The chapter discusses crafting market strategy and understanding business strategy as the context for market strategy. It covers assessing resources, capabilities, and core competencies to develop strategies like product leadership, customer intimacy, and operational excellence. Planning market strategy involves understanding the market, setting goals, and positioning offerings. Strategies experience orderly advances punctuated by radical change, and are influenced by multiple actors within an organization.

1. Business Market Management 3 rd edition Crafting Market Strategy Chapter 4

2. Section II: Understanding Value Business Market Management, 3 rd edition Chapter 4-

7. I. Business Strategy as the Context for Market Strategy Business Market Management, 3 rd edition Chapter 4-

14. Business Market Management, 3 rd edition Chapter 4- Resource-Based View Internal Perspective Core Competencies and Capabilities External Perspective Five-Forces Framework of Industry Analysis and Market-Based Assets

47. Improving Management’s Backward Thinking Abilities Business Market Management, 3 rd edition Chapter 4- Step 1 Experiment with several metaphors as explanations, each of which might add to their understanding Step 2 Recognize that an event or outcome may have more than one cause Step 3 Because a defining characteristic of insights is that they take us by surprise, managers should go against what appear to be more probable causes to consider their opposites Step 4 Assess candidate causal chains by the number and strength of their links; longer chains generally are less probable Step 5 Generate and test alternative explanations rather than simply settling on the first or seemingly most likely one

56. Positioning in Business Markets Business Market Management, 3 rd edition Chapter 4- Positioning: Establishing and (sustaining) an intended meaning for a market offering in the minds of targeted customers Target: Succinctly characterizes the specific type of customers for the market offering that are of most interest to the supplier Offering Concept: Specifies the essential attributes of the market offering for the selected target, out of the potentially larger set of attributes that an offering might possess

57. Customer Value Propositions Business Market Management, 3 rd edition Chapter 4- Value Proposition: All Benefits Favorable Points-of-Difference Resonating Focus Consist of: All benefits customers receive from a market offering All favorable points-of-difference a market offering has relative to the next-best alternative The one or two points-of-difference (and, perhaps, a point-of-parity) whose improvement will deliver the greatest value to the customer for the foreseeable future Answers the customer question: “ Why should our firm purchase your offering?” “ Why should our firm purchase your offering instead of your competitor’s?” “ What is most worthwhile for our firm to keep in mind about your offering?” Requires: Knowledge of own market offering Knowledge of own market offering and next best alternative offering Knowledge of how own market offering delivers superior value to customers, compared to next-best-alterative offering Has the potential pitfall: Benefit assertion Value presumption Requires customer value research

63. Take Stock of Implementation Skills Business Market Management, 3 rd edition Chapter 4- Interaction Skills A manager’s behavioral style of relating to others inside and outside the firm. Captures how a manager works together with others, uses influence strategies, and negotiates. Allocation Skills A manager’s expertise in budgeting time, people, and money. Monitoring Skills Manager’s ability to stay informed about what matters and to recognize when to intervene in ongoing activities. Organizing Skills Captures manager’s proficiency at drawing upon or circumventing the formal organizational structure to bring together the resources to accomplish a market task.

65. IV. Summary Business Market Management, 3 rd edition Chapter 4-

67. Business Market Management, 3 rd edition Chapter 4- All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall