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B"Strategy
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usinessDefinition:
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ose who have
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strategic
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decisions.of a well-known business ? BT Group - defining i
ts values:
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ed by our vision of a communications-rich world - a world in which everyone can
benefit from the power of communication skills and technology.A society in which
individuals, organisations and communities have unlimited access to one another
and to a world of knowledge, via a multiplicity of communications technologies i
ncluding voice, data, mobile, internet - regardless of nationality, culture, cla
ss or education.Our job is to facilitate effective communication, irrespective of
Why
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motivation to
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hat is communicated at all levels of the business that has enabled them to take
market
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share at
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that1970?s
appeared
Komatsu
to bewasunassailable.
less than one third the size
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ldozers for most of its revenues. By the late 1980?s it had passed Caterpillar a
s the world leader in earth-moving equipment. It had also adopted an aggressive
diversification strategy that led it into markets such as industrial robots and
If succeed
semiconductors.
To
?values?inshape
the long
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term, businesses
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.What are future
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t mission
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tingindustry
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\* MERGE
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as other industries are very easy to enter (e.g. estate agency, restaurants). Ke
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scale-include
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encourage
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competitors to fill
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-romStrategic
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greater
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Identifying
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on oftable
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how below
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stribution of disposable income; - Government spending on research- Taxation (corpo
rate; consumer)- Monetary policy (interest rates) - Demographics (age structure of
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ions)- Government and industry focus on technological effort- International trade r
egulation- Government spending (overall level; specific spending priorities)- Labo
ur / social mobility- New discoveries and development- Consumer protection- Policy t
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ges (e.g. Home working, single households)- Speed of technology transfer - Employme
nt law- Taxation (impact on consumer disposable income, incentives to invest in c
apital equipment, corporation tax rates)- Attitudes to work and leisure- Rates of
technological obsolescence - Government organisation / attitude - Exchange rates (e
ffects on demand by overseas customers; effect on cost of imported components) Education- Energy use and costs - Competition regulation- Inflation (effect on costs
and selling prices)- Fashions and fads- Changes in material sciences - Stage of the
business cycle (effect on short-term business performance)- Health & welfare - Imp
act of changes in Information technology- Economic "mood" - consumer confidence- Liv
ing
?strategy
ACompetitive
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 HYPERLINK "http://www.tutor2u.net/busin
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to gain competitive advantage. The four strategies relate to the extent to whic
h the scope of a businesses' activities are narrow versus broad and the extent t
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or the consumer. Differentiation is about charging a premium price that more tha
n covers the additional production costs, and about giving customers clear reaso
ns to prefer
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 HYPERLINK
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Strategy
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ndustry. Many (perhaps all) market segments in the industry are supplied with th
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qual (or near)the average for the market, then the lowest-cost producer will (in
theory) enjoy the best profits. This strategy is usually associated with largescale businesses offering "standard" products with relatively little differentia
tion that are perfectly acceptable to the majority of customers. Occasionally, a
low-cost leader will also discount its product to maximise sales, particularly
if it has a significant cost advantage over the competition and, in doing so, it
Examples
can further
of Cost
increase
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 HYPERLINK
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a business
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ust one or a small number of target market segments. The special customer needs
of the segment mean that there are opportunities to provide products that are cl
early different from competitors who may be targeting a broader group of custome
rs. The important issue for any business adopting this strategy is to ensure tha
t customers really do have different needs and wants - in other words that there
is a valid basis for differentiation - and that existing competitor products ar
e not meeting
Examples
of Differentiation
those needs andFocus:
wants.any successful niche retailers; (e.g.  HYPERLI

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tor
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h productsofare
Examples
Costoften
Focus:
called
Many"me-too's".
smaller retailers featuring own-label or discounted
strategy
Competitor
label products.
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competitorisanalysis
an important part of the strategic planning process. This
Why
Some
revision
bother
businesses
note
to analyse
outlines
think it
competitors?
the
is best
main to
rolegetof,onand
withsteps
theirin,owncompetitor
plans andanalysis
ignore the c
ompetition. Others become obsessed with tracking the actions of competitors (oft
en using underhand or illegal methods). Many businesses are happy simply to trac
k To
?Competitor
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important
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understanding of competitors? past, present (and most importantly)
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To provide
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To help
in the
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w willquestions
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competitors
to askshould
respond
be asked
to awhen
new undertaking
product or pricing
competitor
strategy?
analysis? The followi
?ngWho
is are
a useful
our competitors?
list to bear(see
in mind:
the section on identifying competitors further b
?elow)
What strategies
threats
is
are
the
theprofile
do are
objectives
theyour
ofpost?
our
of our
competitors
competitors?
competitors?
pursuing and how successful are these stra
?tegies?
