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Porter's Five Forces Model - Example:  Mobile Phone Industry
 
01:59
In 1979, Harvard Business Review published How Competitive Forces Shape Strategy by a young economist and associate professor, Michael E. Porter. The main purpose of Porters Five Forces is to find a position in an industry where a company can defend itself against competitive forces or it can influence them in its favour. A strategist can analyse, any market by rating each competitive force as high, medium, low in strength and rate as follows. If we look at the mobile phone industry worldwide, the five forces could be rated as follows. The threat of new entrants is seen as low, because the technology investment needed to compete in this fast moving industry is high. The threat of substitutes could be described as low, due to the added functionality that smart phones and mobile phones have over single featured technology products such as digital cameras. The bargaining power of buyers could be rated as medium, with a wide variety of mobile phones available. Customers have major brand choices and don't mind paying higher prices, for the latest smart phones and mobile phones. The bargaining power of suppliers is medium because mobile phone manufacturers rely on their key suppliers for quality component parts at competitive prices and the operating system such as android is open source. In conclusion, competitive rivalry is very high for mobile phones, with major brand competitors such as Samsung, Apple, Nokia and Sony competing and dominating the industry. New entrants could find it very hard to compete and gain economies of scale and market share against major brand players in this industry. Reference: Porter, M.E. (March/April 1979). "How Competitive Forces Shape Strategy". Harvard Business Review. Created at http://www.b2bwhiteboard.com
Views: 40189 B2Bwhiteboard
Market Segmentation Overview
 
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Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries who have common needs and priorities, and then designing and implementing strategies to target them. reference: http://en.wikipedia.org/wiki/Market_segmentation visit: https://www.b2bwhiteboard.com
Views: 16975 B2Bwhiteboard
Brand Equity
 
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Brand equity is based on the extent to which a brand has high loyalty. visit: www.b2bwhiteboard.com
Views: 34765 B2Bwhiteboard
Differentiated marketing strategy - defined
 
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A differentiated marketing strategy is when a company decides to target more than one market segment, and designs a separate offering for each market segment. examples: Unilver and McDonalds - created at http://www.b2bwhiteboard.com
Views: 17291 B2Bwhiteboard
Geographical pricing - explained
 
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Geographical pricing is a pricing technique of modifying a basic list price based on the geographical location of the buyer. It is intended to reflect the costs of shipping to different locations. There are five types of geographic pricing: 1. FOB origin (Free on Board origin) - The shipping cost from the factory or warehouse is paid by the purchaser. Ownership of the goods is transferred to the buyer as soon as it leaves the point of origin. It can be either the buyer or seller that arranges for the transportation. 2. Uniform delivery pricing - (also called postage stamp pricing) - The same price is charged to all. 3. Zone pricing - Prices increase as shipping distances increase. This is sometimes done by drawing concentric circles on a map with the plant or warehouse at the center and each circle defining the boundary of a price zone. 4. Basing point pricing - Certain cities are designated as basing points. All goods shipped from a given basis point are charged the same amount. 5. Freight-absorption pricing - The seller absorbs all or part of the cost of transportation. This amounts to a price discount, and is used as a promotional tactic. Reference: http://en.wikipedia.org/wiki/Geographical_pricing Created at http://www.b2bwhiteboard.com
Views: 3895 B2Bwhiteboard
Conflicts in Distribution Channel Relationships
 
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Describes the nature of distribution channel conflict which can be either temporary, permanent or psychological in nature. Resolving conflict through professional account management and communication.
Views: 3129 B2Bwhiteboard
What is Marketing Intelligence?
 
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Marketing Intelligence: provides internal and external information about environmental variables that allow managers to implement and adjust marketing plans. visit: www.b2bwhiteboard.com
Views: 17797 B2Bwhiteboard
Porter's Five Forces Model - Example:  Airline Industry
 
