MGMA01H3 Chapter Notes - Chapter 18: Operational Excellence, Market Orientation, Cost Leadership
Document Summary
Strategic group: a group of firms in an industry following the same or a similar strategy in a given target market. Although competition is most intense within a strategy group, there is also rivalry among groups (due to overlapping customer segmentation) Benchmarking: the process of comparing the company"s products and processes to those of com- petitors or leading firms in other industries to identify best practices and fine ways to improve quality and performance. April 24, 2011 4:27 pm: competing against strong competitors may sharpen a company"s abilities and provides greater returns while consumes many resources. Customer value analysis: analysis the benefits that target customers value and how customers rate the relative value of various competitors" offerings. Entrepreneurial marketing: companies visualize opportunity and construct flexible strategies. Formulated marketing: companies begin to develop formal marketing strategies and follow them closely. Interpreneurial marketing: focus on research and updating their competitive strategies, but at the same time loose their creativity.