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Crafting Business strategy session 6
1.
Business Strategy Session
6 Crafting Market Strategy Oct 22nd , 2016 Lecturer: Anik Saha
2.
© Anik Saha2 Business
Strategy As The Context Business Strategy A Key Driver for Marketing Strategy & Executions
3.
© Anik Saha3 Resource
Based View of Organization Collection of Physical, Intangible assets and Capabilities Knowledge, Skills Employees Equipment Capital External Market Tests for Resources for Sustained Competitive Advantage 1. Inimitability 2. Durability 3. Appropriability 4. Substitutability 5. Competitive Superiority
4.
© Anik Saha4 Resource
Based View of Organization 1. Core Competencies 2. Capabilities 3. Brand 4. Alliance with Partners • Potential access to wide variety of Mkt • Significant contributor to perceived customer benefits • Difficult to Imitate • Technological superiority or Expertise • A set of business process strategically understood • Impacts entire value chain • Visible to customer • Capability contributing significantly to customer’s perceived value • Driving cost effective solutions • Means to differentiate over others • Consistency in delivering superior performance & functionality • Brand Equity: brand value which customer pays importance over other offerings • Collaborative relationships to leverage extended resources • Complementary value props, resources, geo locations, spread/ reach to market
5.
© Anik Saha5 Fundamental
Value Based Strategies: What Market Perceives as Superior Value? 1. Product Leadership 2. Customer Intimacy 3. Operational Excellence • Offer leading solutions consistently • Enhance customer’s usage/ experience • Continuous innovations, leverage technology to enhance offerings • Variety based positioning with multiple offerings at highest quality • Efficient target market segmentation • Adapt offerings to customer’s demands • Understanding and anticipating changes in customer's requirement • Need-based positioning: Tailor activities for targeted customer, generate value • Higher Wallet share indicator of successful customer intimacy • Efficient delivery model at competitive price • Leverage operational efficiency to drive lower cost and better customer experience • Performing different activities than competition resulting lower cost delivery model
6.
© Anik Saha6 Making
Effective Go-to-Market Strategy Go-to-Market Strategy: A Process of creating ‘A fit’ between Customer Needs and Offerings Org’s Offerings Market Needs Methodological/ Organized Planning Disruptive/ Radical Planning Balance between Methodological & Radical Executions • Who drives Strategy? • The purpose that drives strategy • The methodological and radical approach
7.
© Anik Saha Mediates
the disparities between fin performance & Market place executions Closer to Market place; Faces Challenges of Execution Responsible for Financial Performance 7 Who Drives it? Top-Down and Bottom Up Planning Sr. Mgmt Lower Mgmt Middle Mgmt • Sets the goal/objective • Exec sponsor of GTM development & execution • Measured by Profitability • Drives importance of strategy into the org • On-field execution • Communicates with customer, addresses challenges • Measured by sales closures, operational execution etc. • Bridges the gap of executional challenges • Captures on-field sentiments and builds mitigation plan • Ensures adaptability of strategic changes • Strikes balance between momentum and chaos • Measured by execution on strategic plans, change mgmt etc
8.
8 Defining the Purpose
of Strategy building • Scope/Vision and Intent • Objectives/Goals • Capabilities • Business Composition • Structure/System/Processes • Resources • Corporate Competitive Advantages • Business Definitions • Progress Report with Management Systems • Market & Customer Analysis • Competitive Analysis • Objectives/Strategy/Programs • Fin. Projections Effective Execution is the KEY! Corporate Business/Marketing © Anik Saha
9.
9 Corporate Strategy Components Vision
• Direction of Future Growth • Area of Focus/Diversification • Responsibilities to Stockholders/Employees • Extent of Specialization/Technological Innovations Objectives • Business Objectives • Performance Measures (Rev/Profitability/EPS) • Timelines Business Composition & Capability • Analyzing Strength/ Distinctive Capabilities • Single Product or Different Segments • Build Product/Solution & Market relationships • Why and how to build Successful SBUs? Structure/System/Processes & Resources • Business Objective to Org. Structure • Processes aligned to Structure and business needs Corporate Competitive Advantage • Is Divestment necessary? • Organic or Inorganic growth? © Anik Saha
10.
10 Execution of Radical
Strategy with Limited Resources Ambitious Goals Attained Through Radical Planning & Executions Organizations Pushed for Radical Strategy gradually settles to build new positioning Customers Internal drive or Interaction with External Events Competition Business Customers Push for dramatic change Organization’s repositioning © Anik Saha
11.
11 Marketing Strategy Process Situation
Analysis, Market Sensing, Competition Study etc. Marketing Program Development Designing Marketing Strategy Implementing and Managing/Reviewing Marketing Strategy Actions Problem Identification/ Set The Goal or Objective © Anik Saha
12.
12 Marketing Strategy Process Strategic
Situation Analysis • Analyze Market dynamics relevant to Problem • Study on competition • Segmenting Markets • Continuous Learning about Markets on upcoming trends (if any) Market Vision, Structure and Analysis • Market Targeting and Strategic Positioning • Marketing Relationship Strategies • Devise go-to-market plans and actions • Planning for New Products (If applicable) Market-Driven Prog Development • Strategic Brand Management • Build Value-Chain, Price & Promotion Strategies • Strengthen Business Model • Incentivize stakeholders as applicable Implementing and Managing Market-Driven Strategy • Go-to-Market Strategy Implementation and Control • Constant review and set corrective actions in case falling short Identify Problem and Set Goals/Objectives • Review Business Performance and Identify Problem • Set realistic business goals, objectives to fix problem area © Anik Saha
13.
13 Characteristics of Market
Driven Strategies Business Goal BecomeMarket Oriented Determine Distinctive CapabilitiesAlignCustomer Needsto capabilities Achieve Superior Performance • Customer focus • Insight gathering • Cross functional coordination • Diagnosis/ Performance implications • Align to Org. processes • Skills/Knowledge • Coordination of Activities • Assets • Market Sensing (Analytics) • Customer Linking capabilities (CRM) • Aligning Structure and Processes Inside OutOutside In Spanning Process • Value Capabilities • Providing value to customer • Value initiatives • Customer Value • Providing Value to customers • Value Initiatives © Anik Saha
14.
14 The Strategy Implementation
Blocks Step 1: Devise Strategic Priorities to Address Goals/Objectives or Business Problem Step 2: Build Implementation Plan Aligned to Strategic Priorities Devise Action Plans Assign Ownership Time to Complete Actions Measurable Success Criteria Periodic Review Supported by Resources, Capabilities, Competencies or Alliances © Anik Saha
15.
15 Acknowledgement Buisness Market Management
by James C. Anderson & James A. Narus, Published by Pearson Education © Anik Saha