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Needs Seeded Strategies

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  • David WARD

Abstract

This paper addresses the issue of developing strategies starting from the identification and comprehension of true consumer needs. Needs and opportunities are linked to markets, benefits and strategies through a specific 3D model based on Maslow�s pyramid. A further model, denoted the PIE (Persons, Institutions and Enterprises), also contextualises needs seeded strategies also for institutions. Furthermore the paper builds on declared and latent needs and the author shows how both can live together, or separately, irrespective whether or not one sees them from the demand or supply side. The argument is that demand strategies are essentially based on declared needs and are �red ocean� in nature while supply strategies pace consumers by hitting latent needs and produce �blue ocean� favoured strategies. It is argued that current strategy frameworks e.g. Porter�s competitive advantage, Wernerfelt�s resourcebased strategy and Hax and Wilde�s integrated competitive advantage models, need to pace rather than chase the consumer. Strategies are considered as being the outcome of strategic choices that enterprises need to answer in order to stay or become (more) competitive. If an enterprise is to build its strategy on satisfying consumer needs then it is necessary to view resources from two perspectives, namely customers and assets. For each one of these two resources three possible scenarios are discussed namely that the resources are Insufficient, Limited or Abundant

Suggested Citation

  • David WARD, 2009. "Needs Seeded Strategies," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(3(9)_Fall).
    • Handle: RePEc:ush:jaessh:v:4:y:2009:i:3(9)_fall2009:78
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    References listed on IDEAS

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    1. Michel Ghertman & Jacques Obadia & Jean-Luc Arregle, 1997. "Statistical Models for Strategic Management," Post-Print hal-02297971, HAL.
    2. Thomas Straub, 2007. "Reasons for Frequent Failure in Mergers and Acquisitions," Springer Books, Springer, number 978-3-8350-9637-0, March.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. David WARD & Marta LASEN, 2009. "An Overview Of Needs Theories Behind Consumerism," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(1(7)_ Spr).
    5. David Ward & Elena Rivani, 2005. "An Overview of Strategy Development Models and the Ward-Rivani Model," General Economics and Teaching 0506002, University Library of Munich, Germany, revised 07 Jun 2005.
    6. Arnoldo C. Hax & Dean L. Wilde, 2001. "The Delta Project," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28808-9, December.
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