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Lecture Crafting and executing strategy: The quest for competitive advantage - Chapter 8

Chapter 8: Tailoring strategy to fit specific industry and company situations. This chapter includes contents: Strategies for competing in emerging industries; strategies for competing in turbulent, high velocity markets; strategies for competing in maturing industries; strategies for firms in stagnant or declining industries; strategies for competing in fragmented industries; strategies for sustaining rapid company growth; strategies for industry leaders; strategies for runner-up firms; strategies for weak and crisis-ridden businesses; ten commandments for crafting successful business strategies. | Tailoring Strategy to Fit Specific Industry and Company Situations 8 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap Strategies for Competing in Emerging Industries Strategies for Competing in Turbulent, High Velocity Markets Strategies for Competing in Maturing Industries Strategies for Firms in Stagnant or Declining Industries Strategies for Competing in Fragmented Industries Strategies for Sustaining Rapid Company Growth Strategies for Industry Leaders Strategies for Runner-up Firms Strategies for Weak and Crisis-Ridden Businesses Ten Commandments for Crafting Successful Business Strategies Matching Strategy to a Company’s Situation Most important drivers shaping a firm’s strategic options fall into two categories Firm’s competitive capabilities, market position, best opportunities Nature of industry and competitive conditions Features of an Emerging Industry New and unproven market Proprietary technology Lack of consensus regarding which of several competing technologies will win out Low entry barriers Experience curve effects may permit cost reductions as volume builds Buyers are first-time users and marketing involves inducing initial purchase and overcoming customer concerns First-generation products are expected to be rapidly improved so buyers delay purchase until technology matures Possible difficulties in securing raw materials Firms struggle to fund R&D, operations and build resource capabilities for rapid growth Strategy Options for Competing in Emerging Industries Win early race for industry leadership by employing a bold, creative strategy Push hard to perfect technology, improve product quality, and develop attractive performance features Move quickly when technological uncertainty clears and a dominant technology emerges Form strategic alliances with Key suppliers or Companies having related technological expertise Strategy Options for Competing in Emerging Industries . | Tailoring Strategy to Fit Specific Industry and Company Situations 8 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap Strategies for Competing in Emerging Industries Strategies for Competing in Turbulent, High Velocity Markets Strategies for Competing in Maturing Industries Strategies for Firms in Stagnant or Declining Industries Strategies for Competing in Fragmented Industries Strategies for Sustaining Rapid Company Growth Strategies for Industry Leaders Strategies for Runner-up Firms Strategies for Weak and Crisis-Ridden Businesses Ten Commandments for Crafting Successful Business Strategies Matching Strategy to a Company’s Situation Most important drivers shaping a firm’s strategic options fall into two categories Firm’s competitive capabilities, market position, best opportunities Nature of industry and competitive conditions Features of an Emerging Industry New and unproven market Proprietary technology