Marketing 2030 Notes
Chapter 1
What sets winning organizations apart from their competitors?
One study examined 40 industry groups of 4 companies in each, all with similar financial numbers and apparent prospects. They noticed that what separated winning and losing companies (as measured by total shareholder return) were two factors: strategy and execution.
1. Winning organizations devise and maintain a clearly stated, focused marketing strategy
The marketing strategy is a simple value proposition that is based on a deep understanding of the customers. It is an organization’s ability to create superior value for its customers and, in the process, give it a competitive edge over its rivals. If a company has a clear and focused marketing strategy, it is more likely to succeed than if it has an unstable strategy, such as Kmart, who couldn’t decide whether to go upscale to avoid competing with Wal-Mart or go head-to-head with Wal-Mart, which simply confused customers and led to its bankruptcy.
2. Winning organizations execute their marketing strategy flawlessly
The second factor that separates winners from losers is their ability to execute their marketing strategy. There is a gap between devising and implementing a good strategy. Someone in top management may have the idea that customer service is a good strategic priority for the business, but unless they win the hearts of employees, the execution of the strategy is likely to be weak.
What is marketing?
Marketing is a disciplined process used by organizations to solve business problems.
Problems solved by marketing in a for-profit organization: * Low-priced competitors flooding the market * Lack of differentiation from competitors * How to generate more revenue * Managing the explosion in media and channels * Dealing with more sophisticated and price-sensitive customers * How to build a customer-focused organization
Problems solved by marketing in a non-profit organization: *
What sets winning organizations apart from their competitors?
One study examined 40 industry groups of 4 companies in each, all with similar financial numbers and apparent prospects. They noticed that what separated winning and losing companies (as measured by total shareholder return) were two factors: strategy and execution.
1. Winning organizations devise and maintain a clearly stated, focused marketing strategy
The marketing strategy is a simple value proposition that is based on a deep understanding of the customers. It is an organization’s ability to create superior value for its customers and, in the process, give it a competitive edge over its rivals. If a company has a clear and focused marketing strategy, it is more likely to succeed than if it has an unstable strategy, such as Kmart, who couldn’t decide whether to go upscale to avoid competing with Wal-Mart or go head-to-head with Wal-Mart, which simply confused customers and led to its bankruptcy.
2. Winning organizations execute their marketing strategy flawlessly
The second factor that separates winners from losers is their ability to execute their marketing strategy. There is a gap between devising and implementing a good strategy. Someone in top management may have the idea that customer service is a good strategic priority for the business, but unless they win the hearts of employees, the execution of the strategy is likely to be weak.
What is marketing?
Marketing is a disciplined process used by organizations to solve business problems.
Problems solved by marketing in a for-profit organization: * Low-priced competitors flooding the market * Lack of differentiation from competitors * How to generate more revenue * Managing the explosion in media and channels * Dealing with more sophisticated and price-sensitive customers * How to build a customer-focused organization
Problems solved by marketing in a non-profit organization: *