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