I.Transformation from long-term shareholder value to long-term customer value

As the creator and creation unit of social wealth, it has always taken the continuous creation of "shareholder value" as the core goal of its operation. In the era when social wealth is relatively concentrated and the capital that can be used for socialized production is mainly carried by physical assets (that is, the original accumulation of capital to the socialized division of labor), production activities are centered on physical means of production. Factory workers are employed by capital. Through certain physical and intellectual input and certain technological procedures, they consume certain raw materials to manufacture or produce products that can be consumed and used. In the whole operation system, the core of people's activities is around tangible assets. After the products come out of the last process in the production process, they are provided to the end users (customers or end consumers) at a certain price through the marketing (sales and distribution) network. The whole process takes the consumption of means of production and the distribution of products as the core work of the enterprise. Through this process, enterprise organizations continue to create residual value for their owners (shareholders). 

Since the 1990s, the "knowledge economy" dominated by intangible assets has begun to have a continuous industrial impact, and has penetrated into the principles of business operation through continuous product innovation and application. This fundamentally changes the business driven logic with shareholder value as the core and value creation as the starting point. That is, from the business driving logic of long-term shareholder value to the business driving logic of long-term customer value. The process can be summarized as follows: 

A  tangible assets (shareholders' property) orientation: shareholders' property (shareholders' natural fixed assets) * Technology * personnel = products

B  intangible assets (customer knowledge) orientation: customer knowledge (NATURAL ownership of non shareholders) * professional technology * personnel * fixed assets = products

A describes the value creation process with long-term shareholder value as the core, and B describes the value creation process with long-term customer value as the core. We can see that in the business logic with long-term shareholder value as the core, shareholder owned property (tangible assets) plays a decisive role (the process of value creation is determined by). In other words, the primary consideration of the enterprise is: "do I have enough tangible assets (available for production investment capital, disposable mineral, agricultural and land resources)?", The second thing to consider is: "what kind of products and services should I use these tangible assets to produce?" although this tangible asset oriented business logic also needs to consider the needs of customers (usually in the stage of product sales and distribution)However, its core logic is to maximize the value of existing shareholder assets, that is, to create and operate long-term shareholder value. 

The value creation process with long-term customer value as the core described by B reflects the core driving role of non shareholders' naturally owned customer knowledge (customer scenarios and demand information) in triggering the whole value creation process. In this logic, customer knowledge, that is, the cognition of customer (and corresponding market) scenarios, starts the value creation process of enterprises. In the environment of declining resource monopoly, the average level of organizations and individuals' access to resources is increasing (for example, the relaxation of government regulations on some resources and industries - to encourage and stimulate the economy, as well as a more active capital market). Therefore, success in market competition often depends on the overall level of customer knowledge. The operation of the enterprise finally moves towards the attention and investment of long-term customer value, and through this process, the core competitiveness based on intangible assets is built. The ultimate goal of the value creation process with long-term customer value as the core is to transform customer knowledge into tangible products (or intangible services), and create customer value by constantly providing stable products and services. 

This change is particularly evident in the fine chemical industry, new energy and new materials industries. The value creation process of traditional bulk chemical products essentially belongs to long-term shareholder value orientation, while the value creation process of emerging products such as fine chemicals (as well as new energy and new materials) and corresponding markets and industries belongs to long-term customer value orientation. 

II.Understanding "long term customer value": core competitiveness based on intangible assets

"Long term customer value" for an enterprise (Haike) is reflected in its ability to systematically grasp "customer knowledge", as well as its effective cognition of customer needs, customer competitive environment and customer decision-making environment at any point in time, as well as its ability to act based on this effective cognition and the necessary systems (for example, Huawei's "iron triangle"). 

