MARKETING STRATEGY and COMPETITIVE POSITIONING Third Edition Q=», Graham Hooley John Saunders Nigel PiereyMarketing Strategy and Competitive Positioning THIRD EDITION GRAHAM J. HOOLEY Acton Business Schoo ‘ston Unvessty JOHN A. SAUNDERS Aston Basness Sehoo NIGEL F. PIERCY Wark Business Schoo! Urmersty of Wari PBI Prentice Hallarog ate ‘seer cz0 23 ean and Aas Camoares Drug wot Fret patna 1958 [Cony orion: Pe kyo mara ssa Stora eon panes 1998 Prin Ha torte (U9 te 199, 1908 ‘Sonor Edson Lite 2004 ‘The iso cara Hey, on Sauder a Nes Fey 0 be ted os ats ‘nano ave bot ascot tam m esa wih Cony Oats ane Pome a 088" gs esr st fh pucaton ny be reece, tre aio tr ‘esenoitedin aye ob ey mess, eect, mache acne ere ef ete, tou eer erwin permstin ee peer 9 ees PoE fered sang in tne Unto Krgsom es bts Cone Leone Ay 90 Tatra Court Rn, Lndon WAT LP ‘a wasemans vss nein wo te poperyo te esse omer. Te HE of nro te nsuch racer ar aa th ue such Vasomas [iy aan wi of rdocornt oe bok ssn oer. ‘Savas: sreasroessis ‘en Ube catsegingtn Paonia ‘ote sud ors bors ve Hor te Br Urey wesres ‘peseia 95/2291 Sane soy 35 ‘Pitan oun inet Beta Heng ine Oost hese cnet, 27 28D ‘he puter ply i tute per mance tom sostanaie rst.GRAHAM Te Jk, Tom a Kate JOHN ‘To Vee, Came ant Pant NIGELContents ioe Preface ‘Acknowledges ‘Abbreviations HERE] Werotna sete 1 ua 12 13 14 1s 2a 22. 24 25 Marketed strategie management Introduction ‘The marketing concept and market orientation ‘The resource-based view of marketing ‘Organisational stakeholders ‘Marketing fundamentals ‘The sole of marketing in leading strategie Summary (ese Study: Psion Diseussion avestons ‘Strategle marketing planning Intreduction Defining the business purpose or mision ‘The marketing strategy process Establishing the cone strategy ‘Creation of the competitive positioning Implementation amit ox eeeeeesit Contents 26 3a 32. a3 a4 as 36 37 Semmary ‘case Study: Payboy Discussion questions Portfoilo analysis, Introduction Postolio planning ‘The Boston Consulting Group Growth Share Matrix -Multi-sactor approaches to portfllo modelling ‘The proces of posfoio planning, Financial portfolio theory Resource portfolios Summary (case Study: Heine Discussion questions HERESY conetne maret Anais 4 4a 42. 4a 44 4s 46 47 ‘The changing market environment Introduction A framework for macro-enviconmental analysis ‘The economic and political envionment ‘The social and cultural environment ‘The technological environment (Changes in marketing infrastructure and practices [New strategies for changing environments summary ose Stuy: Smart houses Discussion questions 56 s7 a ° uEes sseR 0 100 10s 107 109 ua a3 usContents tk 5 Anaysis ofthe competitive envconment a7 Introduction nw 5.1 The Five Forces Model of industay competition 18 52 Strategie groups es 5.3 Industry evolution and forecasting 16 54 Envisonmental stability 9 SS SPACE analysis 132 56 The Advantage Matsbe 134 52 Summary 136 (case Sud: ign Megastore 137 Discussion questions 138 © Assessment of organisational resources 139 Introduction 139 6.1 Understanding marketing resources 140 62. The resource-based view of the fmm 14s (63 Tentifying the core competencies ofthe organisation 149 64 Auditing resources 183 65 temising marketing asets as7 (06 Assessing marketing capabilities m 67 Developing and exploiting resources 1 68. Summary 174 ‘case Stay: HIM Stores 175 Discussion quastions 7 7 Customer anatsis v9 Ireduction 19 7.1 What we need to know about customers 180 7.2. Marketing research 183x Contents 73 1 1s a1 82 ey a 85 oa 92 93 oa 9s 96 ‘The mazketing research process ‘Organising customer information summary ose Study: Procter & Gane ‘iscussion questions ‘Competitor analysts Fereduction ‘Competitive benchmarking ‘The dimensions of competitor analysis ‘Choosing good competitors ‘Obtaining and diseminating competitive information summary case Stuy: Eman Discussion questions Forocasting future demand and market requirements Introduction Forecasting what? Forecasts based on curent demand Forecasts based on past demand Forecasting through experimentation Forecasting through intentions and expert opinions ‘summary Case Study: Basing Discussion questions 198 195 198 199 201 208 208 m2 226 29 an we 233, 233 27 250 254 258 261 261[EBEEEE] «rose caren ne ure Compete ostons 40 101 102 103 104 106 107 108 109 10.10 Fry na na 3. aa us wa 122 ‘Segmentation and positioning principles Intioduetion Principles of competitive positioning Principles of market segmentation ‘The underlying premises of market segmentation Bases for segmenting markets ‘Segmenting business markets Identifying and descaibing market segments, ‘The benehis of segmenting markets Implementing market segmentation Summary ‘case tuo ntemet Exchange Discussion questions ‘Segmentation and positioning research [aroduction ‘A prio segmentation approaches Past hacleasternaed segmentation approaches ‘Qualitative approaches to pestioning research ‘Quantitative approaches to positioning research semmary (case Study Aslanet, 200 TV, Namaste and more Discussion questions Selecting market targets Introduction ‘The proces of market definition Defining how the market is segmented 295 303 306 aut 320 a3 335 336 337 a7 339 aeik Contents a 4 2s 126 17 HERES compettne Posttonng stratezes Fey Ba 132 13 134 138 136 ma 42 143 M4 145 146 Determining market segment atractiveness Determining current and potential strengths Making market and segment chotces Alternative targeting srateges Summary ‘case Stuy: Cadtac Discussion questions Creating sustainable competitive advantage Introduction Using organisational resources to create sustainable competitive advantage Generic routes to competitive aévantage ‘Achleving cost leadership ‘Achieving éiferentition Sustaining competitive advantage summary ‘case Stucy: Nokia Discussion quastions Offensive and defensive compete strategies Introduction Bulla strategies Holding and defensive strategies Market niche strategies Harvesting strategies Divestmenv/detetion ‘Matching managerial sil to strategic tasks 354 357 363 368 367 as7 367 370 an 37s 385 27 387 389 2 31 32 399 405 ‘or 408188 183 184 1s 156 187 158 164 162 163 164 165 165 Contes Summary case Susy BSI¥B Discussion questions Competing through strategie alliances and networks Introduction “The er of strategie collaboration ne anwes ot couaboration steategies “Types of network Alliances and partnerships Suategicallances as competitive force “The ssks in sratepe alliances Competing through strategie aliances summary ‘cave Stuy: Napster Discussion questions ‘Competing throug superior service and ‘customer relationshipe Introduction ‘The goods and sevies spectrum Relationship marketing “The thee Ss of customer service Providing supesior service ‘Measuring and monitoring customer satisfaction summary ‘Case Sty: Petite Pitt & cre Discussion questions 0 10 a a3 a3 ais aa 326 29 20 434 a7 438 42 rey aa 44s, 352 42 485 461 461 463xiv Contents 447 Competing trough Innovation 465 Introduction 465, 171 New product success and fature 466 17:2. Planned innovation 470 173. Thenew product development proces ars 174 Speeding new product development 481 175 Organising for new product development 482 176 Summary 485 Discussion questions «38, 18 Competing through emarketing 499 Jnttoduction «9 18.1 The goth of the Intemet asa marketing medium or 18.2. The metrics of emarketing 99 18.3 e-marketing research, sot 184 The impact of e-marketing on marketing strategy 50s, 185 Emerging themes in e-matketing sis 186 Summary sis ‘case Study Tesoo Onine 516 Discussion questions sie 19 Implementation through internal marketing so Introduction so 19.1 The development of intemal marketing se 19.2. The scope of internal marketing su 19.3 Planning for internal marketing sor 19.4 Partnership with human resource management 539 19.5 Summary 7 ‘case Study: DaimierChnser UK 548 Diccussion questions 59concisons 20 201 202. 20 204 ‘Marketing strategies forthe twenty-first century ntoduction “The changing competitive arena Fundamentals of strategy ina changing world ‘Competitive positioning strategies Summary (case Study: t's soa out there Discussion questions References Indices By author By company/brand By subject 353 553 54 60 sor sei sa 583 sea on «9“This book i about creating and sustaining superior peeformance inthe market ‘cretion ofa diferentil advantage. “The book inhudes new developments fn strategic thinking that have emerged in recent yeas. in particular, at approach emphasises the very diferent zoe that ‘organistions are defining for marketing asa strategic fore rather than just as fn operational department. It aso represents our goal of reaching a broader audience to include strategic decision-makers as wel 35 marketing specialist Some ofthe topes include service quality and relationship marketing, networks 4nd allianees, onovation, internal marketing and market forecasting. Greater ‘emphasis i given to the development of marketing resources and capabilites, ‘together with the need to eases the role of marketing in the organisation as 3 etal process and not simply a a conventional functional specialisation. “The Hook Structure Part Lie concerned with the fundamental changes that st taking place in how marketing operates in organiestions andthe increasing focus on marketing as 2 process rater that as. funlial speculation. Tae wena questions ofthe ‘market orientation of organisstons ana the nod to find better ways of respond: {ng to turbulent and ambiguous environments lead us 20 the proposal for marke ed strategie management and the framework for developing marketing strategy, which provides the structure forthe rest of the book, Discussion of "trategic marketing planning and portfolio analysis provides the groundwork for {bro citical sues on which we focus throughout tis volume: the choice of mar- Jet targets and the building of strong competitive positions. We have also added new matedals on the resource-based view of marketing art 2 deals withthe competitive environment in which the company operates. Different types of stategle envizonment are fst considered, roger withthe critical suctes factors fr dealing with each type Discussion then focuseson the “cratic triangle’ comprising of customers, competitors and company. Ways of analysing eae In turn are explored to help identify the options open to thesell Preface ‘company. The emphasis ison matching corporate resources, assets and capabil- Ides to market opportunites, Part 3 examines in more detail the techniques available for identifying market segments (or potential targets) and current and potenti) postions. Alternative bases for segmenting consumer and business markets are explored, as ate the ata collection and analysis techniques curently avaiable Part 4 returns to stategy formulation. Selection of market targets through con sideration of matket attractiveness and business strength i followed by « ds- ‘cussion of how to create a defensible postion inthe marketplace. Strategies for aspects of stategy formulation and execution. The roles of customer service In telationship-bulling, innovation to ezeate competitive advantage and internal ‘marketing to gain the implementation of marketing stateges throughout the ‘company an¢ Its sales organization ae ll discussed indepth, Part 5 provides a new perspective on competition for the tents century. “The various themes From the euler parts of the bool ae drawn together ‘order to identity the major changes taking place in markers, the necessary organ- Isational responses to those changes and the competitive positioning strateles that could form the comerstones of effective future marketing New to this edition ‘Two new chapters bave been added to the thie edition. Chapter 4 ¢the Changing Market Environment) now explores in greater detail changes in the marketing environment that face organisations in the 21s century. Chapter 