Gurus On Marketing

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The consumer aspect has been well integrated in marketing concept and technological developments and convergence of technology are facilitating sophisticated approach to gathering information on customers. According to Professor David Schmittlein, 15 of Wharton School, new technology and new approaches to marketing are allowing companies to collect, analyse and use information about their customers. He writes: ‘For many companies, the benefits of managing customers as strategic assets (MCSA) have been great. They include more loyal customers, who are less inclined to shop around or buy on price, more efficient, effective and highly targeted communications programmes, reactivation of very profitable ‘lost’ customers at low cost, and more focused and successful development of new products.’ ‘Customers who have chosen a company’s products or services tend to develop assets of characteristics that are important and advantageous to the company. These include awareness of the breath of its products, familiarity with their specific performance characteristics, and accommodation of them into a lifestyle or self-image or (for business customers) into established operating procedures.’ ‘The major elements in the strategic use of customer assets begins with the assembly of a market-oriented customer database including marketing programme contacts with the customer, a transaction history (inquiries, order payment), merged with any customer service information, available geodemographic descriptions, media habits and any responses to surveys that may be relevant. From this information, segmentation of the customer base is a critical step assembling groups of customers most appropriate for highly customised marketing programmes that may include crossselling, new product development (including mass customisation in some cases), design and timing of customised communication programmes, and (in the case of apparently lapsed customers) reactivation programmes’. 40 GURUS ON MARKETING
Some organisations now use very sophisticated technology to gather information on customers and transform this information into knowledge which enables them to win and sustain competitive advantage. Drucker’s key publications • ‘The Practice of Management’ (1955). Heinemann. • ‘The Effective Executive’ (1967). Heinemann. At the feet of Peter Drucker: Lessons learnt • Business is marketing and marketing is business. • Business should be defined from the customers’ perspective. • Customers decide the nature of business. • Profits are generated by customers. • Business should learn to create markets. • Market focus determines the success of business. • Broaden the assumptions when conducting market research. • Businesses are not placed to reform customers but to satisfy customers. • Innovation involves abandonment of the old and obsolete. • For marketing to succeed focus on benefits. TWO PETER DRUCKER 41
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gurus on Marketing Sultan Kermally
Page 3 and 4: GURUS ON MARKETING SULTAN KERMALLY
Page 5 and 6: Dedication This book is dedicated t
Page 7 and 8: Acknowledgements This book would no
Page 9 and 10: About the author Sultan Kermally is
Page 11 and 12: Contents Introduction 1 The relatio
Page 13 and 14: SIX Tom Peters 89 Close to the cust
Page 15 and 16: Introduction Gurus are management t
Page 17 and 18: This book considers the following g
Page 19 and 20: Michael Porter Michael Porter is th
Page 21 and 22: Philip Kotler Philip Kotler is the
Page 23 and 24: Plan of the book The book begins by
Page 25 and 26: ONE The fundamentals of marketing T
Page 27 and 28: Kotler 3 then advocated the importa
Page 29 and 30: Characteristics of service They are
Page 31 and 32: • Consider the promotion budget.
Page 33 and 34: For example, if an organisation is
Page 35 and 36: Brand extension Brand extension is
Page 37 and 38: Marketing strategy Marketing strate
Page 39 and 40: According to Warren J. Keegan 11 :
Page 41 and 42: L M N O P Q R S T U V Listen to you
Page 43 and 44: TWO Peter Drucker Peter Drucker is
Page 45 and 46: The thinking was heavily influenced
Page 47 and 48: Where does Peter Drucker come in? S
Page 49 and 50: The customer as the decision-maker
Page 51 and 52: What do marketing gurus and writers
Page 53: Writers on marketing since Drucker
Page 57 and 58: THREE Theodore Levitt On marketing
Page 59 and 60: He put forward four conditions whic
Page 61 and 62: Marketing Myopia was a landmark art
Page 63 and 64: Decline After the maturity stage wh
Page 65 and 66: Nariman Dhalla and Sonia Yuspeh in
Page 67 and 68: Technological advances have resulte
Page 69 and 70: This was Professor Levitt’s semin
Page 71 and 72: FOUR Michael Porter Michael Porter
Page 73 and 74: 4 the bargaining power of buyers, 5
Page 75 and 76: ‘A market signal is any action by
Page 77 and 78: Criticisms of Porter’s Five Force
Page 79 and 80: in the buyer’s value chain, which
Page 81 and 82: A differentiation strategy This str
Page 83 and 84: Factors which are likely to make a
Page 85 and 86: Porter’s key publications • ‘
Page 87 and 88: FIVE Philip Kotler Kotler on market
Page 89 and 90: Marketing therefore is a process of
Page 91 and 92: and there is no further contact. Th
Page 93 and 94: The marketing plan should pay parti
Page 95 and 96: Micro perspective Kotler then moves
Page 97 and 98: Team-oriented approach seems to be
Page 99 and 100: Kotler’s perspective on strategic
Page 101 and 102: At the feet of Philip Kotler: Lesso
Page 103 and 104: SIX Tom Peters In terms of ‘guru
Page 105 and 106:
Peters and Waterman highlight the f
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Closing remarks: A controversy ‘W
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The emphasis is on applying technol
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The pursuit of WOW! • Every job h
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• Invite customers to visit any f
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tices. The patient generally gets w
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Peter’s key publications • Pete
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SEVEN George Day George day is Geof
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These strategies are similar to Por
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You cannot take an internally focus
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KNOWLEDGE@WHARTON Isn’t Ford’s
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ings. These included the high value
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Configuration perspective Day found
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He has published extensively in var
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EIGHT Jagdish Sheth Dr. Jagdish She
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Various studies reinforce the point
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• To create value for clients the
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At the feet of Jagdish Sheth: Lesso
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NINE Thomas T. Nagle Nagle on prici
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• Understanding price sensitivity
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At the feet of Thomas Nagle: Lesson
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TEN Gurus and strategic analytical
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Existing product/new market Here th
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Low growth/high share The strategic
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General Electric Strategic Planning
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Shell Directional Policy Matrix She
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Opportunities In scanning the exter
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The STEP analysis (sometimes known
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STEP factors influence significantl
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Benchmarking According to Philip Ko
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ELEVEN Further information Suggeste
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• Porter, Michael. ‘Competitive
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14 Drucker, Peter, ‘Innovation an
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Blank
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Thorogood publishing Thorogood publ
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