are focused only on the maximum improvement of the technical characteristics of their
products, overlooking other details that their customers want to receive. A classic
example to illustrate such state of things is unused capacity, products with overstated
technical characteristics, as well as groundless arguments of managers about sales. The
best way to resolve this situation is a constant flow of information from the market.
The most efficient methods of obtaining market information are: 1) discussing the
strengths and weaknesses of existing products with individual customers; 2) focus
groups conducted by a neutral third party; 3) statistical analysis of reliable market data
(Urban, 2004; Paetz, 2015; Weinstein, 2014; Maex, 2012).
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Conducting an accurate segmentation of the market. Segmentation reflects
the economic attractiveness of customers for the company. Due to the market
segmentation, the company can "monopolize" customers in a selected segment, as well
as rationalize the costs for development, production and sale of goods. Effective
segmentation involves the classification of consumers by characteristics that to some
extent determine the motives for their behavior on the market. At the same time, it is
necessary to define an action plan for each segment, that will satisfy the needs of its
consumers to the maximum. In addition, good segmentation, as a rule, contains several
segments with a large profit potential and at least one segment in which the company
can gain a competitive advantage based on already existing competencies and
capabilities (Cuadros, 2014; Boejgaard, 2010; Bain, 2018а, 2018b).
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Creating a value proposition for each segment. A clear understanding of
customer needs and proper market segmentation gives the company the information on
the basis of which it can formulate a value proposition that distinguishes it from other
competitors. A value proposition is a set of unique advantages that meet the needs of a
certain consumer segment (Barnes, 2017; Osterwalder, 2014; Hassan, 2012).
Consumers do not buy goods only on the basis of its price. They make purchasing
decisions based on the value of the product that represents its overall advantages
(quality, additional functions, design, technical support, competence of the seller, etc.).
The creation of the unique value proposition allows the company to draw a line
between its products and the products of other market players, thus gaining a
competitive advantage.
After the company has created a value proposition for its technology, it can use
various marketing channels in order to deliver it to the target audience. These can be
both traditional channels (exhibitions, industry events, professional publications), and
digital (corporate website, blogs, social media).
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Protection of intellectual property. Despite the undoubted benefits of
knowledge sharing, the key point in the basic principle of achieving a competitive
advantage is still the creation of new products that are valuable to the consumer, but
different from those offered by competitors, as mentioned repeatedly above. The notion
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