Defining Marketing

Paper Summary:

In this article, the writer explains that putting the customer at the center of all strategies, initiatives and programs is the essence of marketing. The coordination and synchronization of the product, price, promotion and place, or distribution, (4Ps of marketing) form the foundation by which marketing objectives are met. The coordination and synchronization of the 4Ps also form the foundation of marketing strategy execution and performance. The writer notes that this framework of product, price, promotion, and place or distribution pervades nearly every marketing strategy that has been executed in both manufacturing and services industries, and the synchronization of these factors needs to be well managed if strategic plans are going to be achieved. The writer concludes that the days of having only a single distribution channel have long gone; today more and more companies are working to adopt a multichannel management structure that provides them with agility to respond rapidly to changing market conditions.

From the Paper:

"One of the most critical lessons learned from the companies that are discussed is that the marketing mix must be used as an agile framework for aligning the specific strengths of a company in each of the four areas of the mix with requirements in the market. Of the four components of the model, product strategies by far require the longest lead times to create products that specifically align with the needs of a given market. Product lifecycles are by definition the time required to complete product development cycle from initial product specification through delivery of the final product. What makes product development so difficult is that the right product features need to be defined for inclusion in the product design that will be released to customers as near as possible to the time they are looking for their benefits. An example of this challenge is seen in the high technology industry where Apple continually creates new iPods to both attract entirely new customers while at the same time setting a pace of innovation that their competitors find nearly impossible to keep up with. The Apple iPod product strategy illustrates how the frequency of new product introductions with new products precisely aligned with the needs of customers can be highly effective."

Sample of Sources Used:

• Aberdeen Research (2006) - The Sales and Marketing Channel. Accessed October 10, 2007. http://www.aberdeen.com/channel/cust.asp
• Blue Ocean Strategy (2005) - Book by the same name. Published February 3, 2005 by Harvard Business School Press. ISBN 1591396190
• CRM Buyer (2005) - Searching for Blue Ocean Strategies. Louis Columbus. CRMBuyer.com. September 23, 2005. Accessed from the Internet on October 10, 2007: http://www.crmbuyer.com/story/46292.html

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