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Tell me external macro factors?

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-Economic factors: High interest rates, instability of host currencies, government intervention in the free market and high inlfation rates may deter investments in a country. 

- Technological factors: A scientific breakthrough has an immediate impact in its specific field but may also produce a transformation in unrelated industries. 

- Political factors: influence the level of competitiveness within an industry and the firm’s strategic decisions! -> Antitrust rules, tax policies are a few examples of factors that have a significant impact on strategic alternatives. 

- Socio-cultural factors: Population and trends! It is important to relate the demographic trends with the educational levels and life expectations. Higher income = new opportunities to satisfy new customers’ needs. Multinational local firm have to anticipate the emerging trends to gain or maintain a competitive advantage.

 - Ecological factors: Physical characteristics of the environment which could favour or constrain the industrial development. F.ex. = Global warming and ski resorts.

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TESTE DEIN WISSEN

What a threats for an entry for an enterprise?

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Economies of Scale: A firm can easily spread fixed costs more easily over more units or more precisely, can recover the fixed costs more easily, thank to a higher overall contribution generated by the larger volumes of scale. 

• Network effects: -> Demand-side economies of scale. Reaching a network effect if the buyer’s willingness to pay for a company’s product increases when the product is solt to a larger number of customers. 

• Capital requirements 

• Switching costs: Costs that occur when they decide to change suppliers. The new entrants have to offer a significantly better or more convenient products to the customers to persuade them to buy their product and change supplier. The acquisition of a specific technological experience, beyond representing an additional value for the firm, discourages it from looking for alternatives, since it generates out-of- pocket and organizational costs.

 • Incumbents‘ advantages independent of size: Incumbents enjoy specific advantages that are not available to potential rivals. 

• Unequal access to distribution channels • Government policy

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TESTE DEIN WISSEN

The Power of Suppliers:

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Supplier industry is concentrated and sells to a fragmented market.

 • Suppliers serve many industries and revenues do not depend on the health of one or few of them. 

• High switching costs limit the options to change suppliers: o „Firm could incur high switching costs when it decides to develop a relationship with a supplier that operates outside its own district, instead of maintaining an existing relationship with a firm inside it.“ 

• Substitutes are not availiable 

• Supplier offer differentiated products 

• Supplier do not directly compete with their current customers

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TESTE DEIN WISSEN

The Power of Buyers:

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Buyer can purchase a large quantity of a single vendor’s prodcution. 

• Buyers tend to stimulate competition among suppliers to force down prices, in industries where products are standardized and undifferentiated. 

• When switching costs are low. • Buyers can integrate themselves backward and produce the industry’s product, epecially if vendors are too profitable. „In the automotive industry, for example, firms can decide to internalize some phases of the supply chain that were previously outsourced to manufacturers of car components.“ • Industrial customers and consumers are more inclined to be price sensitive if the product is undifferentiated and its quality does not represent a major choice criterion. Intermediate customers, who purchase the product to re-sell it, gain significant bargaining power when they can influence the purchasing decisions of the end user.

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TESTE DEIN WISSEN

Explain the Resource  based view?

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To build up an advantage to your competitors with your ressources. The companies have an active rolle on their sucsess. Inside out approach

There are diffrent types resources: 

- Physical capital resources refer to the technology used in a firm, its geographic location and its access to raw materials. 

• Human capital resources include training, experience, judgment, relationships, and know-how of the firm’s workers. 

• Organizational capital resources include a firm’s formal reporting structure, its formal or informal planning, controlling and coordinating systems, and its informal relationships with the environment.

 • Tangible assets include plants, equipment, land, inventories and other assets that have a physical form. Although manufacturing assets are generally tangible, they can Julian Pfeifer be complemented by processes that incorporate intangible attributes such as quality, knowledge and experience. These intangible attributes make the supply chain processes unique and support the creation of a competitive advantage. Other intangible assets are, for example, patents, trademarks, copyrights, goodwill, culture and reputation. In general, intangible resources are more valuable than tangible resources, especially from a competitive perspective.

