...www.emeraldinsight.com/0265-1335.htm IMR 24,1 The fundamentals of standardizing global marketing strategy Nanda K. Viswanathan Delaware State University, Dover, Delaware, USA, and 46 Received February 2004 Revised February 2006 Accepted February 2006 Peter R. Dickson Florida International University, Miami, Florida, USA Abstract Purpose – To examine issues of standardization and adaptation in global marketing strategy and to explain the dynamics of standardization. Design/methodology/approach – This is a conceptual research paper that has been developed based on gaps in prior frameworks of standardization/adaptation. A three-factor model of standardization/adaptation of global marketing strategy was developed. The three factors include homogeneity of customer response to the marketing mix, transferability of competitive advantage, and similarities in the degree of economic freedom. Findings – The model through the use of feedback effects explains the dynamics of standardization. Research limitations/implications – Future research needs to empirically test the model. To enable empirical validation, reliable and valid measures of the three factors proposed in the model need to be developed. Additionally, the model may be used in future research to delineate the impact a variable may have on the ability of a firm to follow a standardized global marketing strategy. Practical implications – The three-factor model aids decisions relating to standardization in a global...
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...01 What Is Strategy, and Why Is It Important? Multiple Choice Questions 1. | Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007? A. | iPad | B. | iPhone | C. | iPod | D. | iTunes | | 2. | _____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. A. | Supply chain management | B. | Integrated technology management | C. | Strategic management | D. | Inventory management | | 3. | _____ is best described as a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. A. | Behavior modification | B. | Strategy | C. | Credo | D. | Competency management | | 4. | Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments? A. | Strategy analysis | B. | Strategy implementation | C. | Strategy formulation | D. | Strategy control | | 5. | In _____, a firm frames a guiding policy to address the competitive challenge. A. | strategy control | B. | strategy implementation | C. | strategy formulation | D. | strategy analysis | | 6. | Through _____, a firm puts its guiding policy into practice by employing a set of coherent actions. A. | strategy control | B. | strategy implementation...
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...source of competitive advantage. Technology has been continuously improving, among Turkish contractor firms. By the evaluation of the causes high business pressures that affect organizations’ field survey findings, Turkish contractor firms’ current and future competitiveness. These pressures use of IT, their main objectives on the use of IT, benefits cause common and rapid changes on all industries. To achieve competitive advantage, firms need to constantly focus on the identification of differential product strategies, building or reshaping core competencies, acquiring unique technologies, and accumulation of intellectual property, all of which can all be harnessed to make the company successfulin a highly competitive marketplace. Due to the emergence and widespread use of information and communication technologies (ICTs), organizations have faced many challenges that have led to several changes in their business practices in recent times, particularly in the last two decades. Findings After investigating the literature in strategic technology usage, and interviewing key decision-makers, a conceptual framework was proposed. IT innovation adoption occurs at the functional/operational level by enhancing various aspects of efficiency, effectiveness and resiliency. In order to select a few customer to be interviewed, heterogeneous purposive sampling technique which aimed to achieve a heterogeneous sample. The first condition (value) is necessary for the second (competitive advantage)...
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...Strategy Simulation Individual Assignment Introduction There are four types of market categories used to classify pricing of product that are as follows: monopolistic competition, monopoly, oligopoly and perfect competition. The type of company and the amount of products being produced determines the market structure for any given company. Each market structure is used to help determine the pricing and non-pricing of the products. The economy in the US is very competitive with numerous of buyers and sellers. Monopolistic Competition According to McConnell & Brue (2004), the idea that each market has its own pricing method is known as a monopolistic competition. In this structure is there are several vendors, variety of products and an easily accessible industry. Each company has the ability to determine its own pricing and can make adjustments according to the sales threshold. However, these industries gain a small percentage of the market price and they will adjust their products to meet customer demand in order to remain profitable. The idea is to make the product more attractable than to make a profit. For instance, if Nike creates a fabulous running sneaker then Adidas will try to imitate and create fancier running sneaker to remain competitive and profitable. According to Wikinomics (2010), the industries in this market rely heavily on advertising in order to entice consumer to purchase their products. Another example of a monopolistic industry is the auto industry...
