Michael Porter identified three generic strategies that businesses can pursue to achieve competitive advantage: cost leadership, differentiation, and focus (niche). Cost leadership involves having the lowest costs in the industry, differentiation means offering unique product features that customers value, and focus means targeting a specific market segment. Porter also identified a "middle of the road" strategy that tries to do all three, which is unlikely to lead to competitive advantage. Businesses should analyze their strengths to determine which generic strategy is most suitable.
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
In this lesson you learned about the three generic strategies that every business employs. You learned that a low-cost strategy competes on price whilst a differentiation strategy competes on uniqueness and focus strategy aims at servicing a market niche.
Chapter 2 Developing Marketing Strategies and PlansNishant Agrawal
Developing Marketing Strategies and Plans
Value Delivery Process
What is the Value Chain?
Core Business Processes
Core Competencies
What is Holistic Marketing?
Levels of a Marketing Plan
Corporate Headquarters Planning Activities
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The What, Why & How of 3D and AR in Digital CommercePushON Ltd
Vladimir Mulhem has over 20 years of experience in commercialising cutting edge creative technology across construction, marketing and retail.
Previously the founder and Tech and Innovation Director of Creative Content Works working with the likes of Next, John Lewis and JD Sport, he now helps retailers, brands and agencies solve challenges of applying the emerging technologies 3D, AR, VR and Gen AI to real-world problems.
In this webinar, Vladimir will be covering the following topics:
Applications of 3D and AR in Digital Commerce,
Benefits of 3D and AR,
Tools to create, manage and publish 3D and AR in Digital Commerce.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Search Engine Marketing - Competitor and Keyword researchETMARK ACADEMY
Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
2. Michael Porter suggested that businesses can
secure a sustainable competitive advantage by
adopting one of three generic strategies. He
also identified a fourth strategy "middle of the
road" strategy, which although adopted by
some businesses, is unlikely to create a
competitive advantage.
3.
4.
5. Cost Leadership Strategy
• This strategy involves the organisation aiming to be
the lowest cost producer and/or distributor within
their industry. The organisation aims to drive cost
down for all production elements from the sourcing
of materials, to labour costs.
6. • To achieve cost leadership a business will
usually need large scale production so that
they can benefit from "economies of scale".
• Large scale production means that the
business will need to appeal to a broad part of
the market. For this reason a cost leadership
strategy is a broad scope strategy. A cost
leadership business can create a competitive
advantage:
7. • By reducing production costs and therefore
increasing the amount of profit made on each
sale as the business believes that its brand can
command a premium price or
- by reducing production costs and passing on
the cost saving to customers in the hope that
it will increase sales and market share
• Low cost producers include Easy Group, Ryan
Air, and Walmart, Big Bazaar.
8. Differentiation Strategy
To be different, is what organisations strive for;
companies and product ranges that appeal to
customers and "stand out from the crowd" have a
competitive advantage.
Porter asserts that businesses can stand out from
their competitors by developing a differentiation
strategy. With a differentiation strategy the business
develops product or service features which are
different from competitors and appeal to customers
including functionality, customer support and
product quality.
9. For example Brompton folding bicycles
when folded are more compact than
other folding bikes. Folding bikes are
usually purchased by people with limited
storage space at home or on the move; a
compact bike is therefore a valued
product feature and differentiates
Brompton bicycles from other folding
bicycles.
10. Focus (Niche) Strategy
Under a focus strategy a business focuses its effort on one
particular segment of the market and aims to become well
known for providing products/services for that segment.
They form a competitive advantage by catering to the
specific needs and wants of their niche market. Examples
include Roll Royce, Bentley and Saga a UK company catering
for the needs of people over the age of 50. Once a firm has
decided which market segment they will aim their products
at, Porter said they have the option to pursue a cost
leadership strategy or a differentiation strategy to suit that
segment.
11. • A focus strategy is known as a narrow scope
strategy because the business is focusing on a
narrow (specific) segment of the market.
12. Middle of the road
• Some businesses will attempt to adopt all three
strategies; cost leadership, differentiation and niche
(focus). A business adopting all three strategies is
known as "stuck in the middle".
• They have no clear business strategy and are
attempting to be everything to everyone. This is
likely to increase running costs and cause confusion,
as it is difficult to please all sectors of the market.
Middle of the road businesses usually do the worst in
their industry because they are not concentrating on
one business strength.
13. • To create a competitive advantage businesses should
review their strengths and pick the most appropriate
strategy cost leadership, differentiation or focus.
• Although each of these strategies are known as
generic strategies (because they can be applied to
every industry) they will not suit every business.
