The first article by Frederick E. Webster Jr. about marketing management brought up some very interesting topics. It is crucial for businesses to realize the importance of the service part of their product offering because that is what differentiates them from their competitors. Building marketing strategies around customer needs instead of company needs is the ideal. Since hundreds of companies can offer the same product worldwide, how are consumers to choose which company to purchase their products from? The final decision would revolve around a company's marketing strategy. Those companies that can market their products to meet the needs of the consumers have won the battle. Businesses need the ability to articulate a clear, concise value proposition that communicates how they will create superior value to their customers. The core customer value proposition must be based on customer information and understanding of that information. Customers purchase products because they have a need that can not be satisfied without the purchase of a new product. Identifying that need for customers and linking it with their marketing strategy in the main goal of a firm. Gathering, analyzing, and communicating that information is the central responsibility of the marketing department. The fundamental role of profit is not simply to reward shareholders but to ensure the long-term viability of the firm and its ability to attract all of the resource providers necessary to create value with and for customers. Johnson and Johnson did just that in their credo which gives first priority to the doctors, nurses and patients, mothers and fathers, and others who use their products.
The second article by Stephan Haeckel does a good job mentioning the importance of the four pillars of managerial framework:: purpose, strategy, structure, and governance.
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