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...Case Study. With the news that a Hair Cuttery is likely to open only five miles away, Myra, the owner of UMUC Haircuts, is concerned and has begun analyzing her situation and what could be done to remain competitive in this changing environment. She has recognized that scheduling her employees and her customers is causing her problems, and she thinks she should focus on that first, as it is fundamental to her business. Myra also believes that there must be a technology solution that could help her run her salon, but she has no idea where to start. You are a Systems Analyst, and Myra has asked you to help her with determining how she can improve her business. Myra has requested, specifically, that youverify and provide added support to her own analysis that has resulted in the identification of a Strategy for Competitive Advantage and a Business Process for Improvement. This will be the basis for defining business and systems requirements for an IT solution.This Strategy and IT Solution will help to bring UMUC Haircuts into the 21st century and taking advantage of current technology. You will analyze her business environment using Porter’s Five Forces Analysis. Then, you will use the results of that analysis to explain how it supports Myra’sStrategy for Competitive Advantage, and the business process that she selected for improvement through the use of...
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...salons. There is also news that a Hair Cuttery may be opening five miles away from Myra’s salon. With the concern of growing competition in the area, Myra started to evaluate her existing environment and what could be done to help her to remain competitive. To help her to become more competitive and to grow her business Myra has hired a System Analyst. II. Five Forces Analysis FORCE | EXPLANATION(Minimum 2 good sentences) | IMPACT (POSITIVE, NEGATIVE, or NEUTRAL) | AFFECT STRATEGY? (YES/NO) | BUYER POWER | When the business is able to easily meet the needs of the buyer, the cost to serve the buyer is low. Buyers have a strong bargaining position when they have several options to choose from of the same product. Myra’s customers have several salons in the area that offered the same service as her salon. The buyer power has a negative impact on the business. The increase in options for her customers will affect her strategy because she will have to keep her prices low and spend more money on advertising. | Negative | yes | SUPPLIER POWER | Suppliers have a competitive advantage when they offer a product that very few suppliers offer. They are at a disadvantage when they offer a product that can be easily substituted. The impact to the business is positive. Myra has the opportunity to. Myra has the chance to develop a relationship with the supplier and as a result the supplier could lower the prices. If the supplier becomes too costly Myra has the option to switch...
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...UMUC Haircuts Stage 1 ISFM 300 Abstract A strategy for competitive advantage and improving a business strategy are fundamental for improving a business overall, as competition, customers’ expectations, technology, type, and quality of products and services are changing in time. This paper is analyzing UMUC Haircuts’ cost leadership strategy and improvement of customer and employee scheduling process, following Porter’s Five Forces Model. UMUC Haircuts Stage 1 I. Introduction The paper is a business environment analysis for UMUC Haircuts, at the request of Mrs. Myra Morningstar. UMUC Haircuts has been in business since 1995, and the news that a Hair Cuttery will open five miles away is concerning for Mrs. Morningstar, as she is trying to find ways to remain competitive in this changing environment. Mrs. Morningstar already selected a strategy for competitive advantage, using a cost leadership strategy. The business process that Mrs. Morningstar stated needs improvement is her customer and employee scheduling. The following pages will provide solid justification for Mrs. Morningstar’s strategy, for competitive advantage and the business process that she selected. Additionally it will help UMUC Haircuts enter the 21st Century standards, and able to survive in this competitive type of business. II. Five Forces Analysis Porter’s five forces analysis is a model that helps any business to understand “how competitive an industry is and to analyze its strengths and...
