Needs Seeded Strategies
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 Maslowï¿½s 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 ï¿½red oceanï¿½ in nature while supply strategies pace consumers by hitting latent needs and produce ï¿½blue oceanï¿½ favoured strategies. It is argued that current strategy frameworks e.g. Porterï¿½s competitive advantage, Wernerfeltï¿½s resourcebased strategy and Hax and Wildeï¿½s 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
Volume (Year): 4 (2009)
Issue (Month): 3(9)_Fall2009 ()
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- 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).
- Ward, David & Lasen, Marta, 2009. "An Overview of Needs Theories behind Consumerism," MPRA Paper 13090, University Library of Munich, Germany.
- David Ward & Elena Rivani, 2005. "An Overview of Strategy Development Models and the Ward-Rivani Model," General Economics and Teaching 0506002, EconWPA, revised 07 Jun 2005.
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
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