chapter 5

122 marketing strategy & organization• How will we accomplish this? Translated into a marketing vocabulary: Whatis the business model that will enable the customer value proposition for theselected segments?Marketers must make choices about the ‘hunting grounds’ (segments to serve,i.e., where to compete) and the ‘hunting strategies’ (competitive strategies, i.e.,how to compete) to realise sustainable business. A company can build businessalong three different paths (Figure 5.1). The first path is the path of marketcreation. Through market creation, a company develops radically new customervalue propositions that redefine market space. A second path involves markethunting, i.e., acquiring new customers for existing customer value propositions.The third path is labelled market farming, and consists of nurturing or streamliningthe relationship with existing customers. The decision-making processesthat lead a company to each of these paths are pivotal moments in its history.It is as Dr Bunsen Honeydew and his unfortunate assistant Beaker from theMuppet Show used to describe it: ‘The future is being made here today.’© rudy moenaert, henry robben, peter gouw, lannoocampus • marketing strategy & organizationFigure 5.1 · Pilars of Business Development