What’s in this case study?
New product development has been identified by industry leaders as the most important opportunity for embedding value-based strategy to maximize customer value and profit. However, specialty chemical companies continue to face key challenges, including the commoditization of products, intense price competition, rising input costs, and relentless pressure from powerful procurement groups. To deal with these challenges product development must adopt an approach that:
- Incorporates a value-based pricing mindset
- Taps into the enterprise’s expertise across functional silos
- Validates differential value using customer input
- Uses dynamic models to fine-tune unique customer value propositions