Hierarchical values maps in market-driving strategy development

Marketing Research & Strategy

Analysis of "Driving your market" by David Whitlark and Chad Allred

David Whitlark and Chad Allred's journal article in Marketing Research, entitled "Driving your market," looks into the benefits of research in creating marketing strategies for products or services that a company will introduce in the consumer market. Studying in particular the hierarchical values map (HVM) as the primary tool of measurement in research, Whitlark and Allred enumerates the functions of HVM in determining the consumer's propensity to patronize a product. Moreover, through HVM, the researchers discussed the extent in which market-driving strategy is generated, a new concept in marketing that reflects consumers' preferences and attitudes toward a product or service that they have yet to try or buy.

Centering the discussion on the functionality of HVM in determining market-driving strategies, the researchers identify the benefits of HVM in allowing companies and organizations to know the general marketing environment in which a new product or service will be introduced. The hierarchical values map is defined by the researchers as a tool in making "tangible connections between what a product does best and the high-level personal benefits that customers value most." Through the HVM, customers are made to realize "underappreciated strengths" of a product or service, which may provide a new avenue or way for customers to buy and patronize the said product or service. Moreover, HVM helps researchers and decision-makers to 'identify' the "emotional bonds that connect people with the products they buy and use."

Market-driving strategy, meanwhile, is a new concept in marketing that is generated after HVM results are collected and analyzed. According to the article, market-driving strategy is useful in marketing a new product or service through: (1) creating a new-to-the-world market; or (2) differentiating established brands in mature markets. Results from the survey conducted by the researchers show that the HVM instrument formulated by the researchers has been an effective tool for market-driving strategy, since it established what traits are most effective or has the greatest strength for consumers.

Through the instrument, the researchers have also achieved success in creating, for the companies, an overview of the possible traits or advantages that a competitor has over the client (company). In effect, market-driving strategy answers not only the problem of motivating consumers to eventually buy and patronize a product or service, but it also provides clients with a general overview of the marketing environment (i.e., advantages and disadvantages of the competition) that they are engaging with as the new product or service is introduced.