1. Segmentation, Targeting, Positioning
Piercy`s strategic pathway shows that at the heart of any market led strategy lies careful segmentation of the market and the development of a „Value proposition“.
Features of a viable segment are: size. Identity, relevance and accessibility
First it is important to understand the customer and the markets in which the organisation exists. Second is to find common characteristics that divides its customers into manageble groups.
Once the segmentation process is complete, an organisation has to decide which of the segments to target. This can be done by: undifferentiated, differentiated, concentrated and customised approach. Once a org. has decided which segment to target, it needs to develop a strategy to shape the image it will project in the minds of those targets. This is reffered to as positioning and defines what the organisation can offer in relation to others on the market
2. Building the value proposition
It is the value proposition that differentiates one product from another. Delivering the value proposition requires the entire organisation to be centred on offering its customers some kind of unique value. The value proposition is compiled from the answers to the following three questions:
1. the organisation`mission (what do we want to be and to stand for in the market?
2. Competitive differentiation (what do we have to offer that will build a sustainable and competitive position in the market
3. Marketing assets and brands (what intangible competitive advantage do we have, such as reputation, superior skills and brand identity?)
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