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Theme 8: Generic Strategies THEME 8: GENERIC STRATEGIES 1. Introduction. 2. The Porter's approach: competitive strategies (cost advantage, differentiation advantage and specialization). 3. The Ansoff's approach: the Growth Matrix (market penetration, product development, market development, and diversification). 4. An integrating approach. © Alfonso VARGAS SÁNCHEZ 1 Hope is not a strategy, specially when internationalizing the company is the intention 2 Strategic Analysis: Compulsory Questions What business is the organisation in? manufacturing/retail, etc. Who do they compete with, and how do they compete? Who are the organisation’s stakeholders? Key stakeholders & their influence. What are the external drivers for change? – PEST model, macro environment. – Five Forces model, micro/industry environment. How does the organisation gain value? – Resource audit, tangible & intangible. – Value Chain and Value System analysis. Assess the balance in the corporate portfolio, BCG matrix. How should I compete? Porter’s generic strategies: low cost, differentiation, specialization. What are my strategic movements? Mergers/Acquisitions, etc. 3 Mission - Vision - Values PEST analysis Competitive Forces P.C. Industry Attractiveness S C.C. B (threats & opportunities) S.P. Strategy formulation , Value Chain : Value System at three levels: activities & F.I. (linkages) : C – B – F linkages other SBUs Company’s T.D. (synergies) & suppliers - Competitive buyers’ value Position HH.RR. chains (Resource- based View): PR. cost advantage or uniqueness (strengths & weaknesses) I.L. OP. O.L. M&S A-S.S. STRATEGY ELEMENTS BUSINESS RESOURCES & COMPETITIVE SYNERGIES SCOPE CAPABILITIES ADVANTAGES LEVELS CORPORATE (1) (1) (1) BUSINESS (2) (2) (2) FUNCTION (3) (3) 5 STRATEGIC ADVANTAGE PORTER’S Exclusivity APPROACH Position of perceived low costs by the customer Broad COSTS (the whole DIFFERENTIATION LEADERSHIP sector) COMPETITIVE SITUATION Reduced FOCUS or (only one NARROW segment) SEGMENTATION 6 THE LOW COST PHENOMENON Two basic ways: -Productivity. -Economies of scale & learning/experience. 7 8 9 COSTS LEADERSHIP RESOURCES AND ORGANISATIONAL RISKS OR APTITUDES REQUIREMENTS LIMITATIONS -Sustained -Strict control of costs. -Technological investment of capital change that cancels and favourable -Detailed and frequent control out the experience access to financial reports. gained or investment markets. made. -Clearly defined organisation -Special aptitudes for and responsibilities. -Competitors who process engineering. learn easily and -Incentives based on meeting rapidly. -Close supervision of quantitative objectives. work and operations. -Stagnation of the product or of the -Products designed marketing. for ease of manufacturing. -Inflation of costs that annuls the -Low cost of previous price distribution. differential. 10 Reading: “Designers on quest to build $12 computer” 11 DIFFERENTIATION RESOURCES AND ORGANISATIONAL RISKS OR APTITUDES REQUIREMENTS LIMITATIONS -Significant aptitudes -Coordination between the -Competitive levels of in marketing and in functions of R&D, product product prices, in product engineering. development and accordance with a marketing. strategy of minimum -Strong investment global cost. in R&D. -Qualitative assessments and incentives. -The customers no longer -Prestige in quality value the product's factors and technology. -Capacity for of differentiation. understanding the market -Full cooperation of and how it changes. -As the industry matures, the distribution imitation reduces the channels. -Appropriate perceived differentiation. organisational structure for -Long tradition in the stimulating and rewarding sector, or a unique creativity. combination of aptitudes obtained in other business 12 activities. Mention some brands for which you are willing to pay a premium price 13 SPECIALISATION RESOURCES ORGANISATIONAL RISKS OR AND APTITUDES REQUIREMENTS LIMITATIONS -Resources and -Flexible and efficient -The differences in costs aptitudes of special organisation structure. compared with non- application and specialized companies are interest in the -Corporate culture relevant so wide that the company's area of and specific to its areas of advantages of operation. specialisation (products and specialisation are markets). eliminated. -Dominance of the relevant technology -Close coordination between -The market in which the and of the functions. company is specialized engineering of the reduces its differences product. -Rapid response to changes with respect to the global in the environment. market. -Marketing capacity. -Other competitors are -Ability in the use of specialized in part of the limited resources. market of the already specialized company. 