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...Projects should be more than just tactical or operational to take advantage of business opportunities. Important measures of project success such as building market share, extending product lines, increasing revenue, satisfying customers, and building for the future, to enable the projects to have an active element in the implementation of a company's strategic intent, achieve better results, and increase the company's competitive advantage or value should be included. Project success should be measured on more than the ‘triple constraint’ criteria of schedule, budget and specification. Shenhar developed four Success Dimensions that measure project success over time. These measures include "Efficiency”, which is measured immediately after project completion, it measures whether the project was completed on time and within budget. "Impact on the Customer", This is measured within a year of project completion, It measures if specifications were met and if customer satisfaction and quality was met. "Impact on the Business”, Is measured a year or two after project completion, it measures if the project efforts resulted in increasing revenue and profits, creating positive ROI and ROE. Lastly "Building for the future", which is measured in five year's time, it measures if the project created infrastructure, new core competencies, new market opportunities, or extend product lines. Project Strategy is essential to achieving better results and increasing the value obtained from a...
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...Industry Buyer Preferences for Health Conscious Treats • • Moderately High Competitive Pressure High Quality ProductlReasonable • Prices High Quality Customer Service • Attractive Industry • • • • Focus-Niche Differentiation Strategy Defensive Strategy-Blocking Measure Offensive Strategy-Guerrilla Warfare Relaxed, Friendly, and Adaptive Culture • Weak Financial Strength Start-Up • Related Diversification-Internal Dudley 3 • MANGO TANGO • Driving Forces of Change • Slow Recovering Economy at a Steady Rate • • Impact: Increasing Sales-increasing market share Recommendation: Establish a relationship with new customers • Product innovation at a Steady Rate • • Impact: new products-new customers Recommendation: Engage and Fulfill customers' wants • Utilizing Critical Thinking at a Steady Rate • • Impact: Open ended solutions-Cost effective products Recommendation: Increase sales through customer services ) Dudley 4 • Industry Dominant Economic Characteristics Analysis • • • Industry type High growth industry Scope of competitive rivalry • • • • • Local Rivals Ease of Entry Low Barrier Entry Number of buyers Weak customer loyalty • Degree of product differentiation • Best quality of product Dudley 5 Driving Forces of Change • Slowly Recovering Economy at a Steady Rate • Impact: Increasing Sales-increasing market...
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...2 Strategic Management Strategic Management 2012 2012 1- Competitive Advantage When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage. Michael Porter identified two basic types of competitive advantage: * cost advantage * differentiation advantage A competitive advantage exists when the firm is able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits that exceed those of competing products (differentiation advantage). Thus, a competitive advantage enables the firm to create superior value for its customers and superior profits for itself. Cost and differentiation advantages are known as positional advantages since they describe the firm's position in the industry as a leader in either cost or differentiation. A resource-based view emphasizes that a firm utilizes its resources and capabilities to create a competitive advantage that ultimately results in superior value creation. The following diagram combines the resource-based and positioning views to illustrate the concept of competitive advantage: A Model of Competitive Advantage Resources | | | | | | Distinctive Competencies | | | Cost Advantage or Differentiation Advantage | | | Value Creation | | Capabilities | | | | | | ...
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...companies undertake projects is because they come up with strategic intent, achieve better results and increase its competitive advantage. Project Success In the past projects success was measured using the “triple constraint”, delivering the project on time, within budget and to specification. Contemporary management of projects has shifted to being measured strategically. Consequently, the evaluation of the success of projects has also changed to incorporate parameters beyond the “triple constraint”. This led to project success being measured in four dimensions according to Shenhar 1. Dimension 1- Efficiency; measure of whether the project was completed on time and within budget. 2. Dimension 2- Impact on the customer; ensuring that the specifications were met and required service/production is delivered while adhering to good quality. 3. Dimension 3-Impact on business; an analysis of return on investment, return on equity, increase in profits and other revenues to the business after project implementation. 4. Dimension 4- Building for the future; what new developments or positive opportunities were brought about by the project e.g. new market line or infrastructure. Using these four dimensions there are 2 types of projects. 1. External customer projects aimed to create products and services for external customers with a goal of creating a competitive advantage; providing revenue, cash flow and profits. 2. Internal customer projects create business value for the firm...
