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BUStrategicPlanBasicsJune2001Thispresentationcontainsdetailed
notestotheslides.Ifyouareviewingthedownloadedversion,pleaseclickonNotesPageintheViewmenutoseebothslidesandcommentary511246BUStrategicPlanBasicsJune2DESCRIPTIONOFMATERIALSThisdocumentwasdevelopedasatrainingpresentationforthenewlyappointedbusinessunitCEOsofanAsianfamily-ownedconglomerateThepurposeofthisdocumentistoguidenewCEOsthroughthebasicelementsofdevelopingaBU-levelstrategicplanThispackincludesacompaniondocument,“BUStrategicPlanTemplateBook,”whichprovidescompletenessandconsistencyofBUstrategicplansubmissions.ThesetemplatesarenotintendedtoreplaceorconstrainBUstrategicthinkingandshouldbeadaptedtoreflectaparticularBU’ssectoralcontextasrequired2DESCRIPTIONOFMATERIALSThisdWHATISABUSTRATEGY?Astrongbusinessconceptthatdrivesanintegratedsetofactionsthatcreatesvalueby:Creatingproducts/serviceswhosevalueexceedsthecostofprovidingthemCapturingvaluefromcompetitors,customers,distributors,suppliers,andproducersofsubstituteproductsandservices3WHATISABUSTRATEGY?AstrongRATIONALEFORPROPOSEDDEFINITIONAstrongbusinessconceptthatdrivesanintegratedsetofactionsthatcreatesvalueby:Creatingproducts/serviceswhosevalueexceedsthecostofprovidingthemCapturingvaluefromcompetitors,customers,distributors,suppliers,andproducersofsubstituteproductsandservices1. Recognizesdualroleofcreatingandcapturingvalueinallelementsofbusinesssystem2. Forceschoices6. Competitive7. Externallyoriented,customerdriven4. Recognizesimportanceofcostascompetitivetool5. Considerstrade-offsbetweenbenefitprovidedtocustomersandcoststheyincur3. Givesconsiderationtoallelementsof
thebusinesssystem4RATIONALEFORPROPOSEDDEFINITCOMMONELEMENTSOFREAL-LIFESTRATEGIESVisionWhere?Strongbusiness
concept
comprising:Howto
compete?Integrated
setofactionsDevelopedhighqualitystandardsandexcellentoperationalproceduresFocusondevelopingcriticalmassofstoresandestablishingmarketdominanceMcDonald’sexperiencedphenomenalsuccessinglobalizationdueto:SuccessfullyscreeningfranchiseesandadedicationtointenseinitialandongoingtrainingConsistentdeliveryofhigh-qualityfoodandservicearoundtheworldHugeeconomiesofscaleandpowerfulsupplierleverageCapitalizationof“American”appealofMcDonald’sSuccessintailoringassortmentmixtomeetlocalneeds“Wewanttobetheworld’sbestquick-servicerestaurantexperience”“Wewillofferconsistentlyexcellentqualityacrosstheworld”Targetingabroadsetoftheurbanpopulation,increasinglyofferingabundledproduct(meals)atalowpriceinmajorcitiesaroundtheworldMcDONALD’SEXAMPLE5COMMONELEMENTSOFREAL-LIFESBUSTRATEGYREVIEWINTERACTIONSHighlyinteractivedebatedrivenbyfact-basedunderstandingofenvironmentandinternalcapabilitiesHowdoyouexpectCompetitorAtoreact?Howsustainable
isyourbusinessmodel?Canitbeeasilyduplicated?Howrobustareyourcontingencyplans?Howquicklycanyoushiftyourbusinessemphasistocaptureindustryopportunities?BUCEO6BUSTRATEGYREVIEWINTERACTIONBUSTRATEGICPLANDEVELOPMENTIndustrydynamicsandimplicationsEnvironmentalandinternalassessmentCompetitiveassessmentInternalassessmentWhatarethemajorchangesinindustrydynamicsandresultingopportunitiesandrisks?Whatareyourcompetitivestrengthsandweaknesses?Howdoesyourcurrentbusinessemphasisfitwithindustryopportunityandcompetitivelandscape?StrategyarticulationStrategicdefinitionandimplicationsStrategicinitiativesFinancialprojectionsWhatstrategywillyourBUpursueoverthenext3years?Whatwillbetheimpactofmajorstrategicinitiatives?Whataretheexpectedfinancialreturnsofyourstrategy?