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Terms and Concepts in Reading #1 • Why do strategic management? • Market research tools – Segmenting – Targeting – Positioning • Competitive research – Importance of benchmarking • From single product marketing to niche marketing to particle marketing • Criticality of life cycle marketing • Justification of capital construction funds • Single provider—implications for strategic management More terms and concepts • Trends in communication – Preference for bundled packages – “new media households’—high income consumers in early phases • Jumping the S-curve • First to market acceptance versus first to market • Need for qualitative and quantitative data PEST • Political-economic-sociological-technical variables • “a telecommunications-based provider should never just consider its immediate environment but also those of its suppliers, customers, and analogous areas . . . The main strategic issues identified by telecommunications companies in general are: competition, deregulation, falling costs and prices, downsizing, adding value, globalization, market focus, strategic alliances, and what to do about the Internet.” --F. Mi S-Curve Units sold time Product diffusion curve Innovators Early majority 2.5% 13.5% 34% Early adopters Laggards 34% Late majority 16% Emergent economic developments • Aggregation: how firms expand and retain their customer base • Complementation: synergy of two or more firms cooperating to develop new products or markets • Consolidation: mergers or acquisitions of competitors • Disintermediation: loss of traditional distribution markets—lack access to customer base because of new firms that directly link producers with consumers • Tertiary analysis: study of externalities aimed at forecasting development of new markets precipitated by advance of technology • Convergence: traditional sector of communication is either invaded by or invades an unrelated sector as result of tech innovation Dynamics of consumer demand • • • • • • • Shift from producer to consumer control Production cost reductions Mass customization Product life cycle contraction Value of time and convenience Sensitivity to discounting Consumer service and post-purchase satisfaction • Quality • Value-added design