Whatare
How
areour
thecompetitors
strengths and
likely
weaknesses
to respond
of our
to any
competitors?
changes to the way we do busi
Sources of(1997)
ness?
Davidson
information
describes
forhow
competitor
the sources
analysis
of competitor information can be neatl
?y Recorded
grouped into
data:three
thiscategories:
is easily available in published form either internally or
externally. Good examples include competitor annual reports and product brochur
? Observable data: this has to be actively sought and often assembled from sever
es;
?alOpportunistic
sources. A good
data:
example
to getishold
competitor
of thispricing;
kind of data requires a lot of plannin
g and organisation. Much of it is ?anecdotal?, coming from discussions with supp
liers,
The
table
customers
below lists
and, possible
perhaps, sources
previousofmanagement
competitorofdata
competitors.
using Davidson?s categ
Recorded DataObservable DataOpportunistic DataAnnual report & accountsPricing / price
orisation:
listsMeetings with suppliersPress releasesAdvertising campaignsTrade showsNewspaper ar
ticlesPromotionsSales force meetingsAnalysts reportsTendersSeminars / conferencesRegulat
ory reportsPatent applicationsRecruiting ex-employeesGovernment reports?Discussion wit
In
h shared
his excellent
distributors
bookP[Even
resentations
More Offensive
/ speeches
Marketing],
?Social contacts
Davidsonwith
likens
competitors
the proce

ss of gathering competitive data to a jigsaw puzzle. Each individual piece of da
ta does not have much value. The important skill is to collect as many of the pi
eces as possible and to assemble them into an overall picture of the competitor.
This enables you to identify any missing pieces and to take the necessary steps
What
The
to tables
collect
businesses
below
them.need
liststothe
knowkinds
aboutoftheir
competitor
competitors
information that would help busin
essescancomplete
You
probablysome
think
goodofquality
many more
competitor
pieces ofanalysis.
information about a competitor tha
t would be useful. However, an important challenge in competitor analysis is wor
king out how to obtain competitor information that is reliable, up-to-date and a
vailable
What
businesses
legally(!).
probably already know their competitorsOverall sales and profitsSale
s and profits by marketSales by main brandCost structureMarket shares (revenues and vo
lumes)Organisation structureDistribution systemIdentity / profile of senior managementAd
vertising strategy and spendingCustomer / consumer profile & attitudesCustomer reten
Wtion
hat businesses
levels
would really like to know about competitorsSales and profits by pr
oductRelative costsCustomer satisfaction and service levelsCustomer retention levelsDist
ribution costsNew product strategiesSize and quality of customer databasesAdvertising
effectivenessFuture investment strategyContractual terms with key suppliersTerms of st
rategic
strategy
Value
Introduction
Chain
partnerships
- value
Analysis
chain
?describes
analysisthe activities that take place in a business and
relates them to an analysis of the competitive strength of the business. Influen
tial work by Michael Porter suggested that the activities of a business could be
(1)
grouped
Primary
under
Activities
two headings:
- those that are directly concerned with creating and del
ivering
(2)
Support
a product
Activities,
(e.g. which
component
whilst
assembly);
they areand
not directly involved in productio
n, may increase effectiveness or efficiency (e.g. human resource management). It
Value
is rare
Chain
forAnalysis
a business
is one
to undertake
way of identifying
all primarywhich
and activities
support activities.
are best underta
ken byactivities
Linking
What
aValue
business
Chain
a business
andAnalysis
whichundertakes
are
to Competitive
best provided
is directly
Advantage
by others
linked("out
to achieving
sourced").
competitiv
e advantage. For example, a business which wishes to outperform its competitors
through differentiating itself through higher quality will have to perform its v
alue chain activities better than the opposition. By contrast, a strategy based
on seeking cost leadership will require a reduction in the costs associated with
the value chain activities, or a reduction in the total amount of resources use
d.