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...Competitive Advantage Creating and Sustaining Superior Performance Author: Michael E. Porter Michael E. Porter's Competitive Advantage explores the underpinnings of competitive advantage in the individual firm. Porter's groundbreaking concept of the value chain disaggregates a company into "activities," or the discrete functions or processes that represent the elemental building blocks of competitive advantage. Giving readers a comprehensive understanding of business strategy and how to create a sustainable competitive advantage for their organization, Porter explores how a firm can put the generic strategies of cost leadership, differentiation and focus into practice. This essay will explore Competitive Advantage and the underlining theory that to compete in any industry, companies must perform a wide array of discrete activities that are narrower than traditional functions. It will analyze the real core of the book which is to determine whether companies profit from creating value for customers, or whether that value is competed away. INTRODUCTION “Competitive Advantage is at the heart of a firm’s performance in competitive markets. After several decades of vigorous expansion and prosperity, however, many firms lost sight of competitive advantage in their scramble for growth and pursuit of diversification. Today the importance of competitive advantage could hardly be greater. Firms throughout the world face slower growth as well as domestic and...
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...Marketing plan Name: Yiyao Wang Professor: Dr. Kevin Tullis Course: MKT 500 Strayer University : Date: 7/25/2014 Introduction According to Westwood (2013), a marketing plan is an outline of an organization's marketing strategies. A marketing plan outlines the current position of the organization in relation to its competitive advantage and the suitable courses of marketing actions that can be undertaken by a specific firm to increase its competitive analysis. When developing a marketing plan, several factors that can impact on the marketing efforts of the firm are put into consideration (Westwood, 2013). Such factors include the strengths of the firm to undertake its intended marketing plan and the threats it faces by undertaking to implement its marketing plan. Still, there are external factors that can impact on the marketing strategies of the firm (Kotler, 2011). Kotler (2011) provides that those marketing strategies that can impact on the marketing strategies of the organization are referred to as external environmental factors, and they are out of the control of the firm. Hence, it is necessary to consider them when developing a marketing plan in order to ensure that they do not contribute to the failure of the plan (Kotler, 2011). In this paper, the company to which a marketing plan is written is a multinational company which deals with manufacturing and selling of electronics. However, the company penetrated the international market recently and hence it has subsidiaries...
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...Management Science I MODULE 9 9.1. Strategy Formulation : An Overview The corporate world is in the process of a global transformation. Mergers, acquisitions, outsourcing and downsizing are becoming common word everywhere. Privatization is allowing free enterprise to take on functions that previously were the domain of government. International boundaries are fading in importance as businesses take on a more global perspective and the technology of information age is telescoping the time it takes to communicate and make decision. Strategic management takes a panoramic view of this changing corporate terrain and attempts to show how large and small firms can be more effective and efficient not only in today's world but tomorrow as well. Strategic management is the set of managerial decisions and action that determines the way for the long-range performance of the company. It includes environmental scanning, strategy formulation, strategy implementation, evaluation and control. It emphasizes the monitoring and evaluation of external opportunities and threats in light of corporation’s strength and weakness. Business policy has a general management orientation and tends primarily to look inward with its concern for properly integrating the corporations many functional activities. But strategic management as a field of study integrates the business policy with the environmental opportunities and threats. Therefore strategic management has tended to replace business policy as...
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...Management Science I Prof. M.Thenmozhi MODULE 9 9.1. Strategy Formulation : An Overview The corporate world is in the process of a global transformation. Mergers, acquisitions, outsourcing and downsizing are becoming common word everywhere. Privatization is allowing free enterprise to take on functions that previously were the domain of government. International boundaries are fading in importance as businesses take on a more global perspective and the technology of information age is telescoping the time it takes to communicate and make decision. Strategic management takes a panoramic view of this changing corporate terrain and attempts to show how large and small firms can be more effective and efficient not only in today's world but tomorrow as well. Strategic management is the set of managerial decisions and action that determines the way for the long-range performance of the company. It includes environmental scanning, strategy formulation, strategy implementation, evaluation and control. It emphasizes the monitoring and evaluation of external opportunities and threats in light of corporation’s strength and weakness. Business policy has a general management orientation and tends primarily to look inward with its concern for properly integrating the corporations many functional activities. But strategic management as a field of study integrates the business policy with the environmental opportunities and threats. Therefore strategic management has tended to replace...
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