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Management framework guiding strategic thinking in rapidly changing markets
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Cravens, David W., Piercy, Nigel F. and Baldauf, Artur. (2009) Management framework guiding strategic thinking in rapidly changing markets. Journal of Marketing Management, Vol.25 (No.1-2). pp. 31-49. ISSN 0267-257X
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Official URL: http://dx.doi.org/10.1362/026725709X410025
Abstract
Developing a management framework to guide strategic thinking in changing markets is increasingly critical for researchers and executives in coping with the complex and rapidly changing global business environment. Conventional training and practices have too often led strategy researchers and executives to assume a stable competitive box around existing businesses, not recognising the effects of radical and increasingly disruptive change on markets and competitive space. New strategic thinking logic and initiatives require a conceptual framework to guide obtaining information, perceptive interpretation of strategic issues and trends, and choice of the right strategic initiatives. The conceptualisation begins by determining the market-based strategic capabilities needed to identify the nature and scope of determinants of market changes. These changes must be identified, driven by new competition, new business models, and creativity and innovation. Understanding fast changing markets requires identifying new market space, conducting strategic segmentation analysis, and determining customer value requirements. Finally, this knowledge guides strategic vision and formulation and implementation of market-driven strategies for changing markets. The framework is based on conceptual logic and empirical findings from multiple disciplines including marketing strategy and strategic management
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management | ||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Marketing & Strategic Management Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Journal of Marketing Management | ||||
| Publisher: | Routledge | ||||
| ISSN: | 0267-257X | ||||
| Official Date: | 2009 | ||||
| Dates: |
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| Volume: | Vol.25 | ||||
| Number: | No.1-2 | ||||
| Number of Pages: | 19 | ||||
| Page Range: | pp. 31-49 | ||||
| Identification Number: | 10.1362/026725709X410025 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| URI: | http://wrap.warwick.ac.uk/id/eprint/44255 |
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