Competitive analysis and strategies - Contemporary Issues, Marketing Management Video Lecture | Marketing Management - B Com

hello students welcome to the lecture on
competitive marketing strategies and
after this lecture we will be able to
learn the following objectives
understand the concept of competitive
marketing strategies discuss about
market research and competitive
intelligence describe the structure of
competitive marketing strategies
understand the concept of market
segmentation and explain the application
of differentiation strategy let us begin
with our lecture we have all heard
someone in the course of business say
that marketing is fluff and hype
however the wisest savviest and most
successful business people understand
that marketing is far from that
marketing is everything one does on a
daily basis to sell a product or provide
a service to a customer marketing
encompasses every way in which a
customer perceives a business and
everything that generates enough
interest from a customer and courageous
customers to actually pay for the
product or services as Peter vessels
suggest cash may be king but marketing
is everything what does a dream you mean
to market our service up or down
often people immediately equate
marketing with advertising and see only
the amount of money that advertising
will cost however by definition
marketing is actually the process by
which we offer goods or services offer
us a forward-thinking marketing
strategist' such as that marketing is
not a cost or expense but rather an
investment because much of the benefit
of marketing is longer-term and may take
years to fully provide its benefit
Marketing has also been referred to as a
social and manager process by which
individuals and groups obtain what they
need and want to creating offering and
exchanging products of value with others
additionally and it's all too often
equated only with the more focused
function of selling but marketing in
Compass's a wider range of activities
that may
to be a fully-integrated process and
indeed will form a foundation and
catalyst for making sales what then is
the key to a consistent flow active
marketing strategy first and foremost it
is a philosophy that dedicates resources
of the firm to ensuring that the ones
needs and demands of the customer are
the firm's focus this customer focused
mentality is the foundation of the
strategy that makes up the entire
marketing process second it is a plan
supported by the firm's philosophy once
the philosophy is in place a plan can
give Direction guidance and structure
for proactive strategies that will
increase sales and improve business
relationship often firms find themselves
dedicating resources to marketing
activities from trade shows to fliers
and spending money on marketing that is
not targeted to the right audience at
the right time this is reactive
marketing with a shotgun rather than a
rifle conversely a proactive focused
marketing plan can provide guidance for
targeting the right audience at the
right place and at the right time which
in turn maximizes the return on
investment and increases revenues third
marketing is a process of creating value
for the customer and is a set of
activities to educate communicate with
and motivate the targeted consumer about
the firm services or the company's
product and services traditionally the
set of activities marketing mix is
represented by four parts the well-known
four piece of marketing price product
placement and promotion but to create a
marketing strategy and plan that touch
on all areas necessary to position a
product in the market to maximize the
sales revenues there are multiple areas
to be tackled businesses gather
information every day in the form of
invoices proposal daily sales figures
and time cuts this information can
provide a business insight into their
operations create a platform for
decision making
and reveal ideas that feed strategic
planning the a drink the information
requires a consistent and reliable
process in order for the information to
be useful information management
requires a system that suppose a
business model the information comes
from one of the first step in developing
an overall marketing strategy is to
perform a market segmentation analysis
as a way to manage a strategy
development process and ensure its
effectiveness and success the concept
behind market segmentation is intuitive
and relatively simple market
segmentation is simply taking a look at
the overall market for our product and
service and thinking of it in terms of
smaller more manageable pieces to build
a strong and durable house it is
necessary to create blueprints likewise
to build a strong and profitable
business it is necessary to develop a
strategy essentially marketing strategy
is a plan that allows the business order
to direct activities that are consistent
with the goals of the business order and
organization and spend money wisely in
order to create the greatest amount of
return on investment to thoroughly
understand what is happening in the
industry you know which one operate it
is invaluable to know what the trends in
the industry are as well as what the
firm's competitors are doing to make
money to improve their business and to
improve their own market share market
research is necessary to make better
firm why decision with marketing being a
philosophy where the resources and
activities of the firm or company are
focused on satisfying the ones and needs
of the customer marketing research is
the way a firm with a marketing
philosophy determines what those wants
and needs may be and further how to
communicate the Associated benefits most
effectively and efficiently
additionally market research is used to
monitor and modify as needed the
elements of the marketing strategy
market research includes defining the
problem and research objectives
developing a research plan presenting
the plan implementing the plan
collecting and analyzing data and
to putting and reporting the findings
this is the area of marketing where we
begin to see signs as well as our this