++++Risk/contingen-cies&strategicalternativesWhatstrategicalternativeshaveyouconsidered?+7BUSTRATEGICPLANDEVELOPMENTIINDUSTRYDYNAMICSANDIMPLICATIONSEconomicsofdemandBysegmentSubstitutes,abilitytodifferentiateVolatility,cyclicalityEconomicsofsupplyProducerconcentrationanddiversityImportcompetitionCapacityutilizationEntry/exitbarriersCoststructure(fixedandvariable)IndustrychaineconomicsCustomerandsupplierbargainingpowerWhatarethe
majorchangesinindustrydynamicsandtheresultingopportunitiesandrisks?Howisindustrystructurechangingwithrespecttodemand,supply,andindustrychaineconomics?Whataretheresultingopportunitiesandrisks?Whatistheexpectedcompetitorconduct?Whataretheresultingopportunitiesandrisks?Whatarethepresentandfutureexternalfactorsthatcouldpresentnewopportunitiesandrisks?MajorindustrycompetitormovesMarketinginitiativesIndustrycapacitychangesM&As,divestituresVerticalintegration/disaggregationAlliancesandpartnershipsCostcontrolandefficiencyimprovementsImpactandlikelihoodofmajorindustrydiscontinuitiesChangesinregulation/governmentpolicyTechnologicalbreakthroughsKeyquestionSubquestionsIssuestobeconsidered** MayormaynotbeapplicabletoallBUsWhatindustryareyoucompetingin?Whatarethevarioussegmentsintheindustry?IndustrydefinitionIndustrysegmentationDefinitionSizing8INDUSTRYDYNAMICSANDIMPLICATSEGMENTANALYSISILLUSTRATIVEIndustryboundariesSegmentsIndustrysegmentsRelativelydistinctsubgroupingswithintheindustryMarketisrelativelysimilarwithinthesegmentbutdifferentacrosssegmentsDifferentindustrydynamicsmayvaryinimportanceindifferentsegments9SEGMENTANALYSISILLUSTRATIVEInProducersIndustrySTechnologybreakthroughsChangesingovernmentpolicy/regulationsDomesticInternationalEconomicsofdemandAvailabilityofsubstitutesDifferentiabilityofproductsRateofgrowthVolatility/cyclicalityEconomicsofsupplyConcentrationofproducersImportcompetitionDiversityofproducersFixed/variablecoststructureCapacityutilizationEntry/exitbarriersIndustrychaineconomicsBargainingpowerofinputsuppliersBargainingpowerofcustomersMarketingPricingVolumeAdvertising/promotionNewproducts/R&DDistributionCapacitychangeExpansion/contractionEntry/exitAcquisition/merger/divestitureVerticalintegrationForward/backwardintegrationVerticaljointventuresLong-termcontractsInternalefficiencyCostcontrolLogisticsProcessR&DOrganizationaleffectivenessFinanceProfitabilityValuecreationTechnologicalprogressEmploymentobjectivesExternalshocksFeedbacktructureConductPerformanceSTRUCTURE-CONDUCT-PERFORMANCE(SCP)MODEL10ProducersIndustrySTechnologyb1. DeterminantsofsupplierpowerDifferentiationofinputsSwitchingcostsofsuppliersandfirmsintheindustryPresenceofsubstituteinputsSupplierconcentrationImportanceofvolumetosupplierCostrelativetototalpurchasesintheindustryImpactofinputsoncostordifferentiationThreatofforwardintegrationrelativetothreatofbackwardintegrationbyfirmsintheindustry2. DeterminantsofbarrierstoentryEconomiesofscaleProprietaryproductdifferencesBrandidentitySwitchingcostsCapitalrequirementsAccesstodistributionAbsolutecostadvantagesProprietarylearningcurveAccesstonecessaryinputsProprietary,low-costproductdesignGovernmentpolicyExpectedretaliation5. DeterminantsofrivalryIndustrygrowthFixed(orstorage)cost/valueaddedIntermittentovercapacityProductdifferencesBrandidentitySwitchingcostsConcentrationandbalanceInformationalcomplexityDiversityofcompetitorsCorporatestakesExitbarriers3. DeterminantsofbuyingpowerBargainingleverageBuyerconcentrationvs.firmconcentrationBuyervolumeBuyerswitchingcostsrelativetofirmswitchingcostsBuyerinformationAbilitytobackward-integrateSubstituteproductsPull-through4. Determinantsof