Primary
value
Activity
Activities
chain
Description
activities
Inbound
include:
logisticsAll those activities concerned with rece
iving and storing externally sourced materialsOperationsThe manufacture of products

and services - the way in which resource inputs (e.g. materials) are converted
to outputs (e.g. products)Outbound logisticsAll those activities associated with ge
tting finished goods and services to buyersMarketing and salesEssentially an inform
ation activity - informing buyers and consumers about products and services (ben
efits, use, price etc.)ServiceAll those activities associated with maintaining prod
Support
Secondary
uct performance
Activities
activities
Activity
after
Dinclude:
escription
the product
Procurement
has beenThis
soldconcerns

how resources are acquired fo
r a business (e.g. sourcing and negotiating with materials suppliers)Human Resourc
e ManagementThose activities concerned with recruiting, developing, motivating an
d rewarding the workforce of a businessTechnology Development Activities concerned
with managing information processing and the development and protection of "know
ledge" in a businessInfrastructure Concerned with a wide range of support systems a
nd functions such as finance, planning, quality control and general senior manag
ement
StepsBreak
Value
(1)
in
chain
 Value
down
analysis
aChain
market/organisation
Analysis
can
be broken down
intointo
itsakey
three
activities
sequential
under
steps:
each of the m
ajorAssess
(2)
headings
theinpotential
the model;
for adding value via cost advantage or differentiation,
or identify current activities where a business appears to be at a competitive
(3) Determine strategies built around focusing on activities where competitive a
disadvantage;
dvantage
strategy
Core
Introduction
competencies
-cancore
be competencies
sustained
are those capabilities that are critical to a business achievi
ng competitive advantage. The starting point for analysing core competencies is
recognising that competition between businesses is as much a race for competence
mastery as it is for market position and market power. Senior management cannot
focus on all activities of a business and the competencies required to undertak
e them. So the goal is for management to focus attention on competencies that re
allymain
The
Work
affect
of Hamel
ideas
competitive
about
andCore
Prahalad
advantage.
Competencies where developed by C K Prahalad and G Ham
el through a series of articles in the Harvard Business Review followed by a bes
t-selling book - HYPERLINK "http://www.amazon.co.uk/exec/obidos/ASIN/0875847161/t
utor2u00"  Competing for the Future. Their central idea is that over time companie
s may develop key areas of expertise which are distinctive to that company and c
ritical
'In
the 1990s
to themanagers
company'swill
longbeterm
judged
growth.
on their ability to identify, cultivate, a
nd exploit the core competencies that make growth possible - indeed, they'll hav
e to rethink the concept of the corporation it self.' C K Prahalad and G Hamel 1
These
990 areas of expertise may be in any area but are most likely to develop in th
e critical, central areas of the company where the most value is added to its pr
For example, for a manufacturer of electronic equipment, key areas of expertise
oducts.
could be in the design of the electronic components and circuits. For a ceramics
manufacturer, they could be the routines and processes at the heart of the prod
uction process. For a software company the key skills may be in the overall simp
licity and utility of the program for users or alternatively in the high quality
Core
of software
Competencies
code are
writing
not seen
they as
havebeing
achieved.
fixed. Core Competencies should change i
n response to changes in the company's environment. They are flexible and evolve
over time. As a business evolves and adapts to new circumstances and opportunit
ies, so its
Identifying
Prahalad
andCore
HamelCompetencies
suggest three
willfactors
have totoadapt
help identify
and change.
core competencies in a
ny business:
What
does the Core Competence Achieve?Comments / ExamplesProvides potential access
to a wide variety of marketsThe key core competencies here are those that enable
the creation
Example:
Why has
of new
Sagaproducts
established
and services.
such a strong leadership in supplying financia
l Clear
-Core
services
Competencies
distinctive
(e.g. insurance)
that
brand
enable
proposition
andSaga
holidays
to that
enter
tofocuses
the older
apparently
solely
generation?
different
on a closely-defined
markets:
c
-ustomer
Leadinggroup
direct marketing skills - database management; direct-mailing campaign
-s;Skills
call centre
in customer
sales relationship
conversion managementMakes a significant contribution to th
e perceived customer benefits of the end productCore competencies are the skills
that enable a business to deliver a fundamental customer benefit - in other word
s: what is it that causes customers to choose one product over another? To ident
ify core competencies in a particular market, ask questions such as "why is the
customer willing to pay more or less for one product or service than another?" "
What is aWhy
Example:
customer
have Tesco
actually
beenpaying
so successful
for?
