[Editor’s note: This installment is part of an ongoing series. You can start at the beginning to follow its logical sequence.]
The value chain approach in this upcoming series of posts has been re-purposed to reflect the broader array of demands shouldered by the marketing function in today’s complex — and frequently turbulent — business environment.
It stands apart from previous versions of the value chain concept by encompassing a greater depth and scope of characteristics and functionality.
By doing so, it stands in concert with the aspirational goals of a modern enterprise, which typically revolve around the quest to be attractive, competitive and sustainable.
The goal of this series is to walk through our expanded view of the value chain approach in a manner that carefully fleshes it out. The content is divided into digestible chunks, which progressively build toward a full understanding of the practical role it is intended to play.
Regardless of whether your enterprise is a start-up or established, large or small, product-oriented or service-driven, this series will provide two overarching takeaways:
1. It’ll give you a strong conceptual foundation for nurturing the all-important idea + execution connection in marketing. This foundation is based on two key building blocks: (a) Think like a Strategist; and (b) Act like a Marketer.
2. It’ll set the stage for assembling a data-driven decision support system that is commensurate with your resources, needs and value creation concerns.
Think like a strategist reflects the necessity to assume an analytical posture for dissecting the market circumstances that surround a product or service. It’s about unearthing, studying and interpreting the details that either create opportunity or inhibit it.
Act like a marketer coincides with the notion that such information leads to insights and knowledge which can be gainfully employed. It’s about executing and managing the product or service action plan that’s been derived from thinking like a strategist.
The data support element provides quantitative intelligence. One distinction worth noting revolves around the idea that it is NOT a data-driven decision system; but rather, a data-driven decision support system.
In this support role, the quantitative information dovetails with the qualitative information to yield a complete and holistic understanding of the overall marketing initiative.
The value chain approach for marketing combines the critical thinking skills of the strategist with the insightful knowledge of the marketer to fashion a realizable value proposition, one that entertains both the consumer perspective and the provider perspective.
When done well, it’s a win-win scenario from one side of the value chain to the other.
In view of this ambition, let’s get started by introducing some basic concepts that pertain to the Generic Value Chain Approach for Modern Marketing.