02:09
Porter's Five Forces Model - Example: Commercial Airline Industry In 1979, Harvard Business Review published How Competitive Forces Shape Strategy by a young economist and associate professor, Michael E. Porter. The main purpose of Porters Five Forces is to find a position in an industry where a company can defend itself against competitive forces or it can influence them in its favour. A strategist can analyse, any market by rating each competitive force as high, medium, low in strength and rate as follows. If we look at the commercial airline industry worldwide, the five forces could be rated as follows. Rivalry among existing competitors is high as key airline companies compete closely and strongly for global market share. The threat of new entrants is seen as medium, since new entrants may be able to secure second hand aircraft to establish a budget airline. However, securing airport infrastructure, facilities and airline route access is difficult because of high Government regulatory barriers. The threat of substitutes could also be seen as low with other transportation alternatives not having the same speed, convenience and flexibility as air travel. The bargaining power of buyers could be rated as high as air passengers have a wide variety of airlines to choose from and shop for the best ticket price online to save money. The bargaining power of suppliers is high. Just two suppliers can satisfy the average requirements of today's commercial airliners, Airbus and Boeing. These two suppliers control the market. Overall, based on the above analysis of Porter's Five Forces, we can conclude that the commercial airline industry is characterised by intense rivalry among airlines, fluctuating profitability and little differentiation among competing airlines. Reference: Porter, M.E. (March/April 1979). "How Competitive Forces Shape Strategy". Harvard Business Review. Created at http://www.b2bwhiteboard.com
Views: 103260 B2Bwhiteboard
New Product Development (NPD) - Process
 
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New Product Development (NPD) covers the complete process of bringing a new product to market. A central aspect of NPD is product design, along with various business considerations.
Views: 3212 B2Bwhiteboard
What is Primary Data?
 
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Primary Data is information collected for the current research purpose. visit: www.b2nwhiteboard.com
Views: 10144 B2Bwhiteboard
What is Secondary Data?
 
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Secondary data is data collected by someone other than the user. visit: www.b2bwhiteboard.com
Views: 19094 B2Bwhiteboard
Nominal group technique
 
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The nominal technique is a decision making technique that allows a group of people to focus on a task of making a decision without developing any social bonds. - created at http://www.b2bwhiteboard.com
Views: 20775 B2Bwhiteboard
VALS Framework - explained
 
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VALS Framework ("Values, Attitudes And Lifestyles") is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services to appeal to the people most likely to purchase them. Reference: http://www.strategicbusinessinsights.com/vals/ustypes.shtml Created at http://www.b2bwhiteboard.com
Views: 32271 B2Bwhiteboard
Brand Strategy
 
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Brand strategy involves making decisions around brand positioning, brand name selection, brand sponsorship and brand development.
Views: 2295 B2Bwhiteboard
Habitual buying behaviour
 
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Habitual buying behaviour - occurs when the purchase is low involvement and the consumer doesn't think there are significant differences between brands. - created at http://www.b2bwhiteboard.com
Views: 6103 B2Bwhiteboard
B2B Key Account Management
 
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Key Account Management (KAM) is used in B2B sales to manage a portfolio of key customer accounts that align with your companies objectives.
Views: 10517 B2Bwhiteboard
Management by Objectives (MBO)
 
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Management by objectives (MBO) is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them. The term "management by objectives" was first popularized by Peter Drucker in his 1954 book The Practice of Management. The essence of MBO is participative goal setting, choosing course of actions and decision making. An important part of the MBO is the measurement and the comparison of the employee's actual performance with the standards set. Ideally, when employees themselves have been involved with the goal setting and choosing the course of action to be followed by them, they are more likely to fulfill their responsibilities. Reference: http://en.wikipedia.org/wiki/Management_by_objectives Created at http://www,b2bwhiteboard.com
Views: 78594 B2Bwhiteboard
Adapting the Marketing Mix
 
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Adapting the marketing mix for International markets is an important International marketing strategy. The debate is about Standardisation Vs Adaptation and this will vary depending on nature of product or service and markets selected overseas. visit and join: www.b2bwhiteboard.com
Views: 10805 B2Bwhiteboard
Database marketing - explained
 
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An approach by which computer database technologies are harnessed to design, create, and manage customer data lists containing information about each customer's characteristics and history of interactions with the company. The lists are used as needed for locating, selecting, targeting, servicing, and establishing relationships with customers in order to enhance the long-term value of these customers to the company. The techniques used for managing lists include: 1. database manipulation methods such as select and join, 2. statistical methods for predicting each customer's likelihood of future purchases of specific items based on his/her history of past purchases, and 3. measures for computing the life-time value of a customer on an ongoing basis. Reference: http://www.marketingpower.com/_layouts/dictionary.aspx?dLetter=D Created at http://www.b2bwhiteboard.com
Views: 7338 B2Bwhiteboard
International Standard Industrial Classification (ISIC)
 
