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Helpful Study Guide To Help You Score Well In Strategic Management

Introduction: Strategic Management as the name suggests manages the different strategies of the organization. Any decision making process is incomplete without the analysis of the strategies which have been planned. Strategic Management basically deals with analysis of strategies like how many resources should be allocated to what department and how much expenditure should take place […]

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Discuss the importance of knowing a competitor’s mix of objectives

Give examples of competitor objectives and discuss the importance of knowing a competitor’s mix of objectives. Answer:  Each competitor has a mix of objectives.  The company wants to know the relative importance that a competitor places on current profitability, market share growth, cash flow, technological leadership, service leadership, and other goals.  Knowing a competitor’s mix […]

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What is a strategic group?

Describe what a strategic group is, name a few companies that belong to the same strategic group, and discuss why they are in the same group. Answer:  A strategic group is a group of firms in an industry following the same or a similar strategy in a given target market. General Electric, Whirlpool, and Maytag […]

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How can companies learn about their competitors strengths and weaknesses?

How can companies learn about their competitors strengths and weaknesses? Answer:  Companies normally learn about their competitors’ strengths and weaknesses through secondary data, personal experience, and word of mouth.  They can also conduct primary marketing research with customers, suppliers, and dealers. Or they can benchmark themselves against other firms.

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What is a “strategic sweet spot,” and why do companies want to find these?

What is a “strategic sweet spot,” and why do companies want to find these? Answer:  The company wants to find the “strategic sweet spot,” the place where it meets customers’ needs in a way that rivals can’t.  If the company’s offer delivers greater value by exceeding the competitor’s offer on important attributes, the company can […]

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Explain how a market follower can gain advantage from a market leader

Explain how a market follower can gain advantage from a market leader. Answer:  The market leader often bears the huge expenses of developing new products and markets, expanding distribution, and educating the market. By contrast, the market follower can learn from the leader’s experience. It can copy or improve on the leader’s products and programs, […]

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What is the primary focus of a customer-centered company?

What is the primary focus of a customer-centered company? Answer:  A customer-centered company focuses more on customer developments in designing its strategies. By watching customer needs evolve, a customer-centered company can decide what customer groups and what emerging needs are the most important to serve.

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Although competition is most intense within a strategic group, explain why there is also rivalry among groups. Give examples

Although competition is most intense within a strategic group, explain why there is also rivalry among groups.  Give examples. Answer:  First, some of the strategic groups may appeal to overlapping customer segments.  For example, no matter what their strategy, all major appliance manufacturers will go after the apartment and homebuilders segment.  Second, the customers may […]

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Discuss the different ways competitor’s act or react and why do they do so?

Marketing managers need a deep understanding of a given competitor’s mentality if they want to anticipate how the competitor will act or react.  Discuss the different ways competitor’s act or react. Why do they do so?  You may use examples to support your thoughts. Answer:  Each competitor reacts differently.  Some do not react quickly or […]

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Discuss the need to understand competitors as well as customers through competitor analysis

Discuss the need to understand competitors as well as customers through competitor analysis. Answer:  In order to prepare an effective marketing strategy, a company must consider its competitors as well as its customers. Building profitable customer relationships requires satisfying target consumer needs better than competitors do. A company must continually analyze competitors and develop competitive […]

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