chapter focuses in detail how to
research market how to know the
competition and how to leverage that
knowledge to improve our business just
an excellent definition of market
research is this a systematic collection
of information on existing or potential
markets for analysis and subsequent
action in order to be successful at
marketing that is to offer the right
customer value proposition you need to
find out what's going on in your chosen
market specifically identify customer
needs and once understand the
competition and analyze the market
dynamics from this you can then meet
those needs and outperform the
competition in this way researchers use
as an input to analysis a subsequent
decision making it can be used to find
new markets and to ascertain your
customers real needs it can tell you
what you're doing well and not so well
to summarize research helps you to
minimize risk focus efforts and maximize
return on investment but how do we carry
out research it's always important to
know what you want to find out before
you begin so as not to waste time effort
or money this is why before starting
it's necessary to clarify your research
objectives you need to know why you want
the information what you'll do with it
and the format it should be in there are
many ways of getting information but
first ask has it already been done
before by somebody else
this is often much cheaper and easier to
obtain you find out by carrying out desk
research if it hasn't been done before
or you can't access it then you'll have
to undertake field research
most textbooks on market research give
you a huge list of sources for
conducting desk research specialist
libraries trade associations market
research associations government
publications trade journals periodicals
and so on but you and I both know that
in this day and age reach that research
starts in a pretty familiar place Google
if it exists and you know the right
keywords wherever it is you'll track it
down with Google and so if you can't
find out the information you want by
desk research then you have to find out
for yourself well we're talking about a
large corporation or someone working
individually it's a logical process that
starts as I've said with setting a
research objective usually this is
arrived up by identifying exactly what
the problem is that you have to solve in
most cases the objective is to find out
in detail
what your target customers want or at
least a variation on this my advice is
keep it simple
should the product be bigger or smaller
what customers like more color options
do they want faster delivery at a higher
price those kind of easy to answer
clearly defined questions once you've
established your objective the next
question is how large should the sample
be the number of people questioned is
very important in any type of research
fortunately it's not necessary to ask
such large numbers of your target market
to get a reliable answer there is
agreement among researchers that the
actual size of sample necessary to
represent their population is fairly low
because after a certain point there is
little appreciable improvement in
accuracy no matter how many more people
you ask even for most consumer goods
it's in the low hundreds out of
potential markets of millions the
absolute minimum for any research sample
that you want to analyze statistically
it's 30
provided that you have a homogeneous
range that is the same type of people
who display similar characteristics they
might be similar ages the same sex we
from the same region are of the same
occupation lifestyle and so on but if
you want to generalize you need to have
found in a group of that nature from
here there are essentially two
approaches to research quantitative and
qualitative quantitative questions
require a specific answer for example
how many do you like the answers are
easy to analyze because they fit a
pattern the drawback is that they may be
inaccurate because they don't provide
in-depth explanation qualitative
questions allow people to describe
feelings they're harder to analyze but
provide richer information for example
how could we improve our service which
new feature would you like added
depending on your objective you'll want
to use either a quantitative or
qualitative approach of a combination of
both the main research tools are
telephone interviews written
questionnaire questionnaires which are
often online nowadays and face-to-face
interviews other methods include product
testing for consumer panels observation
and focus groups since written
questionnaires are the most commonly
used research tool I'll give them some
extra attention there uses widespread
among all types of organization they can
be administered either by the researcher
or self administered where by the
respondent fills in his or her own
answers you'll find this research tool
is either received and returned by the
post completed online or in-store a
self-administered questionnaire is
passive so it relies on the goodwill of
the respondent for completion it's
relatively easy and cheap to run and
you'll find that structure is vital
questions need to be simple clear and
not subjective for a written question
there are five main types of question
you can ask like art scale questions
show agreement levels usually a
statement is given along with strongly
agree through to strongly disagree with
importance questions they're simply a
rating of the weighting factor weighting
of a factor unimportant neutral
important etc rating questions usually
measure an attribute from poor through
to excellent meanwhile multiple-choice
questions are for a limited number of
choices to choose from with two or more
options
lastly often ended questions allow the
respondent to make comments on a subject
in their own words as well as questions
relating to the subject you're
researching you'll also want to ask
demographic questions the age sex
occupation type of questions so that you
can segment the results and get a
clearer picture of your target market
what's left after doing the actual
research is the analysis the main task