14 15 16 A niche strategy within a declining industry Reading: “Cassettes linger long after expected demise” 17 Segmentation variables Varieties of products. Types of purchaser. Distribution channels. Geographic areas. Example: olive oil market. 18 Segmentation matrix (1) TYPE OF PURCHASER VARIETIES OF Final customer Restaurants, etc. PRODUCTS (QUALITY) (bottled product) (bulk product) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil 19 Segmentation matrix (2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF Generic Specific PRODUCTS (QUALITY) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil 20 Combining segmentation matrixes (1+2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF Generic Specific PRODUCTS (QUALITY) Virgin Olive Oil for final customers (bottled product) Extra Virgin Olive Oil for final customers (bottled prod.) 21 Segmentation matrix (3) GEOGRAPHIC AREA VARIETIES OF National International PRODUCTS (QUALITY) Market Market Virgin Olive Oil for final customers using a generic (a) (c) distribution channel Extra Virgin Olive Oil for final customers using a (b) (d) specific distribution channel 22 The choice of a segment/s ATTRACTIVENESS: (1) Structural attractiveness (competitive within the same industry there forces). are segments with different (2) Size and growth. levels of attractiveness. (3) Position of the company. INTERRELATIONSHIPS: (4) Advantages in costs or in choose the most beneficial differentiation. combination of segments. (5) Costs of coordination, of commitment and of inflexibility. SUSTAINABILITY: Against: your business scope should (6) Competitors with broader objectives. lead to a strong (defensible) (7) Imitation. position. (8) Substitution. 23 Example: olive oil market SEGMENTS ATTRACTIVENESS INTERRELATIONS SUSTAINABILITY / CRITERIA (1) (2) (3) (4) (5) (6) (7) (8) (a) (b) (c) (d) 24 Criticisms of Porter’s framework Hybrid strategies could be employed without “stuck in the middle”. Cost leadership alone does not sell products. Differentiation strategies can be used to increase sales volumes rather than to charge a premium price. Price can sometimes be used to differentiate. A “generic” strategy can not give a competitive advantage. Arguably, the resource based strategy has superseded this generic strategy framework. 25 “A company must produce at low cost, while also innovating; it must deploy the massed resources of a large corporation, while showing the entrepreneurial flair of a small start-up; it must achieve high levels of reliability and consistency, while also being flexible” (Grant, 2012). 26 OPTIONS FOR GROWTH ANSOFF’S APPROACH CURRENT NEW MARKETS MARKETS CURRENT PRODUCTS Market Market Penetration Development NEW PRODUCTS Product Diversification Development ANSOFF’S APPROACH CURRENT NEW MARKETS MARKETS CURRENT PRODUCTS Expansion… …of Markets NEW PRODUCTS …of Products Diversification CASE STUDY: 27 The Growth Matrix Sub-strategies MARKETS Existing New Market Penetration: Market Development: -Intensification. -New territories- INTERNATIONALIZATION. Existing -Relaunching. -Imitation. -New segments of purchasers. -Reduction of costs/prices. -New distribution channels. PRODUCTS -Disaggregation. -New possibilities for utilization. Product Development: Diversification: New -New products (R&D, -Concentric (or related). innovation). -By conglomerates (or -New product lines. unrelated). -New services. 28 INTERNATIONALIZATION & GLOBALIZATION 29 INTERNATIONALIZATION & GLOBALIZATION Reading: “China’s budding food industry faces scrutiny” 30 International Strategy Opportunities and Outcomes Identify Explore Use Core Strategic International Resources and Competence Competitiveness Opportunities Capabilities Management Outcomes Problems International Modes of and Risks Strategies Entry Increased International Exporting Market Size Business-Level Higher Strategy (*) Return on Licensing Performance Investment Multidomestic Returns Strategic Strategy Economies of Alliances Scale and Global Acquisition Learning Strategy Innovation Location Transnational Establishment of Advantage Strategy New Subsidiary (*) Low cost or Differentiation. Management Standardization vs Adaptation. Problems and Risks Multidomestic vs Global. Strength of Market Drivers Aircraft Computers Automobiles Soft Drinks Toothpaste Retail Banking Book Publishing Baked Goods Low High Multidomestic Global Strength of Cost Drivers Pharmaceuticals Aircraft Computers Automobiles Toothpaste Retail Banking Baked Goods Soft Drinks Low High Multidomestic Global Corporate-LevelCorporate-Level InternationalInternational StrategiesStrategies MultiMulti --DomesticDomestic StrategyStrategy StrategyStrategy andand operatingoperating decisionsdecisions areare decentralizeddecentralized toto strategicstrategic businessbusiness unitsunits (SBU)(SBU) inin eacheach country.country. ProductsProducts andand servicesservices areare
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