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CRAVENS PIERCY

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McGraw-Hill/Irwin 2006 The McGraw-Hill Companies, Inc., All Rights Reserved.

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Chapter Three
Markets and Competitive Space

McGraw-Hill/Irwin

2006 The McGraw-Hill Companies, Inc., All Rights Reserved.

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MARKETS AND COMPETITIVE SPACE


Markets and Strategies

Product-Market Scope and Structure


Describing and Analyzing End-Users Analyzing Competition Developing a Strategic Vision about the Future Market Size Estimation

MARKETS AND COMPETITIVE SPACE


The Challenges Markets are increasingly complex, turbulent, and interrelated. Importance of a broad view of the market.

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Essential to develop a vision about how the market is likely to change in the future. Continuous Monitoring is Necessary to: Find promising opportunities Identify shifts in value requirements Understand competitors positioning Guide targeting and positioning decisions

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MARKETS AND STRATEGIES


Markets and Strategies are Interlinked

Forming a Shared Vision

Value Migration Challenges

Markets Impact Strategies


Market

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changes often require altering strategies Forces of change create both market opportunities and threats Inherent danger in faulty market sensing

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Value Migrations
Customers

shift purchasing to new business designs with enhanced value offering Beware of disruptive technologies Market sensing and organizational learning are essential

PRODUCT-MARKET SCOPE AND STRUCTURE


Matching Needs with Product Benefits

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Product-Market Boundaries and Structure Forming Product-Markets for Analysis

The Changing Composition of Markets

Matching Needs with Product Benefits


A

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product market matches people with needs to the product benefits that satisfy those needs

A product market is the set of products judged to be substitutes within those usage situations in which similar patterns of benefits are sought by groups of customers.*
*Srivastava, et al. (1984) Journal of Marketing, Spring, 32.

INNOVATION FEATURE

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Progressive Insurance: Customer Needs at the Center of Strategy

In the period 1994 to 2004, Progressive Insurance increased sales from $1.3 billion to $9.5 billion, and ranks high in the Business Week Top 50 U.S. companies for shareholder value creation. The company invents new ways of providing services to save customers time, money and irritation, while often lowering costs at the same time. Loss adjusters are sent to the road accidents rather than working at head office, and they have the power to write checks on the spot. Progressive reduced the time needed to see a damaged automobile from seven days to nine hours. Policy holders cars are repaired quicker, and the focus on this central customer need has won much automobile insurance business for Progressive. These initiatives also enable Progressive to reduce its own costs the cost of storing a damaged automobile for a day is $28, about the same as the profit from a six-month policy.

Source: Adapted from Mitchell, Adrian (2004)Heart of the Matter, The Marketer, June 12, 14.

Product Market Boundaries and Structure

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Determining Product-Market Structure

1. Start with the generic need satisfied by the product category of interest to management 2. Identify the product categories (types) that can satisfy the generic need 3. Form the specific product markets within the generic product market

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Illustrative Fast-Food Product-Market Structure


SUPER MARKETS
MICROWAVE OVENS

FAST-FOOD MARKET
CONVENIENCE STORES
TRADITIONAL RESTAURANTS

Forming Product Markets for Analysis


Factors influencing product market boundaries: Purpose of analysis Changing composition of markets Extent of market complexity

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The Changing Composition of Markets


Change

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due to new technologies and emerging competition Consider existing and emerging markets Identify alternative ways to meet needs Extend product-market analysis beyond industry boundaries (e.g. Fast-foods)

Extent of Market Complexity


Three characteristics of markets:
1. Functions or uses of the product 2. The enabling technology of the product 3. Customer segments in the product-market

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Illustrative Product Market Structure


Food and beverages for breakfast meal

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Generic Product Class

Cereals

Product Type

Ready to eat
Regular

Variant A

Natural
Nutritional Pre-sweetened

Variant B

Life

Product 19

Special K

Brands

DEFINING AND ANALYZING MARKETS


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Define Product-Market Boundaries and Structures Identify and Describe End-Users

Analyze Industry and Value Added Chain

Evaluate Key Competitors


Forecast Market Size and Growth Trends

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Identifying and Describing Buyers

Building Customer Profiles

DESCRIBING AND ANALYZING END-USERS

How Buyers Make Choices

Environmental Influences

Identifying and Describing End-Users


Illustrative buyer characteristics in consumer markets: Family size, age, income, geographical location, sex, and occupation Illustrative factors in organizational markets: Type of industry Company size Location Type of products

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How Buyers Make Choices


BUYING DECISION PROCESS: 1. Problem recognition 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Post-purchase behavior

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Environmental Influences
External factors influencing buyers needs and wants: Government, social change, economic shifts, technology etc. These factors are often non-controllable but can have a major impact on purchasing decisions

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Building Customer Profiles

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Start with generic product market Move next to producttype and variant profiles >> increasingly more specific Customer profiles guide decision making (e.g. targeting, positioning, market segmentation etc.)

ANALYZING COMPETITION
1. Define Industry Structure and Characteristics

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5. Identify New Competitors

4. Anticipate Actions by Competitors

PRODUCTMARKET STRUCTURE AND MARKET SEGMENTS

2. Identify and Describe Key Competitors

3. Evaluate Key Competitors

Examples of Levels of Competition


Baseball cards Bottle water Video Games

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Fast Food
Regular colas Beer Diet lemon limes Diet-Rite Cola Fruit flavored colas Diet Coke Diet Pepsi Ice Cream

Wine

Product from competition: diet colas


Juices

Lemon limes

Product category competition: soft drinks Generic competition: beverages Budget competition: food & entertainment

Coffee

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Industry Analysis

Industry size, growth, and composition Typical marketing practices Industry changes that are anticipated (e.g. consolidation trends) Industry strengths and weaknesses Strategic alliances among competitors

Defining Industry Structure & Characteristics


SUPPLIERS
Industry Form PRODUCERS Industry Environment Competitive WHOLESALERS/ Forces

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DISTRIBUTORS
RETAILERS/ DEALERS Value Added Chain

CONSUMER/ ORGANIZATIONAL END USERS

Competitive Forces
1. Rivalry among existing firms.

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2. Threat of new entrants.


3. Threat of substitute products.

4. Bargaining power of suppliers.


5. Bargaining power of buyers.

Source: Michael E. Porter, Competitive Advantage, Free Press, 1985, 5.

Key Competitor Analysis

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Business scope and objectives Management experience, capabilities, and weaknesses Market position and trends Market target(s) and customer base Marketing program positioning strategy Financial, technical, and operating capabilities Key competitive advantages (e.g., access to resources, patents)

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Extent of Market Coverage

Current Capabilities

Competitor Evaluation

Customer Satisfaction

Past Performance

DEVELOPING A STRATEGIC VISION ABOUT THE FUTURE


Industry Boundaries Blurring and Evolving Competitive Structure and Players Changing Value Migration Paths Product Versus Business Design Competition Firms are Collaborating to Influence Industry Standards
Source: C. K. Prahalad, Journal of Marketing, Aug. 1995, vi.

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MARKET SIZE ESTIMATION


Product-Market Forecast Relationships
(area denotes sales in $s)

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Market Potential Estimate

Unrealized Potential

Company Sales Forecast

Industry Sales Forecast

Product-Market Forecast Relationships for Industrial Painting Units


Sales (in 1000s of units) 900 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 2005 2006
Company XYZ Sales Forecast Market Potential Sales Forecast

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2007 2008

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