in capturing leadership of the market
-Core
for
Designing
online and
competencies
grocery
implementing
that
shopping?
mean customers
supply systems
value that
the Tesco.com
effectively
experience
link existing
so highly:
shops
-with
Ability
the to
Tesco.com
design and
web deliver
site
a "customer interface" that personalises online
-shopping
Reliableandandmakes
efficient
it moredelivery
efficient
infrastructure (product picking, distribution,
customer satisfaction handling)Difficult for competitors to imitateA core competen
ce should be "competitively unique": In many industries, most skills can be cons
idered a prerequisite for participation and do not provide any significant compe
titor differentiation. To qualify as "core", a competence should be something th

Example:Why
at
other competitors
does Dellwish
havethey
suchhad
a strong
withinposition
their owninbusiness.
the personal computer marke
-t?
Core
Online
Minimisation
High
competencies
manufacturing
customer
of working
thatandaredistribution
"bespoking"
capital
difficult
of each
in the
for
computer
quality
the competition
production
-built
reliable
process
to imitate:
products
at competitive
Aprices
competence

which is central to the business's operations but which is not exce
ptional in some way should not be considered as a core competence, as it will no
t differentiate the business from any other similar businesses. For example, a p
rocess which uses common computer components and is staffed by people with only
basic training cannot be regarded as a core competence. Such a process is highly
unlikely to generate a differentiated advantage over rival businesses. However
it is possible to develop such a process into a core competence with suitable in
vestment
It
followsinfrom
equipment
the concept
and training.
of Core Competencies that resources that are standar
dised or easily available will not enable a business to achieve a competitive ad
vantage over
strategy
Benchmarking
Definition
- benchmarking
rivals.
is
the process of identifying "best practice" in relation to both p
roducts (including) and the processes by which those products are created and de
livered. The search for "best practice" can taker place both inside a particular
industry, and also in other industries (for example - are there lessons to be l
earned
The
objective
from other
of benchmarking
industries?).is to understand and evaluate the current position
of a business or organisation in relation to "best practice" and to identify ar
eas Benchmarking
The
Benchmarking
and meansinvolves
of Process
performance
lookingimprovement.
outward (outside a particular business, organisati
on, industry, region or country) to examine how others achieve their performance
levels and to understand the processes they use. In this way benchmarking helps
explain the processes behind excellent performance. When the lessons learnt fro
m a benchmarking exercise are applied appropriately, they facilitate improved pe
rformance in critical functions within an organisation or in key areas of the bu
siness
Application
(1)
(2)
(3)
(4)
Benchmarking
Understand
Analyse
Compare
Implement
environment.
ofshould
the
own
the
benchmarking
in
business
detail
steps
not be
necessary
existing
processes
performance
considered
involves
business
to
ofclose
four
with
aothers
one-off
key
that
processes
the
steps:
ofexercise.
performance
others analysed
Togapbe effective, it mu
st become an ongoing, integral part of an ongoing improvement process with the g
Description
Mabreast
ostof
Appropriate
for
theofFollowing
Purposes
Strategic Benchmarking
Where
oal of
Types
There
Type
ofkeeping
are
Benchmarking
a number
different
of ever-improving
types
best practice.
