II.B.2 Market Forces
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For any product or service to be successful, it must be an effective fit to the economic environment. When shaping strategy, an organization should look for general trends in the marketplace, trends within the industry of which it is a part, and competitor strategies. The competitive landscape is impacted by the strategies of customers and suppliers.
Information on these issues may often be gathered from government sources, newspapers, television, the internet, direct marketing ads, industry groups or publications, trade shows, customers and suppliers, and the annual financial reports of public companies. Some competitive intelligence gathering may be subcontracted to firms who specialize in this area, but management (and in the best organizations, all employees) should continually be on the lookout for changes that can provide opportunities or create threats to present and future strategy.
Quality Management BOK Reference
II Strategic Plan Development and Deployment
II.B Business Environment Analysis
II.B.2 Market forces Define and describe various forces that drive strategic plans, including existing competition, the entry of new competitors, rivalry among competitors, the threat of substitutes, bargaining power of buyers and suppliers, current economic conditions, and how well the organization is positioned for growth and changing customer expectations.
Additional Resources
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PDF: Staying demand driven
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Quality Management Division
05/21/2021 7:22am CDT
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