can you give me short summary abstract and conclusion on chapters 1 and chapters
ID: 340319 • Letter: C
Question
can you give me short summary abstract and conclusion on chapters 1 and chapters 2 in Strategic Market Management, 9th Edition, by David A. Aaker
As you said yu want more info, below is the info, can you please answer my question now.
Management Tasks:Strategic Analysis ,Innovation,Multiple Business—Strategies and Issues,Creating SCAs,Developing Growth Platforms
Business Strategy:The Product-Market Investment Strategy – where to compet,The Customer Value Proposition,Assets and Competencies,Functional Strategies and Programs
The Product-Market Investment Strategy-Invest to grow (or enter a product market),Invest only to maintain the existing position,Milk the business by minimizing investment,Recover as many of the assets as possible by liquidating or divesting the busines,The Customer Value Proposition
Perceived benefit to customer:Functional,Emotional,Social,Self-Expressive
Customer Value Proposition Examples:A good value,Excellence on an important product or service attribute,The best overall quality,Product line breadth,Innovative offerings,A shared passion for an activity or a product,Global connections and prestige,Assets and Competencies
Strategic Competency: What a business unit does exceptionally well,Has strategic importance to the business,Based on knowledge or a process
Strategic Asset:A resource
Functional Strategies and Programs: Manufacturing strategy,Distribution strategy,Brand-building strategy,Communication strategy,Information technology strategy,Sourcing Strategy,Global strategy,Logistical strategy,Quality program,Customer relationship program,Social technology strategy
Criteria to Select Business Strategies: Is the ROI attractive,Is there a SCA,Will the strategy have success in the future,Is the strategy feasible,Does the strategy fit with the other strategies of the firm?
Overview of Strategic Market Management
External Analysis,Customer Analysis,Competitor Analysis,Market/submarket Analysis ,Environmental Analysis,Internal Analysis ,Performance Analysis,Determinants of strategic options,
Strategic Analysis Outputs:Creating, Adapting, and Implementing Strategy
Why Strategic Market Management: Precipitate the consideration of strategic choices,Help a business cope with change,Force a long-range view,Make visible the resource allocation decisions,Aid strategic analysis and decision making,Provide a strategic management and control system,Provide both horizontal and vertical communication and coordination systems.
Key Learnings
• Strategy needs to succeed in a dynamic market.
• A business strategy includes the determination of the product-market scope and its dynamics (as reflected in the intensity of the business investment), the customer value proposition, assets and competencies, and functional strategies and programs.
• External analysis includes analyses of customers, competitors, markets, and the environment. Internal analysis includes a performance appraisal and an examination of organizational strengths, weaknesses, problems, constraints, and strategic options.
• The role of these analyses is to identify existing or emerging opportunities, threats, trends, strategic uncertainties, and strategic options.
• The marketing team needs to be a partner in strategy and by involved in overcoming silo barriers.
The Role of External Analysis
External Analysis:Strategic Decisions • Where to compete • How to compete,Analysis • Information-need areas • Scenario analysis,Identification • Trends/future events • Threats/opportunities • Strategic uncertainties
Strategic Uncertainties • Will a major firm enter? • Will a tofu-based dessert product be accepted? • Will a technology be replaced? • Will the dollar strengthen against an off-shore currency? • Will computer-based operations be feasible with current technology? • How sensitive is the market to price?
Strategic Decisions :Investment in a product market ,Investment in a tofu-based product,Investment in a technology,Commitment to off-shore manufacturing,Investment in a new system,A strategy of maintaining price parity
Strategic Uncertainties
What will the future demand: Performance improvements,Competitive technological developments,Financial capacity of health care industry.
Customer Analysis
Segmentation
• Identification of customer groups that respond differently from other groups to competitive offerings. Thus, a successful segmentation strategy requires the conceptualization, development, and evaluation of a targeted competitive offering.
• Who are the biggest customers? The most profitable? The most attractive potential customers?
Examples of Approaches to Defining Segments
Customer Characteristics • Geographic • Type of organization • Size of firm • Lifestyle • Sex • Age • Occupation
Examples of Approaches to Defining Segments
Product-Related Approaches • User type • Usage • Benefits sought • Price sensitivity • Competitor • Application • Brand loyalty
Segmentation How should segments be defined:Benefit Segmentation,Price Sensitivity,Loyalty,Applications,Multiple Segments versus Focus Strategy
Customer Analysis
Customer Motivations
• What elements of the product/service do customers value most?
• What are the customers’ objectives? What are they really buying?
• How do segments differ in their motivation priorities?
• What changes are occurring in customer motivation? In customer priorities?
Customer Motivation Analysis
Identify Motivations Group and Structure Motivations,Assess Motivation Importance,Assign Strategic Roles to Motivations
The Customer as Active Partner: Encourage Active Dialogue,Mobilize Customer Communities,Manage Customer Diversity,Co-creating Personalized Experiences
Customer Analysis: Unmet Needs,Why are some customers dissatisfied? Why are some changing brands or suppliers,What are the severity and incidence of consumer problems,What are the unmet needs that customers can identify? Are there some of which consumers are unaware,Do these unmet needs represent leverage points for competitors?
Key Learnings
• External analysis should influence strategy by identifying opportunities, threats, trends, and strategic uncertainties. The ultimate goal is to improve strategic choices – decisions as to where and how to compete.
• Segmentation (identifying customer groups that can support different competitive strategies) can be based on a variety of customer characteristics, such as benefits sought, customer loyalty, and applications.
• Customer motivation analysis can provide insights into what assets and competencies are needed to compete, as well as indicate possible SCAs.
• Unmet needs that represent opportunities (or threats) can be identified by projecting technologies, by accessing lead users, by ethnographic research, and by interacting with customers.
Explanation / Answer
This case talks about the strategic management activities which are undertaken to obtain higher connect with the customers. It also talks about the customer value proposition and measures how strategic competency is important for business. The case also talks about the various strategies that are needed to succeed in a dynamic market. One key technique used is external analysis which includes customers, competitors, markets, and the environment in addition to the internal measurement of employees and organization. These analysis reveal the areas where the organization should start competing, how the competition is competing, plan out various scenarios and identify threats and opportunities in future.
There can also be Strategic Uncertainties in an organization which will impact the future demand, manage the performance improvements, upgrade competitive technological developments and ensure financial capacity of health care industry.
Another major aspect discussed is the customer analysis with a focus on segmentation. A successful segmentation strategy requires the conceptualization, development, and evaluation of a targeted competitive offering. Another factor is customer motivation which helps in identifying the elements which customer value the most and understand the different motivations of different segments. The customer also like to consider themselves as an active partner with regular active dialogue and Personalized Experiences. All this can lead to identification of unmet needs that represent opportunities (or threats) can be identified by projecting technologies, by accessing lead users, by ethnographic research, and by interacting with customers.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.