18 (Competing Through -Ntarkett) looks spectacally at te impact the Icernet ‘is having on marketing strategies and approaches, In response to requests by adapters, each chapter now hat 3 cate sy, togsther with suggested questions atthe end. These ae taken fom recent ecitions of The -lnancil Times and are iekenced to ilusrate practical implications ofthe issues raised in each chapter. In addition all chapters have been extensively updated {include most recent thinking in masketing, and many neve examples, expe iallythase of an international nature, are offre, New! Supplement Download Site ‘Again, in response to demand, a supplement download site will now accompany this text. Visit wow booksites nevooey to acces the following: ‘= PowerPoint side presentations to accompany each chapter slong with discussion note suggestions of important issuesPrface xk 1» Move! answers to the end-of chapter discussion questions to asist lecturers 1 A number of suggestions for teaching modules using the Book at ‘undergraduate, postgraduate and postexperience levels are provided togctes with reading list and suggestions of other teaching materials such {a8 videos and additional cases that might complement the text. Intended Audience ‘This book Is intended fr eaders in the academic, professional and practitioner markets, who are linked by the need for an up-to-date understanding of the ‘meaning and scope of mazketing strategy and 2 framework to manage the czt- cal issues of market choice and competitive positioning, The material covered ‘nll be of cizect Importance to students of marketing strategy on both post: fraduate (MBA, MA and MSe) and undergraduate programmes as a marketing Strategy textbook. I will also be useful for those undertaking professional ‘aalifcaions in marketing and business needing to bud theit understanding fof marketing aca strategic la. We believe that the book will also be of vale to marketing practitioners who wish to explore new ways of looking at the marketing process and thee target markets, witha view to managing marketing ‘etter asa toute to grining an edge over their compestors Graham Hoey Jol Saures| ‘Nigel Plerey ‘August 2003Acknowledgements ‘We wish to acknowledge the many fiends, colleagues, stadents and managers acknowledge 2 number of outstanding management and marketing scholars With whoa we have been fortunate to work ant learn fom over recent Yea Professors Gary Aumstrong, George Avionitis, Amanca Beatson, Suzanne Beckmann, Jose Heras, Pere Berthon, Gite! Rotschen, Amanda Broderick, Rod frodie, Peter Buckey, Joli. Cadogan, Frank Cespes, David Cook, David Cravens, Adamantios Diamantopoules, Susan Douglas, Calin Fgan, Teck Eng, John Fahy, Krzysztof Fonfaa, Gordon Foxall, Mark Gabbot, Fi Gougun, Brendan Gray, Gordon Greenley, alah Hassan, J. Mac Hulber, Mike Hussey, Graham Kenvtright, Nick Lee, lan Lings, David Jobber, Hans Kasper, Costas atsikeas, Philp Kotler, Glles Laurent, Gary Lilien, Ray Lovertdge, Jim Lynch, Malcolm MacDonald, Sheelagh Mattar, HaB Mize, Kristian Moller, Nei Morgan, Hans Munibacher, Leyland Pitt, John Rudd, Bodo Sehlegelmitch, David Shipley, Stan Slater, Anne Souchon, Jan-Benediet Steenkamp, Vasils ‘Theohorait, Rajan Varadarajan, David Waller, Michel Wedel, David Wilson, Berend Wirenga, Robin Wensley, Michael West, Veronica Wong, Oliver Ya. ‘We would like to pay particular tribute t the role of our fiend and colleague, te tate Peter Doyle. We nave feared an enormous amount Tom Petr over te years and owe him an incalculable debt for helping us shape and sharpen our ‘dens. Finally, we acknowledge the help of Dr Brgite Nicoulaud in preparing the ‘manuscript, contzibuting examples and designing material for the instructors! ‘website. Brite is an outstanding management educator who has beea a source of both inspiation and encouragement during the development ofthis work We are grateful tothe Financial Thnes Limited for permission to reprint the following material Tsion opts to close its future in handheld organisers, © Financial Times 12 uly 2001; Playboy enters hardcore market, © Financial Times, 3 July 2001; Heinz clef says hell stick with tuna, © Financial Times, 18 June 2001; Smart housing for high-tech future, fiom Financial Times Survey ~ Residential Supplement, © PInancial Times, 19 May 2001; Branson sells French Megastoes, © Financial ‘Times, 27 July 2001; A bright Idea teaches HEM to keep things simple, ©Aelaowlecgomerts ei ‘Financial Times, 10 Jly 2001; Consumed by the Consumer, © Financial Times, 23 May 2001; Boeing predicts feet double, © Financia Times, 21 June 2001; Internet Advertisers, Wake Up and Smell the Coffee, © Financial Times, 10 July 200; Creative Busines: Could It Work Here?, © Financial Times, 1 October 2002; Caailac eyes ultasuxury car marke, © Financial Times, 6 January 2008; Behemoth Maintains Growth Prospects While Rivals Begin to Fee the Chill, © nancial Tones, 5 July 2001; ITV Launches Spor Channel on Digital, © Finacial Times, 12 July 2001; Spinning closer tothe edge, © Financial Times, 3 July 2001; Quality of Service isthe Key to Sucess, © nancial Times, 6 July 2001; Obituary Ely Callaway: Golf Club Pioneee with Drive, © Fisancio! Times, 7 July 200% ‘Online, instore, in profit and now in the US, © Financial Times, 30 June 2001; ‘Mercedes dealer claim victory on sales network, © Financial Tes, 14 july 200. ‘We ae grateful to the following for permission to use copyright materia: ‘A diferent tine Emap Performance i challenging MTV's dominance in muse television ~ aggresively and with a simmed-down approach, trom The ‘Financial Times Lite, 3 July 2001, © Alastale Ray; Figure 3.6 adapted wath the permission of The Free Press Division of Simon & Schuster Adult Publishing Group, from THE PIMS PRINCIPLES by RLD. Buzzel and BT. Gale. Copyright (© 1987 by the Free Press, All sights reserved, Figure 5.1 adapted with the per- mission of The Free Press, a Division of Simon & Schuster Adult Publishing Group, from COMPETITIVE STRATEGY: Techniques fr Analyzing Industries and Competitors by Michael E, Porter. © 1980, 1998 by The Free Press. All rights reserved; Figure 16.2 from Payne, Christopher, Clark and Peck (1995) Relationship Masketing for Competitive Advantage, pil, Oxford Buterworth- Heinemann; Figures 1644 and 169 adapted with kind permission of the ‘American Marksting Associaton from A, Paresuramsn, V.A, Zeithaml and {-L Berry, ‘A conceptual model of service quality and the implications for further Journal of Martins, Fall YO8S, p41; Figure 177 fears Wong. V (1993) ‘eas generation’ in identifying and Exploiting New Market Opportunities, Department of Trde and Industry. Crown copyright © 1993. Crown copyright ‘materials reproduced with the permlsion of the Controlier of Her Majesty's ‘Stationary Office and the Queen's Pinter for Scotland, Figure 18.4 from Crasing The Chasm by Geoffrey A. Moore. Reprinted by petmission of HarperCollins Publishers In, © 1991 Geoffrey A. Moore; Figure 18.6 reprinted by permission (of Harvard Business School Pres, ftom ‘Srategy and the Internet” by Michael Porter. Boston, MA 2001, p. 67. Copyright © 200% by the Harvard Business School Publishing Corporation; all rights reserved Figures 18.7 and 18.8 ‘reprinted with kind permission from The State of Retailing Online 5.0 (2002) 2 Shop.org survey conducted by Hoston Consulting Group; Forrester Research with comScore Networks; Table 1.1 from Market Driven Management, John ‘Wiley & Sons (Webster, FE. 1994) This material is used by permission of John Wiley & Sons, Ine; Table 4.1 Source: The world in 2003, Economist, [Newspapers Lte, London; Table 10.1 reproduced by permission of The Marketa petmouteagements Research Society, fom Occupation Groupings: A Job Dictionary, Sth edition, MS, 2002, ISBN 0906117275; Teble 19.2 adapted from Market Led Stateie Change: ‘Transforming the process of going to market, 2nd Baition by Piercy. Reprinted by permission of Bisever Ltd; Table 19.3 adapted from Internal macketing strategy: leverage for managing marketed strategie change in Irish Marketing Review Vol. 4No. 3, Mercury Publications (Piercy, NF. and Morgan N.A. 1991)Abbreviations ‘A Classification of Residentil Neighbourhoods inwtomate telling machine ‘oplalaset pricing model ‘compact dsc ‘chief executive oficee ‘customer relationship management Design For Manufacturing and Assembly {do it yourself decision-making unit Encyclopaedia Breannica ffdent Consumer Response ‘unique emotional propestion European Union General Agreement on Tariffs and Trade 1055 domeste product ‘general practitioner ‘human resource management {information technology. Justin time ey factors for succes ‘marketing decision support systems ‘marketing information system (Organisation of Petroleum Exporting Countries, personal computer political and economic, socal and technological environment] Profit impact of Marketing Strategy (study) research and development tesoutcebased view return on investment strategie business unit Standard Industry Classification state-owned enterpases strategic positon and action evaluation fanalsis} strengths, weaknesses, opportunities, threats [analysis]sh avoreitions tat Group index TQM total quality management USP unique selling proposition VALS Vas and Liertyles VCR videocassette recorder WTO World Trade Organisationostoring and markt choices. (Chapter 3 discusses the modem challenges tothe conventional ew of market Ing 3s simply a specialised function In an organisation, and the move towards examining marketing asa process of value cretion and deey fo customers that transcends racial departmental Boundaries. We examine the issue f Our OW Ing understanding of market arentaton as away af coing business tat places the customer atthe centre of operations, and aligns people, Information and stu ‘ures around the vauecreation proses. We also recognise the role of organ: isoonal rescues in creating sustainable compesive advantage. The chapter concludes with a set of fureiamertal marketing principles to guide the actions of organisations operating in competitive markets, anc by ening te role of ‘marie in tading and shaping strategc management. ‘Chapter 2 prosents a rarnework for developing a marketing strategy tht i tren ‘scons throughout the rest of th book. A three-stage process is roD0sed. Fst, the astnishment ofthe oo strate. This lwoWes detnig the business pur ose, assessing the altematves open tothe organisalon though an anaysts of ‘ster’, compton au tho resources uf Ue organisation, and deka on the Satogle focus that willbe adopted. Second isthe creation ofthe compte pos {ning for te company. Tis boils down tthe selection of the target markt) (wich dtstes wher ane orgorisation wit compat) and the establishment of 3 competitive advatage (wich spells cut how it wil compete). Third, implementa: ‘lon icuee ae claciased, such asthe achievement of poston toh the Use ‘ofthe marketing mi, orgeistion and contol ofthe maratng efor. Chapter 3 examines porto planing in a mi business oraniston. ferent product tyes ar considered, agate wth various techniques for modeling port folio balance (in terms of today and tomerron, cash uso ard generation, and isk ‘and retur. The concep of rescue ports is invaded ‘The eas ae amoworksprsonted in Par 1 ae used to structure the remands ofthe book, lacing into 2 more detailed discussion of market analysis in Pat 2, ‘segmentation and postoning ana in Part 3 and implementation of positioning Satis in PotMarket-led strategic ee management cee Iie success organization of ne future wh oe customeriocases, not product or technology focused, supperted by @ marketinformation Competence that links the voice ofthe customer to athe firm's value Gelvery processes... Successful marketing organizations will have the skills necessary to manage multiple strategie marketing processes, ‘many of which have not, until recenty, been