Especially pay attention to highlighted parts (important for exam), also contains answers to reading questions and further explanations of important terms.
Reading questions:
1. Dolan (2014) and Almquist ea (2016) – Value elements and value proposition. How
are the value elements of the Almquist ea (2016) article related to the value
proposition idea posited in Dolan (2014)?
Customers are motivated to go towards objects that have value for them. The value elements
presents the highest level of a means end chain and when the right attributes are chosen
that customer can link towards those end values through the MEC, then an end value that
one values may be fulfilled. You can segment people based on values who have certain
needs and base your positioning and value proposition on that, so that your offerings ties
into consequences that your audience will value.
2. Day (2011) - Adaptive capabilities. Why do we cover the topic of resources and
capabilities in the light of marketing strategy. Are they important for marketing
strategy and if so, for which part? The article describes four different views on a
company's resources and capabilities that have developed over time. Try to make
sense of the addition of each view to its predecessor; why is that addition important
for marketing strategy? Can you see a link between these different views and the
different market orientation types defined by slater&narver 1998 – as discussed in
topic 1?
Adaptive capabilities are important for the value identification part. To create positional
advantages to be sustained over time, they must be a result of value creating strategies for
which the needed resources and capabilities are inimitable and non-substitutable. In that
way, a company can isolate itself from competitors.
3. Kim&Mauborgne (2005) – Blue Ocean. What makes a blue ocean innovation different
from a technological innovation? How is the blue ocean concept related to our idea
of customer value?
Both blue ocean innovations and technological innovations are innovations. However, a blue
ocean innovation fulfils two main criteria: it creates new demand and breaks the cost/value
trade-off, whereas a technological innovation only implies that a technological aspect has
been renewed, developed, or innovated. It does not necessarily imply that a total new
demand in an uncontested market space was generated or that cost/value trade-off was
broken. Therefore, a technological innovation can be a blue ocean innovation if it fulfils these
two criteria.
Customer value is the customer’s perceived preference for and evaluation of product
attributes, attribute performances and consequences arising from use that facilitate
achieving customer goals and purposes in use situations. Blue ocean is a value innovation
and is way to create customer value by creating a whole new market demand. It emphasizes
on creating value for customers in a way that they are willing to leave something else for it,
thereby they break the cost/value trade-off.
,The marketing strategy process:
Value identification
To create positional advantages to be sustained over time, they must be a result of
value creating strategies for which the needed resources and capabilities are inimitable and
non-substitutable.
SWOT (strengths, weaknesses, opportunities, threats) sheds light on both internal and
external analysis.
The role of resource analysis (internal)
• Why do we cover the topic of resources and capabilities in the light of marketing
strategy. Are they important for marketing strategy and if so, for which part?
• The article describes four different views on a company's resources and capabilities
that have developed over time. Try to make sense of the addition of each view to its
predecessor; why is that addition important for marketing strategy?
• Can you see a link between these different views and the different market orientation
types defined by slater&narver 1998 – as discussed in topic 1?
Internal resource analysis
, Why do we look at the internal capabilities? Marketing & performance
E.g. Minute clinic: walk-in medical clinic, for convenient affordable health care.
Something that is built on your own resources (dense distribution network, nurses) is
hard to copy. You have to know what you already have, what you know, because it
can help you gain competitive advantage in the long run.
What are company resources?
• Assets (tangible and intangible)
o Resources endowments the business has accumulated.
o Material and immaterial possessions of a firm (e.g. buildings, trucks, brands,
customers, demands)
• Capabilities/competences
o The glue that brings the assets together and enables them to be deployed
advantageously
o Complex bundles of skills and accumulated knowledge, exercised through
organizational processes that enable firms to coordinate activities and make
use of their assets. They have no monetary value, are untradeable and non-
imitable.
Network effect = the more customers you have, the more
value you have in the customers. For customers it is better to
participate in a widely used network, then in a network that
might be slightly better but is rarely used (network is an
asset). That’s why people use Netflix or Facebook, because so
many people use it.
VRIO framework: list of criteria used on resources analysis to
see which the driving capabilities are to improve value proposition. 4 conditions for
resources or capabilities to create SCA:
• Valuable
o if it adds value to company (cost or
differentiation)
• Rare
o only few firms possess resource
• Inimitable
o costly to obtain or imitate and non-
substitutable.
• Organised to capture potential
o exploitable by organisation
Resource analysis: combination of two
1. Insights into:
Resources of the organisation
Current and potential leverage of resources
(exploitation)
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