A training in using economic theories and frameworks in a dynamic, real-life business setting A training in writing a consultant’s research report combining a high degree of realism and creativity, in which you
(i) analyse competition in a local industry, propose means of entering it and/or ways to outcompete rivals
(ii) explore the scope for growing the business and propose ways to ‘scale’ or create growth for a selected business
(iii) assess pricing and non-pricing strategies and propose some for that business
Topics
Market structure and competitive strategies – what is the state of competition in this industry and how do to acquire a ‘competitive advantage’ over rivals?
Growth strategies – how to enlarge a firm by expanding its customer base or revenue (through horizontal growth, diversifying and more)?
Pricing and non-pricing strategies – what are the firms currently doing in this regard, and how to creatively price, place or position products/services etc. to give a business an edge?
1. Select two nearby businesses in the same industry that are considered competitors. Location: Manly or in the city, preferably in the CBD area. They should be competing directly with each other.
Examples: two leading cafes (for example, Starbucks and Max Brenner), restaurants (Thai or Japanese, poke-bowl shops, Hungry Jacks and McDonalds, Hugo’s and The Bavarian), organic food shops, big clothing retailers (Uniqlo and H&M), pharmacies.
2. Carry out two types of research: primary research (field research) and secondary research (read this). Use the data you gather to analyse the market and the businesses. Also, using what you’ve learnt, craft strategies for one of the businesses. Field research is to be carried out in groups: observe and collect information about the pricing of the product or services offered (in menus, the price boards and elsewhere) and the non-pricing strategies (see Week 6, Reading #4). You may also speak to store owners, managers or knowledgeable employees to inquire further about pricing, non-pricing, competitive and growth strategies, and so on. Craft a set of questions before hand on a clipboard and ask them to answer them. The lecturer will provide a letter you can show to staff members that explains the purpose
of your visit. Once the field work is done, share the raw information with the team. Do not share your analysis with the team: this is for you to do individually and for the lecturer’s eyes. You may then conduct secondary research individually: find other information about the companies you investigated or other companies (in related or unrelated industries, whether located in Australia or internationally) to learn about the state of competition in their industries, how they try to grow their businesses, and how they might compete in terms of pricing and nonpricing strategies, and so on. You can then use these strategies for your own case, but cite the source of your ideas. These sources of information could be newspaper articles, company, government or industry reports accessed via the Internet; or books, journal articles or working papers. Avoid blogs whose information might be unreliable or which do not cite their source.
3.Using the information you gathered, compose a report individually that addresses the questions below. It will involve creative thinking: you will advise one of the two companies on strategies to improve its business with the aim of outcompeting its rival. Any calculations, analysis of the data, or generation of creative ideas should be entirely your product— not group work. In summary: the group work element is limited to gathering primary data from the store and sharing that data between group members. All other tasks are individual. I do not want reports that look and sound similar, even if the businesses two students selected are the same. Individualise it. Make it different.
1. Market Structure And Competitive Strategies
(i) What is the market structure for your chosen industry in the target area? Roughly how many competitors? Highly competitive, monopolistic competition, oligopolistic, duopolistic or monopolistic? Why do you say that?
(ii) Who are the other notable competitors? Anything interesting happening in the industry (any closures, any new entrants, changes in the product or services provided)?
(iii) What are the barriers to entry into this market, in your opinion?
(iv) What market share might each of the many competitors in the location you’ve chosen have? Use your judgement to make a rough estimate (for example, in Manly, Starbucks Gloria Jeans, 20%, Charlie’s Coffee and Chappati, 1%…). Can you generate a Herfindahl-Hirschman Index with those market shares? What does it tell you?
(v) What competitive strategies are the rivals you are investigating using? Refer to you weekly Moodle material and elaborate (also see here, for example).
(vi) Business advice component. Select one of the two companies. Imagine the company has hired you as its consultant. Advice it on the specific competitive strategies it can use to get a competitive edge in the market. Why are those ideas of yours brilliant?
Asmentioned before, be creative, yet realistic. Critically evaluate your strategies as well (e.g., what obstacles are there to its implementation?)
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