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EdrawMind3. Strategic Choice (Functional Strategy)
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3. Strategic Choice (Functional Strategy)
This is a mind map about three strategic choices (functional strategy). The main contents include product strategy, price strategy, distribution strategy, promotion strategy, etc.
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3. Strategic Choice (Functional Strategy)
- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
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- Outline
Strategic Choice
functional strategy
marketing strategy
Determine target market
market segmentation
Consumer market segmentation basis
1. Geographic segmentation (according to customer location) 2. Demographic segmentation (demographic variables: religion, ancestry, nationality) 3. Psychological segmentation (lifestyle, pursuit of fashion and high quality, personality) 4. Behavioral segmentation (consumers Why buy)
Industrial market segmentation basis
1. User’s industry category 2. User size 3. User’s geographical location 4. Purchasing behavior factors
Target market selection
1. Undifferentiated marketing (introduction period; single, large batch, taking advantage of economies of scale, poor adaptability, high risk) 2. Differentiated marketing (growth/maturity period; small batch, multiple varieties, high management level) 3. Concentration Specialized marketing (suitable for small businesses with limited resources, specialized production and sales, large dependence and high risks)
Market positioning
1. Seize or fill the market vacancy 2. Market positioning to coexist and confront competitors 3. Market positioning to replace competitors
marketing mix
Product Strategy
product mix strategy
1. Product portfolio (width: product categories; length: product items; depth: specifications and varieties; relevance) 2. Strategy type: ① Expand product portfolio ② Reduce product portfolio ③ Product extension (downward, upward, two-way)
Brand and Trademark Strategy
1. Single brand name 2. Different brand names for each product 3. Private label
product development strategy
reason
1. The enterprise has a high market share and strong brand strength, and has a unique competitive advantage in the market. 2. There is potential growth in the market. 3. The changing needs of customers require new products. Continuous product updates are the only way to prevent products from becoming obsolete. 4. Technical development is required. 5. Enterprises need to respond to competitive innovations in the market
risk
1. In some industries, there is a lack of new product ideas 2. The shrinking market segments reduce market capacity 3. Product development involves complex R&D processes and the probability of failure is high 4. Enterprises usually need to carry out many product ideas to It’s expensive to produce a good product. 5. Even if the product is successful, the life cycle of the new product may be short because it is imitated, innovated and improved by competitors in the market.
Price Strategy
Pricing method
1. Cost-oriented pricing method: cost-plus pricing, break-even pricing, target profit pricing, variable cost pricing 2. Demand-oriented pricing method: high pricing, low pricing 3. Competitive price pricing method: prevailing price pricing, sealed bid pricing (Refer to competing similar products)
Pricing Strategy
1. Psychological pricing strategies: mantissa pricing, integer pricing, prestige pricing, and solicitation pricing (taking advantage of consumers’ bargain-seeking psychology) 2. Product portfolio pricing strategy 3. Discount and discount strategy 4. Geographic price difference strategy
New product pricing strategy
1. Penetration pricing - low price 2. Skimming pricing - high price 3. Satisfaction pricing strategy - somewhere between the above two strategies
Distribution strategy
Tradition
1. Direct distribution - no middlemen 2. Indirect distribution: ① Exclusive distribution ② Selective distribution (a few are most suitable) ③ Intensive distribution (more middlemen)
internet
Online and offline
promotion strategy
Components of a Promotional Mix
1. Advertising promotion (advertising in the media) 2. Business promotion (non-media, such as trial products, discounts, gifts) 3. Public relations (promoting corporate image) 4. Personal selling
Promotional mix strategy
1. Push type (pushed to customers through channels) 2. Pull type (relying on market activities to motivate customers to buy, such as advertising and consumer promotion) 3. Push-pull combination
Strategic Choice
functional strategy
research and development strategy
type
1. Product research 2. Process research
Source of R&D power
1. Demand pull 2. Technology push
strategic role
1. Basic competitive strategy 2. Value chain 3. Ansoff matrix 4. Product life cycle
R&D positioning
1. Become a company that introduces new technology products to the market 2. Become an innovative imitator of successful products 3. Become a low-cost producer of successful products
Policies to encourage innovation
1. Provide financial support for innovation 2. Give employees the opportunity to work in an environment that can generate innovative ideas 3. Management actively encourages employees and customers to propose new ideas 4. Form a development project team and establish relevant management organizations 5. Recruitment policies should focus on recruiting employees with innovative skills and giving employees appropriate training. 6. Dedicated managers should be responsible for obtaining information related to innovative ideas from the environment or internal communications. 7. Strategic plans should contribute to the development of innovation goals. Achieve and reward employees who successfully achieve their goals.
Production operations strategy
Main factors involved
1. Batch size 2. Variety 3. Demand changes 4. Visibility
Capacity planning
1. Types of production capacity planning ① Leading strategy (increase production capacity according to expected demand) ② Lagging strategy (increase production capacity only when excess production is exceeded) ③ Matching strategy (increase production capacity in small quantities to cope with changes) 2. Balanced production capacity and demand method resource-to-order production (order -Resources-Production) The first to sign the contract. Order-based production (Resources-Order-Production) Inventory-based production (Resources-Production-Order) The last to sign the contract
Procurement strategy
Supply strategy
1. Few/single sources of supply (economies of scale, confidentiality, strong relationships, availability of high-quality supply, poor bargaining power, interruption of goods supply) 2. Multiple sources of supply (availability of specialized technology, strong bargaining power, unstable relationships, and no economies of scale) , no quality improvement) 3. Balance supply
Trading straregy
1. Market transaction strategy; 2. Short-term cooperation strategy; 3. Functional alliance strategy; 4. Innovative alliance strategy
Procurement model
1. Traditional procurement model; 2. MRP procurement model; 3. JIT procurement model; 4. VMI procurement model; 5. Digital procurement model
HR strategy
Advantages and disadvantages of internal and external recruitment
Relationship to basic competitive strategy
acquisition, training, performance, compensation
financial strategy
1. Value-added cash shortage (1): ① Improve operating efficiency ② Change financial policies ③ Increase equity capital - additional issuance and merger. 2. Value-added cash surplus (II): ① Internal investment acquisition ② Dividend payment repurchase 3. Impairment cash surplus (III): ① Increase return on invested capital ② Reduce capital cost ③ Sale of business 4. Impairment cash shortage (IV ): ①Reorganization ②Sale