MKTG 3650 7th Edition Lecture 7 Outline of Last Lecture I. Strategic Planning cont.II. ValuesOutline of Current Lecture III. RelationshipsIV. Logical Strategies or marketing solutionsV. RiskCurrent LectureRelationshipsConsumers don’t owe anything to any marketing organization. Instead, marketing firms owe it to customers to create and deliver something of value worth paying for – that’s exchange.*Relationships: creating them and keeping them are absolute keys to marketing success.- It is not what we don’t know that hurts us; it’s what we presume to know for certain thatends up destroying us.- Never spend excessive time trying to change things that are not in your control.Logical strategic or marketing solutions- Strive for the simplest possible solution, rather than the most complex. Always.- In strategic decision making managers should always dance close to the revenue or cost lines.Risk- Firms should worry about managing two kinds of risks:o Sinking the boat- wrecking the firm by making a bad strategic bet and,o Missing the boat – letting a great strategic opportunity pass your firm by becauseyou miss it, ignore it, or are unwilling to bear the risk.More thoughts about planningThese 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.- “Esse quan Vanera” – Latin for, “to be, rather than to seem”- Contentious strategic problems are best solved by striving for a higher order solution that integrates the diverse perspectives of all relevant constituents.- *** Humans are unique amongst all other animals in the world in our ability to learn from the experiences of others and perhaps even more remarkable in our ability to ignore the
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