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Business markets are characterised by a wide diversity in customer types and products. To obtain some order industries are classified according to the International Standard Industrial Classification (ISIC) system. To see classifications visit United Nations: http://unstats.un.org/unsd/cr/registry/regct.asp - created at http://www.b2bwhiteboard.com
Views: 1414 B2Bwhiteboard
Undifferentiated marketing strategy - defined
 
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An undifferentiated marketing strategy is when a company must decide to ignore market segment differences and go after the whole market with one product offering. - created at http://www.b2bwhiteboard.com
Views: 7850 B2Bwhiteboard
Customer Satisfaction
 
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Explains the concept of customer satisfaction Source: Bain & Company study in Harvard Business Review, 2001 visit: www.b2bwhiteboard.com
Views: 22174 B2Bwhiteboard
Co-branding - defined
 
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Co-branding is a brand management strategy in which two or more well-established brand names of different companies appear on the same product. - created at http://www.b2bwhiteboard.com
Views: 4069 B2Bwhiteboard
What is Consultative Selling?
 
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Describes the philosophy and stages of the consultative selling process for complex B2B product service solutions
Views: 5575 B2Bwhiteboard
Porter's Five Forces Model - Example:  Pharmaceutical
 
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Porter's Five Forces Model - Example: Pharmaceutical Industry In 1979, Harvard Business Review published How Competitive Forces Shape Strategy by a young economist and associate professor, Michael E. Porter. The main purpose of Porters Five Forces is to find a position in an industry where a company can defend itself against competitive forces or it can influence them in its favour. A strategist can analyse, any market by rating each competitive force as high, medium, low in strength and rate as follows. If we look at the pharmaceutical industry worldwide, the five forces could be rated as follows. Competition among existing rivalry is high as key players Pfizer, Glaxo Smith Kline, Bayer and Eli Lily compete closely and strongly in the market. The threat of new entrants is seen as low, since high entry barriers due to costs associated with research , development of new drugs and government regulatory barriers make it difficult for new entrants. The threat of substitutes could also be seen as medium as Generic drug companies do not have the high costs associated with the research and development of new drugs and this allows them to sell at cheaper price points. The bargaining power of buyers could be rated as medium because hospitals, health care organizations can exert pressure on Pharmaceutical companies to keep prices in check. Generic drugs give patients lower price options. The bargaining power of suppliers is low as sales for the pharmaceutical industry concentrate in a handful of large players and that has decreased the bargaining power of suppliers. Overall, based on the above analysis of Porter's Five Forces, we can conclude that the pharmaceutical industry is not attractive for new entrants. Reference: Porter, M.E. (March/April 1979). "How Competitive Forces Shape Strategy". Harvard Business Review. Created at http://www.b2bwhiteboard.com
Views: 18440 B2Bwhiteboard
What is Co-determination?
 
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Co-determination is a structure of decision-making within the enterprise whereby employees and their representatives exert influence on decisions, often at a senior level and at a relatively early stage of formulation. Co-determination may operate in parallel to, and complement, other industrial relations mechanisms of employee representation and influence. It does not substitute for other mechanisms of employee influence on management decision-making, such as collective bargaining. Co-determination is rooted in the industrial relations traditions of a number of EU Member States. For example, in Germany there are two distinct levels of co-determination: at establishment level via the works council, and at enterprise level, on the supervisory board of companies. In Austria, works councils have the right to negotiate a 'social plan' in the event of decisions involving restructuring, which may lead to job losses. In Denmark, employees have the right to elect a third of members of the company board, and through this mechanism they exercise a powerful voice in votes on matters that can have a major impact on the workforce. Reference: http://www.eurofound.europa.eu/areas/industrialrelations/dictionary/definitions/codetermination.htm Created at http://www.b2bwhiteboard.com
Views: 1685 B2Bwhiteboard
Peel back the onion - explained
 
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The term peel back the onion is a principle of psychology, that can be related to understanding customer experience. Just as an onion has many layers so do customers. Effective sales people are able to peel back the onion to get to the root cause of what a customer really feels and thinks about your product or service. - created at http://www.b2bwhiteboard.com
Views: 1454 B2Bwhiteboard
Scent marketing - explained
 