regarded as within the domain of marketing. eoster 997) INTRODUCTION [the start of the third mitenrium there is some debate about whether mating, ‘a an approach to business end a a business function, has come of go, hae reached matuty ois In dctne. Wile « decade ago marketing was misunder ‘toes by mony senior managers ana (Peay ought to Be just @ new name Tor soling ane advertising toy most senior managers cols oor passaby cewsto ‘text00k defntons of marksting, canting on contig and saishing customer requirements ata proft, and most would probably ao claim tat thee businosses wore "mothe ofented’ In Greyse's terms, meeting hes suecesstuly ‘migrated’ from being a functional ccotine to being a concept of how businesses should be run (reyser, 1997), Sima, marketing staked of asa ey function in gare ‘ations otter than the conventional commetla! company — in nt‘orpreft eter ses such as charies and the ats, n poll partes, and even in pubic sector ‘organisations such asthe police service Homover the paradox Is that this is algo 9 tee when many companies are aban. soning marketing departments as they prepare to cope wit new ypes of market and increasing sophisticated customer, tough now types of orgaisations and ‘ollsrations between organisation,4 Chaper +/ Navotled svete management In fact, as we shall see in Chapter 20, thre have been recent challenges to the marketing function from sources as diverse os McKinsey concutans Brady and Das, 2995) ond by purpertdly ‘postr’ _ persuasion (e.g, row, A 1995), We sal erohate the cred of these chalenges in Chapter 20, sinough broadly they appear more concerned wh the operational aspects of marketing than the sratage. We shall argue troughout {hat while the organisation structires, operational methods and formal tapings! ‘of marketing can end should change to rect new developments and market spporunives, te philosophy and concest of marketing, 38 ceserbed In this ‘heoter, are even more relevant inthe marketing envionment faced now than ned some suggest that mary companies ave anyway done iti more han 98y lipserce to marketing and tothe funcamantal marketing eininle of making fos ‘on the customer a straogle rion). For example, a recent survey of major UK com ‘nies found the folowing evidence suggesting iipsence rather than eal com ‘ument to eustemors: 1 One hundred per cent ofa sample of senior management fom Times 1000 companies sid that customer sallstecon was the eal measure of success in fact most measure successful performance by short term fnaneas such 36 protax profit, and ony 60 por cant uso any form of customerbasod ertra to evaluate staf performance. 1 Seventy per cent of exeoutves sad the customer was thei ist oF ond ‘ory; atthe same time less than 24 por cant bokeved management tine spent with customers was Impotat, end only 34 percent saw it 2s important {o tain statin customer envi aie, 1 Sevens por cent sald they had a database for taget markting - however most none placed any valve at al cr developing relationships with those same custoners. (Wtereting Business, 1997) ‘tna be ess case of marketing alg’ or boing in dectine then not being pro ery understood or eectvely implemented in the frst place. Doyle (1987), for example, has csimed tht reltvely few companies have uc- ceded in moving beyond the ‘marking’ trappings of advertising, shorten soles _gowth and famoyat novation to achieve the substance ofa robust ravkotng strategy that procuces longer performance and strong shareholer value. Doyle ‘ltingushes between the fosonine:emaucion 8 1 Radia stratepes: Companies may achieve spectacular gowth in sales and ‘ros, tt becuse thay cont bul customer vl teu sure erodes 2nd saves they donot create longterm shareholder value. Chasers ‘of such stalegis ae thal they re eeauation based, or hey are marketing eperiment based fog high ovels of adoring and priferaing procuct. nos), ory are pub relations besed (med hype to att estore). ‘5 Rational strategies: Some achieve hgh shorterm performance by creating new product ta ae signieanty superior or cheap han vaso ‘compettors Examples of such statis are major innovations in tecnolegy, ‘marketing methods or dstibuten channels (eg. Amstrad i electronics and persona cuter (POs), Drect Line inthe tesomarking of franca ‘soroes, Sook Shop In specialty etal. Their weakness is that Nese Strategies offer no defersbe,sustonabe competive advantage (e. Diect Line's innovator telephone markctig for Eeancalsanices gained spectacslar “sortterm comattie advantage bit was easily imitated by comets). ‘Tay 20 not Dal longterm customer reationsies, and lena they a to produce longterm shareholder vate. 15 Robust strategies: Tose companies achive etsy performance over the lng tenn by creating superie customer vaus and bullng longterm customer relationship. Charsctrstes ofthese strates se: focusing on superiot custome value but recognising that no novation on its own canoer long ‘term advantage; making longterm iesiments in ostionsips wih suppios, «sours, employees and customers; processes of cortnaous lear, innovation and improvement and developing effective supply eheing ana information technology to deve superior operating perfomance, Examples Inoue Johnson & Johnson and Toya, Tho implication fs that he ea chllnge facing compari a8 they move ito the ‘went century is to go past mere lipsnvce to marketing’ and get to gps ‘ith what i requiod to aohieve sustainable, gtarm compative postion in the-marketplace, which wil ylel proft and shareholder value. Meeting this ‘challenge mey or may not ine a marketing department. wil certainly ino veloping a marketing svategy tat Is based on a profound undestancing of the marketplace to define a compete poston that Is defensible, and that is ‘supported ty continuous process of earing an Inprovemert in custome value ‘Ril certainly invoke competing against new benchmarks of superior sence ‘and relationship buling. and also competing through new business, models, ‘mary based onthe Intret tw depend on eur ably to understand and respond effectively othe demands of new and ferent types of customer. wl eran Invoie the success msnagementofimpiementalon of marketing stat, and 1a that tis imps fo erganisatona change.Chapter / Marketied stage management Indeed our voderstending of the fundementals of marketing Is increasing fendered by looking at marketing 36 ‘the process of going to marks’ (Percy, _ 2002) rather hana furtional or departmental tity in companies ~ cess that scien by value creation for castors. Webster (1997), or example, ‘ropoees that marketing should be thowght of 25 the design end management of all te business processes necessary to define, develop and dle value to customers, He evezoet that ast of marketing processes woul Hehude the follow 1 tue ening processes: roesses hat ena he ognisaion to understand of exstomer needs and pref vor bobavou, pot ure and 60 0, to understand is own resources and capsblles more cea, determine Is ‘om positon in the overall value cin and to assess the value creates ‘trough economic anasis of customer use systems; |= value developing processes: processes that crest value throughout the vue hain, such a6 procurement satey, new product and service develope ‘design of disrbuton channels, vendor selection, stategle partnership with enige provers (a. cred, database management, prosuet sence nd ‘sposal, pring strategy development and, ultimately, the development ofthe ‘ae proposton for eusomers; 1 Yalucdetnenng proceses: processes that anable the deiner of value to customers, incung sence deiner, customer relatlonship management, ‘management of cstibution and legate, communications processes (sch 3 Inne oontotof managing the process of ing o markt - value detton, vale ‘development and value delivery — te gol of his book so provide a igorous ana- Iyical tamaware for developing effective and robust marketing strategies apoio be both today ant, realy, nthe future. A process perspective Imples constant effort to increase value. Wo are interested not jus ning soutons to tosey's problems but also in building proaches tat wil enable eganisations to charge ‘and adapt as new opportuni ond teats se, ‘his fet chapter ots the ecene by exainng the marketing concept or market cfentation as the foundations of stratogic marketing, the role of marking in ‘ecressing various stakaholders in the organisation, and the omerging or of rescue based marketing sts‘The marketing concent sre matt eration 7 [EB 1 marc concent an mare oreraton LLL Evolving definitions of marketing, ‘One of the ealest pieces of codification and definition in the development ‘of the marketing dieipine was concerned with the matketing concept. Over 40 years ago Felton (1959) proposed that the marketing concept: corporate state of mind that exists onthe integration and co-ordination of ‘he marketing functions which, ia turn, are melded with al other coxpor- ate functions. for the base obiecive of reducing lonszanee ofits ‘More recently Kotler al (1996) have suggested that the defining character: istics that ‘The marketing concept holds tht achieving organisational goals depends on determining the needs and wants of target markets and delivering the desied sallsacions more effectively and efficlently than competitors do. A Its simplest, i ls generally understood thatthe marketing concept holds that, in mveasingly dynamic and competitive markets, the companies or organ- isations which are most likely to succeed ae those tha take notice of customer ‘expectations, wants and needs and gear themselves to satisfying them better than their competitors. It recognises that there is no reason why customers should buy one organisation's offerings unless they are in some way better at serving this wants and needs than those offered by competing organisations. mn fact the meaning and domain of marketing remains controversial. In 1905 the American Matketing Awociation reviewed more then 25 merkcting efiitions betoreaniving at thet own, now moe or less universally accepted definition (see Ferrell and Lucas, 1987), Marketing isthe proces of planning and executing the conception, pricing, planning and distribution of ideas, goods and services to create exchanges ‘hat satisty individual and organizational objectives, “This definition places marketing as process that is performed within an organ= {sation. This proces may or may not be managed by a marketing department or function. I leads to a model of ‘mutually beneficial exchanges’ as an overview ofthe cole of marketing, as shown in Figure 1.1. However, moving fiom textbook definitions of marketing to the realities of what marketing means operationally is more dificult. Webster (1997) points ‘out that, ofall the management functions, marketing has the most dificulty In defining its position inthe organisation, because its simultaneously culture,(Chapter / Maktlod stele management Figure 1 Mary bona exchanges strategy and tactics, Websters argument is that marketing Involves the following: ‘= Organisational culture: Marketing may be expressed a the ‘marketing ‘concept (Drucker, 1954; MeKiteriek, 1957; Keith, 1960), Le. a set of values and betes that drives the organisation through 2 furidamental commitment to serving customers’ needs as the path to sustained profitably. 