• For example small businesses may find it difficult to
generate the economies of scale needed for broad
scope cost leadership but a smaller customer base
may enable them to offer a personalised service
through a narrow scope focus strategy.
14. Conversely, a larger business may not be able
to generate sufficient revenue through a focus
strategy but be able to pursue aggressive
broad scope cost leadership because of the
size of the business. Whatever strategy a
business decides to adopt they should make
sure that it isn't middle of the road because
one business can not do everything well.
17. Market penetration seeks to achieve
four main objectives:
• Maintain or increase the market share of current products – this can be
achieved by a combination of competitive pricing strategies, advertising,
sales promotion and perhaps more resources dedicated to personal
selling
• Secure dominance of growth markets, increase in distribution channels
• Restructure a mature market by driving out competitors; this would
require a much more aggressive promotional campaign, supported by a
pricing strategy designed to make the market unattractive for competitors
• Increase usage by existing customers – for example by introducing loyalty
schemes
18. Market Development
There are many possible ways of approaching this strategy, including:
New geographical markets; for example exporting the product to a
new country
New product dimensions or packaging
New distribution channels (e.g. moving from selling via retail to
selling using e-commerce and mail order)
Different pricing policies to attract different customers or create new
market segments
Market development is a more risky strategy than market
penetration because of the targeting of new markets.
19. Product Development
• Product development is the name given to a
growth strategy where a business aims to
introduce new products into existing markets.
• This strategy may require the development of
new competencies and requires the business to
develop modified products which can appeal to
existing markets.
• A strategy of product development is particularly
suitable for a business where the product needs
to be differentiated in order to remain
competitive.
20. A successful product development strategy
places the marketing emphasis on:
• Research & development and innovation
• Detailed insights into customer needs (and
how they change)
• Being first to market
21. Diversification
• Diversification is the name given to the growth strategy
where a business markets new products in new
markets.
• This is an inherently more risk strategy because the
business is moving into markets in which it has little or
no experience.
• For a business to adopt a diversification strategy,
therefore, it must have a clear idea about what it
expects to gain from the strategy and an honest
assessment of the risks. However, for the right balance
between risk and reward, a marketing strategy of
diversification can be highly rewarding.
22. Analyzing the current business portfolio
Using; growth share matrix
developed by Boston consulting Group ( BCG)
Stars
• High growth market & high share
• Profit potential
“May require heavy
investment to grow”
Question Marks
• High growth, low market share
“Require a lot of cash to
hold market share”
Cash Cows
• Low growth market, high share
• we have to establish, successful
SBU’s
“ Less investment, but a lot
Of cash”
Foundations of a company
Dogs
• Low growth market & share
• Low profit potential
“ low cash flow may be
generated”
?
The objective is which question marks can be turned to Stars, and
Which stars can be turned into cash flows, and clear decisions about dogs
23. The GE/ McKinsey Matrix
• This is a form of portfolio analysis used for
classifying product lines or strategic business
units within a large company
• It was developed by McKinsey for the US General
Electric Company
• It assesses areas of the business in terms of two
criteria:
– The attractiveness of the industry/market concerned
– The strength of the business
24. How does it differ from the Boston Matrix?
• There are similarities:
– Two dimensions are used to create a matrix
– Each cell suggests an appropriate strategy
– In both cases we are concerned with the future strategy for a
particular area (eg a division) within the firm
• There are major differences
– The GE matrix involves a wider analysis of the firm’s operations
– The dimensions of the GE matrix are industry attractiveness
and business strength (rather than market share and market
growth)
– There are nine cells and a wider choice of strategies
– The Boston Matrix focuses on products within the firms product
range The GE matrix can be extended to look at strategic
business units
25. The matrix
• Arranges the company’s SBUs in three bands and nine boxes
• Band X - Successful SBUs – in which the business is strong
and the industry is attractive
• Band Y - Mediocre SBUs – in which either the industry is less
attractive and/or the business is lacks strengths
• Band Z - Disappointing SBUs - in which the business is weak
and the industry unattractive
26. The GE/ McKinsey Matrix
High strength Medium strength Low strength
High
attractiveness
X Cell 1 Y Cell 2 Y Cell 3
Medium
attractiveness
Y Cell 4 Y Cell 5 Y Cell 6
Low
attractiveness
Y Cell 7 Y Cell 8 Z Cell 9
27. Recommended strategies
Grow -strong business units in attractive industries
-average business units in attractive industries
-strong units in average industries
Hold -average business units in average industries
-strong units in weak industries
-weak units in attractive industries
Harvest -weak units in unattractive industries
-average units in unattractive industries
-weak units in average industries