is to interpret the data identifying
partners and meaning at a basic level
this usually involves counting the
number of responses ratings and scores
across the sample and working out the
averages or ranges the findings should
all relate back to your research
objective and effectively they should
answer the problem that you set out to
solve with all is done your research is
ready to be used in decision-making at a
strategic level to summarize the purpose
of market research is to collect
information on markets in other words
current or potential customers to enable
a better understanding of the market so
you can better serve customer needs and
wonders ideally you should know your
market size dynamics who the competitors
are and precisely what your customers
want and need the research findings you
generate are analyzed and used to
determine tactical changes and
improvements to the product or service
offering and in turn to determine the
organization's overall future strategic
direction the seller product for a
particular price value must be created
values the consumers estimate of the
products overall capacity
to satisfy his or her needs when the
value placed on the product or service
is high then satisfaction is achieved
consumers are savvy and will choose
based on the level of satisfaction that
corresponds with the price if a bottle
of coca-cola were priced at dollar five
while a liter of Pepsi Cola was priced
at dollar one it is likely that the
sales of coke would decrease if these
were the only two option at the
supermarket the likelihood of Pepsi
sales increasing is high hello I'm
Michael sharain today we'll be talking
about strategic differentiation the top
priority of industry leaders it starts
with the premise that differentiation
was once a choice of strategy today it
needs to be part of any strategy it
wasn't taught that way in business
school many management teams don't think
of it that way and sometimes the idea of
differentiation is associated with
things like branding that don't always
appeal to every member of a management
team but in reality differentiation is
the reason industry leaders have
achieved what they have achieved we'll
look at four companies that you could
save build strategic differentiation
we'll look at it from different
perspectives it starts with a very
obvious example the auto industry in
most markets all of these brands are
available but somehow we make clear
decisions we boil it down to a shortlist
and sometimes we can look at those those
decisions as as obvious in so much that
we don't even think about the
differentiation behind the companies but
it has been built systematically over
time if we just take that example
further think about Volvo what is it
that made them who they are we believe
that you can look behind a brand a
positioning statement you can look
behind the communications and you find
what we call operational evidence that
strong companies have built their
leadership on facts on the rational side
as well safety systems innovation
superior crash-test performance
that's what is behind Volvo BMW is
different they appeal to the same
segments in terms of demographics and
and income but they're very different
they focus on the experience of driving
they win awards for different things
combining luxury combining design and
engineering in a new way can also look
at b2b examples where the two largest
printing paper companies you
I am cumin and Stora Enso they sit
across from each other in the harbor in
Helsinki globally the largest imprinting
papers very demanding environment where
publishers and Printers rely on fewer
and fewer errors they rely on on a level
of perfection that that these two
companies have achieved but still
they're very very different similar size
is similar profitability but when you
look at the customers that they appeal
to the values that they share people
like IKEA people like Time Warner prefer
upm paper they share the same value the
focus on customer relationship
management to focus on continuous
improvement the humble leader we lead we
learn store enzo's a little different a
little bit more more flamboyant a little
bit more openly innovative the the
pushing the boundaries of paper you know
what paper can do and they appeal to
others many times you'll find that that
that the more innovative or fashion
oriented or trend oriented publications
are in store and so papers you can't
make that distinction completely but
when you talk to the people from each
company when you talk to people that buy
from each company around the world paper
paper buyers have told us that
difference so clearly and when you then
look at the way they manage the
businesses you see that when you look at
the operational evidence you see that so
what is it that makes that happen
well these companies don't only develop
a traditional strategy which of course
they have to be good at but when they're
targeting a desired industry ranking
they also know they have to target a
desired reputation
another element of traditional strategy
optimizing a portfolio of businesses
these companies also know they have to
optimize a portfolio of brands they
align their organization with their
strategy but they also align their
culture with the reputation they want to
build that takes different skills
different tools their marketing drives
sales but their marketing also drives
positioning the way people think about
them in their minds across their entire
value chain and finally they're good at
tracking financial performance but
they're also good at understanding their
positioning performance whether it's a
track record of innovation or its case
studies of successes with customers they
can prove it and that's really what
makes industry leaders what they are
traditional strategy
is generally developed in a hierarchical
way corporate management sets the
process in motion makes the request down
to the unit's business units look at
their markets investment priorities feed
that back up corporate strategy is then
developed and rolled back out through
the organization and companies are