substitutionthreatRelativepriceperformanceofsubstitutesSwitchingcostsBuyerpropensitytosubstitute2.Newentrants3.Buyers4.SubstitutesIntensityofrivalry1.SuppliersPricesensitivityPrice/totalpurchasesProductdifferencesBrandidentityImpactonqualityperceptionBuyerprofitsDecision-makers'incentives5.Industrycompetitors"FORCESATWORK"FRAMEWORK111. DeterminantsofsupplierpoOpportunitiesandthreatsHowaredemandandsupplyexpectedtoevolve?Howdoyouexpecttheindustrychaineconomicstoevolve?Whatarethepotentialmajorindustrydiscontinuities?Whatcompetitoractionsdoyouexpect?YourBUSWOTANALYSISConvert
opportunitiesBuildonstrengthsNeutralizethreatsAddressweak-nessesStrengthsandweaknessesWhatareyourBU’sassets/competenciesthatsolidifyyourcompetitiveposition?WhatareyourBU’sassets/competenciesthatweakenyourcompetitiveposition?Canbeusedasathought-starterforcompetitiveanalysisandinternalassessmentDiscoverspotentialopportunities/threatsarisingfromfactorsexternaltotheBU12OpportunitiesandthreatsYourSCPAPPLIEDTOLEXMARKRapidlychangingtechnology,e.g.,birthofportable,handheld,wirelesscomputersRapidlychangingcustomerpreferencesPossibilityofapaperlesssociety,givenincreasingenvironmentalconcernandriseoftheInternetEconomicsofdemandInk-jetprintersreplacinglaserinnonnetworkenvironmentHighpricesensitivity;minimalopportunityformajorproductdifferentiationGrowthoflaserandink-jetprintermarketsstablebutdependentonPCsalesanddegreeofreplacementEconomicsofsupplyHPholdslion’sshareofprintermarketIndustrycapacityexceedsmarketdemandPresenceofcounterfeitandrecycledproductsupply,especiallyinconsumablesHighexitbarriersduetoassetintensityIndustrychaineconomicsBargainingpowerofsupplierslowBargainingpowerofdistributorshighLittleintegration(forwardorbackward)MarketingManufacturerscompetingmainlyonpriceRetaildominantdistributionchannelAggressivedevelopmentandreleaseofnewproductsMovestoincreasebrandawarenessviamarketingcampaignsCreativefinancingpackagesInternalefficiencyRelentlessdrivetolow-costmanufacturingContinuouseffortstocreatemorespecializedfeaturesand/orfunctionsOthersEntryofPCandperipheralsplayersClampdownoncounterfeitandrecycledconsumablessuppliersFinancePricecompetitiononprinterhardwaredrivesmarginsdownandforcesplayerstorelyonprofitsfromconsumableproducts(goodmargins)andhighvolumecaptureonhardwareSExternalshocksFeedbacktructureConductPerformanceSource:LexmarkCasePresentationassociatetrainingmaterials13SCPAPPLIEDTOLEXMARKRapidlyRESULTINGOPPORTUNITIESANDRISKSFORLEXMARKOpportunitiesRisksBecomethefirstmoverinprintersforportable,handheld,wirelesscomputermarketGrowdemandbaseviauseofcreative,nontraditionalchannelsandalternativefinancing/paymentmethodsGrowdemandforconsumablesviaprogramstoincreaseprintingusageBethesupplierofprintersforPC/peripheralplayershopingtotheexpandintoprintermarketExpandleadershipincorporateinstitutionalaccountsIncreasingdemandforcustomizationmayincreasecostsanderodemarginsAnydeclineinPCsalesmaysignificantlydecreaserevenuesMarketsharemaybeerodedascompetitionintensifiesBranding/marketingpushfromestablishedplayersPricingpushfromlow-costmanufacturersMarginsatriskifprintingusagedeclineswithpushforpaperlesssocietyNOTEXHAUSTIVESource:Teamanalysis14RESULTINGOPPORTUNITIESANDRICOMPETITIVEASSESSMENTPrivilegedassetsthatcreatecompetitiveadvantage,e.g.,physicalassets,location/space,distribution/salesnetworkDistinctiveskillsandcompetenciesthatcreatecompetitiveadvantage,e.g.,innovation,talentdevelopmentWhatareyour
competitive
strengthsand
weaknesses?Whatarethecapabilitiesrequiredtosucceedinthisindustry?Howdoyoucompareagainstthesenecessarycapabilities?Strengthsandweaknessesofyourcompetitivepositionvs.necessarycapabilitiesBenchmarkperformanceagainsttheindustry’srelevantkeyperformanceindicators(KPIs),*withmarginandmarketshareastherequiredminimumKeyquestionSubquestionsIssuestobeconsidered * KPIsareahandfulofleversthatdrivethevalueoftheindustryorbusiness15COMPETITIVEASSESSMENTPrivilegCAPABILITYPLATFORM:ASSESSINGSOURCESOFCOMPETITIVEADVANTAGEPhysicalassetLocation/space
Distribution/salesnetworkBrand/reputationPatentRelationshipwith‘license’allocatorBHP’slow-costminesTelecom/mediacompanywithrightsto
radiospectrumAvon’srepresentativesCoca-ColaPharmaceuticalcompanywitha‘wonderdrug’‘Favorednation’statuswithakeyministerinliberalizingeconomyInnovationCross-functionalcoordinationMarketpositioningCost/efficiencymanagementTalentdevelopment3MwithnewproductsMcDonald’swithQSC&VJ&JbrandedconsumerhealthproductsEmersonElectric’sBestCostProducerprogramP&GbrandmanagementprogramPrivilegedassetsDistinctivecompetenciesCapabilitiesneededtosucceedinindustryExample16CAPABILITYPLATFORM:ASSESSINGStep1:Ensurethatthesearethecapabilitiesrequiredtosucceedintheindustry.Usethislistasathoughtstarter,andaddanddeleteasyouseeappropriateBUOverallSegmentsABCStep2:Assessyouroverallpositionrelativetothecapabilitiesrequiredtosucceedintheindustry.Also,determinewhetherthesecapabilitiesarerelevanttothesegmentsyouservePhysicalassetLocation/space
Distribution/salesnetworkBrand/reputationPatentRelationshipwith‘license’allocatorInnovationCross-functionalcoordinationMarketpositioningCost/efficiencymanagementTalentdevelopmentPrivileged
assetsDistinctivecompetenciesCapabilitiesneededtosucceedinindustryCAPABILITYPLATFORM:ASSESSINGSOURCESOFCOMPETITIVEADVANTAGE(CONT.)ILLUSTRATIVEExtremelyrelevantSomewhatrelevantIrrelevant17Step1:EnsurethattheseareRANKINGYOURSELFAGAINSTTHECOMPETITIONKeymidmarketbuyingfactorsExplanationConvenientlocationOfferPrice*CustomerserviceShoppingenvironment**CompetitivepositioningofDepartmentStore2(DS2)vs.DS1Much
worseWorseRDS
positionBetterMuch
better-2-1012DS2islocatedinmajorthoroughfaresandisaccessibleviapublictransport,resultinginhighertrafficDS2isconsideredadestinationDS2andDS1havethesamecategoriesexceptforsnacksandappliancesDS2hashistoricallybeenviewedasthelow-priceplayer.ThisisreinforcedbycontinuouscustomerexperienceaswellasthecontinuousreminderofthelowpricesviastoresignsandthestrategicplacementoflossleadersallaroundthestoresBothprovidethestandardofferingRangeDS2hasitallX * Best/lowestprice,promotions ** Cleanliness,ambience,signage Source: TeamanalysisXXXXX18RANKINGYOURSELFAGAINSTTHECBENCHMARKPERFORMANCEAGAINSTRELEVANTINDUSTRYKPIsKPIs(examples)FinancialindicatorsMarginNetincomeROCE
OperatingindicatorsAdvertisingeffectivenessUtilizationrateStrategicindicatorsMarketsharePercentofrevenuefromnewproductsWorkingcapitaltrendExternalindicatorsMarketpricesofrawmaterialsBUCompetitorACompetitorBCompetitorC19BENCHMARKPERFORMANCEAGAINSTKPIsFinancialindicators*OperatingincomeMarginsROCE**OperatingindicatorsDistributionreachCycletimeStrategicindicatorsMarketshareBrandawarenessLexmarkHPEpsonBENCHMARKINGAPPLIEDTOLEXMARKStrongMediumWeak *Includesotherinformationequipment(e.g.,scanners,projectors) **Returnoncapitalemployed$457million12%29%$1,573million9%11%$583million6%N/A12%47%17%Source:LexmarkCasePresentationassociatetrainingmaterials20KPIsFinancialindicators*LexmaINTERNALASSESSMENTRelevantBUsegments(basedoncustomer,product,geography,distributionchannel)OperatingcontributionestimatesforeachsegmentHowdoesyourcurrentbusinessemphasisfitwiththeindustryopportunitiesandthecompetitivelandscape?Whichsegmentsofthebusinessareprovidingthehighestreturns?*WhathavebeentheperformancetrendsalongmajorBUKPIs?KPIperformancetrendsoverthelast3-5years,e.g.,returnoncapitalemployed(ROCE),**operatingincome,margins,capitalemployedAssessmentofunderlyingtrenddriversExpectedevolutionKeyquestionSubquestionsIssuestobeconsideredWhichintangibleassetscouldbenear-termsourcesofvalue?Identificationofin-houseintellectualproperty,talent,networks,brand/imageConversionintosourcesofvalue * Basedonlatestavailable,1-to2-yearhistoricalfinancialstatements ** ROCE=Operatingincomex(1-taxrate) Allinterest-bearingdebt(shortandlong)+minorityinterest+stockholders’equity21INTERNALASSESSMENTRelevantBUSEGMENTANALYSISRevenueGrossprofitOperatingprofitAssetsemployedPeopleemployedOperating
profitmarginGrossprofit
marginROCEStep1:IdentifytherelevantsegmentsStep2:Provideasegmentanalysisbasedonthefollowingminimumfinancialmetrics:revenue,grossprofitandmargin,operatingprofitandmarginStep3:Totheextentassetsandpeoplecanbedisaggregatedbysegment,analyzedeploymentofassetsagainstreturns%%oftotalSegment1%oftotalSegment2%oftotalSegment3%oftotalSegment4%oftotalTotal%%%%Segment1Segment2Segment3Segment4Total22SEGMENTANALYSISRevenueOperatiSEGMENTANALYSISAPPLIEDTOLEXMARKPrintersandsuppliersOtherofficeimagingKeyboardsandotherRestofworldEuropeU.S.Product%Geography%oftotalrevenues,1995100%=$3,807million100%=$2,494m100%=$895m11414864846100%=$3,021m100%=$1,024m14355184646100%=$3,452m100%=$1,031m1428584060100%=$3,807m100%=$1,164m9236832671GrossprofitRev1992GrossprofitRev1993GrossprofitRev1994GrossprofitRev19950Source:LexmarkCasePresentationassociatetrainingmaterials;McKinseydatabase23SEGMENTANALYSISAPPLIEDTOLETRENDANALYSIS:RETURNONCAPITALEMPLOYED(ROCE)TheROCEtreecanbedisaggregatedtoshowtheotherrelevantKPIsofaBUROCE%Operatingincomex(1-taxrate)PHPmillionCapitalemployedPHPmillion÷RevenuePHPmillionOperatingmargin%x(1-taxrate)%xMarketshare%IndustrysalesPHPmillionxILLUSTRATIVE24TRENDANALYSIS:RETURNONCAPITRENDANALYSIS:CASHThecashflowtreecanbedisaggregatedtoshowtheotherrelevantKPIsofaBUCashflowgeneratedPHPmillionOperatingcashflowPHPmillionInvestingcashflowPHPmillion+NetincomePHPmillionNoncashexpensesPHPmillion+ChangeinworkingcapitalPHPmillion+FinancingcashflowPHPmillion+NOTEXHAUSTIVE25TRENDANALYSIS:CASHThecashfROCE%Operatingincomex(1-taxrate)$millionCapitalemployed$million÷Revenue$millionOperatingmargin%x(1-taxrate)%xMarketshare%Industrysales$millionxNOTEXHAUSTIVESource:LexmarkCasePresentationassociatetrainingmaterials;McKinseydatabaseTRENDANALYSISAPPLIEDTOLEXMARK26ROCEOperatingincomex(1-taINTANGIBLE-ASSETCHECKLIST
