Marketingby Jeff Bartlett
First of all, marketing issues are important in all areas of the organisation – customers are the reasons why businesses exist! In fact, marketing efforts (including such services as promotion and distribution) often account for more than half of the cost of a product.
The role of marketing is so central to the entire strategic decision-making of an organisation that we wonder how long any business can compete when it neglects its marketing. The business graveyards are filled with products and services that people did not buy, due to a lapse in marketing discipline.
Marketing should be both creative and accountable to the business. It is an art and also a management science, calling for the implementation of rigorous processes that are properly measured.
Therefore, it is not surprising that the Baldridge Criteria for Performance Excellence put Marketing in a leading role, together with Leadership and Strategic Planning. It should be noted that, as a group, the US companies that have won the coveted Baldridge Award have routinely outperformed the S&P 500 Index by a ratio of as much as six to one.
In this topic, we look at some high level ideas on what marketing actually is and then examine how it can affect you as a manager in an organisation.
The key elements within the marketing process covered are
- The link between corporate strategy and marketing
- Understanding customers and consumers
- Translating customer and consumer needs into action.
Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying and understanding customer needs and creating solutions that deliver satisfaction to the customers, profits to the producers and benefits for the stakeholders.