Summary of the New Super Competitors From Strategy+Business Magazine
In this article, he takes the reader step by step through a diagnosis and analysis of changing cost patterns as well as through the formulation of a strategic solution.
Elements such as performance, competitors and customers are analysed in this stage. Objective Analysis will provide a clear path to the company in terms of the revenues and sales targets that should be achieved in a stipulated time limit to obtain the desired market share. The main outcome of this analysis is to shape the marketing strategy for the company based on the corporate strategy as to what the company aims to achieve within a time frame. Strategies part of SOSTAC mentions about the need for segmenting the target market and then specifically design the products based on the needs of the customers in each segment. In this stage, the company will go onto design its individual strategies on segmentation, positioning and competitiveness to place the product in a safe position in the market. Strategy emphasizes on the need for designing a USP for each of the product to give it a competitive edge over the existing products in the market. Tactics will help design the 4Ps of marketing by carefully selecting the right mix in order to achieve optimum results in terms of sales. Tactics also inform about the different ways of promotional activities and communication techniques that a company should take up in order to get the attention and create awareness among the target market. Actions refer to the action plan the company should have about who does what and how the strategies are executed. The focus of the company at this stage will be budgets, staff and risk analysis. The allocation of resources and work break down structure are defined in this stage as well as key performance indicators are determined along with the bench marks that are supposed to be achieved.
When conducted effectively, it can help you carefully choose where to focus your attention and resources, so that you don’t try to be great at everything. The aspiration to become a supercompetitor changes the heart of a company’s identity, both today and in the future. When companies understand their strongest potential capabilities, and build a strategy around them, they are not just giving themselves a competitive advantage. They are shaping the future of their industry.
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