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Understanding Markets and Strategy

Book Description

In order to expand your business in existing and into new and diverse markets, it is vital that strategies and plans can be developed with realistic prospects of success. Understanding Markets and Strategy explains the context, meaning and value of markets. It shows you how to analyze them, develop appropriate strategies and respond appropriately to changing competitive dynamics, ensuring that resources are used to create the greatest chances of success. Debunking myths around how markets are defined, it explores how to exploit the assets you currently possess and how to develop new assets for the target market. It also explores the implications for the strategies, resources, competencies and capabilities of expansion into international territories on your organization. The author explains, with practical tools and techniques, how marketing needs to be a product of, and consistent with, strategic competitive and corporate analysis. Ideal for Directors and senior managers as well as strategic planners and marketing managers, it provides you with everything you need to understand markets and to create a strategic context for the development of credible and robust commercial strategies and plans to exploit them.

Table of Contents

  1. Introduction
  2. 01   So, what is a market?
  3. Introduction
  4. Defining a market
  5. Market definition
  6. Knowledge in markets
  7. What markets look like
  8. Practitioner’s tips
  9. Practitioner’s questions
  10. 02   What makes markets attractive?
  11. Introduction
  12. Attractive versus attraction
  13. Clarifying what constitutes attractiveness
  14. Practitioner’s tips
  15. Practitioner’s questions
  16. 03   Where do markets exist?
  17. Introduction
  18. Markets and places
  19. Virtual marketplaces
  20. Managing multiple marketplaces
  21. Practitioner’s tips
  22. Practitioner’s questions
  23. 04   Have to buy or discretionary buy?
  24. Introduction
  25. Understanding have to buy and discretionary buy
  26. Motivation to buy
  27. Competition not substitutes
  28. Practitioner’s tips
  29. Practitioner’s questions
  30. 05   Products and services
  31. Introduction
  32. The nature of products and services
  33. Premium pricing
  34. Products and services cocktail
  35. Value creation
  36. Practitioner’s tips
  37. Practitioner’s questions
  38. 06   Product and service benefits and price
  39. Introduction
  40. Ranking your products and services
  41. Market research
  42. Products, services and price
  43. Practitioner’s tips
  44. Practitioner’s questions
  45. 07   Market segmentation
  46. Introduction
  47. Segmenting markets
  48. Marketing and market segments
  49. Have to have, like to have and the economy
  50. Practitioner’s tips
  51. Practitioner’s questions
  52. 08   How to analyse markets
  53. Introduction
  54. Starting with the market
  55. Variables in markets
  56. Shared understanding
  57. Practitioner’s tips
  58. Practitioner’s questions
  59. 09   How to develop market scenarios – demand
  60. Introduction
  61. Scenarios
  62. Context is all
  63. Keep it real
  64. Putting the elements together
  65. Practitioner’s tips
  66. Practitioner’s questions
  67.  10   How to develop market scenarios – competition
  68. Introduction
  69. Market scenarios and what affects competition
  70. Practitioner’s tips
  71. Practitioner’s questions
  72.  11   Market scenarios – future strategic market issues
  73. Introduction
  74. The future scenario market matrix
  75. Don’t bet the company
  76. Triggers of change
  77. Practitioner’s tips
  78. Practitioner’s questions
  79.  12   Putting the company and its competitors in the context of the market
  80. Introduction
  81. Looking from the outside in
  82. Whose strength or weakness is it?
  83. Convincing others of your SWOT
  84. Knowing your competitors
  85. Practitioner’s tips
  86. Practitioner’s questions
  87.  13   What is success?
  88. Introduction
  89. Getting the terms right
  90. Success is more than market share
  91. Success and stakeholders
  92. Understanding ‘acceptable’
  93. Getting beyond market share
  94. Practitioner’s tips
  95. Practitioner’s questions
  96.  14   What is strategy and why is the strategy process important?
  97. Introduction
  98. Defining ‘strategy’
  99. Understanding the strategy process
  100. Flexing in the strategy process
  101. Practitioner’s tips
  102. Practitioner’s questions
  103.  15   Competing in markets
  104. Introduction
  105. What are the options available?
  106. Moving in the buyer market competition matrix
  107. Positioning in the buyer market competition matrix
  108. Options for markets or market segments
  109. Don’t forget cumulative risk
  110. Practitioner’s tips
  111. Practitioner’s questions
  112.  16   Making strategic choices and corporate strategy
  113. Introduction
  114. The relationships between competitive and corporate strategies
  115. Organizational culture
  116. Organizational competency
  117. Organizational capabilities
  118. Organizational capacity
  119. Linkages and clarity
  120. Resources
  121. Practitioner’s tips
  122. Practitioner’s questions
  123. Epilogue