benchmarking,
as summarised
below:
businesses need to improve overall performance by examining the long-term strat
egies and general approaches that have enabled high-performers to succeed. It in
volves considering high level aspects such as core competencies, developing new
products and services and improving capabilities for dealing with changes in the
external environment. Changes resulting from this type of benchmarking may be d
ifficult to implement and take a long time to materialise- Re-aligning business s
trategies that have become inappropriatePerformance or Competitive BenchmarkingBusi
nesses consider their position in relation to performance characteristics of key
products and services. Benchmarking partners are drawn from the same sector. Th
is type of analysis is often undertaken through trade associations or third part
ies to protect confidentiality. _ Assessing relative level of performance in key
areas or activities in comparison with others in the same sector and finding way
s of closing gaps in performanceProcess BenchmarkingFocuses on improving specific c
ritical processes and operations. Benchmarking partners are sought from best pra
ctice organisations that perform similar work or deliver similar services. Proce
ss benchmarking invariably involves producing process maps to facilitate compari
son and analysis. This type of benchmarking often results in short term benefits
.- Achieving improvements in key processes to obtain quick benefitsFunctional Bench
markingBusinesses look to benchmark with partners drawn from different business s
ectors or areas of activity to find ways of improving similar functions or work
processes. This sort of benchmarking can lead to innovation and dramatic improve
ments. - Improving activities or services for which counterparts do not exist. Inte
rnal Benchmarkinginvolves benchmarking businesses or operations from within the s
ame organisation (e.g. business units in different countries). The main advantag
es of internal benchmarking are that access to sensitive data and information is
easier; standardised data is often readily available; and, usually less time an
d resources are needed. There may be fewer barriers to implementation as practic
es may be relatively easy to transfer across the same organisation. However, rea
l innovation may be lacking and best in class performance is more likely to be f
ound through external benchmarking.- Several business units within the same organ
isation exemplify good practice and management want to spread this expertise qui
ckly, throughout the organisationExternal Benchmarkinginvolves analysing outside or
ganisations that are known to be best in class. External benchmarking provides o
pportunities of learning from those who are at the "leading edge". This type of

benchmarking can take up significant time and resource to ensure the comparabili
ty of data and information, the credibility of the findings and the development
of sound recommendations. - Where examples of good practices can be found in othe
r organisations and there is a lack of good practices within internal business u
nitsInternational BenchmarkingBest practitioners are identified and analysed elsewh
ere in the world, perhaps because there are too few benchmarking partners within
the same country to produce valid results. Globalisation and advances in inform
ation technology are increasing opportunities for international projects. Howeve
r, these can take more time and resources to set up and implement and the result
s may need careful analysis due to national differences- Where the aim is to achi
eve world class status or simply because there are insufficient"national" busine
sses
?strategy
In
our
against
 HYPERLINK
- resources
which"http://www.tutor2u.net/business/strategy/what_is_strategy.htm"
toof
benchmark.
a business

introduction to the topic of business strategy, we used Johnson & Scholes' defini
tion stating that "Strategy is the direction and scope of an organisation over t
he long-term: which achieves advantage for the organisation through its configur
ation of resources within a challenging environment, to meet the needs of market
s andwhat
So,
to are
fulfil
these
stakeholder
"resources"
expectations".
that a business needs to put in place to pursue i
ts chosenresources
Business
Financial
strategy?can
Resources
resources
concern
usefully
the ability
be grouped
of the
underbusiness
severaltocategories:
"finance" its chosen
strategy. For example, a strategy that requires significant investment in new pr
oducts, distribution channels, production capacity and working capital will plac
e great strain on the business finances. Such a strategy needs to be very carefu
lly managed from a finance point-of-view. An audit of financial resources would
include assessment
Existing
finance funds
of the
- Cash
following
balances
factors:
?- Bank overdraft?- Bank and other loans?- Shareholde
rs' capital?- Working capital (e.g. stocks, debtors) already invested in the busine
ss?- Creditors (suppliers, government) ??Ability to raise new funds- Strength and reputat
ion of the management team and the overall business?- Strength of relationships wit
h existing investors and lenders?- Attractiveness of the market in which the busine
ss operates (i.e. is it a market that is attracting investment generally?)?- Listin
gThe
Human
onheart
aResources
quoted
of the
Stock
issue
Exchange?
with Human
If not,
Resources
is thisisathe
realistic
skills-base
possibility?
of the business.

What skills does the business already possess? Are they sufficient to meet the n
eeds of the chosen strategy? Could the skills-base be flexed / stretched to meet
the new requirements? An audit of human resources would include assessment of t
he following
Existing
staffing
factors:
resources - Numbers of staff by function, location, grade, expe
rience, qualification, remuneration ?- Existing rate of staff loss ("natural wastag
e")?- Overall standard of training and specific training standards in key roles?- Asse
ssment of key "intangibles" - e.g. morale, business culture??Changes required to reso
urces - What changes to the organisation of the business are included in the stra
tegy (e.g. change of location, new locations, new products)? ?- What incremental hu
man resources are required??- How should they be sourced? (alternatives include emp
Physical
The
loyment,
category
Resources
outsourcing,
of physical
joint
resources
ventures
covers
etc.)wide

range of operational resources co
ncerned withfacilities
Production
the physical
- Location
capability
of existing
to deliver
production
a strategy.