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Scent marketing is a field of consumer behaviour that refers to how businesses use different smells in an attempt to influence what consumers buy. Scents can relax customers as they enter a retail business and ensure that they enjoy their shopping experience. Ambient scenting is thus able to increase customer dwell time and increase sales. Scent marketing key benefits are as follows: 1. Customers evaluate scented products as being of higher quality. 2. Consumers are more eager to buy and willing to pay more in a scented environment. 3. Consumers spend more time and money in a scented environment. 4. Consumers remember scented shops more than unscented ones Scents have an immediate and compelling effect as they are directly linked to the brains limbic system which is the part of the brain responsible for our memories and emotions. Therefore scents go beyond our rational perception and have an ultimate impact on our emotions. Created at http://www.b2bwhiteboard.com
Views: 3423 B2Bwhiteboard
Premium pricing - explained
 
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Premium pricing is the pricing technique of artificially maintaining a high price for a product or in order to encourage favourable perceptions among buyers, based solely on the price. A premium pricing strategy involves setting the price of a product higher than similar products. This strategy is sometimes also called skim pricing because it is an attempt to "skim the cream" off the top of the market. It is used to maximize profit in areas where customers are happy to pay more, where there are no substitutes for the product, where there are barriers to entering the market or when the seller cannot save on costs by producing at a high volume. It is often called Image pricing or Prestige pricing. Luxury brands have a psychological association with premium pricing. For example, Moet champagne and Louis Vuitton apply a premium pricing strategy. Reference: http://en.wikipedia.org/wiki/Premium_pricing Created at http://www.b2bwhiteboard.com
Views: 4601 B2Bwhiteboard
Complex buying behaviour
 
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Complex buying behaviour - is defined as a situation where there is high consumer involvement in a purchase based on significant perceived brand differences. - created at http://www.b2bwhiteboard.com
Views: 10576 B2Bwhiteboard
What are Customer needs, wants and demands?
 
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The basis of marketing is to understand your customers needs, wants and demands. This animation explains this concept. Visit: www.b2bwhiteboard.com
Views: 40260 B2Bwhiteboard
Customer Retention
 
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Explains why customer retention is important activity in B2B marketing.
Views: 6072 B2Bwhiteboard
Channel Power
 
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Power can be defined as the ability of one party to get another party to undertake an activity that [the second party] would not normally do (Anderson 1989). visit: www.b2bwhiteboard.com
Views: 629 B2Bwhiteboard
Eight Disciplines Problem Solving (8D) Method
 
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Eight Disciplines Problem Solving (8D) is a method used to approach and to resolve problems, typically employed by quality engineers or other professionals. Its purpose is to identify, correct and eliminate recurring problems, and it is useful in product and process improvement. It establishes a permanent corrective action based on statistical analysis of the problem and focuses on the origin of the problem by determining its root causes. The 8D method follows a number of steps: D0: Plan: Plan for solving the problem and determine the prerequisites. D1: Use a Team: Establish a team of people with product/process knowledge. D2: Define and describe the Problem: Specify the problem by identifying in quantifiable terms the who, what, where, when, why, how, and how many (5W2H) for the problem. D3: Develop Interim Containment Plan; Implement and verify Interim Actions: Define and implement containment actions to isolate the problem from any customer. D4: Determine, Identify, and Verify Root Causes and Escape Points: Identify all applicable causes that could explain why the problem has occurred. Also identify why the problem has not been noticed at the time it occurred. D5: Choose and Verify Permanent Corrections (PCs) for Problem/Non Conformity: Through pre-production programs quantitatively confirm that the selected correction will resolve the problem for the customer. D6: Implement and Validate Corrective Actions: Define and Implement the best corrective actions. D7: Take Preventive Measures: Modify the management systems, operation systems, practices, and procedures to prevent recurrence of this and all similar problems. D8: Congratulate Your Team: Recognize the collective efforts of the team. The team needs to be formally thanked by the organisation. 8D has become a standard in the auto, assembly and other industries that require a thorough structured problem solving process using a team approach. Reference: http://en.wikipedia.org/wiki/Eight_Disciplines_Problem_Solving Created at http://www.b2bwhiteboard.com
Views: 27710 B2Bwhiteboard
Ethnocentric Orientation
 
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Ethnocentrism is making value judgments about another culture from perspectives of one's own cultural system. visit: www.b2bwhiteboard.com
Views: 21732 B2Bwhiteboard
Quantitative research - defined
 
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Quantitative research is numerically focused, it requires detailed attention to the measurement of market phenomena and often involves statistical analysis. is numerically focused, it requires detailed attention to the measurement of market phenomena and - created at http://www.b2bwhiteboard.com
Views: 24365 B2Bwhiteboard
Competitive Strategic Positions
 
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Examines competitive strategies market leader, challenger, follower, nicher Visit: www.b2bwhiteboard.com
Views: 3275 B2Bwhiteboard
What is  Consignment Stock?
 
