MKTG 3650 4th Edition Lecture 4Outline of Last Lecture I. What is marketing?II. ExchangesIII. Marketing ConceptOutline of Current Lecture II. A Discussion of StrategyCurrent LectureA discussion of Strategy- Corporate, functional, professionalo A sustainable growth strategy begins with understanding the difference between what you are making/marketing and what customers/prospects/people need = which is often not the same thing – and continuously any gap that existsEMU vs. KANGAROO- Neither can take a step back- It’s all about moving forwardExperience should have taught or eventually will teach us that when it comes to corporate, marketing or professional strategy nobody always has the perfect solution – and the most dangerous people are those who think they do- Strategy entails getting more out of a situation than the beginning balance of power would suggest is possible for your firm or itself- Strategy encompasses the art of creating power –which in turn generates greater influence (for you) i.e. an asset that most people likely value more than actual powerThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Relationship/ReputationsWet (relationship) preferred Loyalty and a past with the consumer Dry no past, no anticipated future Reputation- the marketer honors its promiseo honorableo trustworthyo does what is necessary to make ito righto problem solverso promise makers/ keepers - an abundance of options has led to a deficit of attention- consumers know about product strength and weaknesses- planning is inevitably useful and necessary for successo encourages looking aheado forces clarificationo forces coordination/utilization of resources TIME (finite) TALENT (HR) TREASURE (money)o Clear metrics and benchmarkso Makes companies more agileo Forces consideration of the entire environmento Ensures the company is working on the eight thingso Engage in possibility
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