STRATEGIES FOR MATURE AND DECLINING MARKETS
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1 STRATEGIES FOR MATURE AND DECLINING MARKETS MKTG902 Summer 10 Harmancioglu 1 Transition From Market Growth to Maturity to Decline The Transition or Shake out Stage of the Generalized PLC Product categ gory sales (real dol llars) Profit/unit Sales Life-cycle extension Profit per unit (real dolla ars) Introduction Growth Competitive turbulence Maturity Time (years) Decline or extension MKTG902 Summer 10 Harmancioglu 2 1
2 Transition From Market Growth to Maturity to Decline The Maturity Stage of the Generalized Product Life Cycle Product categ gory sales (real dol llars) Profit/unit Sales Life-cycle extension Profit per unit (real dolla ars) Introduction Growth Competitive turbulence Maturity Time (years) Decline or extension MKTG902 Summer 10 Harmancioglu 3 Common Strategic Traps During a Shakeout Period Failure to anticipate transition from growth to maturity No clear competitive advantage as growth slows Assumption that an early advantage will insulate firm from price or service competition MKTG902 Summer 10 Harmancioglu 4 2
3 Maturity Stage of the PLC Summary of Characteristics, Objectives, & Strategies SALES COSTS PROFITS MKTG OBJECTIVES Product Price Distribution Promotion Peak Low cost per customer High Maximize profits while defending market share Diversify brand and models Match or best competitors Build more intensive distribution Increase to encourage brand switching MKTG902 Summer 10 Harmancioglu 5 Industry Maturity does not imply a lack of opportunity; nor does imply an absence of technological change. But tends to reduce the # of opportunities for CA and shift these limited opportunities from differentiation-based to cost-based factors. MKTG902 Summer 10 Harmancioglu 6 3
4 Examples In Turkey In Europe Globally MKTG902 Summer 10 Harmancioglu 7 Key Success Factors in Mature Markets Opportunities for sustainable -- limited potential for differentiation competitive advantage are -- technology stable and well diffused limited -- ease of entry due to well developed industry infrastructure and powerful distributors -- international competition: domestic cost advantage vulnerable Sources of -- Economies of scale cost advantage -- Low-cost inputs -- Low overheads Segment and customer -- As general industry environment deteriorates, selection important to locate attractive segments and woo good customers Sources of differentiation -- Emphasis on image differentiation and advantage differentiation through complementary services. Sources of innovation -- Limited opportunity for product and process innovation but considerable opportunity for strategic innovation MKTG902 Summer 10 Harmancioglu 8 4
5 Innovation over the PLC ion Rate of Innovati Product Innovation Process Innovation Strategic Innovation Time MKTG902 Summer 10 Harmancioglu 9 Sources of Strategic Innovation in Mature Industries Reconfiguring the value chain: Benetton and Zara in clothing Benetton and Zara in clothing Southwest & Ryanair in airlines Dell in PCs Redefining markets and products Swatch in watches Starbucks in coffee shops Barnes & Noble in book retailing Innovative approaches to differentiation Virgin Atlantic in air travel Sephora in cosmetics retailing MKTG902 Summer 10 Harmancioglu 10 5
6 Strategic Innovators Who are they? New entrants CNN in news broadcasting Existing firms on the periphery Vans in clothing & shoes Firms from adjacent industries Apple in consumer electronics Why not leading incumbents? They are constrained by industry recipes, relationships with existing customers, investments in resources & capabilities linked to past strategies. MKTG902 Summer 10 Harmancioglu 11 Strategies for Mature Markets For maintaining current market share: Fortress defense Add flanker brands Pursue niche strategy For extending volume growth Increased penetration Convert current nonusers in target segment into users Extended use Increase frequency of use among current users Market expansion Develop differentiated positioning focused on untapped or underdeveloped segments MKTG902 Summer 10 Harmancioglu 12 6
7 Marketing Actions for Accomplishing Growth Extension Objectives Increase penetration Convert non-users (you really need an electric fryer) Steal competitor s customers (Shell gas is better) Extend usage Increase repeat purchase (don t wait until it dies) Demonstrate new product applications (it dices too) Lead market evolution (oval, crust-less pizza) Expand market focus Review segmentation scheme (after-school activities) Consider underserved segments (retirees) MKTG902 Summer 10 Harmancioglu 13 Decline Stage of the Product Life Cycle Product categ gory sales (real dol llars) Profit/unit Sales Life-cycle extension Profit per unit (real dolla ars) Introduction Growth Competitive turbulence Maturity Time (years) Decline or extension MKTG902 Summer 10 Harmancioglu 14 7
