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This leading strategy text presents the complexities of strategic management through up-to-date scholarship and hands-on applications.
Highly respected authors Charles Hill and Gareth Jones integrate cutting-edge research on topics including corporate performance, governance, strategic leadership, technology, and business ethics through both theory and case studies. The focus strategy provides protection against all competitive forces, but at the same time limits growth and revenue based on the size of the market segment.
Industries show that cost advantage in a focus strategy will erode over time as its competitors servicing the entire market challenges it. This brings the additional challenge of new competitors entering the market to gain share. Market Based Strategies The market-based strategy was developed as a market growth-planning tool, which enables a company to formulate generic growth strategies.
Market based strategies were first introduced by Igor Ansoff who is widely considered one of the thought leaders in the strategic management field. The Ansoff matrix is a strategic planning tool that provides a general strategic direction for the company. Ansoff believed that long-term strategies are based on growth through: 1 Market Penetration 2 Product Development 3 Market Development and 4 Diversification.
The diversification strategy focuses on the development of new products and services for new markets. The strategies are not mutually exclusive and companies should combine strategies to reach corporate objectives. Market Penetration Market penetration is the strategic focus on selling existing products and services to existing markets.
This strategy is really the starting point for companies to take advantage of the current market position to gain higher market share and profits. This position lowers the risk level by selling more to current customers, increasing the frequency of use, and gaining new customers that are part of the same target market segment.
Companies must retain an increased product and service market share to dominate the market by identifying new demographics for the products or services the company offers.
Saturated and mature markets lack new demographic opportunities for growth. In those situations, companies have to adopt a more aggressive strategy by driving out competitors and discouraging new entries into the market. Product development The product development strategy focuses on selling new products to the existing customer base of the company. The strategy finds success in brand extensions. The company uses an existing brand name on a new product in a different category.
The company leverages its existing customer base to introduce products and services that are closely associated with the current offering, matches the current customer purchasing behavior, or reinvents existing products and services.
The strategy involves continuous product and service research and development as well as ongoing assessment of customer needs. The company needs to evaluate new markets that could be explored by redesigning product features in domestic markets or exploring new geographic markets with the current product or service.
A large number of companies use different pricing and distribution tactics to reach new market segments and support a growth strategy. As companies leverage their products or services to enter new markets the risks associated with the strategy increase due to the uncertainty in the new markets. Differentiation Differentiation strategy develops new products for new markets. This strategy requires substantial investment and additional know how needed for the company. It is important that the company has a clear idea about the expectations of growth and positioning when engaging into the differentiation strategy.
Companies need to have access to capital and the willingness to invest. There is a high risk factor associated with this strategy. The diversification strategy offers high rewards to companies that find the balance between risk and reward. This aggressive growth strategy requires the company to work outside the existing knowledge base. Companies tend to use integration tactics such as horizontal and vertical integration or merger and acquisition to lower the risk factors.
Game theory is a normative rather than a predictive tool. At the corporate strategic formulation stage, game theory provides structured models of optimum corporate behavior. Game theory unfolds from the premise that events can best be described by models taken from suitable games of strategy. Game theorists model strategic conflict by considering the companies involved as players in the game. Theorists define broad categories of games across a spectrum ranging from pure competition to pure cooperation.
As long as one company thinks there is an opportunity to improve its position, which the other companies cannot prevent, the company will change its actions. Game theory is divided into cooperative and non-cooperative games. The two game areas differ in how they are formulized independent of the players. Non- cooperative games specify various actions that are available to the players while cooperative theory describes the results when players come together in different combinations.
Zero sum games emphasize practical cooperation to avoid strategic competition. The net change in wealth or benefit is zero. For every company that gains market share there is a counterpart that loses. Competitive strategy is dominating strategic thinking because most competitive strategies are based on the zero sum assumption. It is the practical choice for most companies in strategic formulation.
Plus sum games are where the benefits or gains of companies add up to more than zero. It is possible for all companies or stakeholders to gain. The plus sum game is a win-win situation where the total value of the sum is more than the total value that was brought into the game.
Companies can improve the success and sustainability of their strategies by choosing to use plus sum alternatives. This strategy is often used in building relationships with stakeholders. Minus sum games or nonzero sum games, such as the escalating game, are lose-lose situations. The total value of what leaves the game is less than the total value that was brought into it. The size of the target market is also reduced.
A company adopts an uncooperative strategy in order to protect sunk costs. Sunk costs are retrospective costs that cannot be recovered. An escalating game model, like the auction, indicates that there can be no clear winner once a company engages in the game. However, companies can limit their stakes by setting limits on outlays and deciding at what point they are going to forfeit the game and pay the price.
Multi Business Companies The formulation for multi business companies receives additional attention due to rapidly changing markets, outsourcing, and the globalization of industries and markets. Over time the strategic formulation for multi business companies highlighted the use of three strategies: portfolio approach, synergy approach, and market approach. Highly respected authors Charles Hill, Gareth Jones, and Melissa Schilling integrate cutting-edge research on topics including corporate performance, governance, strategic leadership, technology, and business ethics through both theory and case studies.
The high-quality case study program contains 31 cases covering small, medium, and large companies of varying backgrounds. Business-Level Strategy and the Industry Environment. Strategy and Technology. Strategy in the Global Environment. Corporate Performance, Governance, and Business Ethics. More Topic:. You will be guided to the product download page immediately once you complete the payment.
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