facilities;
These include:
capacity; inve
stment and maintenance requirements- Current production processes - quality; method
& organisation- Extent to which production requirements of the strategy can be del
ivered by existing facilities ?Marketing facilities- Marketing management process- Distri
bution channels?Information technology- IT systems- Integration with customers and suppli
Intangible
It
ersis
 easy to
Resources
ignore the intangible resources of a business when assessing how t
o deliverThe
Goodwill
a strategy
difference
- but
between
theythe
canvalue
be crucial.
of the Intangibles
tangible assets
include:
of the business a
nd the actual value of the business (what someone would be prepared to pay for i
?t)
Reputation- Does the business have a track record of delivering on its strategic obje
ctives? If so, this could help gather the necessary support from employees and s
uppliers?Brands- Strong brands are often the key factor in whether a growth strategy i
s a success or failure ??Intellectual Property - Key commercial rights protected by pa
tents
?strategic
Introduction
Objectives
(1)
These
Examples
Corporate
and
areof
trademarks
objectives
planning
set
can
?corporate
level
outset
be
- may
what
setting
that
atobjectives
the
be
two
concern
an
business
objectives
levels:
important
theisbusiness
might
trying
include:
factoror
to
in
? We
achieve.
organisation
theaim
strategy.
for a return
as? a whole
on investme
nt of at least 15%? We aim to achieve an operating profit of over ?10 million on
sales of at least ?100 million? We aim to increase earnings per share by at least
(2)
e.g.
Examples
10%Functional
everyofyear
specific
functional
objectives
level
for themarketing
foreseeable
for marketing
objectives?
future
activities
might include:? We aim to build cust
omer database of at least 250,000 households within the next 12 months? We aim to
achieve a market share of 10%? We aim to achieve 75% customer awareness of our b
rand corporate
Both
in our target
and functional
markets
objectives need to conform to the commonly used SM
ART SMART
The
criteria.
criteria (an important concept which you should try to remember and ap

Measurable
ply
Specific
in exams)
- -theanare
objective
objective
summarised
should
should
below:
state
be capable
exactlyofwhat
measurement
is to be?achieved.
so that it is possi
ble to determine
Achievable
- the objective
whether (orshould
how far)
be realistic
it has been
given
achieved
the circumstances in which
it is set-and
Relevant
objectives
the resources
shouldavailable
be relevant
to to
thethe
business.
people responsible for achieving
Time
themBound - objectives should be set with a time-frame in mind. These deadlines
?strategy
Definition:
SWOT
alsoanalysis
isneed
an- abbreviation
to is
SWOT
beanalysis
realistic.
an
important
for Strengths,
tool for auditing
Weaknesses,
theOpportunities
overall strategic
and Threats
position o
f a business
Once
key strategic
and itsissues
environment.
have been identified, they feed into business objectiv
es, particularly marketing objectives. SWOT analysis can be used in conjunction
with other tools for audit and analysis, such as  HYPERLINK "http://www.tutor2u.n
et/business/strategy/PEST_analysis.htm" PEST analysis and  HYPERLINK "http://www.tu
tor2u.net/business/strategy/porter_five_forces.htm" Porter's Five-Forces analysis.
It is also a very popular tool with business and marketing students because it
is quick
The
Strengths
Key Distinction
and
andeasy
weaknesses
to-learn.
Internal
are Internal
and External
factors.
Issues
For example, a strength could be
your specialist marketing expertise. A weakness could be the lack of a new produ
Opportunities and threats are external factors. For example, an opportunity coul
ct.
d be a developing distribution channel such as the Internet, or changing consume
r lifestyles that potentially increase demand for a company's products. A threat
could be a new competitor in an important existing market or a technological ch
angeisthat
it
worthmakes
pointing
existing
out that
products
SWOTpotentially
analysis canobsolete.
be very subjective - two people
rarely come-up with the same version of a SWOT analysis even when given the same
information about the same business and its environment. Accordingly, SWOT anal
ysis is best used as a guide and not a prescription. Adding and weighting criter
ia toofto
Areas
Some
each
the
Consider
factor
key areas
increases
to consider
the validity
when identifying
of the analysis.