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Durability

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The higher the better. The sustainability of a firm’s competitive advantage is related to the rate at which resources, capabilities and core competencies depreciate or become obsolete. The durability varies from resource to resource, and from industry to industry. Technological resources (or tangible resources) depreciate relatively rapidly in comparison to intangible resources such as brand, reputation or culture. Technological resources depreciate relatively rapidly in comparison to intangible resources such as brand reputation or culture.

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Transparency:

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TESTE DEIN WISSEN

the lower the better. The sustainability of a firm’s competitive advantage is related to the rate at which resources, capabilities and core competencies can be imitated by rivals. Imitation depends on the rivals’ ability to understand which the nature of the competitive advantage is and how it is achievable, not to mention the problem of duplicating resources, capabilities or core competencies, once the nature of the competitive advantage has been discovered.

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Transferability:

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the lower the better. If firms can easily acquire the resources required to obtain a competitive advantage in the market, the established firms’ competitive advantage will be short lived due to a high imitation rate. The imperfect mobility of resources depends on their high specificity and the difficulty of recreating the same value in contexts that are different from those in which the value was initially created and the resources were accumulated.

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Replicability

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the lower the better. A sustainable competitive advantage depends on a low level of imitability and replicability, which inhibits potential market entrants and maintains a higher level of profit for the established firms

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TESTE DEIN WISSEN

Tell me low cost do it your self market research teniques?

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Short customer surveys: Solicit information from prospective customers on their purchasing intent and preferences. Customer surveys are better suited to disconfirm the demand assumptions in the early stages. 


o A letter of intent (LOI): from a prospective customer is a way to validate the customer demand before the start-up has finalized its product offering. If no prospects are willing to sign an LOI, then the customer demand and market size assumptions are flawed. 


o Product usability tests: involve asking current and prospective customers to complete specific tasks with a working prototype (or an initial version of the product) in order to identify potential problems with the ease of use of the product -> early stage of the product development.


 o Test market trials: can be used to validate the market demand and refine the customer value concept. A test market trial can be limited to a specific geographic location or a subset of target market. The conversion rate obtained from a test market trial can be used to validate the market demand. Furthermore, the net promoter score of customer satisfaction can be measured during the test market trial. The net promoter score is a measure to track the level of overall customer satisfaction.

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TESTE DEIN WISSEN

What is a Fad?

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Quick growth phase that does not last long! Fads do not satisfy a strong customer need, nor do they address a customer problem. Fads thus fail to survive in an industry after a short period.

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Tell me the Product life cycle.


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Introduction: The introduction stage of the product life cycle begins when a new product category is introduced in the market, before there is a proven demand for the product, and even before the product has been fully proved technically. The pioneering company must have large resources to support the product development and market development. Furthermore, during the introduction stage of the product life cycle, there are many product and market uncertainties. 


o Early growth stage: The early growth (or quantity growth) stage is characterized by an accelerated growth in the demand for the new product category. Several competitors would enter the industry in this stage, and by their joint marketing efforts, the demand increases more rapidly. New distribution channels may open up and the advertising emphasis shifts to brand differentiation. Economies of scale: Achieved by the increase in volume. 


o Late growth stage: A few competitors survive. Stronger competitors force weaker companies to leave the industry. The competitors seek differential advantages through market segmentation and product modification. Product variations may proliferate as competitors adapt their products to appeal to specific customer segments and meet their individual preferences. Competition becomes increasingly Julian Pfeifer price based and the distribution channels become more selective in choosing the brands they want to carry. 


o Maturity stage of the product life cycle: Growth declines and the sales remain relatively constant. Most sales are made to repeat customers. Customers become more price-sensitive. Competitors segment the market based on packaging and promotion rather than on product differentiation; and the entrenched competitors lock-in the distribution channels (Capon, 1985).The scale economies and the market positions achieved by the entrenched competitors make it difficult for a new entrant to enter the market

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Q:

Tell me external macro factors?

