Session 2 Flashcards by Chloe Boneham

Competitive advantage is achieved when an organisation effectively combines its rxxxxx, cxxxxxx and capabilities to create vxxx that is difficult for competitors to imitate

Resources, competencies, value

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3 ways to build competitive advantage

Resources, competencies, capabilities

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Examples of competencies

Super product development, exceptional customer service, efficient supply chain management

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Competenices are uxxxx strengths that enable a firm to perform key axxxxx better than rivals

unique, activities

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Capabilities are the firm’s ability to deploy rxxxx and cxxxxxx to achieve desired outcomes

resources, competencies

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Examples of capabilities

Innovation, strategic flexbility, operational excellence

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The 7-S framework is a mxxxxx model to analyse and improve oxxxxxx effectiveness. 7 elements are categorised into hxxx and soft elements.

management, organisational, hard

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Out of the 7-S framework, what are the hard elements

Strategy. Structure. Systems.

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Out of the 7-S framework, what are the soft elements

Shared value (superordinate goals). Skills. Style. Staff.

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The Core Competence-Market Matrix is strategic tool that helps organisations manage their rxxxxx effectively to drive competitive advantage. Examines the relationship between orgs core cxxxxxx and its mxxxxxx.

resources, competencies, markets.

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Use Existing core competence. Existing market - to do what?

Leverage to improve current market position.
Such as resource management; allocate and optimise to improve efficiency, product quality and deepen customer relations.

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Use new core competence in existing market - to do what?

To protect and extend current market position.
Resources directed towards innovation, research and develop to build new capabilities. Investing in new technologies, training or strategic partnerships.

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Use existing core competence in new market - to do what?

Redeploy and recombine core competence to compete in markets of the future.
Adapt existing resources to new market context ie new geographical regions or industry segments.

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Use new core competence in new market - to do what?

Build new core competence to create and compete in markets of the future.
Significant investment required in innovation, talent acquisition, technology to develop new capabilities.

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Does new core competence in new markets position a company as a leader and setting stage for long-term growth?

yes

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Does existing core competence and existing markets increase customer loyalty?

yes

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Does building new core competence in current markets protect market share and enhances value proposition

yes

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The Action Pxxxxx Matrix is a technique that helps you decide the best use of rxxxx. Also known as ‘Eisenhower Matrix’. Sort activities based on uxxx and schedule

Priority. Resources. Urgency

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4 areas of activities in the Action Priority Matrix

Quick wins.
Fill-ins.
Major projects.
Hard slogs or thankless tasks

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High impact, Low effort: xxxx xxxx

Quick wins. Not urgent but important.

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High impact, High effort: xxxx xxxxx

Major projects. Urgent and important.

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Low impact, high effort: xxxxx xxxxx

Hard slogs. Urgent but not important.

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Low impact, low effort: xxx xxx

Fill-ins. Squeezed between other tasks.

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The Boyatzis model of exxxxx job performance illustrates how aligning people cxxxx, job demands, and the org exxxxx leads to effective behaviour.

effective, competencies, environment.

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The 3 key components of the Boyatzis model

1. Individual competencies (skills, knowledge, abilities) 2. Job demands (job description and performance expectations) 3. Organisational environment (supportive culture and structure)

RACI stands for

Responsible, Accountable, Consulted, Informed

Responsible: Individuals who exxxxxx the task

execute

Accountable: who oversees the txxxx and ensures it is completed cxxxxxx

Task. Correctly.

Consulted: Stakeholders who provide ixxx and feedback

input

Informed: Kept uxxxxx on progress

updated

The communications sxxxxx framework aligns messages with business gxxxx by connecting objectives, channels, messages, and results.

spectrum. goals.

The 'Scxxx' framework is designed to help cross functional teams break pxxxx into small ixxxx delivering vxxxx quickly.

Scrum. Projects. Iterations. Value.

The balanced scorecard is a strategic mxxxxx tool that measures and txxxx non-financial variables alongside financial gxxxxx to provide a view of vxxxx within an org.

management. track. goals. value.

Four key perspectives of the balanced scorecard

1. Financial perspective 2. Customer perspective 3. Process perspective 4. Learning and growth perspective

The Dxxxxxx Innovation Model illustrates how new bxxxx can drive innovation by successfully challenging companies and targeting overlooked market sxxxx.

Disruptive. Businesses. Segments.

''Incumbent'' / established companies must sustain trajectory. Improve products an services for their most dxxxxx and pxxx customers. Gap created with lower-end customers

demanding, profitable

New entrants must disrupt trajectory. Offer simpler, more axxxxx solutions that meets the needs of the lower-end customer.

affordable.

Oxxxx Innovation is a theory that assumes firms can and should use exxxxx ideas and internal ideas and paths to market as they look at sourcing ixxxx.

Open. External. Innovation.

5 principles driving open innovation

1. External R&D 2. Licensing (license out unused intellectual property to external parties) 3. Collaborative partnerships (research inst, startups, other firms) 4. Spin offs and spin-ins (Commercialise internal technologies that dont fit the company's current business model, spin-ins acquire inno tech) 5. Crowdsourcing: Leverage the crowd to solve problems and gather ideas

Doblins Txxx Types of Innovation framework helps businesses understand and implement different types of ixxxxxx to drive growth and cxxxxx.

