The holistic marketingframework is designed to address ihnfte key management questions:

l- VtituegKfJÍomtíún - How can a temparty identify new value opportunities?

2. VfíUü creation- i low can a company efficiently create mo re promising new value offerings?

3. Vhlitetfelhwiy flow can a company use its capabilities and inlraslniclimj (o deliver (he new value offerings more efficiently?

'ALUE i-.:. ' ORA! o Because value flows wíthfn and across markets that are them-sehiesdynamic And competitive, companies need a wcll-\1clmed strategy for value exploration. Developing Such a strategy requires an undersLanding qI the relationships and imcFactions among three spaces: (1) the customer's cognitive space; (2) the company's competence space: and (3) the collaborator's resource space. The customer's cognitive spacerciletfel enisling and latent needs and includes dimensions such as the need for participation, stability, freedom, and change.1. The company's competency sfjctcc can be described in terms of breadth—broad versus Focused scope of business; and depth—physical Versus knowledge-based ea[labilities. The Collaborator^ resource space involves horizontal partnerships, where companies choose partners based on their ability to exploit related market opportunities, and vertical partnerships, where com parties choose partners based On their ability to serve their value creation.

Fo exploit ft value opportunity the company needs value-creation skills. Marketers need to; identify new customer benefits from the customer's view; utilize core competencies from its- business domain; and select and manage business partners from its collaborative networks, To craft new customer benefits, marketers must understand what the customer thinks about, wants, does, and worries about. Marketers must also observe who customers admire, who they interact with, and who influences llictéi business realignment may be necessary to maximize core competencies, Lt involves three steps: 11) (re)defining the business concept (the "big idea"); (2) (reshaping the business scope [the lines of business): and (3) (repositioning the company's brand identity (flow customers should see the company). This is what t^odak is doing as sales from its traditional corc businesses of film, camera, paper, and photo development have sagged, and consumers have abandoned film eanietas for increasingly cheaper digital equipment, products, and services. On September 2S, 2(103, chairman and Chief Useeutive Dinnid A. Car]j stood in front of shareholders and mi tve lied the company's new strategy, lie announced that Kodak was "determined to win in these new digital markets." In order to do that the company plans to expand iis line of digital cameras, printers, and other equip merit for consumers, who are now using the Internet to transmit ami display tlieir digital images. Kodak also is stepping up efforts to deliver on-demand, color printing products for business and wants to increase its market share of the Lucrative medical images and information services businesses,M!

■ ■■LL-. Delivering value often means substaiíj¡|il investment In infrastructure and capabilities. The company musl become proficient at customer relationship management. internal resource management, and business partnership management, Customer reialloftihtp tnan^gen>eiu(A\tsvn the company lo discover who its customers are. how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different en stonier opportunities, lb respond effectively, the company requires interna i resource management to integrate major business processes [e.g.. order processing, general ledger, payroll, and production) within a single family of software modules. Linally, íiíjíúwsí partnership management allows the company lo handle cumplen relationships with its trailing partners to source, process, and deliver products.

The Central Role of Strategic Planning

Successful marketing thus requites companies to have capabilities such as understanding customer value, creating customer value, delivering customer value, capturing customer value, and sustaining customer value. "Marketing Insight; Views tin Marketing from Chief Executive Officers" addresses sume important senior management priorities in improving marketing. Only a handful of companies stand out as master marketers; Procter & Gamble, Southwest Airlines, Nike, Disney Nordstrom, Wal-Mart, McDonald's, Marriott Hotels, and several Japanese iSony, Toyota, Canon) ami European (JKJiA, Club Mod, Rang& Olufson.

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