1 Strategy: As sategy, marketing seeks to dovelopelfectve responses ‘changing market environments by defining market segments, and developing and positioning produc offerings for those target markets. Tactics: Marketing as tates is concerned with the day-to-day activites of product management, pricing, distribution and marketing communications such as advertising, personal selling, publicity and sles promotion, “The challenge of simultaneously building customer orientation in an organ- sation (culture), developing value propositions and competitive positioning (Guatey) atu ueveloping dale rarketing acon plans (acts) Is massive and complex, Its perhaps unsurprising that the organisational realty of mar keting often falls shor of hese demands. Market orientation “Marketing Science Inttute studies during the 1990 attempted to identify the specific activites that translate the philosophy of marketing int realty, Le to schieve market orientation. In one of the most widely quoted research steams in modem marketing, Kohl and Jaworsk (1990) defined matketcrentation in the following terme: 4 market orientation emtalls (1) one or more departments engaging in activ itles geared toward developing an understanding of custome’ cureent and future needs and the factor affecting them, (2) sbaring of this understanding“he manetng concent end srt oetation Figure 12 Componsnts apd cone of matt ovention ‘across departments, and (3) the various departments engaging in activites esigned to meet select customer needs. In other words, a market orientation fefersto the organization. wie generation, dlssemination, and responsiveness to market inteigence “This view of markt orientation Is concerned primarily with the development (of what may be called market understanding throughos an organisation, and ‘poses a substantial challenge to the execstive to develop ways to build thie market understanding (ee eg, Piercy and Lane, 1996). ‘In paale studies Narver and Slater (1990) defined masketovlentatlon as: ‘The organizational culture... dat mast effectively and fficinty creates the neces. sary behaviors for the eeation of superior value for Buyers and, tus, cantons superior performance forthe busines. From this work a number of components and the context of marketing are proposed (se Figure 1.2): 1 customer orientation: understanding customers well enough continuously ‘to create superior value for them; 1 competitor orientation: awareness ofthe short- and long-term capabllties of competitors 1» interfunctional co-ordination: using ell company resources to create value for target customers, 1 organisational culture: inking employee and managerial behaviour to customer satisaction; ' long term profit focus as the overiding business objective. Although findings are somewhat mixed there appeats to be growing empit- Jeal support for the view that achieving matket orientation Is associated withChaplr 4 / Martie stage management “able 11 The fo the new mating concept tect rong he ies edn so tae te ception’ stint competences. Define mating s+ mans ieligenc, Jape canoes pc. ‘Manage os proay, ot ses volume Mate iter ve the pug sa Lette este ine jal. Meare sel manage cosome expectations. Bai atone eaterahis ans ey egy and stcture. a me 14. Grow mth press lanes 1S) Deswey maietog bursa. ‘Source: Weber (1984) supetior performance on the one hand! and internal company benefits, such 35 femployee commitment and esprit de crs, on the other Jaworski and Kohli 1993; Slater and Narver, 1994). However, what has also been suggested Is that there may be substantial bar- lets to achieving market orientation (Haris, 1996, 1998; Percy a, 2002), snd the reality may be tat executives face the problem af ccatng and driving marketing strategy in situations where the company is simply not market ‘oriented in any real way. This Is probably atthe hear ofthe implementation problem in marketing (see Chapter 19), An interesting attempt to ‘reinvent’ the marketing concept for anew era of ferent organisational structures. complex tlationships and globalisation. ‘whieh may be relevant to overcoming th bares to market onentation, is made bby Webster (1994) He presents the new marketing concept as asc of gudelines for creating » customer-focused, market-driven organization’, and develops 1S, ‘ideas that weave the fabric of the new marketing concept (Table 1). ‘Webster's conceptualisation represents a useful attempt to develop 2 prag- matic operationalisation ofthe marketing concept ‘We can summarise the signs of marke orientation inthe following terms, and underline the links between them and our approach here to marketing strategy and competitive positioning: 1» Reaching marketing’s tue potential may rly mostly on sucess in moving ast marketing activites (tacts), to marketing a a company-wide sue of rel ‘customer focus (culture) and competitive positioning (state). The evidence supports suggestions that marketing has generally been highly effective in tactics, but only marginally effective in changing culture, an largely infect Ive in the area of strategy (Day, 1992; Varadarajan, 1992; Webster, 1997‘he resocabased vw of mavtang 4 1» One ley is achieving understanding ofthe market and the customer ‘houghout the company and building the capability for responsiveness to market changes, Te real customer focus and responsiveness of the ‘company isthe context in which marketing strategy i bull and Implemented. Our approach to competitive market analysis in Part 2 rovides many ofthe tools that ean be used to enhance and share an ‘understanding of th customer marketplace throughout the company. 1 Another isue Is that the marketing process should be seen as inte funetional and cros-dscplnary and not simply the responsibilty ofthe _marketing department. This s the real vale of adopting the process perspective on macketing, which is becoming more widely adopted by large positioning strategies that saperor service and value, and innovation t9 build defensible competitive positions, ey on the co-ordinated efforts of ‘many functions and people within the organisation. 1 Tis also clear that a deep understanding of the competition inthe ‘market from the customers perspective Is critical. Viewing the product ‘or service from the customer’ viewpoint Is often aitficlt, but without {hat perspective a marketing strategy is highly vulnerable to attack from, ‘unsuspected sources of competition. We shall confront this issue in Pat 3, ‘where we are concerned with competitive positioning 1 Finally, follows tha the issue is longterm petformance, not simply short- ‘erm results, and this perspective i implicit ll that we eonsier in building and implementing marketing strategy. framework fr executives to evaluate markt orientation in their own organ Jsatons Is shown in Box 1. Hosrevr, tis also important to make the palat at this early stage that marketing as organisational culture (the marketing concept nd market ontentation) must also be placed in the context of other avers of the values and approaches of the organisation.‘ culture that empharises eus- tomers as Key stakcholders in the organisation isnot inconsistent with one that also recognises the needs and concerns of shareholders, employees, managers, ‘and the wider social content ia which the organisation operates. [EB recor sed vow of matting ‘while academic researchers and managers in marketing have been obsessed over the last decade or so with understanding what being ‘matket oriented’ meant (how to measure it and how to build it), a evolution has been taking place in the field of strategic management, ‘The dominant view of strategy Inthe 1980s had been that propounded by, among others, Michael Porter ofthe Harvard Business School (Prte, 1980,12 Chapter / Wartatied sostage management Mate eat seamen 2. CUSTOMER ORIENTATION ‘Sig fener ages Sy fet Gauge know oteatanece coeet Senn GRU les te TERT reeds and veqrerents otectod regulary (ur corporate objective end cues a}eE(9 EESEr2EETEEI1EESEC) polices ae aimed dry a foun sg Alege Ce ae setcBlceea\cr080) We put maorefotiniobuldrg = 8 #8 “ong relaonhip th Ker ustrmars end customer group Werccognise teewtenect «55 # SB isnt poups oF segments n out ‘movie th erent needs snd We adapt our oes accoriiy Tota score for eustamer entation (out of 25), 2 COMPETITOR ORENTATION Seongy fave er Deagor sroay pant sage krow Invormation about conpetor ose stete(s Ensb!20H0gE(s/50000) ‘ste ie coc apr, We conduct regusrterenmaning 85 $32 a ‘against maior eompottor afeangs There srapidcespensetomior = 5 $32 compattor ations We pu major emprase on SBE staB(9 EBERT? SOREEI SNI0} fronting ores fom the erpetiton on factors imgorant toaustiones “Total score for competitor trientton (out of 20)‘he esoucenaced view of maniotng — 23 0 1. cones 8 LONG-TERM PERSPECTIVES We poe srestr pray on 5 4 8 2 2 0 longterm maret share gan than shorn proms We pu pore emphasis on buEEE(@ Sans SEEGER cIEESTEAEEEECC Improving our maret performance Decisions are gusesyiongiom «5S orsiderations rater than Shorun expecenay “otal sere tor ongtem Derpeaties (ut of 5) 4 INTER FUNCTIONAL COORDINATION ‘Seong Aeree Nether Oisagjee svong ont ages sage Krew Information aout customers (oauaars SeEEa}EGEE 2)cREEEstEEE(O Is widely creates ant ommunisated Wroatout he txganiston| ‘Te dmoren depatmentsintbe SA ‘vgrisation werk feel together o sone customer rand Tensions and ivares ban = « SA partments ae not alowed _etin the wey of Sering ‘ustomers tect, (onpaisation is exe ISaanars EEE STEGER ciEESEEAEEEELC) to enabie opportunities to be ‘ou0d ofeetel rater han ‘nerarchiealy constrained “otal sor for norunetons eardinaton (out of 20)4A cater 1 / Narkates svatage management Box 1. conned ‘5 ORGANISATIONAL CULTURE — stenay Agee” emer “DEN SuoKey Da age: sage ins Monpiopesrecopie merle 858 4 93 2 4 0 in hpi to help crete satishea end estomers| Reward structures se ely GuaEEA Ena 2)SuHa(Z SEEEET NnBEO} ‘eld t extemal maceet befomarce ard customer Sstotastor Senior management in fseoee stots ytssbto etegera staat) ferctona res ge top importance te creat setsied Seniormansgement mesings = «Ss #8 ‘ve nigh pry to eisousing ‘Soies at afer customer sstatexten Tous score for rgateatona utr (ou of 20) ‘Summary customer onentation out of 25) Compatiar xemton out of 20) Longterm perepctvos (ut of 15) ner untonalcorinaton (ut of 20) Organisational cute (ut of 20) ‘Total sor (ot oF 100) Imerpretation 130-100 lnicates« hh love! of market elntaton. Soares below S00 can el however, be ioroedt 0-20 ineats moderate market retain — ident the areas whore most imxovenert ‘sods. 40-60 shows 2 ong way to go in dovloing a markt cretion. Kony tbe main gaps and ot pies fraction to loge them 20-40 Indeates a mountin ahead of you! Sat he tp ad work your Way hough Some {actors willbe more whin you contol tan ater. Tac tose fet ote: 0 se on any oF ees ou nea oa ov mere au YU on MTThe resourcatases vew af marelng 25 igre 1.3 Manin opposes 1985). Under tis view the key to seateyy was deemed tole i industry dynamics and characteristics. Porter suggested that some industries were inherently more tractive than others, and that the factors diving Industry competition were ‘the key determinants of profitability. Under the new approach, however, the focus for explaining performance differences shifted from outside the Sm (the Industries in which it operated) to within the im sett. “Termed the resource based view of the firm (Wernerelt, 1984) or the focus on ‘core competencies (Prahalad and Hamel, 1990) this new approach suggested that performance was esenially driven by the resource profile ofthe organisa tion, and that the source of superior pesformance lay in the possession and deployment of distinctive, had to imitate or protected rercurces. ‘Gurtent views on suategy end marketing suggest tat these two approaches can be combined to the bene ofboth (see Hooley ea, 1998). They do, how ever, throw into stark elit the different approaches to strategy in general and ‘marketing in particular stil evident in many organisations today, Three main alternative approaches ae apparent (see gute 1.3): 1 Product push marketing: Under this approach fms centre their activities on their existing products and services and look for ways to encourage, oF even persuade, customers to buy. This is a myopic interpretation ofthe resource-based view we havea resource (our product or service) that we are ‘ood at producing and is fferent to what competitors