This ability cannot be naturally obtained through simple equity investment. In other words, the original investor cannot help the enterprise obtain this ability through simple investment behavior. Investors can build this ability to the greatest extent through investment portfolio (industrial portfolio). However, in the daily operation process of enterprises, this ability itself needs to be continuously improved and strengthened in order to continuously form and consolidate the differentiated competitive advantage of enterprises. Therefore, customer knowledge is not owned by shareholders naturally, but needs to be constructed and continuously improved through a series of strategic operations in the process of enterprise management. 

B intangible assets (customer knowledge) orientation: customer knowledge (NATURAL ownership of non shareholders) * professional technology * personnel * fixed assets = products

Customer knowledge includes:

1.Customer product demand knowledge refers to the specifications, total amounts, preference requirements, etc. of the products and services required by the customer. This is the basic customer knowledge content that enterprises (Haike) must master, and such customer knowledge does not effectively support its differentiated competition (because at this level any competitor can easily obtain such knowledge). 

2. Customer system requirements knowledge: that is, the sum of the elements of the system environment in which the customer is located. These include external competitive systems and internal process systems. The core question that the external competition system has to answer is "Who is the customer's customer?" Why do they choose my customers' products and services? ” The core question to be answered by the internal process system is "How do customers make various management decisions?" 'Political Elements' of Customer Decisions*(Niltich's Leadership Engine and BOE's Digital Transformation Project)'、 What are the 'technical elements*' and 'cultural elements*'? ”

3. Customer dynamic status knowledge: that is, real-time grasp of customer dynamic changes. The customer knowledge in this section focuses primarily on the ability to perceive and manage customer changes in real time, not on the information itself, and is usually related to the overall level of digital capabilities of the enterprise (digital iteration 'from e-commerce to data-driven automated business'). 

For enterprises, the difficulty of obtaining the knowledge of the above three types of customers is different, and there are different "learning curve characteristics". 

Expertise including: 

1.Science and technology is a theoretical method that can produce new products and services, and can produce subversive improvements (changes) to the old value proposition to the greatest extent, and for chemical companies, it can include basic chemical research and basic research on new materials. For example, in 1856, before the establishment of BASF, the British chemist William H. Perkin Henry · Parkin) experimented with the first artificial tar dye "aniline violet" (Friederich Engelhorn, the owner of a gas plant in Mannheim, later used this technology to build Badische Anilin-&-Soda-Fabrik, a baden-domamine soda soda factory)；Fritz Haber Fritz (1909) Haber's experiments with ammonia synthesis were successful (prior to that his friend Carl Engler Carl I. Engler – then a member of BASF's Supervisory Board, introduced Haber's experiments to BASF and concluded a collaboration between Haber and BASF) to open up fertilizer applications worldwide. 

2.Application technology is engineering application technology, including the sum of application technology in the process of engineering production, manufacturing and construction. Birkin can develop the first artificial tar dye "aniline violet" in the laboratory, which is the result of science and technology; But to realize Engelhorn's revolutionary business philosophy, "to build a company that covers the entire production process and produces products from raw materials and additives to precursors, intermediates to dyes", the sum of all the technologies required in the production, manufacturing and construction processes is a typical representative of application technology. In other words, without applied technology, science and technology can only be trapped in laboratories and papers. Whether an enterprise can effectively obtain and maintain its mastery of application technology, whether it can quickly and effectively organize production, design and manufacture systems, and even build and purchase plant equipment is the embodiment of the overall level of application technology of enterprises.

3.Operation management technology is the sum of scientific concepts, tools and methods that can help managers effectively organize production operations, accurately make decisions, and the resulting management system (information and digital management system). For example, Huawei Technologies Co., Ltd.'s "Iron Triangle" concept constitutes the "CC3 model" decision-making mechanism, and forms a stable operation system process based on this* (Huawei's "Iron Triangle" detailed). Operation management technology is the ultimate carrier of the implementation of enterprise (Haike) technology marketing - system process, process organization, organizational process* ("three modernization" detailed)

Personnel refers to key talents in key positions* (about "key positions and key talents”). This part of the personnel must create and pass on the "long-term customer value" in their positions, and accurately identify key positions and suitable key talents on the basis of ensuring the efficient operation of the enterprise. The management process of key positions and key talents is also a concrete operational embodiment of operation management technology at the level of personnel management. 