and evaluating Strengths, Wea
knesses, Opportunities and Threats are listed in the example SWOT analysis below
:INCLUDEPICTURE "http://www.tutor2u.net/business/images/swot_analysis.gif" \* MER
GEFORMATINET
strategy
In
our  HYPERLINK
- the strategic
"http://www.tutor2u.net/redir.asp?link=4632&tree=2730"
audit
introduct
ion to business strategy, we emphasised the role of the "business environment" in
The
shaping
external
strategic
environment
thinking
in which
and decision-making.
a business operates can create opportunities w
hich a business can exploit, as well as threats which could damage a business. H
owever, to be in a position to exploit opportunities or respond to threats, a bu
siness
An
important
needs part
to have
of business
the rightstrategy
resourcesisand
concerned
capabilities
with ensuring
in place.that these res
ources and competencies are understood and evaluated - a process that is often k
nownprocess
The
as a "Strategic
of conducting
Audit".
a strategic audit can be summarised into the following
(1)
The
stages:
Resource audit
resource
Audit:identifies the resources available to a business. Some of the
se can be owned (e.g. plant and machinery, trademarks, retail outlets) whereas o
ther resources can be obtained through partnerships, joint ventures or simply su
pplier arrangements with other businesses.  HYPERLINK "http://www.tutor2u.net/bus
iness/strategy/resources.htm"
(2) Value
Value
ChainChain
Analysis
Analysis:
describesYou
thecan
activities
read morethat
about
take
resources
place inhere
a business
.
and
relates them to an analysis of the competitive strength of the business. Influen
tial work by Michael Porter suggested that the activities of a business could be
grouped under two headings: (1) Primary Activities - those that are directly co
ncerned with creating and delivering a product (e.g. component assembly); and (2
) Support Activities, which whilst they are not directly involved in production,
may increase effectiveness or efficiency (e.g. human resource management). It i
s rare for a business to undertake all primary and support activities. Value Cha
in Analysis is one way of identifying which activities are best undertaken by a
business and which are best provided by others ("out sourced").  HYPERLINK "http:
//www.tutor2u.net/business/strategy/value_chain_analysis.htm" You can read more a
(3)
Core
boutCore
competencies
Value
Competence
Chain Analysis
areAnalysis:
thosehere.
capabilities that are critical to a business achievi
ng competitive advantage. The starting point for analysing core competencies is
recognising that competition between businesses is as much a race for competence
mastery as it is for market position and market power. Senior management cannot
focus on all activities of a business and the competencies required to undertak
e them. So the goal is for management to focus attention on competencies that re
ally affect competitive advantage.  HYPERLINK "http://www.tutor2u.net/business/st
rategy/core_competencies.htm" You can read more about the concept of Core Compete
(4)
The
ncies
Performance
resource
here. audit,
Analysis
value chain analysis and core competence analysis help to de
fine the strategic capabilities of a business. After completing such analysis, q
uestions that can be asked that evaluate the overall performance of the business
-. How
Thesehave
questions
the resources
include:deployed in the business changed over time; this is "hi
storical analysis"- How do the resources and capabilities of the business compare

with others in the industry - "industry norm analysis"- How do the resources and
capabilities of the business compare with "best-in-class" - wherever that is to
be found-  HYPERLINK "http://www.tutor2u.net/business/strategy/benchmarking.htm"
"benchmarking"- How has the financial performance of the business changed over tim
e and how does it compare with key competitors and the industry as a whole? -  HY
PERLINK "http://www.tutor2u.net/business/accounts/ratio_analysis.htm" "ratio anal
(5)
Portfolio
ysis"Portfolio
Analysis
Analysis:
analyses the overall balance of the strategic business units
of a business. Most large businesses have operations in more than one market seg
ment, and often in different geographical markets. Larger, diversified groups of
ten have several divisions (each containing many business units) operating in qu
iteimportant
An
distinct objective
industries.of a strategic audit is to ensure that the business portf
olio is strong and that business units requiring investment and management atten
tion are highlighted. This is important - a business should always consider whic
h markets are most attractive and which business units have the potential to ach
ieve advantage two
Traditionally,
in the
analytical
most attractive
models have
markets.