offer. The key thing Js to make customers want what we ae good at. Day (1999) identified this, approach in the IBM statement of gals in 1983. Under that statement the Sim set out objectives to grow the incite, to exhibit product leadership across the entire product line, tobe most ecient in all activities ndertaken, ant sustain profitability. What Js remarkable about these16 chapter / wavtatiea svategie management gos is that customers are not mentioned once, The entire focus was on. ‘what IBM did ther (1983) and how it coud be dane more efficently Interestingly, IBM's performance inthe 1980s was poor. 1 Customer-led marketing: The other extreme Is customer led marketing (Slater, 1998) Under this approach organisations chase tetr customers at all costs, The goal ito find what customers want and, whateve Its, give {to them. This ean aso lead to problems. In the 1980s Procter & Gamble was being hit by increasingly agressive competitors and squeezed by Increasingly powerful retailers. It eaced by giving customers more choice, !heavy promotions and deals to stimulate purchases, and aggresive sles force targets. The result was product proliferation on a grand scale (there ‘were confused by the over-complex promotions (deals, coupons, offers, tc) and retailers became angry at having to stock a wide vatety of chotces on ther shelves. In the production process the produc line extensions caused chaos and logistics nightmares (Day, 1999) Being excesively customer led ‘an lead to a short-term orientation resulting In rival ineremenral product ‘development effors and myopic RED (Frosch, 1996). Christensen and Bower (1996) go further, suggesting thet firms lose their postion of Industry leadership... because they ste too carefully to their customer 1 Resource-based marketing In this book we advocate a middle ground between these two extremes, In this approach firms base their marketing strategies on equal consideration ofthe requirements ofthe maket and thei ables fo seve It. Unde tis approach a long-term view of customer requitements is taken inthe context of other market considerations (such 35, competitor offerings and strategies, and the realities of the supply chain), together with mapping out the asses, competencies and skils ofthe ‘organisation to ensure they are leveraged to the full. By the Ite 19805 BM Ina recat its approach in ts matket-diven quality campaign along the lines if we ean be the best at satisfying the needs and wants of customers Jn those markets we choose to serve, everyting important will follow’. The ewer approach recognised the centrality of the customer, but alo the need to be selective in which makes 0 serve, ensuring they were markets where IBM's resources its asers and capabilities) gave tthe chance of leadership. Resourcebased marketing essentially seeks a long-term St between the requirements ofthe market and the abilities ofthe orgeisation to compete in It This does not mean that the resources of the organisation are seen as fixed and static. Far from it. Market requirements evolve overtime and the resource profile of the organisation must be continuously developed to enable it to con- tinue to compete, and indeed fo enable ito take advantage of new opportuni: ies. The essential factor, however, is that opportunities ae seed where the lofganieation hasan existing or potential advantage throggh is resource Das, father than jest pursued ad hoe. These points wail be retumed to when weorganisational statehoigors 47 “iscuss the assessment of company matketing resources (Chapter 6) and the ‘citer for selecting thore markets in which to operate (Chapter 12) First, howevey, ne need to explore how market orientation and marketing sresoutces impact on organisational pesformance. To do this we introdce the idea of organisational stakeholders EE owersatonl stlenoisers ¥ ‘Why do organisations exist? The simple answer for commercial otganisations taser a esate those organisations. For non-commercial organisations, suchas charities, faith based organisations, puble services and soon, the answer may ie inthe desire to serve speciic communities. But organitations, both commercial and non: profit, are rarely deven by such simple goals. Often there are many demands, Sometimes complementary, sometimes competing, that drive decisions. For example, James Dyson's decision to move production of his household appl lances out ofthe United Kingdom tothe Far Eas in ealy 2002 for cost reasons (esponsibility to shareholders to operate efclenty) resulted in a considerable Tacklash from the local community over the impact on jobs and ivlihoods ix the region responsibility to employees and the loal community). "Al organisations verve multiple stakeholders (Harison and St Johe, 1994; ‘Mitchell a, 1997). Some, however, wil be given higher priority than others, inthe way decisions are made and resources allocated (Rowley, 1997; Ogden and ‘Watson, 1999). Research into the transition economies of Cental and Eastern Europe, for example, found that in many state-owned enterpuises (SOES) the major stakeholders were the employees, and organisational objectives centered ‘on providing conti of employment (Hooley etal, 2000). This exentation persist in many former SOES following privatisation and sel-off to the com- ‘mercial sector. For many ofthe commercial frms surveyed the prime objectives ‘enteted on profitability and return on investment. In the context of commercial organisations a number of primary stakeholders can be identified (see igure 1.4) Greenley and Foal, 1996, 1997). These include shareholders and owners, managers, employees, customers and supplies. While the marketorlented cutute discussed above serves to place customers high in the priority ranking, the reality for most organisations wil be a complex blend fof considerations ofall relevant stakeholders. Doyle (2000) alscusses tne motivations and expectations ofthe various stake- holder groups as follows: f= Shareholders may be of two main types. Fist, there may be individuals ‘with emotional and long-term personal ties to the business. Increasingly, however, shareholders nowadaYs ae nancial investors, both individual and8 Chapter 1 / Markatied srategle management Institutional, that ae seeking to maximise the long-term value oftheir Investments, Paradoxically, thi desite for longterm shareholder value may, ‘rive many firms to make short-term decisions, to maxise shate price oF ‘vidends. 18 Employees may also have long-term commitment to the fm. Ther Drortes are generally some combination of compensation (through wages and salaries), job satisfaction and security (f employment. These may be at ‘odds with the value ofthe frm to shareholders. Few employees would agree ‘hat thelr personal jb loss through ‘downsizing’ isa price worth paying for Increasing shareholder valuel Some firms, however, put 2 great dal of effort Into understanding employee motivations. Skandia, the Swedish insurance ‘compary, for example regulaly surveys employees with a view t aligning {her personal and corporate goats (Fortune, 11 March 2002). The Join Levis Partnership the UK retail group operating 26 department stores and 136 ‘Waitrose supermarkets with a turnover In excess of £4 blion, involve ‘their 38,000 employees indecision making through meetings between ‘management and elected staff representatives. Sta turnover is low and employees share in profits and have entitlement of sabbatical breaks | Managers are also concered with personal reward i the form of salves, and prestige Profesional managers may have es long tren commitment ‘to the firm and se thelr roles as temporary staging poss on their longer- term caeee joumeys. Managerial 'succes'Is often measured by short-term {gains (in sales for example, ox efficiency, which may not necessary equate tw longer-tarm performance improvement forthe frm. 1 Customers ae the ultimate source of shareholder valve. As Doyle (2000) points out, even the most focused financial manager understands that the source of a company's long-term cash Aow ists satsied customers’ (p. 23)Orgmistonsstshehalers 10 “Theres, however, an Inherent danger of pursuing customer satisfaction a the expense of al other considerations. Customers might be ‘delighted’ by lower prices or higher quality offerings than competitors, but if the “underlying costs exceed the prices that customers are prepaed 1 pay the firm will not remain in business very long. In this respect the blind pursuit ‘of customer satisaction may be at odds with longer-term shareholder value ‘ration. Many of the ilated extravagant customer offers made by the Internet-based dot.com in recent years underline the fact that customer value cretion must be balanced with other ites, “Suppliers and distributors aso have a stake in the business. Suppers rely om the firms thy serve to ensure the achievement of their own goals. ‘Agun, supplies may be fookng for security, preaictulty ana saustactory ‘margins. When the UK retailer Marks & Spencer (MBS) hit francial problems in 1999-2000 many ofthe long-term relationships they had ‘with thelr suppliers such as Couztauls became cauaties, MES Degan to ‘source materlals wider afield to cut costs and the tus and relationships ‘built over along period of time with ther suppliers wore quickly eroded, ‘ending in legal action in some instances. Distributors too ae stakeholders in the business. Inthe automobile industry, car distributors are normally closely allied to individual car makers with exclusive franchises (hough, the European Court is ikely to change this). The successor otherwise of the ‘manufacturer in developing and marketing the right cars forthe market will, {impact directly on the cistibutor. Again, the distributor may be seeking predictability and continuty at satisfactory margins for non-profit organisations the identification of stakeholders and the sequirements may be even more complex: |= owners ofthe onganisation may be hand to ntty and ther Interet lite todefin. For example, who ‘owns’ the Catholic Church, or Greenpeace, or the Labour Party? Many might argue thatthe owners are those who support to such organisations, the churchgoers, the activists and the members. Or are employees (suchas the Fope and the clergy) the owners? In the case of ‘organisations such as the Heath Service, or the police sevice, or education, are the owners society in general the taxpayers who foot the bil, = the ‘government of the day that sets pronitles and performance targets? ‘= Customers may be define as those the organisation secks to serv, “The customers ofthe Catholic Chusch may be those who attend mass on Sundays. They may also, however, extend fo others the Church wishes 9 Appeal to and whose behaviour and beliefs it seks to influence. Who ate the customers ofthe Health Service ~ che patients? Or those who avoid the service through heeding health warnings? Who are the customers of higher ‘education? The students? Their parents tho fund them? Or the employers ‘who seek ther skill on graduation? Who ae the customers forthe20 ‘Chapter / Marktied strategie management at police service? Society In general that needs protection from criminal? ‘The ciminals themselves? Or the taxpayers who fund them? Different Aefntions of customers may result in different interpretations of what they axe looking fer, what ther expectations and requirements are. Faure to ‘enti and meet the needs of ciferent customers destroys market postion. For example, while doctors and police officer struggle with the idea that they exist to provide customer value, ther position is beng eroded by the ‘1oWth of alternative medicine and private secunty services. 