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Transcript
Marketing & Entrepreneurship Trends and Issues in 2013 and Beyond Biggest Challenge? • Achieving revenue growth in a world of waning brand loyalty, overcapacity, product parity and often contracting demand. Drucker on Marketing* • "Because the purpose of business is to create a customer, the business enterprise has two, and only two basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business." An Emerging Global Trend • Most progressive corporations are recognising the importance of strategic marketing to achieving revenue targets • Marketers now in most Boardrooms • The rise of the Chief Marketing Officer Impact of CMO on businesses • Focus on strategic marketing thinking • Ending the war between marketing and sales • Greater effectiveness of the integrated marketing communications mix Big Question? • Why is marketing now considered so important to business success? • Answer? • The impact of effective marketing on the firm’s revenues It’s axiomatic... • The sole purpose of marketing is to sell more of your products to more people, more often for more money! • There must be robust gross revenues if you want robust net profits Creating Powerful Brands Strategic marketing thinking • Segmenting markets • Targeting or creating attractive market segments • Positioning your brand or product to resonate with your target market Ending the war... • Marketing. Sales. Two silos. • • It's vital that team members step out of their silos and start working together. Developing synergies between marketing and sales Marketing communications • From brand awareness to brand preference MARKETING COMMUNICATION Advertising Personal Selling Marketing Communication Mix Public Relations Sales Promotion Direct Marketing © 2013 Pearson Education, Inc. publishing as Prentice Hall Slide 6- Summary • A major global trend is the emergence of marketing as pivotal to financial success • Why? • • Because powerful brands are generally the most profitable, and it is marketing, not finance or operations that create powerful brands More and more business students are choosing marketing as their major