been widely used to undertake portfoli
-o The
analysis:
 HYPERLINK "http://www.tutor2u.net/business/strategy/bcg_box.htm" Boston Con
-sulting
The  HYPERLINK
Group Portfolio
"http://www.tutor2u.net/business/strategy/ge_matrix.htm"
Matrix (the "Boston Box");
McKinsey
(6)
SWOT
/General
SWOT
is anAnalysis:
Electric
abbreviation
Growthfor
Share
Strengths,
Matrix  Weaknesses, Opportunities and Threats. SW
OT analysis is an important tool for auditing the overall strategic position of
a businessplanning
strategic
Businesses
Introduction
and its
that
succeed
-environment.
thedolink
so by
withcreating
marketing
and keeping customers. They do this by
Marketing
providingmanagement
better value
constantly
for the have
customer
to assess
than the
which
competition.
customers they are trying t
o reach and how they can design products and services that provide better value
(?competitive
The
main problem
advantage?).
with this process is that the ?environment? in which businesses
operate is constantly changing. So a business must adapt to reflect changes in
the environment and make decisions about how to change the marketing mix in orde
r to succeed. This process of adapting and decision-making is known as marketing
Where
planning.
does marketing planning fit in with the overall strategic planning of a bu
Strategic planning is concerned about the overall direction of the business. It
siness?
is concerned with marketing, of course. But it also involves decision-making abo
ut production and operations, finance, human resource management and other busin
ess objective
The
issues. of a strategic plan is to set the direction of a business and crea
te its shape so that the products and services it provides meet the overall busi
ness objectives.
Marketing
has a key role to play in strategic planning, because it is the job of
marketing management to understand and manage the links between the business an
d the ?environment?.
Sometimes
this is quite a straightforward task. For example, in many small busin
esses there is only one geographical market and a limited number of products (pe
rhaps onlyconsider
However,
one product!).
the challenge faced by marketing management in a multinational
business, with hundreds of business units located around the globe, producing a
wide range of products. How can such management keep control of marketing decis
ion-making in such a complex situation? This calls for well-organised marketing
What are the key issues that should be addressed in strategic and marketing plan
planning.
The following questions lie at the heart of any marketing and strategic planning
ning?
?process:
Where are we now?? How did we get there?? Where are we heading?? Where would we l
Why
Businesses
ike is
to marketing
be??operate
How doplanning
we
in get
hostile
there?
essential?
and? increasingly
Are we on course?
complex environment. The ability
of a business to achieve profitable sales is impacted by dozens of environmental
factors, many of which are inter-connected. It makes sense to try to bring some
order to this chaos by understanding the commercial environment and bringing so
?AmeIdentify
marketing
strategicsources
plan
senseisof
touseful
the process
competitive
to manyadvantage
ofpeople
marketing
in
? Gain
a business.
products
commitment
and
It can
services.
to ahelp
strategy
to: ? Get re
sources needed to invest in and build the business? Inform stakeholders in the bu
siness
ansoff
The
Introduction
Ansoff
?product
SetGrowth
objectives
/ market
matrix
and
matrix
isstrategies
a tool that
? Measure
helps businesses
performancedecide their product an
d market product/market
Ansoff?s
growth strategy.growth matrix suggests that a business? attempts to grow
depend on whether it markets new or existing products in new or existing market
s. INCLUDEPICTURE "http://www.tutor2u.net/business/images/Ansoff%20Matrix%20w500.gi
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he\*
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MERGEFORMATINET
from the Ansoff

product/market matrix is a series of suggested growth
strategies that set the direction for the business strategy. These are described
Market
below:penetration is the name given to a growth strategy where the business foc
uses
?Market
Maintain
onpenetration
selling
or increase
existing
seekstheto
products
market
achieveshare
into
fourexisting
ofmain
current
objectives:
markets.
products ? this can be achiev
ed by a combination of competitive pricing strategies, advertising, sales promot
?ionRestructure
Secure
and perhaps
dominance
a mature
moreofresources
growth
marketmarkets
bydedicated
driving out
to personal
competitors;
selling
this would require a m
uch more aggressive promotional campaign, supported by a pricing strategy design

? Increase
ed
to make usage
the market
by existing
unattractive
customers
for ?competitors
for example by introducing loyalty sche
mesA market penetration marketing strategy is very much about ?business as usual?
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________________________________________________________________________________
Page  PAGE 2 of  NUMPAGES 43
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