NEEDS SEEDED STRATEGIES

David Ward

Journal of Applied Economic Sciences, 2009, vol. 4, issue 3(9)_Fall2009

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

Keywords: Strategy; Blue-ocean; Red-ocean; Declared; Latent; Needs (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:ush:jaessh:v:4:y:2009:i:3(9)_fall2009:78

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