Issue 4, 2015

Barkan D. I., Rucheva A. S. Strategic Marketing: Value Navigation of the Firm.

Traditionally marketing strategy deals mainly with the needs of the customers while the key concept of strategic marketing is value. The paper elaborates a new methodology of strategic marketing based completely on value concept — “value navigation”. Value navigation is defined as systematic process of the formation and development of company’s understanding of the values using which it can provide its potential customers ensuring an acceptable level of financial, social, image, and other company performance. The methodology of value navigation was primarily elaborated based on existing concepts in strategic marketing and then was applied and developed during two large-scale projects. The purpose of the projects was to create a marketing strategy for the firm from B2B sector. Every firm was from TOP-5 on its market. Each project lasted for one year. The main working format of the work was strategic sessions of core competents of the firm twice a week. The researchers took part in every session and were involved in the project as consultants. Values should be the key concept both in the theory and practice of marketing strategy. The value navigation should be based on the formation, analysis, development and evaluation of three main elements: values of the company, values of the customers and core competences of the firm which should be considered as balancing mechanism between company’s and customers’ values.. The unity of these elements is defined as the triad of values. The result of value navigation for the firm is the efficient value proposition for the best-suited customers. The new methodology of value navigation of strategic marketing is described. The model of the triad of values is presented which describes the balance between values of the company, values of the customers and core competences of the firm. Also paper provides some useful tools and insights for efficient implementation of the new methodology. Keywords: market segmentation, value proposition, triad of values, value navigation, heuristics, firm’s values, customer’s values, core competences.

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