1 Employees, we might conclude, are relatively easy to identity, Their motivations, however, may be far more complex than in the commercial sector, What motivates nutes to work such long, hard hours fr relatively Tate Saari near? wy Go people wiunteet to sail chenty ops for 1a payment? Why do scivsts risk thir lives to prevent the dumping of oil platforms or nuclear wart at sea? In the non-profit sector employees may of ‘ay not receive financial rewards. Often thee prime motivators, however, tre not nancial but cente fae more on sitistaction derived from contributing 0 «cause they cherish or valu. While the considerations of many of the above stakeholders may be com- plementary they may aso confit at times (Clarkson, 1995). For example, the desire of shareholders for long-term value creation may be at odds with the demands of suppliers and dstnitors for continuity, security and satisfactory ‘margins. The demands placed on a frm through being customer led may have significant impacts on the roles and activities of managers and employees, not all of them welcome. This confusion may be compounded when individual Stakeholders asume mote than one role. For example, managers and employees may also be shareholders in commercial organisations. They could also, from ‘time to time, be their own customers! In any organization there will bea blend of orientations towards the various stakeholders. We would argue, however, that a strong orientation towards the market, a discussed at the outset ofthis chapter, can be @ unifying force that helps achieve other stakeholder goals. “The contribution of marketing to stakeholder objectives: ‘There is increasing evidence that firms which do well in the marketplace also do ‘wall inanclally, adding to the value of the fm for shareholders. Homburg and Phesser (2000), for example, have shown that fs adopting a market-rlented ated across Europe it seems a very good one to expat ~ hence the movernent of the US retailer Walact (through its acquisition of Asda) ageinst the Tong- established competitors, such as Sainsburys and Tesco. Stability ina market may be another attractive feature. Although small, the market for academic journals |s very attractive and hasbeen expotted very succesfully by MCB. lito attract- Ive features, beside the low fluctuation in demand, are the relatively low price sensitivity of subscribers, paticlary in the supposedly hard-pressed bras, and the mailing lst associated with the publications. Certain, if the desice is {that occupies @ dominant postion in & mature market than one in a growth ‘market of uncertain future. Note how long the leading brends in mature markets have survived and how short has been the hfe of companies inthe leetronics industry In order to understand their own portfolio moe fully, General Electric (GE) devised a matrix that was able to show busines strength and matket attractive: nes actoss a multitude of dimensions. gure 3.8 shows atypical example. The CGE Marker Atractiveness-Business Postion Matix considers two Sets of factors that appeat to influence the relative attractiveness of Investing In a business. ‘Business in this context could conceivably be defined as an. Indvidual produc, 2 product line, 2 market segment, a business unit or even a division. Te fist set of factors addestes the favourably of the market in which the busines is located. The second refers to critela by which the business of company's position in a market i judge to be weak or stong, Al these criteria fare then employed to construct scores of market attractiveness and of Dis ‘ess position. These are plotted usually on a3 3 matrix depicting the relative baste poston Ze O i—| oS i low gure 38 The GE matiTA chaos 3 / Porto anais Investment opportunity fora business. Normally, sin the Growth Share Matix, the business Unit is represented on the chart by a cele, the diameter or aca lof which corresponds tothe sles volumes of the business. Sometimes the size of the crcl represents the market size rather than the size of the company’s business and parts ofthe cic ae shaded to represent the busines's absolite marketshare. 331 By any other name “The GE matrix soften known by other names, such asthe Mult-actor Portfolio ‘Matrix or the Stoplight Matix. Another similar model, anda refinement on the GE matrix, which evaluates business sector prospects together with the com- ny’ competitive position, s the Directional Polley Matrix, developed by Shel. Either technique s applicable to almost any diversified busines with separately {identifiable sector: for example, an engineering company offering a range of products and services, or an electrical company where the separate busines sc- tors might be different ryps of electrical spplisnees. The main isue isto meas- ‘ure the two dimensions forming the axes ofthe matrix. To do thls the factors "underlying each dimension must be identified, measured and brought together ‘to provide an index or value. 32 Identifying the factors ach company has to decide on its list of factors that make a market ‘arractive!| ‘ora business position in a marke ‘strong’. Experience suggests the factors listed fa Tate 3.1 ae ann the at Important ‘The importance ofeach factor depends primarily on the nature of the pro- ‘duct, customer behaviour, the company Itself and the industry in which it ‘operates, For example, for commodity products low production cost and high entry bariers may be important contributors to business position and industry attractiveness respectively With more highly differentiated products fr example precision measurement instruments, specialised machine tools and so forth) the customer seeks technical innovation, aceuracy or other benefits. Relative technological status may be a prime eontibutor to business position and being ‘fst in’ with neve processes of technology having patent protection may be a ‘major factor in determining market attractiveness. Identification of the relevant factors requltes detailed examination of cus tomers, competitors, market characteristics the extemal enviconment ane the organisation itself. It also relies on management judgement, experience and an appreciation ofthe techniques limitations. The later, hopefully, avovds easy {generalisations made by management.Mutitactrspproaches to pert modeling 78, “Table 31 Fcterscootbuing tomate tractvenes and snes pesion ‘erscivene of he market Marke fers ‘Sk al its Bot) Se of ey spmeats (Geom ae per year Seents Dienty of mate ‘Sesto pre see tts ae oy again power of upseeam suppers Sarganng omer of downs pls Gompettion factors ‘ype a eompentee Degie of concentaton Changs type and ic hanes Snare Stun by aw tecnlogy Depiesand typ of negation ‘nancial and ccna factors Contbstion mage Teverging cto ich a economies of ‘aie and epenence arses to ety ore bah acs "oem cacy utisaton Tecnlaiaftns atty end vlty Compe Dietentton Fates el opis Manufacturing pots technology ‘qed Saclopoltcal factors your evo Sect tier nd toe Lave and govereent agency egultont nuece with resi ous snd ovement eps ntman factors, soc at nonstion ond ‘commit acetanee ‘Siatsposton of your busines Your share uate em) Yourstae of y seen’ Yout anal owt ate “Toa! Segments ives your patlation Your infec on the mast ago es your sks Surging poner of you supers aging foe of Your eee ‘ere you now you compan tems of rote ating Po Serve, precion eng oe “ten management Segeats ou ave ett ote ‘our else sare change Your wanes one tchaalogy ‘You ow ea negation Your margios our Sele and experience Baro your entry a ee oth aca ‘snd aon anca) vou ep atstion Your bit 0 cope wt change Depo yor ‘Types of your eehlogia ls “ur pteat protectin. ‘Your manufacturing techlogy ‘Your compony’s responsiveness 2nd ‘say ‘one company’ att cope ‘Your company’s seasons ‘Your company’ eationsips76 Chapt 3 / Portola snayis as oo ‘Secmology a5 ‘Tote 33 Busines pon 1 Pradac technology ‘caren quay ° ew technobey as 2h ins tien os Py! stibuion as Exper o ‘Sle as Sines os 333. Scoring the factors » » » 109 os rat euce Having tdontied the relevant factors the analyst has to summarise ener into measures of marke attractiveness and business poston. This can usualy be done by assigning scores to each factor (0.0 = los 0.5 = medium: 1.0 = high), then ‘weighting each facor depending on is relative importance. Finally, the score and ‘weighting foreach facto ae multiplied together to obtain the factor’ rating oF ‘vale i respect of the twa variables ~ markt attractiveness and basis position. ‘Tables 3.2 and 3.3 provice hypathetieal examples ofthe scheme, Tie sam of the values under each varable would then be used to plot the location of the business analysed in the matin, Scores and weighting area matter of managerial judgement and experience, but in practice the weightings have much less impact on the final outcome than ane might expect. 334 Implications for marketing strategy ‘The GE model wes return on investment (ROD a5 the csteion for assessing an investment opportunity in contrast to the cash flow criterion used in thetice approaches to peo modeling 77 Roston Consulting Groyp Growth Share Matrix A busines located in the upper left pat ofthe matrx, that is one showing high overall attractiveness, would be indicative of ane showing goad Investment opportunity: the business shows & high ROL ‘The GE mode has useful implications for niatketing strategy. The analyst ‘or planner can use to plan in three stages. First, the model could be wed to ‘lasalfy the curtent opportunity facing the business given the present business strategy, industry character and competitive structute. Second, an analysis of future macket environment and postion could be conducted assuming no major changes in suategy ate made, Third, the latter process could be repeated several times but with new and alternative suategc options explored. Diferent assump- Finneran he made awit sheeivec an! Investments the ut ne the Panes each time the proces is repeated. ‘The final choice of strategy requires estimation of long-term costs and benefits| ‘of contemplated changes, ax well as consideration of competitors’ reaction to any strategic change, Several major sutegic options are usually avalabe in terms of changes in business postion: 1. Invest to hold or maintain current business position: The investment has tarbe sufficient to keep up with market changes. This option Is Ukely to make sensei market of decining attractiveness 2. Invest to improve market postion ofthe business: Such a strategy tequles| sulficient investment to penetrate the marke, thereby strengthening the busi ess. Its usually undertaken in the erly development or growth phase ofthe market 3. Invest to rebuild: This i a igh investment strategy aimed at restoring oF revitalsing business postion in a maturing or declining market, 4. Selectivity: This strategy sims atstengtiening position in segments where benefits of penetration or rebuilding exceed the costs, for example DUNG ‘problem children’ up to star! olttng them turn int ‘pets 5. Low investment or harvest the business: This option i usualy elected over period of me. The business tends tobe subject to selective investment over the short teem and eventually ‘cashed in’ when the price i night. The strategy may be appropriate for businesses holding strong positions in declining markets ~'eash cows, for example, ‘other strategie options are aso available, such as investing hesviy to enter new ‘markets, orto withdraw or divert from the market because the business Is not ‘able a all. 385. Limitations of muithfactor approaches: Market attractveness-business postion analysis focuses on the ROI potential of ltemnative busines strategies. In away ican be used to complament traditional‘Crapo $/ Ponto anaaie portfolio analysis that looks at the cash ow implications of strategy. The tech- nique does, however, contain practical limitations. ‘Many factors influencing the two major vatables might have been consid- cred. These are not specified ut are based on manager’ subjective juegement, ‘The problem is whether al relevant contributory factors