Chap 12 strategic tools
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CHAPTER 12: Strategic Tools 61
Chapter 12
Strategic Tools
A. Experience Curve Concept
1. Meaning of Experience Curve (TM 12-1)
2. Schematic Presentation of Implications of the Experience Concept (TM 12-2)
3. Experience Curve: Strategy Implications (TM 12-3)
B. Profit Impact of Market Strategy (PIMS)
1. Meaning of PIMS (TM 12-3)
2. Strategy Principles Derived from PIMS (TM 12-5)
3. Benefits of PIMS (TM 12-6)
C. Value of Marketing Strategies
1. Value-Based Planning (TM 12-7)
2. Value-Based Planning – An Example (TM 12-8)
D. Delphi Techinique (TM 12-9)
E. Trend-Impact Analysis (TM 12-10)
F. Cross-Impact Analysis (TM 12-11)
G. Scenario Building (TM 12-12)
62 CHAPTER 12: Strategic Tools
12-1
MEANING OF EXPERIENCE CURVE
Costs across-the-board decline by a fixed percentage every time experience doubles. Unlike the
well-known “learning curve” and “progress
function,” the experience curve effect is observed
to encompass all costs—capital, administrative,
research, and marketing—and to have transferred
impact from technological displacements and
product evolution.
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12-2
SCHEMATIC PRESENTATION OF IMPLICATIONS
OF THE EXPERIENCE CONCEPT
Process continues through successive products.
*An assumption is made here that Product B is closely related to Product A.
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12-3
EXPERIENCE CURVES:
STRATEGY IMPLICATIONS
CHAPTER 12: Strategic Tools 65
12-4
MEANING OF PIMS
The PIMS program comprises the conclusions
drawn from the experience of more than 500 companies in nearly 3,800 “businesses” for periods
that range from 2 to 12 years.
66 CHAPTER 12: Strategic Tools
12-5
STRATEGY PRINCIPLES DERIVED
FROM PIMS
• In the long run, quality of the product is the
single most important factor affecting
performance.
• Market share and profitability are strongly
related.
• High-investment intensity acts as a drag on
profitability.
• Cash implications of growth rate and relative
market share are affected by many factors (in
other words, PIMS questions BCG’s growth/
share matrix approach discussed in Chapter 10).
• Vertical integration is profitable for “some”
businesses.
• Most factors that boost ROI also contribute to
long-term value.
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12-6
BENEFITS OF PIMS
• Provides a realistic and consistent method for
establishing potential return levels for individual
businesses.
• Stimulates managerial thinking about the
reasons for deviations from par performance.
• Provides insight into strategic moves to improve
par ROI.
• Encourages a more discerning appraisal of
business unit performance.
68 CHAPTER 12: Strategic Tools
12-7
VALUE-BASED PLANNING
Value-based planning refers to a new yardstick for
measuring the worth of marketing strategies. It
judges the worth of strategies by their ability to
enhance shareholders’ value.
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12-8
VALUE-BASED PLANNING—
AN EXAMPLE
A company that has been using the value-based
approach for some time is the Connecticut-based
Dexter Corporation. Its value-based planning uses
four subsystems:
• Dexter financial decision support system (DSS),
which provides strategic business segments
(SBS) with financial data
• Microcomputer-based system, which transforms
this data for use in the two following
subsystems: corporate financial reports system
and value planner system
• Corporate financial reports system, which
estimates the cost of capital of an SBS
• Value planner system for estimating a business’s
future cash flows
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12-9
DELPHI TECHNIQUE
The delphi technique is a method of making
forecasts based on expert opinion. Traditionally,
expert opinions were pooled in a committee situation. The delphi technique was developed to overcome the weaknesses of the committee method.
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12-10
TREND-IMPACT ANALYSIS
Trend-impact analysis is a technique developed by
the Futures Group, Inc., a consulting firm, for
projecting future trends from information gathered
on past behavior. The uniqueness of this method
lies in its combination of statistical methods and
human judgment.
72 CHAPTER 12: Strategic Tools
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CROSS-IMPACT ANALYSIS
Cross-impact analysis is a technique used for
examining the impacts of potential future events
upon one another. It:
a.
indicates relative importance of specific events.
b.
identifies groups of reinforcing or inhibiting
events.
c.
reveals relationships between events that are
unrelated.
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12-12
SCENARIO BUILDING
A scenario is a synopsis depicting potential actions
and events in a likely order of development,
beginning with a set of conditions that describe a
current situation or set of circumstances. In addition, scenarios depict a possible course of evolution
in a given field. The two stages in scenario building
can be labeled as “identification of changes” and
“evolution of programs.”