Fixed assets are non-monetary assets held by enterprises for the purpose of producing products, providing labor services, leasing or operating management, and used for more than 12 months, with a value of a certain standard, including houses, buildings, machinery, machinery, means of transport and other equipment, appliances, tools, etc. related to production and operation activities.

Products are the carriers used by enterprises to transmit customer value. The understanding of a product cannot be limited to its physical properties, since all products contain both constituents ("commodity components") and intangible components ("service ingredients"). 

Technical Marketing - "product": from the perspective of "bulk" to "product"

The key impact of technology marketing is to essentially change the customer value attributes of a product. However, in the context of technical marketing, the concept of the product needs to be further clarified.  

From the perspective of the production enterprise, the product is the result of the whole process of the enterprise supply chain, that is, the result produced from the operation of the production process of the enterprise (the result of a set of interrelated or interactive activities that convert inputs into outputs)." However, the degree of impact from the customer value chain, the value carrier that can effectively improve or affect its value chain is the "product" that is detached from the "bulk product".

From the perspective of customer value, the product should be: the product is a synthesis of goods and services for the purpose of use.

In order to better understand the difference between "product" and "bulk product", it is necessary to use the theory of modern service marketing to analyze and interpret "product". 

The product is an organic combination of its constituent and intangible components. The formed fraction of a product may be referred to as a "commodity (article)"; The intangible ingredients of a product can be called "services". In this sense, all products are essentially a combination of their formed and intangible components, that is, there is no absolute tangible product and absolute intangible service.

In this "list of market entities", we can see the essential difference between "salt" based on formed points and "education" based on intangible components, and the proportion of "intangible components" and "formed points" in their composition.

Table salt, which is mainly composed of formed parts (articles), contains a certain amount of intangible components (services), of which sodium chloride crystal itself is the concentrated embodiment of its formed parts, and its purification, refining, packaging, transportation and other processes are its intangible components; The imparting of knowledge in education based on non-formation (service) is itself a concentrated embodiment of its intangible components, while its venues, teaching buildings, facilities, etc. are the concentrated embodiment of its formed sub-divisions (items).

In addition, as the basic principle of differentiated competition, the differentiated innovation elements of products with formed points are mainly concentrated in their intangible components (services); The differentiated innovation elements of products with intangible ingredients are mainly concentrated in their formed points (items).

Formulated products themselves have a high intangible ingredient (service) value, and the impact on the customer value chain is more far-reaching and obvious. Therefore, its differentiated elements are more obvious, while standardized products such as refined oil products, etc., have a relatively low proportion of intangible ingredient (service) value, so they usually cannot be effectively differentiated, and eventually gradually "commoditize" in market competition.

In addition, when considering the proportion of goods and services of products, the dynamic change of the "product S-type value curve" should also be dynamically considered, that is, the proportion of intangible components (services) in the initial and growth stages of products is relatively high, so enterprises can achieve efficient impact on the customer value chain by providing efficient service value, and form a relative competitive advantage, and then enter a higher strategic control point* ("strategic control" and "value acquisition").

Taking Hebang's "special epoxy resin" integration scheme as an example, the special epoxy resin and the corresponding intermediates (precursors, ligands, etc.) belong to the formation of the product, but the value of the special epoxy resin to the customer is reflected in its intangible component (service) value collectively in its formulation solution. 

Technical marketing can maximize the help of enterprises to enrich the intangible components of their products, provide more comprehensive customer value, and thus form effective differentiation. Technical marketing based on customer scenarios increases the proportion of intangible services of tangible products while also avoiding the trend of commoditization of enterprise products, thereby prolonging the product value curve.