ae identified by pla- ners, Weightings of relative importance of factors ae also decided subjectively, not specified by any objective procedure. Subjectivity can be @ problem, espe- ally if planners are inexperienced or incapable of exercising the judgement required, The other side ofthis coin, however, Is that its very subjectivity makes it easier to tallor tothe specie conditions facing an Individual frm. Tndeed ‘much ofthe value of such a too ies in the discussions and debates necessary to “Another limitation is the unproven relationship between infuencin factors and the overall dimensions (market atractveness and business postion) them selves, For instance, management recognises that its company’s technological Jnnovativeness gives ita strong status inthe market, but the form and direction ‘of that relationsip is not specified or easly quantifable. Again, informed ‘debate about the nature and form of such relationships can be highly beneficial Despite the limitations and practical cificltes in assessing future changes and strategic choices to deal with them, the technique has useful implications formarketing strategy. The limitations may be somewhat minimised if manage- ‘ment uses informed judgement throughout the assessment (Le. Judgement Dbaed on detailed examination of information about customers, markets, com: petitors and so on) The model can be wed to bul up a qualitative picture of the product portfolios of other companies, hence providing useful insight into competitors market positions and business strengths. EE re rocess of porto penning aa Whichever portollo model is used the portfolio planning process has four Stages: defining the unit of anayss, analysing the curent position of each busi- ness unit, examining the Interelationships between the business units and, ‘anally, projecting the future portfolio. The Growth Share Matix wil be used lysate the portolio planning process. Define the unit of analysis ‘The definition of the unit of analysis for portfolio planning isa eiticl stage and one that is often poorly done in practice. The Growth-Share Matix was originally intended for use at the strategie business unit level, where these are generally defined as subsidiaries who ean operate independently as businesses inThe process of patti planing 79 their own right. In realty, however, Boundaries are sekdom clearcut and the problems of definition can be substantial (see Haspeslagh, 1982; Gluck, 1986) Dracitoners have often used the Growrth-Share Matix to look at products rather than busines units ot provide a pictorial presentation of international ‘matkets. These applications do not canform strity to those for which i was Doriginaly intended, but its value a a means of presenting much information stil remains and thre is no danger, proving is limitations are kept in mind, ‘Where products ae selected asthe unit of analysis its important that market shares and growth cates elect the more specific market sectors in which they are operating. In the “yellow fats’ (buter and margarine) marke, for example, Van den Bergh has an extensive portfolio of products n the various segments of ‘each would need to be assessed in he light of ts shaze of ts chosen segment and the dynamics of that segment, rather than assessed in relation to the market ‘overal. Similarly computer manufactarers will need to assess market shares and _rowth rate of spcii sectors ofthe market (desktop, notebook, ec: 0 enable Useful conclusions tobe drawn. 482 Analyse the current position of each SBU For istrative purposes the Growth-Share Matrix has been drawn to show the position of individual SBUs fora fictitious company in Figure 2.9. The calibra- ton of the vertical axs Is somewhat apbivary but the central point (which in {hs case Is set ata 10 per cent market growth rate) would logically refer to the rate of growth that reflects a switchover fom the growth phase ofthe product lite eyete to easly maturity. In other words the point at which investment in i OTe Se. Noe, SE gure 39 The Growth Share Matrix prevention‘haps S/ Panto anabs srowth apscty, RAD, marketing expenditure) becomes less necessary and ‘ash surplus can begin to be diverted to other activites rater than ploughed back in, ‘Tae upperand lower limits of the axs should be set to ranges that ae typical of the industry concerned. in the example these ate set at between a 25 per cent growth and a5 per cent decline. Whereas the scale suggested may be quite adequate fr an evolving industy, in some markets a 25 per ent rate of growth ‘would be way below what Was expected. Whatever scales ae chosen users should expect that sometimes business tants will off the scale or be congregated in markets with similar growth rates, Its mos important to note thatthe versicl axis refers to the market growth 4a market shouldbe in a horizontal line across the plot. This means that a com- pany which gains marketshare and sales Would be shown as maving across the [Growth-Share Matix from right to left ather than up It. Conversely, a fll i ‘markt share wil esult in movement to the right rather than downwarés. ‘The horizontal ais, marketshare, is much more rigidly defined by the or ainators of the model. It s a logarithmic scale with the centre being at 1.0, the le-nand limit being at 10 and the right-hand limit at 0.1. Here ie must be remembered thatthe appropriate measure Is not marketshare but relative ‘market share. In the orginal model the Boston Consulting Group advocated ‘measuring marketshare relative to the largest competitor. Hence a score of‘ Indicates share equal to the biggest competitor (the sort of hea-to-head battle experienced between equally placed rials such as Cadbury and Nests in the UK confectionery make), 10’ indicates a massive market dominance where the focal business is ten times lange than its nearest rival this indicates essentially ‘4 monopoly position), and “0.1 indicates a weak follower with one-tenth the share ofthe maet lender. ‘An ltemative ueasure of relative sare fs wo compare om sane avecage sizeof the top three players in the market. Both measures of relative ‘markt share tendo be rather brutal ince they mesn itis impossible for anyone ‘other than the market leader to be shown on the left-hand, high-rated market share side of the bos. ‘Asa final pictorial a to representation each SBU is represented a a circle with ts centre corresponding tales marketshare and growth rates, and an area proportional to its sales, ln Figure 3.9 the curent postion of SBUs is represented by cecles. The arrows emanate from the curtent positon ofthe SBUS and point to ther projected positions in the next planning period “The impact of this summary presentation is a reason forthe popularity of the Growth Share Matis. It provides an easy to understand portayal of the business units ofa company where thei sie and position have clear managerial implications.‘The process of gortl planing BA 43. Examine interreationships “The proposed intereationships between the SBUS has been suggested In the success sequence in Fgure 3.7 and the fe cycle and death eyele in Figure 3.1. ‘These ideas ae proected om to Figute 3.9 t0 show the sources and-zpplcatons fof funds. Two pets and problem child ate shown as being divested and thete- fore generating funds, Potential fund flows are aso indicated from the cash pet that is being harvested, an from the cash cows. Its kely that most ofthe cash generated by the sas and the cash cows remains within thelr business units but Some ofthe cash taken from them and that from the divestments Is shown as Invested in the problem children, here it could be used in an attempt to shift them close to being stars ort start new ventures ‘This ratlonale forthe sources and allocation of funds has been described by practitioners as one ofthe major values of the box. Its on call for headquarters to explain how the SBUs need to be managed and it can help SBU managers ‘argue for the cash they need. {Md Project the future for esch SBU "The model can be wed to sepzesent the likely future of each SBU and to help choose strategies appropriate for them. Problem children that are tobe retained _must breakeven so 35 not to bea drain on cash or be grown aggresively belore 8 slowdown in their markets, and dominance by competitors, make this too ‘ifcult or costy to achieve. Since the problem children are in growth markets ‘is particularly important to see marketshare gain rather than mercy ses Improvement. Irthe assumptions ofthe Boston Consulting Group are corret it ‘would be wrong to anticipate that these problem children, which are set to {10m would be able to do 0 on the basis of internally gonerated funds alone ‘Stars may be given growth objectives that are dificult to achieve for politcal lor compedtve reasons tis not uncommon fo see an early market leader slowly lose share as moze companies enter the market. What Is important isto retain market share and grow with the market, maybe taking market share gains as {a shake-out occurs. This may appear to be a smooth process but the shifts that {do cccur ae often the result of alscontiaulty in produc, technology or market ‘evelopment, iscontiuities Which canbe to the advantage of aggressive entrants. “Two main dangers fora star busines are excessive ling and satisfaction ath sales growth eels that lave marketshare eroded, A company thats oversttchied by tying to cultivate too many problem children or maintaining too many pets may find the milking of is star to support them an irsistble temptation. ‘The main concern for cash cows isthe generation of cash now. There may cceasionally be opportunites for further market share gain, but expedience shows that once markets ae mature companies and brand shares remain sable for long time. Attempts to build share furthe, especially through price wats82 Chapter 3 / Poole anahisis uring maturity, can be costly and may reduce cashflow significantly. For these business units appropriate strategies wil focus on the maintenance of market share and the generation of adequate profit levels. Future funds for the com- pany’ development may depend on the continued success ofthe cash cows bt ‘BOW s TREY TO Come frou he grow marRes Decupied by fhe’ problem enildren or the star “The atte foreach SBU represented by an artve connecting it present and projected position. This direction is a function of the uncontrolled change in ‘market growth and the market share strategy being pursued by the SBU. For 8 ‘successful company many of these improvements will show marketshare gain bat it may also be appropriate to show a decline in market share where compet ‘ion i intensfvine and aneatlv lead is bln lst ora eth case In Heute 3.9. cash pets being malked to provide funds for SBUs with greater promise [345 Project the future portfolio fief to tele own devices SUs will ten to drift down the Growth Share Matrix 4 markets mature and from lft to right as competitors win share. This ditto ‘bottom right suggests the need fora company to reste ts future porto and seek out opportunites and markets that may create fomoetow’s breadwinner. This has proved one of the most dificult tasks of large, mature companies, ‘whieh inevitably find it hard to find new grow industries to replace those on whieh they have depended for so long. Many of the blue chip companies in retalling groceles andthe ol industy fall into this category. Global expansion provides some opportunities fr growth but when tha has been achieved it may be time to give the profits back to the shareholders. n adition tothe product portfolio planning models described above, other researchers have suggested the ‘Value of nancial portfolio planning techniques. Tere and newer approaches Planning the competence portfolio are discussed below. EE rei rte teany “The mean variant cule sugested by Markowitz (1952) has led Snanciess into