A:

-Economic factors: High interest rates, instability of host currencies, government intervention in the free market and high inlfation rates may deter investments in a country. 

- Technological factors: A scientific breakthrough has an immediate impact in its specific field but may also produce a transformation in unrelated industries. 

- Political factors: influence the level of competitiveness within an industry and the firm’s strategic decisions! -> Antitrust rules, tax policies are a few examples of factors that have a significant impact on strategic alternatives. 

- Socio-cultural factors: Population and trends! It is important to relate the demographic trends with the educational levels and life expectations. Higher income = new opportunities to satisfy new customers’ needs. Multinational local firm have to anticipate the emerging trends to gain or maintain a competitive advantage.

 - Ecological factors: Physical characteristics of the environment which could favour or constrain the industrial development. F.ex. = Global warming and ski resorts.

Q:

What a threats for an entry for an enterprise?

A:

Economies of Scale: A firm can easily spread fixed costs more easily over more units or more precisely, can recover the fixed costs more easily, thank to a higher overall contribution generated by the larger volumes of scale. 

• Network effects: -> Demand-side economies of scale. Reaching a network effect if the buyer’s willingness to pay for a company’s product increases when the product is solt to a larger number of customers. 

• Capital requirements 

• Switching costs: Costs that occur when they decide to change suppliers. The new entrants have to offer a significantly better or more convenient products to the customers to persuade them to buy their product and change supplier. The acquisition of a specific technological experience, beyond representing an additional value for the firm, discourages it from looking for alternatives, since it generates out-of- pocket and organizational costs.

 • Incumbents‘ advantages independent of size: Incumbents enjoy specific advantages that are not available to potential rivals. 

• Unequal access to distribution channels • Government policy

Q:

The Power of Suppliers:

A:

Supplier industry is concentrated and sells to a fragmented market.

 • Suppliers serve many industries and revenues do not depend on the health of one or few of them. 

• High switching costs limit the options to change suppliers: o „Firm could incur high switching costs when it decides to develop a relationship with a supplier that operates outside its own district, instead of maintaining an existing relationship with a firm inside it.“ 

• Substitutes are not availiable 

• Supplier offer differentiated products 

• Supplier do not directly compete with their current customers

Q:

The Power of Buyers:

A:

Buyer can purchase a large quantity of a single vendor’s prodcution. 

• Buyers tend to stimulate competition among suppliers to force down prices, in industries where products are standardized and undifferentiated. 

• When switching costs are low. • Buyers can integrate themselves backward and produce the industry’s product, epecially if vendors are too profitable. „In the automotive industry, for example, firms can decide to internalize some phases of the supply chain that were previously outsourced to manufacturers of car components.“ • Industrial customers and consumers are more inclined to be price sensitive if the product is undifferentiated and its quality does not represent a major choice criterion. Intermediate customers, who purchase the product to re-sell it, gain significant bargaining power when they can influence the purchasing decisions of the end user.

Q:

Explain the Resource  based view?

A:

To build up an advantage to your competitors with your ressources. The companies have an active rolle on their sucsess. Inside out approach

There are diffrent types resources: 

- Physical capital resources refer to the technology used in a firm, its geographic location and its access to raw materials. 

• Human capital resources include training, experience, judgment, relationships, and know-how of the firm’s workers. 

• Organizational capital resources include a firm’s formal reporting structure, its formal or informal planning, controlling and coordinating systems, and its informal relationships with the environment.

 • Tangible assets include plants, equipment, land, inventories and other assets that have a physical form. Although manufacturing assets are generally tangible, they can Julian Pfeifer be complemented by processes that incorporate intangible attributes such as quality, knowledge and experience. These intangible attributes make the supply chain processes unique and support the creation of a competitive advantage. Other intangible assets are, for example, patents, trademarks, copyrights, goodwill, culture and reputation. In general, intangible resources are more valuable than tangible resources, especially from a competitive perspective.