getting better and better at that
there's more involvement there's more
interaction strategic differentiation is
a little bit different and that is that
it needs to be built across a value
chain that the company is only one
stakeholder in that and it has to be
thought of that way and developed that
way but also implemented that way and
again that takes different skills
different priorities so we're not
talking about a change of organizational
structure or or strategic thinking in
general we're actually talking about
adding something to that which would be
strategic differentiation built
systematically across a value chain so
if we take a step back and say well
let's think about that what would it
mean to interact with a value chain in
fact most companies aren't able to do
that in a systematic way because their
functions are often not connected or the
way that their their business in
interact with the market are often not
as tightly integrated as they could be
so if we rethink that and say what if
our number one priority was actually to
manage our value chain not just our
company not to leave it to sourcing or
or purchasing relationships to guide our
suppliers and not to leave it to
marketing to guide what we do in the
market but actually to systematically
develop a management approach to our
value chain it would start by
understanding the interactions across
our value chain what bonds people
together what is it in that sourcing
negotiation or in that recruitment
interview or in that sales meeting or in
that advertising that links back to the
other things people experience when they
interact that builds one common position
across a value chain
well if we can do that well then we can
drive volume and pricing and that of
course is the goal of most marketing
activities building demand building
pressure on the other side of
distribution and driving volume and
pricing many companies have become very
good at industry leaders can also drive
future trends on which they rely that
gives them the volume and pricing
influence but it also gives them the
influence three to five years down the
road for future products
the influence that that allows them to
truly guide the way their market thinks
and that's often why they're called
industry leaders even if they're not the
biggest many are recognized as leaders
they're also able to guide innovation
internally but also with their partners
guiding where they're going because
they're so confident they're so clear
about their own positioning across their
value chain they're so focused and able
to execute on strategic differentiation
as well as strategic thinking in the
more traditional sense
what if our number one priority was
actually to manage our value chain not
just our company let's think about that
what would it mean to interact with a
value chain in fact most companies
aren't able to do that in a systematic
way because their functions are often
not connected or the way that their
their business in interact with the
market are often not as tightly
integrated as they could be not to leave
it to sourcing or or purchasing
relationships to guide our suppliers and
not to leave it to marketing to guide
what we do in the market but actually to
systematically develop a management
approach to our value chain it would
start by understanding the interactions
across our value chain what bonds people
together what is it in that sourcing
negotiation or in that recruitment
interview or in that sales meeting or in
that advertising that links back to the
other things people experience when they
interact that builds one common position
across a value chain what would it be
that could take control of that value
chain in that way well we have to
understand the interactions well we need
a management tool that focuses people on
the right thing regardless of where they
are in the value chain what we do is
simplify that to say that at each
interaction point there's an internal
and an external bias whether it's
experience or priority a loyalty there's
an internal or external bias and an
emotional and rational piece of that
experience again whether it's a sales
meeting or an ad or a sourcing
relationship if we can put something in
the middle of that we call that a
positioning strategy you can think of as
clear purpose direction that a company's
taking and if that direction that
purpose is true relevant and high-value
to everyone across a value chain they
can work together to achieve it
so that's the idea of a positioning
strategy once you understand that once
you understand the simple way of
describing your purpose and direction
then you can start talking about
optimizing a portfolio of brands to
reflect that a corporate brand could be
unit brands could be product brands
could be branded commitments then you
can also develop cultural uniqueness not
just a good company culture of course
industry leaders have strong culture but
they have cultural uniqueness meaning
that the cultural traits that people
know them for that when you meet their
people it's reflected in the way they do
things it directly relates to their
positioning strategy so it's cultural
uniqueness on the rational side of
things it's about operational evidence
what you find is that good companies do
a lot of things right but the best
companies know which things to
prioritize and lift up as the proof that
they are who they say they are they know
how to pull those key metrics those
cases those examples of their success
and say this is why because it links to
our positioning strategy and finally
there's the alignment of marketing which
in many ways is the easiest once you
have these other things clear so what
we're going to do is we're going to look
at industry leaders from that
perspective we call it a quadric and
that quadric framework helps us
understand the differentiation of these
companies how they're building it over
time and in fact can be updated over
time and see the changes and it reveals
a lot prising is what our customers
willing to trade in return for product
that is the value we place on a product
