cadbury by positioning itself as “your partner in chocolate indulgence” and featuring smoother product shapes, more refined taste, and sleeker packaging.
2. Drive distribution through both existing and new channels. Costa Coffee, the number-one coffee shop in the United Kingdom, has found new distribution routes using drive-thro ...
Distri
This document discusses various objectives and considerations for firms regarding their channels of distribution. At the firm level, objectives include maximizing stockholder value by leveraging unique resources like competencies, financial assets, risk tolerance, brand image, people and facilities. At the brand level, objectives include maximizing profits in the short or long-run through product positioning, distribution strategies and balancing markets. Distribution objectives balance reach, exclusivity, cost and speed. Direct marketing allows precise segmentation but typically has low response rates. Online marketing enables sales, promotion, customer service and research but faces challenges around domains, search engine optimization and compatibility. Selling online is usually more expensive than traditional retail due to higher order processing and shipping costs.
Porter generic strategies pgp1
Porter's generic strategies include cost leadership, differentiation, and focus. Cost leadership involves having very low production costs, differentiation focuses on making the product unique, and focus involves targeting a narrow customer segment. Firms must choose one strategy to avoid being "stuck in the middle". While generic strategies provide advantages against competitive forces, some critics argue they are too limiting and flexible approaches are also viable.
Strategic Management:Business Level Strategies, Corporate level Analysis,
Business level strategies—Porter’s framework of competitive strategies, Conditions, risks and benefits of Cost leadership, Differentiation and Focus strategies,
Strategic Analysis and choice—Corporate level analysis (BCG, GE Ninecell, Hofer’s product market evolution and Shell Directional policy Matrix)
Industry level analysis; Porter’s five forces model, Qualitative factors in strategic choice.
Porters generic strategies
Michael Porter is a professor at Harvard Business School.
A firm’s success in strategy rests upon how it positions itself in respect to its environment.
Porter’s generic competitive strategies
This document summarizes Porter's generic competitive strategies framework, which identifies three strategies for achieving competitive advantage: cost leadership, differentiation, and focus (specialization). Cost leadership involves having the lowest costs, differentiation involves being unique in the industry, and focus involves targeting a narrow market segment. Examples of companies using each strategy are provided, along with criticisms of Porter's framework noting that companies can use hybrid strategies. The document concludes by introducing the blue ocean strategy as an alternative to Porter's framework.
STRATEGIC COST MANAGEMENT-TOPIC 5 (1).ppt
This document discusses strategic management accounting and cost driver analysis. It defines strategic management accounting as focusing on both financial and non-financial external factors as well as monitoring company strategies and those of competitors. It emphasizes identifying key cost drivers for each business activity in order to understand cost behavior and develop strategies to lower relative costs through controlling drivers or reconfiguring activities. Common cost drivers are identified as unit-level, batch-level, product/process-level, and organizational/facility-level factors.
Business level strategies
This document discusses different business level strategies including cost leadership, differentiation, focus, and an integrated cost leadership/differentiation strategy. It defines core competencies and business level strategy. It then examines each of the five strategies in more detail, outlining their objectives, keys to success, characteristics, and potential failures. The document provides an overview of strategic analysis at the business level.
Industry situation analysis
This document analyzes industry situations, specifically fragmented industries. It defines fragmented industries as having no single dominant player, low barriers to entry, and firms that specialize to satisfy diverse customer needs. Examples given include fashion, restaurants, and professional services. The document discusses strategic options for industry leaders like fortifying their position and staying on the offensive, as well as strategies for runners-up like pursuing vacant niches. Thirteen commandments of successful business strategies are also outlined.
Sca michel poter
Michael Porter suggests three winning competitive strategies that companies can follow - overall cost leadership, differentiation, and focus. The document then discusses these strategies and provides examples of companies that employ each strategy. It also discusses the concepts of target market selection and identifying a company's competitors from both an industry and market point of view.
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