KEYS TO MARKETING SUCCESS
A prime guideline for marketing success is to realize that establishing customer satisfac-
tion should be the company's number-one priority. The only people who really know what
customers want are the customers themselves. A company that realizes this will develop a
marketing mentality that facilitates information gathering and maintains effective commu-
nication with the primary reason for the company's existence: the customer.
A second guideline is to establish a company image that clearly reflects the values
and aspirations of the company to employees, customers, intermediaries, and the general
public . Philips Petroleum has done this for years with their advertising campaign that focuses
on how their company benefits society.
Third, while marketing requires work that is clearly distinct from other business activ-
ities, it shOUld be central to the entire organization. Marketing is the aspect of the business
that customers see. If they see something they do not like, they look elsewhere.
Fourth, the business should develop a unique strategy that is consistent with the cir-
cumstances that it faces. The marketer must adapt basic marketing principles to the unique
product being sold. This means that what General Foods does may not work for GTE because
one is inherently a goods product and the other a
product. And neither will work
for the State of Kentucky ' s Parks and Recreation Department, because that is a public, non-
profit organization. In other words, imitating what other organizations do without fully understanding one's own situation is a dangerous strategy.
Finally, technological progress dictates how marketing will be performed in the future.
Because of computer technology inventiveness, both consumers and businesses are better
informed. Knowledge is the most important competitive advantage. The world is one mar-
ket, and information is changing at light-speed.
MARKETING CAPSULE
•
1. The components of marketing management are as follows:
2 . The keys to marketing success are:
a. Corporate-level considerations include the organiza-
a. Satisfy the customer.
tion's mission and objectives.
b. Establish a clear company unage.
b. Functional-level considerations include nonmarketing
c. Make marketing central to the organization.
institutions and marketing institutions.
d. Be proactive.
c. Marketing-level considerations include the mission, the
e. Develop a strategy consistent with the situation .
situation analysis, objectives, strategy, implementation,
budget, and evaluation.
d. The marketing mix includes the primary tools available
to the marketer: product, distribution, promotion, and
price.
THE WALL STREET JOURNAL.
IN PRACTICE
ing you to return to the Front Sec-
2. Recently, the effectiveness of
Marketing plays a critical role in the
tion at any time.
online marketing efforts has
success of business organizations: it
Articles
to marketing
been questioned. What can mar-
helps them create a competitive
are typically found in the Market-
keters do to measure the suc-
advantage. By continuously collect-
place section. Click on Marketplace
cess of online marketing?
ing information about customers'
now to view today's articles. Just
3. What advantages does receiving
needs and competitors' capabilities
below the main menu on the left
the Wall Street Journal online
and by sharing this information
side, a smaller menu titled In this
provide for users ? Specifically,
across departments, business organi-
Section .. . appears, listing main
marketers?
zations can create a competitive
header topics in Marketplace. One
advantage by increasing value for
of th e topics is MarketinglMedia.
customers.
Visit this section now to read
Individuals working in market-
today 's articles.
ing departments must be knowl-
Chapter I , Introducing Market-
edgeable about all the elements of
ing, provides and overview of the
the business that impact the success
importance and functions of mar-
of marketing efforts. Marketing
keting in business organizations.
objectives are directed by an orga-
Marketing takes many forms, and
nization's mission statement, and
evolves with new technologies. Mar-
marketers use a set of strategies to
keting on the Internet, also known
achieve these objectives.
as e-commerce marketing, provides
Implementation is critical to a
challenges and opportunities for
marketing plan's success; therefore,
marketers. Visit Volkswagen's web-
the marketing budget allocates
site, WWW.vw.com. to see how the
expenditures for each of the compo-
company has extended its market-
nents of the marketing mix. Market-
ing efforts from television and print
ing success depends on several
to its website.
factors, the most important of which
is establishing customer satisfaction
DELIVERABLE
as th e #1 priority.
Search the Interactive Journal for
articles about e-commerce market-
TAKE A TOUR
ing. Under Journal Atlas, click on
The Front Section of the Interactive
Search to conduct a search using
Journal (wsj .com) is similar to the
key words like e-commerce, Inter-
front page of the newspaper version
net, and marketing. Use the Busi-
of The Wall Street Journal. The left
ness Index feature to search for
column displays the menu selection,
articles on specific companies.
with the five major sections listed at
Search the Business Index now to
the top. These five sections are:
find articles on Volkswagen.
1. Front Section
DISCUSSION QUESTIONS
2. Marketplace
3. Money & Investing
1. Some marketers believe the
4. Tech Center
Internet will become the most
S. Personal Journal
effective avenue for marketing
products to consumers. Do you
The menu remains on th e page as
agree or disagree?
yo u navigate through th e site, allow-
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