8 Decline Stage of the PLC Summary of Characteristics, Objectives, & Strategies SALES Declining COSTS Low cost per customer PROFITS Declining MKTG OBJECTIVES Reduce expenditures and milk the brand Product Phase out weak items Price Cut price Distribution Selective: phase out unprofitable outlets Promotion Reduce to minimum level MKTG902 Summer 10 Harmancioglu 15 Early Warnings of a Coming Decline Excess capacity Lack of technical change (stable product and process technology) Declining number of competitors, but some entry as new firms get assets on sale. High average age of resources. Aggressive price competition. MKTG902 Summer 10 Harmancioglu 16 8
9 Adjusting Capacity The ease with which capacity can be adjusted to declining demand depends upon: The predictability of decline. Barriers to exit: Asset specificity Exit costs (severance, broken contracts, etc.) Managerial commitment (emotional/moral reasons) Strategies of surviving firms (dictates your actions in terms of divestiture or acquisition) MKTG902 Summer 10 Harmancioglu 17 Factors Affecting the Attractiveness of Declining Market Environments Conditions of demand Exit barriers Intensity of future competitive rivalry MKTG902 Summer 10 Harmancioglu 18 9
10 Strategies for Declining Markets Harvest Maximize short-term cash flow Maintenance Maintain market share for the short-term Profitable survivor Increase share of the declining market Niche Strengthen share position in one or a few segments MKTG902 Summer 10 Harmancioglu 19 Strategies for Declining Markets Harvest Maximize short-term cash flow Maintenance Maintain market share for the short-term Profitable survivor Increase share of the declining market Niche Strengthen share position in one or a few segments Leading share position Existing base of loyal customers Few strong competitors Future rivalry not intense Low exit barriers Decline likely to be slow & steady MKTG902 Summer 10 Harmancioglu 20 10
11 Strategies for Declining Markets Harvest Maximize short-term cash flow Maintenance Maintain market share for the short-term Profitable survivor Increase share of the declining market Leading share position Niche Future direction uncertain Strengthen Few share strong position competitors in one or a few segments MKTG902 Summer 10 Harmancioglu 21 Strategies for Declining Markets Harvest Maximize short-term cash flow Maintenance Maintain market share for the short-term Profitable survivor Increase share of the declining market Niche Strengthen share position in one or a few segments Slow and steady market decline Substantial pockets of demand will continue to exist Leading share position Superior resources or competencies necessary to encourage competitors to exit Few strong competitors Low exit barriers MKTG902 Summer 10 Harmancioglu 22 11
12 Strategies for Declining Markets Harvest Maximize short-term cash flow Maintenance Maintain market share for the short-term Profitable survivor Increase share of the declining market Niche Strengthen share position in one or a few segments Niches will remain in the market Strong competitors absent from the target market Sustainable competitive advantage in niche MKTG902 Summer 10 Harmancioglu 23 Strategies for Declining Markets COMPANY S COMPETITIVE POSITION ENVIRONMENT cline Demand sure Favorable Strengths in remaining demand pockets PROFITABLE SURVIVOR or NICHE Lacks strength in remaining demand pockets HARVEST or DIVEST INDUSTRY Rate of Dec Pockets of Price Press Unfavorable NICHE or HARVEST DIVEST QUICKLY MKTG902 Summer 10 Harmancioglu 24 12
13 Marketing Actions for Strategies in Declining Markets Harvest Eliminate R&D expenditures and capital investments Reduce marketing and sales budgets Reduce production costs Raise price if necessary to maintain margins Maintenance Design service programs Continue trade promotion Focus salesforce efforts Lower prices if necessary to maintain share MKTG902 Summer 10 Harmancioglu 25 Marketing Actions for Strategies in Declining Markets (continued) Profitable survivor Signal competitors Introduce line extensions Lower prices if necessary to increase share Consider agreements to produce replacement parts Niche Continued product and process R&D Produce for private labels Focus advertising, sales promotion, etc Maintain distribution channels MKTG902 Summer 10 Harmancioglu 26 13
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