Question 1 Class, as you begin analysis of your new product/service line, a key component of the strategic planning process is to achieve competitive advantage. In this chapter (pg 111), the authors identified 8 common mistakes executives make when identifying their competition. Of these 8 (section: Common Mistakes in Identifying Competition), do any have greater applicability to your new product/service line? What recommendations do you have for ways in which to overcome these mistakes?
Global enterprises analysis
This chapter is focused on global enterprise, and brings up unique considerations when conducting business in that realm. The authors contend that due to six events (increased scope of global management task, increased globalization of firms, the information explosion, the increase in global competition, rapid development of technology, and strategic management planning breeds managerial confidence), soon all industries should evaluate global environments.After reading more about these six factors, do you agree with the authors? Will you consider global environments for your new division and the new product/service you are developing? Why/why not?
Question 3
Class, an essential element of analysis concerns monitoring external influences/drivers. The goal is to assess the drivers of change and ascertain the impact of these change drivers as it relates to market demand, competition, and industry profitability.
Of the 12 most common drivers of industry change (copied below), which have applicability to your industry and which do you believe will have greatest impact, to the extent you will devote effort to monitoring the driver(s)?
The Most Common Drivers of Industry Change
1. Changes in the long-term industry growth rate
2. Increasing globalization
3. Changes in who buys the product and how they use it
4. Technological change
5. Emerging new Internet capabilities and applications
6. Product and marketing innovation
7. Entry or exit of major firms
8. Diffusion of technical know-how across companies and countries
9. Improvements in efficiency in adjacent markets
10. Reductions in uncertainty and business risk
11. Regulatory influences and government policy changes
12. Changing societal concerns, attitudes, and lifestyles"
Question 4 What are the key planning factors for competitive success? Provide an example of an organization that has achieved competitive success through planning. Provide an example of an organization that has failed to achieve competitive success as the result of failed planning.
Question 5 In the authors discussed 5 generic competitive strategies (overall low-cost, broad differentiation, focused low-cost, focused differentiation, or best-cost). After reading more about these strategies, which do you believe is the best strategy to adopt for your new product/service? Please explain.
Question 6 Class, Mr. Stewart, in this video, states his organization's expansion efforts into the global marketplace, specifically supply chain management, were due, in large part, to a cultural match between their organization and that of the supply chain partners. I especially liked his comment about it wasn't "us" (e.g., Americans) heading over to China, but rather they needed local experts to ensure supply chain management was effective. It reminds of the many times management feels the need to step in. Oftentimes, I believe, employees would be better served if management got out of their way and let them do the things they do best. Of course, Mr. Stewart provided the strategy, but left it up to the employees to carry it out. All, what do you think - it doesn't necessarily need to relate to global supply chain, but perhaps supply chain in general? Any success stories to share?
Question 7 Class, you might find this video interesting, as it shows how one organization is partnering with its customers, providing development services. This is interesting in a couple of fronts: first, the organization has begun offering development services (possibly revenue-generating); second, it has figured out a way to provide true value-add, meaning their customers may think twice before leaving them for a competitor. Another consideration is the partnership and relationship with external stakeholders. As you begin to develop a new product or service, please consider ways in which you will engage your stakeholders. While the focus of the video was on products, what about the service sector? How could you use supply chain to your benefit?