or service generally a price or quality
relationship exists when the higher the
price the higher the quality especially
in the case of personal services
consumer will expect a high level of
service with a fee associated with that
service is higher relative to other
providers of similar services marketers
may elect to skim the market with a
relatively high price at first and then
as demand wanes at this relatively high
price gladly no other price new
innovative products often use this
pricing strategy because their newness
and unique
this may enable a higher price at first
as copycats and competitors enter the
market prices will fall to meet the
market price some marketers though may
use a penetration strategy where the
product or service is offered at a very
low price in order to quickly grab
market share and be considered a low
price provider a customer will not
likely purchase a service or product
unless it can be relatively easily
assessed placement can be anything from
a magazine or candy bar sitting next to
the check out counter at the supermarket
a spontaneous purchase to gas stations
situated on the right hand corner of the
exit from a highway or to the location
of Earth hon John takes office in the
same complex as a pediatricians office
placement helps make the purchasing
process our customer easier and more
convenient often the term distribution
is used interchangeably for the
placement component of a marketing
strategy and includes a decision a
company or firm must make to ensure the
connection with the customer or client
placement is how the marketer connects
the products or services with the
customer the easier more convenient more
accessible with offer service may be the
more likely the customer will purchase a
product or service all of the
aforementioned parts of the marketing
plan cannot be carried out to the full
level of effectiveness without all areas
a value chain working together generally
the value chain includes the following
activities inbound logic stick bringing
raw materials into business operation
management of processes to create the
product or service for the customer are
by logistic the means for getting the
product or service to the customer for
example distribution system and shippers
to get products into retail stores
marketing and sales creating value
service aligning customer expectation
and the performance of the product or
service firm infrastructure the
organization of the firm to maximize
service to the customer successful
companies that become excellent
marketing
organization know themselves the
customers and what they offer that
further customer needs this requiring
investment of time and money to
accurately determine whether all three
parts of the triangle fit together as an
example ABC company is about eight years
old and operates in the online
professional services industry the
customer wants and needs this service
most importantly the customer is willing
to pay for the service and ABC company
is the only company occupying this space
at this time one would imagine that ABC
company is generating a strong and
regular revenue stream unfortunately ABC
company's CEO does not believe in
investing in consistent marketing
strategies and targeted marketing
initiatives as set forth in the
preceding section marketing is the
process of building a strategic plan
however without buy-in from the
organization as a whole
becoming a marketing organization is
more challenging a marketing
organization is not affirm that sells
marketing services a marketing
organization is firm regardless of
industry function size or region in
which all levels of the organization
adhere to the same ideals and uniform
methods for attaining customer as an
example Southwest Airlines has created a
marketing organization it has three
company policies practice the Golden
Rule we have a choice every day and
choose to make our employees our first
customers and the percentages our second
customer help each other out solvers
ensure that these messages as well as
any marketing messages integrated
throughout every part of the
organization and in every point of
contact with the customer noting that
the customer is both the Southwest
employee as well as the purchasing
percenter this ability on Southwest part
to create a marketing organization or a
marketing culture allowed it to weather
kaname downturns and inverse industry
trends becoming a marketing organization
also allows the entire team to
understand the value of the firm's
products to the customer and behave in a
manner in which selling is a way of life
for example a consulting firm
have strategic consultants working on
project at the clients office because of
this situation the consultants are able
to observe the clients business
processes at every stage and thus have
an inside view of the needs of the
client strategy is a bridge that
connects a firm's internal environment
with its external environment leveraging
its resources to adapt to and benefit
from changes occurring in its external
environment strategy is also a
decision-making process that transfer a
long term vision into day-to-day tactics
to effect a long term plan although
often thought of only as something
reflected in a business plan strategies
through a little conscionable process of
assessment recess meant and analysis
which constantly provides direction to
the firm strategy can be compared to the
captain on the bridge off the ship who
is constantly scanning both the horizon
and the immediate surroundings and
adjusting the cause possibly taking this
ship in another direction if a storm
appears on the horizon or if an object
appears to obstruct the path the
position the film first in the
marketplace is an integral part of the
strategic process positioning can also
be thought of as how the firm will stake
a claim in a piece of the marketplace in
a manner that will differentiate it from
competitors the key to sustainable
strategy and positioning is an
integrated marketing system competitive
advantage comes from the ability to
identify the firm's position make
strategic plans and engage an entire