IntangibleassetsWaystoextractnear-termvalue
TalentHighlymotivatedandcompetentworkforceleveragingspecificskillsetstoGenerategrowthImprove/increasecompanyintangibles
IntellectualpropertyPatentsgeneratinglicensingfeesUnderstandingofcustomerbehaviorRiskmanagementSoftwareNetworkInterconnectedwebsofpartiesNonexclusiveAdditionalmemberlowerscosts,increasesbenefitsBrand/imageInherentimageorbrandbuiltuponexcellentserviceandproductofferingsLowersearchcostsforcustomers
27INTANGIBLE-ASSETCHECKLISTInTechnologyforproductsNetworkingsoftwareINTANGIBLE-ASSETASSESSMENTAPPLIEDTOLEXMARKIntangibleassetsWaystoextractnear-termvalueCustomizetosuitindustrysegmentscurrentlynotservedDeveloprelatedproductsthatmayusenetworkingsoftwarein-houseorviapartnershipSalesforceengineersDevelopthebestproducttosuitidentifiedcustomerneedsTalentRelationshipwithsuppliersGoodworkingrelationshipallowsbettercaptureofproductionefficienciesthatimproveproductcycletimeandcost-efficiencyNetworkIntellectualpropertyNOTEXHAUSTIVESource:Teamanalysis28TechnologyforproductsINTANGISTRATEGYARTICULATIONWhereareyougoingtocompetealongthesedimensionsandwhy?TargetmarketDistributionchannelsProduct(breadthanddepth)GeographicscopeTargetcustomerdefinitionBenefitsthatyouwillofferthecustomersProductpricingPositionagainstcompetitionvis-à-visthebenefitsprovidedandthepricechargedDeliveryandcommunicationofcustomervalueproposition(valuedeliverysystem)CompetitiveadvantageindeliveringthesebenefitstothecustomerWheretocompete?Whatisyourcustomervaluepropositionforthedifferentsegmentsyouaregoingtoserve?Whatisyourbusinessmodel?WhatstrategywillyourBUpursueoverthenext3
years?KeyquestionSubquestionsIssuestobeconsideredIndustryattractivenessandimplicationreviewAlignmentofchosenstrategyandenvironmentalrealitiesHowdoesyourchosenstrategyexploittheindustryopportunitiesandaddresstheindustry/competitivethreats?29STRATEGYARTICULATIONWhereareWHERETOCOMPETE?CustomersChannelsProductsGeographicmarketsTargetcustomersandsegmentsWhichcustomersareyoutryingtotargetorattract?Whichareyouwillingtoserve,butwillnotspendresourcestoattract?Whichwouldyouprefernottoserve?WaystheentityreachesitstargetcustomersWhichdistributionchannelswillyouuse?Whatcustomersegmentscantheyreach?GeographicalscopeofbusinessactivitiesGeographiclimitstothebusiness?Local,regional,multilocal,national,international,orglobalplayer?Iflocal,whichlocalities?QualityandbreadthoftheproductlineQualityoftheproductline?Breadthoftheproductline?Productbundlesoraseriesofunrelatedproducts?30WHERETOCOMPETE?CustomersChanWHERETOCOMPETE?LEXMARKEXAMPLEStagedexpansion:national,theninternationalFortune1000companiesinbanking,insurance,retail/pharmacyindustriesforlaserprintersHaveuniquenetworkprintingneedsLargeprinterusersValue-(notprice-)orientedsegmentsConsumermassmarketforink-jetprintersUsedbroadestrangeofchannelsforcustomerfreedomTraditionalretailchannels(i.e.,dealernetwork,value-addedresellers,about5,000retailoutlets)OwnaccountmarketingteamstoselldirecttocustomersLaserprintersColorink-jetprintersAssociatedconsumablesuppliesMarkVisioncompleteprintermanagementsystemCustomersChannelsProductsGeographicmarkets31WHERETOCOMPETE?LEXMARKEXAMPVALUEPROPOSITION