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Q:

Durability

A:

The higher the better. The sustainability of a firm’s competitive advantage is related to the rate at which resources, capabilities and core competencies depreciate or become obsolete. The durability varies from resource to resource, and from industry to industry. Technological resources (or tangible resources) depreciate relatively rapidly in comparison to intangible resources such as brand, reputation or culture. Technological resources depreciate relatively rapidly in comparison to intangible resources such as brand reputation or culture.

Q:

Transparency:

A:

the lower the better. The sustainability of a firm’s competitive advantage is related to the rate at which resources, capabilities and core competencies can be imitated by rivals. Imitation depends on the rivals’ ability to understand which the nature of the competitive advantage is and how it is achievable, not to mention the problem of duplicating resources, capabilities or core competencies, once the nature of the competitive advantage has been discovered.

Q:

Transferability:

A:

the lower the better. If firms can easily acquire the resources required to obtain a competitive advantage in the market, the established firms’ competitive advantage will be short lived due to a high imitation rate. The imperfect mobility of resources depends on their high specificity and the difficulty of recreating the same value in contexts that are different from those in which the value was initially created and the resources were accumulated.

Q:

Replicability

A:

the lower the better. A sustainable competitive advantage depends on a low level of imitability and replicability, which inhibits potential market entrants and maintains a higher level of profit for the established firms

Q:

Tell me low cost do it your self market research teniques?

A:

Short customer surveys: Solicit information from prospective customers on their purchasing intent and preferences. Customer surveys are better suited to disconfirm the demand assumptions in the early stages. 


o A letter of intent (LOI): from a prospective customer is a way to validate the customer demand before the start-up has finalized its product offering. If no prospects are willing to sign an LOI, then the customer demand and market size assumptions are flawed. 


o Product usability tests: involve asking current and prospective customers to complete specific tasks with a working prototype (or an initial version of the product) in order to identify potential problems with the ease of use of the product -> early stage of the product development.


 o Test market trials: can be used to validate the market demand and refine the customer value concept. A test market trial can be limited to a specific geographic location or a subset of target market. The conversion rate obtained from a test market trial can be used to validate the market demand. Furthermore, the net promoter score of customer satisfaction can be measured during the test market trial. The net promoter score is a measure to track the level of overall customer satisfaction.

Q:

What is a Fad?

A:

Quick growth phase that does not last long! Fads do not satisfy a strong customer need, nor do they address a customer problem. Fads thus fail to survive in an industry after a short period.

Q:

Tell me the Product life cycle.


A:

Introduction: The introduction stage of the product life cycle begins when a new product category is introduced in the market, before there is a proven demand for the product, and even before the product has been fully proved technically. The pioneering company must have large resources to support the product development and market development. Furthermore, during the introduction stage of the product life cycle, there are many product and market uncertainties. 


o Early growth stage: The early growth (or quantity growth) stage is characterized by an accelerated growth in the demand for the new product category. Several competitors would enter the industry in this stage, and by their joint marketing efforts, the demand increases more rapidly. New distribution channels may open up and the advertising emphasis shifts to brand differentiation. Economies of scale: Achieved by the increase in volume. 


o Late growth stage: A few competitors survive. Stronger competitors force weaker companies to leave the industry. The competitors seek differential advantages through market segmentation and product modification. Product variations may proliferate as competitors adapt their products to appeal to specific customer segments and meet their individual preferences. Competition becomes increasingly Julian Pfeifer price based and the distribution channels become more selective in choosing the brands they want to carry. 


o Maturity stage of the product life cycle: Growth declines and the sales remain relatively constant. Most sales are made to repeat customers. Customers become more price-sensitive. Competitors segment the market based on packaging and promotion rather than on product differentiation; and the entrenched competitors lock-in the distribution channels (Capon, 1985).The scale economies and the market positions achieved by the entrenched competitors make it difficult for a new entrant to enter the market

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