Ten. Innovation. Competitiveness

Doblins Ten Types of Innovation is divided into 3 main categories: C, O, E

Configuration Offering Experience

What Doblins category focuses on internal structure and processes. Such as Gillette sells razors cheaply but makes profit off replacement blades.

Configuration

When focussing on internal structure and processes, need to look at several types of innovation

Profit model, network, structure, process

When focussing on products and services a company offers, need to look at several types of innovation

Product performance, product system

When focussing on customer interactions and relationships, need to look at several types of innovation

Service, channel, brand, customer engagement

What are the 'Three Building Blocks of Customer Experience'?

1. Build aspiration and purpose 2. Transform the business 3. Enable the transformation

Behind a brand are vxxxx that can make profits, increase mxxxx share and enhance org performance

values, market

Brand equity is the appropriate measure of evaluating the lxxxx run impact of marketing dxxxxx

long, decisions

A positive brand equity provides value to a company by enhancing lxxxxxx and mxxxxx

loyalty, margins

Brand equity is a key concept in managing brands effectivley. It can be broken down into three levels: Bxx axxxx bxxx sxxx bxxx vxx

Brand assets, Brand strength, brand value

The brand equity has 3 levels which are then made up of 4 elements that contribute to brand equity

brand name awareness brand loyalty perceived quality brand associations

Brand equity can be measured as Brand Pxxx. A group of measurements that explain and qxxxx sales over a lxxx period of time.

Power. Quantify. Long

To achieve brand power, a brand needs to be Mxxxxx Dxxxx Sxxxx

Meaningful Different Salient

A meaningful brand meets people's nxxxx and creates an emotional cxxxx with them

needs. connection.

A different brand is perceived as uxxx and a txxxx in its category

Unique. Trendsetter

A salient brand comes to mind quickly in a pxxxx situation

purchase

A brand exists to dxxxxx a particular product or service from its cxxxx.

distinguish, competitors

Customer value equation

Perceived benefits minus perceived costs of sacrifice

The 'Brand Pyramid is a useful tool to identify where cxxxx are on the journey to loyalty

customers

What are the 5 main phases of the brand pyramid

Level 1 (top of triangle) - Presence Relevance Performance Advantage Bonding

What is needed to define a brand

1. alignment to strategic vision, mission and proposition 2. Brand positioning and key components 3. Brand identity 4. Customer - persona and journey

The Golden Circle model understands the core pxxxxx of a brand

purpose

The Golden Circle Model. What are the 3 components

What (outer circle): what is offered (products/ services) How (inner): How org does what it does; processes, values, differentiatirs, selling points Why (centre): why we do what we do beyond making money

Customer personas are critical for building an effective brand pxxxxx.

positioning

Brand positioning refers to the unique place that a brand occupies in the minds of its txxx axxxx.

target audience.

Brand positioning is the process of defining and cxxxxx a brands unique value proposition, which sets it apart from competitors and creates a distinct image in the minds of cxxxx.

communicating. customers.

Effective brand positioning requires a deep understanding of a brands txxx axxxxx and competitive lxxxx

target audience. competitive landscape.

Brand identity is a unique set of brand axxxxxx that the brand strategist aspires to create or mxxxx.

associations. maintain.

Brand image is how brands are pxxxxx, whereas brand identity is how brands aspire to be perceived,

perceived

Positioning is a 2 stage process. What are the 2 stages?

1. Indicate to what 'competitive set' the brand should be associated and compared. 2. Indicate what the brands essential different and reason to be is in comparison to other products and brands of that set.

A customer ixxxx is a deep understanding of the needs, wants, bxxxx, motivations and pxxxxx of a specific group of customers or target audience.

insight. behaviours. preferences.

Customer insights can be found in customer ixxxx, market research, social media, touchpoints.

insights

Kapfer's Brand Ixxxxx Prism is a model outlining 6 key elements of a brands ixxxxx. To develop an understanding of a brand and build and maintain a consistent brand ixxxx.

Identity

The 6 key elements of the Brand Identity Prism.

1. Physical (logo, packaging, design) 2. Personality (Honesty, Innocent) 3. Culture (promoting self esteem) 4. Relationship (Inspires everyone to feel beautiful) 5. Reflection (Radiant women, comfortable with self) 6. Self-image (Part of a beautiful community, optimistic and confident)

Brand architecture refers to how a company organises and structures its brands within its pxxxx.

portfolio

The 4 main types of brand architecture

1. Monolithic 2. Endorsed 3. Pluralistic 4. Hybrid

A monolithic architecture also known as ''branded hxxxxx''

house

Monolithic uses a singe brand name across all products and services. True?

True. For example Fedex, BMW.

Endorsed architecture also known as 'hxxxx of brands'. True?

House. True

Which architecture uses multiple independent brands but all endorsed by a parent brand like Apple

Endorsed

A pluralistic architecture also know as 'Fxxxxxx brand''.

Freestanding

What architecture allows products or services to have their own unique brand names

Pluralistic e.g Unilever

Hybrid architecture is a combination that allows both master sub-brand and independent sub-brands. True? Such as coca cola

True

Distinctive Asset Gxxx is a tool that helps marketers understand the strengths and wxxx of their brands different distinctive axxx. Analysing assets and placing them in terms of how well each one performs in terms of fxxx and uniqueness.

Grid. weaknesses. assets. fame.

If research highlights you have issues with fame and uniqueness of your Distinctive brand assets you may want to consider rxxxxxx

rebranding

Session 2 Flashcards

(85 cards)