Acompany’sspecificpromisetoitstargetcustomersofthebenefitsitwillprovideatanexplicitprice.Itanswersthefollowingquestions:Whoisyourtargetcustomer?Whatexplicitbenefitsdoyouprovidetoyourcustomer?Whatperceivedvaluedoyouprovidetothecustomerbetterthancompetition?Howmuchvaluedoyourcustomersattachtothebenefitsyouprovide?32VALUEPROPOSITIONAcompany’s‘Wewillservethefast-growingsegmentsof
thenetworkprintermarketwithhigh-quality,technologicallyadvancedproductstargetedtocustomerneedsatamoderatelyhigherpricethanundifferentiatedlaserprinters.’LEXMARK'SVALUEPROPOSITIONFORLASERPRINTERSSource:LexmarkCasePresentationassociatetrainingmaterials33‘Wewillservethefast-growinFlashmemoryallowinginstantaneousprintingandupdatingofformsinmultiplelocationsDuplexprinting–abilitytoprintonbothsidesofpaperPapertraystohandlethreeormoresizesofpaperandformsTechnicalservicesupporttohelpwithsystemsdesignandproductproblemsTargetedtosegmentneedsHighqualityTechnologicallyadvancedCompetitivepriceSlightpremiumBankingPriceBenefitsWhychoose
Lexmark?SlightpremiumPharmacyTAILORVALUEPROPOSITIONTOVARIOUS
CUSTOMERSEGMENTSAbilitytoprintprescriptionlabelswithoutjamming(duetospacingofrollers)TechnicalservicesupporttohelpwithsystemdesignandproductproblemsLEXMARKEXAMPLESegmentSource:Teamanalysis34FlashmemoryallowinginstantaBUSINESSMODELUnderstandvaluedesiresSelecttargetChoosethevalueValuepropositionDesignproduct/processProcure,manu-factureDistri-buteProvidethevalueServicePriceDefinebenefits/
priceSalesmessageCommunicatethevalueBusinessmodel:IntegratedsetofactionstoprovideandcommunicatethevaluepropositiontocustomersSegmentationValuepropositionAdver-tisingPromo-tion/PRValuedeliverysystem(VDS)EachBUmustaddressthese2issuestodefinetheirbusinessmodel
Illustrationofhowthevaluepropositionwillbeprovidedandcommunicated Identificationofexistingstrengthsthatcanbeleveragedandofthecapabilitiesthatneedtobebuilttobedistinctiveinchosenvaluedeliverysystem1235BUSINESSMODELUnderstandSelectLEXMARKLINKEDVALUEPROPOSITIONTO
CHANGESINBUSINESSSYSTEMProductdesignprocessProcurementManu-facturingDistributionMarketing
&salesAfter-saleserviceProvidethevalueCommunicatethevalueHighlycustomizedtocustomersegments12-monthdesigncycleFullycross-functionalLimitedtospecifictargetsegmentsIn-housecontrolofcriticaltechnologiesOutsourcedonlynon-criticalcomponentsUtilizedpreferredsuppliersKepthigh-value-addedprocesses
in-houseImprovedflexibilityandreducedproductcycletimeMinimizedchangesinproductionfornewproductsMultiplechannelsSmallchannelsalesforceProvidedincentivestoretailersviahighermarginsPartnershipswithkeymanufacturersfor“private-label”brandsLargesalesforcetargetedatendusersinspecificindustriesSophisticatedorderfulfillmentsystemMonthlycustomerindexrankingpersalesteamRetrainingtoallowmoreend-usersalesapproachDedicatedtechnicalpeopleperindustrysalesgroupRapidcustomerresponse
(<3hr)Multiplechannels,e.g.,phone,InternetLexExpressovernightexchangeifrepaircannotbedoneStrengths
toleverageCapabilitiestobuildRelationshipsoftheaccountteamswithendusersR&DtalentRelationshipswithsuppliersProductionknow-howRelationshipsinheritedfromIBMBrandstrengthBettersystemstoallowanevensmootherflowofinformationSources:LexmarkCasePresentationassociatetrainingmaterials;teamanalysis36LEXMARKLINKEDVALUEPROPOSITIST
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