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Formulating Customer-Driven Strategy

In: Competitive Advantage of Customer Centricity

Author

Listed:
  • Sathit Parniangtong

    (CMBT Strategy and Management Consulting)

Abstract

How a company should compete best is central to providing a roadmap for moving the company forward. Such a roadmap is, in essence, a competitive strategy. Traditional strategy development process applies tools and concepts like mission (defining the company’s purpose), vision (inspiring future results) and value statements to guide the company’s strategy development. However, due to changes and competition, a company cannot thrive by its internal guidance. Analytical tools, such as industry trends analysis, SWOT, competitive analysis, and internal capability assessment, are used to navigate the company through the dynamic business landscape to reach a new performance plateau. These analytical tools address different angles of strategy formulation. However, a logical linkage of analysis results that shows how a company has been competing has yet to be established. Many believe that such a linkage can never be made since strategy formulation is more art than science. Under the proposed customer-driven strategy formulation, clearly articulating a roadmap for moving the entire company into the future requires management to address the four strategic elements: who are the target customers, what is the company value proposition, how will profit be made, and what will be the proper scale and scope of business operations?

Suggested Citation

  • Sathit Parniangtong, 2017. "Formulating Customer-Driven Strategy," Management for Professionals, in: Competitive Advantage of Customer Centricity, chapter 5, pages 113-159, Springer.
    • Handle: RePEc:spr:mgmchp:978-981-10-4442-7_5
    DOI: 10.1007/978-981-10-4442-7_5
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