Join Mike Figliuolo for an in-depth discussion in this video Assessing the market, part of Strategic Planning Fundamentals.
- As you begin your strategic planning process,…it's important to assess the market you're competing in.…A classic tool for doing so is Porter's Five Forces.…Dr. Michael Porter, who's a professor of strategy,…came up with this set of five forces to evaluate…all the different dynamics…that can affect your organization.…First, look at competitive rivalry.…How many competitors are in the marketplace?…How do they behave? How are they distributed by marketshare?…How do they go to market? What are their core competencies?…Second, look at the threats of new entry.…
So there's the existing set of competitors.…Are there new competitors who will enter the market?…Evaluate how much does it take to get into the market.…Will I have to build huge factories?…Or can I just launch a website to compete against you?…So understanding those threats of new entry.…Next, look at the threat of substitution.…You have your products.…What other products could meet that need…for your customers?…Understand what customers are buying,…not necessarily what you're selling.…
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- Avoiding strategic planning risks
- Assessing the market
- Conducting a SWOT analysis
- Defining your direction, mission, and vision
- Determining core competencies
- Evaluating and prioritizing opportunities
- Assessing your initiatives
- Organizing for success
Skill Level Appropriate for all
1. Before You Begin Planning
2. Defining the Strategic Environment
3. Setting Your Strategic Direction
4. Determining How You'll Compete
5. Evaluating and Prioritizing Opportunities
6. Assessing Your Initiative Portfolio
Using a 2x2 matrix2m 56s
7. Organizing for Success
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