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EDUCATION & TRAINING@BOBBYMITTON @BRITETHINK @EVOSPIRELTD
Undergraduate | Postgraduate | Professional | Executive | ACCA | CIMA | Law | English Language
EVOSPIRE
WHO ARE THE COMPETITION?
▸ Current businesses already in your market
▸ Existing businesses who are looking to break into your market
▸ Startups / disrupt
▸ People
▸ Complimentary products/services
DYNAMIC COMPETITION.The ability to discern patterns in the dynamic environment and competitive chaos… the ability to spot opportunities and think fast, thinking ahead of rivals before a reaction
EVOSPIRE
DYNAMIC COMPETITION
▸ This is where one action thrown into the market place can prompt responses. That one action can provoke several reactions
▸ Each reaction can then ripple into further effects
▸ COMPETITVE CHAOS
COMPETITOR
YOUR ORGANISATION
COMPETITOR
COMPETITOR
COMPETITOR
COMPETITOR
COMPETITOR
COMPETITOR
COMPETITIVE ENVIRONMENT
ACTIONS, REACTIONS
AND LEARNING
DIFFERENTIATION. When a product or service is perceived to be different because it has properties which make it distinct from other products.
EVOSPIRE
DIFFERENTIATION
▸ Recognises when customers are too scattered
▸ Businesses will distinguish their brand in some way to appeal to small segments
▸ Size, Quality, Style or ways differentiation is split
▸ Customers are willing to pay more/premium as it is different and for them
EVOSPIRE
WHAT MAKES A BRAND DIFFERENTIATED?
▸ SPEED
▸ RELIABILITY
▸ SERVICE
▸ DESIGN
▸ FEATURES
▸ TECHNOLOGY
▸ RELATIONSHIP TO CUSTOMERS
▸ CORPORATE PERSONALITY
EVOSPIRE
FIVE FORCES
▸ PORTER ARGUED THAT 5 FORCES DETERMINE THE PROFITABILITY OF AN INDUSTRY
▸ AT THE HEART OF THE MODEL ARE RIVALS AND THEIR COMPETITIVE RIVALRY
▸ THE MODEL TELLS YOU TO LOOK BEYOND THE IMMEDIATE COMPETITION
EVOSPIRE
COMPETITIVE STRATEGIES
▸ Competitive strategies are not just built around differentiation and cost leadership
▸ Competitive advantage can develop from perceived differences and cost advantages
▸ It is about effectiveness
▸ In the long term, it can mean superior margins
AN ORGANISATION CAN AIM TO DO BETTER THAN ITS RIVALS AND FOCUS ON OPERATING EFFICIENCIES
Porter (1996)
EFFECTIVENESS
THE BUSINESS CAN SEEK TO DO DIFFERENT THINGS OR TO DO THINGS DIFFERENTLY
Porter (1996)
EFFECTIVENESS
COMPETITIVE ADVANTAGE
AN ORGANISATION CAN AIM TO DO BETTER THAN ITS RIVALS AND FOCUS ON OPERATING
AN ORGANISATION CAN AIM TO DO BETTER THAN ITS RIVALS OR FOCUS ON OPERATING EFFICIENCIES…
EVOSPIRE
ANALYSING THE COMPETITION
▸ This should happen before you put your business plan together
▸ Every entrepreneur should spend ample time on a competitive analysis
▸ Look beyond the traditional forms of competition
▸ See how you can be different or more effective
EVOSPIRE
MY APPROACH
▸ A4 piece of paper…
▸ Strengths, Weakness
▸ Resources and Capabilities
▸ Differentiation?
▸ What I could do?