integrated Marketing System all
activities of the firm should fit
together and complement each other to
produce a well-oiled machine which
creates differentiation in the customers
mind and competitive advantage strategy
involves all areas of the firm from
operation to finance to human resources
while strategy is overall direction the
long term mile markers and/or the
guiding force of how the organization
moves forward tactics are the specific
steps that are taken to implement the
strategy strategy tends toward the
longer term they take the other shorter
term steps
to achieve the long-term strategy for
example XYZ companies a health and
fitness center strategically the firm
leadership has decided to develop a
center targeted at 30 to 65 year old
woman and create a comfortable
environment in which she can exercise
lost weight and learn more healthy life
habits the form strategic Geographic
positioning is to provide centers in sub
urban areas with the largest number of
these women live the tactics used for
carrying out this strategy include
developing consistent messages and
advertisement reflecting the mission of
the firm
targeted to this market segment hiring
other woman trainers so the woman
customer will be comfortable and
providing health and fitness educational
materials specific to the major woman
customer that will create a relationship
between XYZ company and this market
segment conductive environment in all
respect is an essential requirement it
is elaborated as under best analysis
although easy to remember and easily
forgotten by firms in developing a
long-term strategy a pest analysis in an
acronym for analyzing the external
environment political economic
sociological demographic and
technological and setting the stage for
strategic planning also known as
environmental scanning the pest analysts
refused the environment of a market
where the emerging are existing and
provides a snapshot of the external
situation that may impact an industry or
the firms within that industry political
environment often considered more
relevant when entering a foreign market
the political situation if any new or
existing market is invaluable to study
and understand existing government
policies and regulation can deter new
entrants into and economic particularly
an underdeveloped or developing areas of
the world or can swiftly affect
incumbents in an industry with new
regulation and policies that can have
both positive and negative result for
example even though the graha me
Bliley right in the 1990s in the United
States repealed the New Deal era last he
called banking act and allowed some
financial companies to expand their
services it also impacted those firm
because they were not permitted to sell
both institutional and Investment
Services in the 1970s Harwood economists
a michael porter created the gold
standard for how strategy is created and
analyzed today referred to as Porter's
five forces this method analyzes the
industry and competitive environment in
which a firm operates when developed
correctly the framework pains a picture
of the current environment in which the
firm competes allowing the firm to see
the big picture and in turn develop
long-term strategies for the company
that will lead to effective decision
making and sustainability butter
believes that an industry potential
profitability can be expressed as a
function of these five forces and that
one can therefore determine the
potential success our firm in that
industry Portus Five Forces provide a
model for reviewing the outside
environment portion of the strategy
bridge and for determining the
attractiveness of a particular activity
at a particular moment in time this
model can be used on any form of any
size in any location in any industry and
can be utilized regularly to keep a
constant eye on the market the direction
of the market and the competitors coming
and going within that market it is
different forms as under barriers to
entry barriers to entry refer to forces
that deter companies from entering a
particular market in general terms one
will hear such references as the
barriers to entry in the
telecommunication market are extremely
high or the barriers to entry in the ice
cream industry appear to be quite low
barriers to entry are just as important
for firms that are incumbent in industry
as well as the newcomers because of the
threat of new entrants economies are
sealed these refer to the ability of a
firm to mass-produce our product and
therefore to sell to the customer at the
lower price a competitor that does not
the luxury or means the mass-produce
word does not be able to compete on
price but rather be forced to find
another way to differentiate itself from
the competition to the consumer product
differentiation this is the method or
tactics used by a firm to give its
product a more recognised value and the
competitors products brand identity is a
powerful tool in creating value and
therefore makes it difficult for a new
entrant into the market to gain customer
loyalty once the firm internal strengths
and weaknesses are realized and the
external opportunities and threats are
identified next it is important to turn
to a similar process of evaluating the
competition competitor evaluation not
only gives more insight into the
strategies and goals of the competition
but it also provides a bird's eye view
of the trends and future of the industry
in which the firm operates competition
provides a firm the opportunity to look
into the future once all of the
information is gathered a firm can
imagine the competitors next move and
either do the same if the markets
support it or take a different route
cutting the competition of the past now
in the end let us summarize what we have
learned in this lecture a firm strategic
goals are based on both internal and
external knowledge to make the most of
each dollar earned by the firm all
function must work together to create a
well-oiled machine roadmap is the
ultimate tool for guiding leaders toward
making decision that will provide
sustainable growth to the company
you