Podcast
Questions and Answers
What does the concept of segmentation primarily focus on in the context of value creation?
What does the concept of segmentation primarily focus on in the context of value creation?
- Identifying the best price point for products
- Analyzing the internal structure of a company
- Understanding the diverse needs of different market groups (correct)
- Determining the optimal promotional strategies
Which strategy is NOT part of sustaining value according to the content?
Which strategy is NOT part of sustaining value according to the content?
- Customer Relationship Management
- Branding and Sustainability
- Cost Reduction Measures (correct)
- Innovation
Which of the following is included in the 4 P's of delivering and capturing value?
Which of the following is included in the 4 P's of delivering and capturing value?
- People
- Promotion (correct)
- Process
- Partnership
In the context of the Product-Market Matrix, which growth strategy is characterized by introducing new products in existing markets?
In the context of the Product-Market Matrix, which growth strategy is characterized by introducing new products in existing markets?
What is the main function of business intelligence within the value perspective framework?
What is the main function of business intelligence within the value perspective framework?
Which factor is NOT directly mentioned as an aspect of measuring outcomes and adjusting strategy?
Which factor is NOT directly mentioned as an aspect of measuring outcomes and adjusting strategy?
What perspective does the 'value system' primarily focus on in relation to the company?
What perspective does the 'value system' primarily focus on in relation to the company?
What method is suggested for delivering value through the utilization of channels?
What method is suggested for delivering value through the utilization of channels?
Which of the following aspects contributes to the creation of customer value?
Which of the following aspects contributes to the creation of customer value?
Which component is NOT part of the go-to-market approach as outlined in the content?
Which component is NOT part of the go-to-market approach as outlined in the content?
Which strategy involves bringing a new product into an existing market?
Which strategy involves bringing a new product into an existing market?
What is the primary risk level associated with diversification?
What is the primary risk level associated with diversification?
Which scenario is an example of market development?
Which scenario is an example of market development?
What is the least favorable position for a product in the Growth-Share Matrix?
What is the least favorable position for a product in the Growth-Share Matrix?
Which risk level is associated with market penetration strategies?
Which risk level is associated with market penetration strategies?
In the context of the Growth-Share Matrix, what typically happens to products classified as 'Stars'?
In the context of the Growth-Share Matrix, what typically happens to products classified as 'Stars'?
Which of the following represents a medium risk strategy?
Which of the following represents a medium risk strategy?
What is a common characteristic of a business operating under a diversification strategy?
What is a common characteristic of a business operating under a diversification strategy?
Which example best illustrates market penetration?
Which example best illustrates market penetration?
According to the Growth-Share Matrix, what is the ultimate goal for products classified as 'Cash Cows'?
According to the Growth-Share Matrix, what is the ultimate goal for products classified as 'Cash Cows'?
Flashcards
Market Penetration
Market Penetration
Focusing on selling existing products to existing customers. Example: Offering discounts or launching new marketing campaigns.
Market Development
Market Development
Selling existing products to new customer groups. Example: Entering new geographic markets or selling to different types of customers (B2B vs. B2C).
Product Development
Product Development
Introducing new products to existing customers. Example: Launching a new version of a product or adding new features to existing products.
Diversification
Diversification
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Growth-Share Matrix
Growth-Share Matrix
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Stars
Stars
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Cash Cows
Cash Cows
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Question Marks
Question Marks
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Dogs
Dogs
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Product-Market Matrix
Product-Market Matrix
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Strategies from Product-Market Matrix
Strategies from Product-Market Matrix
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Study Notes
Defining Management and Classifying Management Models
- Management models are defined and classified
- Different market dimensions impact company value
Understanding Value Creation
- Value is created through segmentation, targeting, and positioning
- Business models and go-to-market approaches (4 Ps) are defined for value delivery and capture
Sustaining Value
- Strategies to sustain value include digitalization, internationalization, innovation, branding, and sustainability, platform strategies
- Outcomes are measured and strategies adjusted
Managing the External Environment
- A value perspective is applied to understanding the 5Cs (Context, Company, Collaborators (value system), Competitors, Customers) in business intelligence
- Key aspects include market segmentation, target market selection, product/solution, place/channel, promotion/communication, pricing, internationalization, customer relationship management, and innovation, branding, sustainability, CSR, and digitalization
- Outcomes are measured to adjust strategy
This Session's Objectives
- Defining a business model and go-to-market approach using the 4 Ps (Product, Promotion, Place, Pricing) for delivering and capturing value
- The 4 Ps are for both delivering and capturing value
Resource-Based View
- The resource-based view relies on resources
- Resources are categorized as tangible and intangible
- Tangible and intangible resources must be heterogeneous and immobile to provide competitive advantage
3M Technology Platforms
- 3M's core technologies are explored in different contexts
- This includes materials, processing, and applications
Product/Solution
- A concept presentation on product/solution
End Products & Core Competencies
- Products are categorized into core products 1 and 2, with separate competencies for each
- End products derive from these core products and core competencies
Diverse Portfolio of Solutions
- A set of solutions is presented (LifeASSURE™ PFS and PDA Series, Filtrete™ HVAC Products, Vent/Air filters, Commercial filters, Sterilizing grade filters, Endotoxin removal, Particulate control, Bioprocess monitoring tools, Clarification, Buffer/Media Filtration, Single-Use Storage, Biocontainers)
- Biological indicators are also mentioned
Frameworks to Manage a Product Portfolio
- Two frameworks are presented: Product-Market Matrix and Growth-Share Matrix (Stars, Question Marks, Cash Cows, Dogs categories)
- The Ansoff Matrix is also indicated
Market Penetration
- Illustrated by a promotional example of Coca-Cola products
- Focusing on the existing market (EURO 2020)
Product Development
- A product development example involving Oreo and Coca-Cola is presented
Market Development: Internationalization
- Coca-Cola's Fuze Tea launch in Europe is highlighted, demonstrating internationalization
Diversification
- Wonolo, a platform for on-demand staffing is described
- Diversification examples for roofing products are given
Market Development: Business Customers => Consumers
- Nespresso's example shows how businesses can transition to serving consumers.
Nespresso: Professional Services
- Nespresso Professional Services include ordering, recurring orders, after-sales, recycling, substitute machine, and online support.
Market Development: Consumers => Business Customers
- Apple's rise as a corporate customer favorite is highlighted
Growth-Share Matrix Details
- The matrix is explained in detail, defining the terms Stars, Question Marks, Cash Cows, and Dogs in the context of product portfolios
- The matrix is helpful in evaluating product portfolios dynamically.
- It is critical to balance the portfolio and track constantly
- The matrix originated with the Boston Consulting Group in 1970.
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