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The strategy Fast track external analysis * Gather information from your customer files, your competitor, public sources, market research etc * Think about events in the world at large and how they have effected, do affect and could affect your business * Analyze your customer base, understand your market and think about how it could be expanded * Identify and analyze your existing and potential competitors * Write a short description about your existing market * Write a short description about your competition * Identify your competitive advantages – social responsibility issues, high-tech advantages, things you want to capitalize on A need to predict the market, find solutions for possible problems Estimating total demand * Volume by a specific target segment Volume in a defined time period * Volume under defined marketing conditions Ten influences on sales volumes 1. Fundamental trends 2.
Economic cycles 3. Meddling governments 4. Seasonal variation 5. Demand for a product class 6. Demand for a product category 7. Demand for your product 8. Demand for competing products 9. Demand for substitute products 10. Demand for other unrelated products Analyze your competitors 1 . Define your business and identify the firms that compete against you Segment your competitors into strategic groups 3. Assess their capabilities 4. Assess their market positioning 5. Assess their strategies 2. 6 Form a view auto now teeny wall Deanna Ana react In ten market place In ten Torture 7. Write a couple of paragraphs about each major competitor 8. Ongoing update!
One of the key issues is speed (the speed of producing and transporting the products = efficiency) Always try to be one step ahead of your competitors, don’t be too traditional and try to think outside of the box), Predict your competitors’ next move Competitive advantages * Strong research and development capabilities * Access to intellectual property Exclusive reselling or distribution rights * Ownership of capital equipment * Superior products – develop strategically, always have a development ready in the future * Low cost production * Other economies of scale * Superior databases, management information, networks etc * Marketing skills * Access to working capital – the right personnel * Other excellence in management, operations, administration etc * Barriers to entry International Marketing Research – Factors that affect the way in which people from different cultures behave are: * Cultural differences * Racial differences Climatic differences * Economic differences * Religious differences * Historical differences * Differences in consumption patterns