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Consignment stock are goods which are stored at one location, such as a business or a warehouse, but are legally owned by a different company such as a supplier or manufacturer. visit: www.b2bwhiteboard.com
Views: 9829 B2Bwhiteboard
Technological Environment
 
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An identifiable element in the physical, cultural, demographic, economic, political, regulatory, or technological environment that affects the survival, operations, and growth of an organisation. visit: www.b2bwhiteboard.com
Views: 3946 B2Bwhiteboard
Partnering with suppliers
 
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Partnering refers to the process of developing a relationship to one in which both parties are prepared to work cooperatively. It requires selecting the potential partner and facilitating changes in behaviour, such as the replacement of competition with cooperation and the development of trust. If the parties have been used to claiming value from each other in win:lose negotiations, partnering implies creating and sharing that value. For example, the parties may align the buyer's ordering and the supplier's fulfilment processes in a way that allows the supplier to reduce inventory levels by $100,000. In a win:lose relationship, the party with the most power would claim that benefit. In a partnership, the parties would expect to share that benefit in a more equitable way. Partnering also describes the creation of a culture where the seller is open about their costs, and the buyer declines to behave opportunistically. Reference: http://www.cips.org/products-services/procurement-glossary/P/ Created at http://www.b2bwhiteboard.com
Views: 2720 B2Bwhiteboard
Ringi decision making technique
 
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Ringi technique - is a japanese decision making technique used for dealing with contentious topics. It allows a group to deal with a conflict while avoiding face to face confrontations. - created at http://www.b2bwhiteboard.com
Views: 5217 B2Bwhiteboard
Disintermediation - explained
 
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The term disintermediation is a fancy way of saying - eliminate the middleman - which has become popular business jargon. - created at http://www.b2bwhiteboard.com
Views: 5269 B2Bwhiteboard
Account executive - defined
 
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In the marketing and advertising industries, account executives are mainly responsible for client servicing and client acquisition. The account executive serves as the direct link between the company, and its existing clients, managing day-to-day affairs and ensuring customer satisfaction. The word "executive" in this instance means to "execute" - that is he or she is mostly responsible for more practical parts of the advertising jobs such as media placement, managing distribution and contract negotiation. The account executive is also tasked with bringing more clients into the company and to increase revenue. Reference: http://en.wikipedia.org/wiki/Account_executive Created at http://www.b2b2whiteboard.com
Views: 2748 B2Bwhiteboard
Value Disciplines
 
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Customer Intimacy and Other Value Disciplines, Michael Treacy and Fred Wiersema, Harvard Business Review, Jan-Feb 1993 pp. 84-93 visit: www.b2bwhiteboard.com
Views: 7673 B2Bwhiteboard
Customization in Marketing
 
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Describes the four approached to customization developed by Gilmore and Pine (1997). Useful for marketers in understanding how customization can improve profitability and create differentiation.
Views: 812 B2Bwhiteboard
Service Dominant Logic
 
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The mindset of Service-Dominant (S-D) Logic developed by Stephen Vargo and Robert Lusch recognise that companies can move beyond goods-dominant to service dominant logic through co-creation and knowledge transfer with their customers.
Views: 5313 B2Bwhiteboard
International finance - definition
 
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International finance is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade. Reference: http://en.wikipedia.org/wiki/International_finance Created at http://www.b2bwhiteboard.com
Views: 5489 B2Bwhiteboard
Qualitative research - defined
 
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Qualitative research focuses on subjective data that is not easily coded into numbers. The emphasis is on words and feelings rather than numbers. - created at http://www.b2bwhiteboard.com
Views: 44114 B2Bwhiteboard
Why study in Australia?
 
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Studying in Australia promotes innovative, creative and independent thinking. You will learn to work as part of a team, to communicate effectively with others and to develop the practical skills and intellectual abilities you need for global success. visit : www.immi.gov.au
Views: 9439 B2Bwhiteboard