Vous aimerez peut-être aussi

• The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life

  

  D'Everand

  The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life

  Mark Manson

  Évaluation : 4 sur 5 étoiles

  4/5 (5794)
• The Gifts of Imperfection: Let Go of Who You Think You're Supposed to Be and Embrace Who You Are

  

  D'Everand

  The Gifts of Imperfection: Let Go of Who You Think You're Supposed to Be and Embrace Who You Are

  Brené Brown

  Évaluation : 4 sur 5 étoiles

  4/5 (1090)
• Never Split the Difference: Negotiating As If Your Life Depended On It

  

  D'Everand

  Never Split the Difference: Negotiating As If Your Life Depended On It

  Chris Voss

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (838)
• • Magazines
  • Podcasts
  • Partition
• Principles: Life and Work

  

  D'Everand

  Principles: Life and Work

  Ray Dalio

  Évaluation : 4 sur 5 étoiles

  4/5 (599)
• The Glass Castle: A Memoir

  

  D'Everand

  The Glass Castle: A Memoir

  Jeannette Walls

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (1712)
• Hidden Figures: The American Dream and the Untold Story of the Black Women Mathematicians Who Helped Win the Space Race

  

  D'Everand

  Hidden Figures: The American Dream and the Untold Story of the Black Women Mathematicians Who Helped Win the Space Race

  Margot Lee Shetterly

  Évaluation : 4 sur 5 étoiles

  4/5 (895)
• Sing, Unburied, Sing: A Novel

  

  D'Everand

  Sing, Unburied, Sing: A Novel

  Jesmyn Ward

  Évaluation : 4 sur 5 étoiles

  4/5 (1103)
• Grit: The Power of Passion and Perseverance

  

  D'Everand

  Grit: The Power of Passion and Perseverance

  Angela Duckworth

  Évaluation : 4 sur 5 étoiles

  4/5 (588)
• Shoe Dog: A Memoir by the Creator of Nike

  

  D'Everand

  Shoe Dog: A Memoir by the Creator of Nike

  Phil Knight

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (537)
• The Perks of Being a Wallflower

  

  D'Everand

  The Perks of Being a Wallflower

  Stephen Chbosky

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (2104)
• The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers

  

  D'Everand

  The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers

  Ben Horowitz

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (344)
• Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

  

  D'Everand

  Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

  Ashlee Vance

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (474)
• Bad Feminist: Essays

  

  D'Everand

  Bad Feminist: Essays

  Roxane Gay

  Évaluation : 4 sur 5 étoiles

  4/5 (1015)
• Her Body and Other Parties: Stories

  

  D'Everand

  Her Body and Other Parties: Stories

  Carmen Maria Machado

  Évaluation : 4 sur 5 étoiles

  4/5 (821)
• The Outsider: A Novel

  

  D'Everand

  The Outsider: A Novel

  Stephen King

  Évaluation : 4 sur 5 étoiles

  4/5 (1839)
• The Sympathizer: A Novel (Pulitzer Prize for Fiction)

  

  D'Everand

  The Sympathizer: A Novel (Pulitzer Prize for Fiction)

  Viet Thanh Nguyen

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (121)
• The Emperor of All Maladies: A Biography of Cancer

  

  D'Everand

  The Emperor of All Maladies: A Biography of Cancer

  Siddhartha Mukherjee

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (271)
• Angela's Ashes: A Memoir

  

  D'Everand

  Angela's Ashes: A Memoir

  Frank McCourt

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (440)
• Brooklyn: A Novel

  

  D'Everand

  Brooklyn: A Novel

  Colm Toibin

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (1937)
• The Little Book of Hygge: Danish Secrets to Happy Living

  

  D'Everand

  The Little Book of Hygge: Danish Secrets to Happy Living

  Meik Wiking

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (400)
• The World Is Flat 3.0: A Brief History of the Twenty-first Century

  

  D'Everand

  The World Is Flat 3.0: A Brief History of the Twenty-first Century

  Thomas L. Friedman

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (2259)
• A Man Called Ove: A Novel

  

  D'Everand

  A Man Called Ove: A Novel

  Fredrik Backman

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (4609)
• The Art of Racing in the Rain: A Novel

  

  D'Everand

  The Art of Racing in the Rain: A Novel

  Garth Stein

  Évaluation : 4 sur 5 étoiles

  4/5 (4200)
• A Tree Grows in Brooklyn

  

  D'Everand

  A Tree Grows in Brooklyn

  Betty Smith

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (1929)
• The Yellow House: A Memoir (2019 National Book Award Winner)

  

  D'Everand

  The Yellow House: A Memoir (2019 National Book Award Winner)

  Sarah M. Broom

  Évaluation : 4 sur 5 étoiles

  4/5 (98)
• Steve Jobs

  

  D'Everand

  Steve Jobs

  Walter Isaacson

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (806)
• Devil in the Grove: Thurgood Marshall, the Groveland Boys, and the Dawn of a New America

  

  D'Everand

  Devil in the Grove: Thurgood Marshall, the Groveland Boys, and the Dawn of a New America

  Gilbert King

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (266)
• The Woman in Cabin 10

  

  D'Everand

  The Woman in Cabin 10

  Ruth Ware

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (2322)
• Yes Please

  

  D'Everand

  Yes Please

  Amy Poehler

  Évaluation : 4 sur 5 étoiles

  4/5 (1891)
• A Heartbreaking Work Of Staggering Genius: A Memoir Based on a True Story

  

  D'Everand

  A Heartbreaking Work Of Staggering Genius: A Memoir Based on a True Story

  Dave Eggers

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (231)
• Team of Rivals: The Political Genius of Abraham Lincoln

  

  D'Everand

  Team of Rivals: The Political Genius of Abraham Lincoln

  Doris Kearns Goodwin

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (234)
• Fear: Trump in the White House

  

  D'Everand

  Fear: Trump in the White House

  Bob Woodward

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (738)
• Wolf Hall: A Novel

  

  D'Everand

  Wolf Hall: A Novel

  Hilary Mantel

  Évaluation : 4 sur 5 étoiles

  4/5 (3811)
• John Adams

  

  D'Everand

  John Adams

  David McCullough

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (2409)
• On Fire: The (Burning) Case for a Green New Deal

  

  D'Everand

  On Fire: The (Burning) Case for a Green New Deal

  Naomi Klein

  Évaluation : 4 sur 5 étoiles

  4/5 (74)
• The Light Between Oceans: A Novel

  

  D'Everand

  The Light Between Oceans: A Novel

  M.L. Stedman

  Évaluation : 4.5 sur 5 étoiles

  4.5/5 (789)
• The Unwinding: An Inner History of the New America

  

  D'Everand

  The Unwinding: An Inner History of the New America

  George Packer

  Évaluation : 4 sur 5 étoiles

  4/5 (45)
• Manhattan Beach: A Novel

  

  D'Everand

  Manhattan Beach: A Novel

  Jennifer Egan

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (792)
• The Constant Gardener: A Novel

  

  D'Everand

  The Constant Gardener: A Novel

  John le Carré

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (104)
• Frank Wood's Business Accounting 1 Twelfth Edition

  

  Document29 pages

  Frank Wood's Business Accounting 1 Twelfth Edition

  EricKHLeaw

  100% (2)
• The Effect of Profit or Loss On Capital and The Double Entry System For Expenses and Revenues

  

  Document23 pages

  The Effect of Profit or Loss On Capital and The Double Entry System For Expenses and Revenues

  EricKHLeaw

  Pas encore d'évaluation
• Rise of ISIS: A Threat We Can't Ignore

  

  D'Everand

  Rise of ISIS: A Threat We Can't Ignore

  Jay Sekulow

  Évaluation : 3.5 sur 5 étoiles

  3.5/5 (137)
• Little Women

  

  D'Everand

  Little Women

  Louisa May Alcott

  Évaluation : 4 sur 5 étoiles

  4/5 (104)
• Strategic Management Revision

  

  Document4 pages

  Strategic Management Revision

  EricKHLeaw

  Pas encore d'évaluation
• Vistana Hotel: - Elaine Leaw - Choo Teck Cheng - Khaw Chuan Xuan - Tan Huey Wen

  

  Document13 pages

  Vistana Hotel: - Elaine Leaw - Choo Teck Cheng - Khaw Chuan Xuan - Tan Huey Wen

  EricKHLeaw

  Pas encore d'évaluation
• Revision Midterm

  

  Document1 page

  Revision Midterm

  EricKHLeaw

  Pas encore d'évaluation
• Marketing Strategy and Competitive Positioning PDF

  

  Document647 pages

  Marketing Strategy and Competitive Positioning PDF

  EricKHLeaw

  Pas encore d'évaluation
• Creative IMC Message Strategies

  

  Document36 pages

  Creative IMC Message Strategies

  EricKHLeaw

  Pas encore d'évaluation
• Strategic Management Revision

  

  Document4 pages

  Strategic Management Revision

  EricKHLeaw

  Pas encore d'évaluation
• Common Module Listssss

  

  Document2 pages

  Common Module Listssss

  Jeffrey Butler

  Pas encore d'évaluation
• The Double Entry System For Assets, Liabilities and Capital

  

  Document25 pages

  The Double Entry System For Assets, Liabilities and Capital

  EricKHLeaw

  Pas encore d'évaluation
• MH370

  

  Document1 page

  MH370

  EricKHLeaw

  Pas encore d'évaluation
• Chapter 7

  

  Document26 pages

  Chapter 7

  EricKHLeaw

  Pas encore d'évaluation
• Chapter 5

  

  Document17 pages

  Chapter 5

  EricKHLeaw

  Pas encore d'évaluation
• Chapter 5

  

  Document17 pages

  Chapter 5

  EricKHLeaw

  Pas encore d'évaluation
• The Double Entry System For Assets, Liabilities and Capital

  

  Document25 pages

  The Double Entry System For Assets, Liabilities and Capital

  EricKHLeaw

  Pas encore d'évaluation
• Chapter 3

  

  Document31 pages

  Chapter 3

  EricKHLeaw

  Pas encore d'évaluation
• Groupon Final PDF

  

  Document57 pages

  Groupon Final PDF

  EricKHLeaw

  Pas encore d'évaluation
• Trends: 1. Mobile commerce/M-Commerce 2. Loyalty Programs Key Threats: 1. Intense Competition 2. Waning Customers Activity/less Customers Activity

  

  Document1 page

  Trends: 1. Mobile commerce/M-Commerce 2. Loyalty Programs Key Threats: 1. Intense Competition 2. Waning Customers Activity/less Customers Activity

  EricKHLeaw

  Pas encore d'évaluation
• Group Assignment. Business Mathematics

  

  Document2 pages

  Group Assignment. Business Mathematics

  EricKHLeaw

  100% (1)
• Brand Impact On Purchasing Intention. An Approach in Virtual Social

  

  Document9 pages

  Brand Impact On Purchasing Intention. An Approach in Virtual Social

  EricKHLeaw

  Pas encore d'évaluation
• Corporate Social Responsibility in Commercial Banking

  

  Document3 pages

  Corporate Social Responsibility in Commercial Banking

  EricKHLeaw

  Pas encore d'évaluation
• Topic 1 BA100 Intro

  

  Document14 pages

  Topic 1 BA100 Intro

  EricKHLeaw

  Pas encore d'évaluation
• Corporate Social Responsibility in Commercial

  

  Document21 pages

  Corporate Social Responsibility in Commercial

  EricKHLeaw

  100% (1)
• Planning and Creating A Value Proposition: The Offer: Inc. Publishing As Prentice Hall

  

  Document31 pages

  Planning and Creating A Value Proposition: The Offer: Inc. Publishing As Prentice Hall

  EricKHLeaw

  Pas encore d'évaluation
• Chapter 1 - Persist

  

  Document19 pages

  Chapter 1 - Persist

  EricKHLeaw

  Pas encore d'évaluation