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Strategy
the specific long term plan to meet your aims
Market
where you are selling your goods or services
Dynamic markets
market with changing internal and external factors
Ansoff's matrix
analysis considering different strategic directions
Market penetration
existing products and existing markets
Product development
new products and existing markets
Market development
existing products and new market
Diversification
new products and new markets
Ansoff's and risk
least is market penetration, then market development, then product development, then diversification
Coca Cola market penetration
through adapting promotion with the Christmas adverts
Coca cola product development
cherry coke
Coca cola market development
diet coke for women, coke zero for men
Coca cola diversification
related with Vitamin water, unrelated with pens
Strategy factors to consider
risk, shareholder support, impact on existing brand, employee reaction, existing strengths, investment needed, likely profit, opportunity cost
Strategy positioning
how the business is perceived by customers compared to similar businesses
Porter's generic strategies
considers strategic advantage and strategic target
Cost leadership
low cost and broad target like Primark or Easyjet
Differentiation
Differentiation and broad market like Apple
Cost focus
low cost and narrow market like a local discount retailer
Differentiation focus
differentiation and narrow target like Ferrari
Success firms
highly distinctive products offering a clear strategic position
Stuck in the middle
porter believes these do not have a clear strategy
Bowman's strategic clock
considers strategic options based on varying levels of price and perceived value
Bowman differentiation
charge premium price
Bowman focused differentiation
for very high quality products aimed at consumers with high incomes
Bowman non-competitive
basic product with high price is unlikely to attract sales
Bowman low price
selling at a lower price than perceived value
Bowman hybrid
usually short term strategies to boost sales or create awareness
Influences on Bowman
previous strategy, brand image, consumer perception, stage of life cycle, rival's strategy, external environment
Note
Flashcard