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Word of Mouth

Word of MouthNo ad or salesperson can convince you about the virtues of a product
as persuasively as can a friend, acquaintance, past customer, or independent
expert. Suppose you are planning to buy a PDA (personal
digital assistant) and you have seen all the ads for Palm, HP, and
Sony. You even go to examine them at Circuit City and listen to the
salesperson. You’re still undecided and don’t buy. Then a friend tells
you how Palm has changed her life. That does it. Or you read a column
by an expert who tested and describes each one and recommends
Palm.

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Value

ValueThe marketing job is to create, deliver, and capture customer value.
What is value? Value primarily is the putting together of
the right combination of quality, service, and price (QSP) for
the target market. Louis J. De Rose, head of De Rose and Associates,
Inc., says: “Value is the satisfaction of customer requirements
at the lowest possible cost of acquisition, ownership,
and use.”
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Trends in Marketing Thinking and Practice

Trends in Marketing Thinking and PracticeHere are the main marketing trends that I see:
• From make-and-sell marketing to sense-and-respond marketing.
Your company will perform better if you view the marketing
challenge as that of developing a superior understanding of
your customer needs rather than as simply pushing out your
products better.

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Telemarketing and Call Centers

Telemarketing and Call CentersUsing the phone to hear from customers and to talk with customers
can be a great asset if done right. Not only can you learn more about
each customer but the conversation can leave the customer with a
feeling of being well served. Done right, telemarketers can pick up
new ideas from customers, carry out surveys to learn about the market,
and even cross-sell other items
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Technology

TechnologyEvery new technology is a force for “creative destruction.” Your
company is more likely to be buried by a new technology than by its
current competitors. Horse-drawn carriage makers were not defeated
by a better horse-drawn carriage but by the horseless carriage. Transistors
hurt the vacuum-tube industry, xerography hurt the carbon
paper business, and the digital camera will hurt the film business.
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Target Markets

Target MarketsThe age of companies aiming at the mass market is coming to an
end. Someone said, “Mass marketing is putting the product in
the market, and going to mass on Sunday and praying someone
buys it.”
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Suppliers

SuppliersThe company’s marketers should be interested in the company’s suppliers,
not just its distributors and dealers. One reason is to make sure
that the company’s purchasing people buy quality supplies so that the
company can deliver its promised quality level to its target customers.
Another reason is that undependable suppliers can lead to production
delays and therefore to broken delivery promises to customers.
A third reason is that good suppliers will provide value-adding ideas
to the company beyond simply supplying the product.
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Success and Failure

Success and FailureJ. Paul Getty, the fabulously wealthy founder of Getty Oil, shared his
three secrets for success: “Rise early, work late, strike oil.” Too
many of us can only do the first two.

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Strategy

StrategyStrategy is the glue that aims to build and deliver a consistent and
distinctive value proposition to your target market. Bruce Henderson,
founder of the Boston Consulting Group, warned: “Unless a
business has a unique advantage over its rivals, it has no reason
to exist.”
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Sponsorship

SponsorshipCompanies are constantly invited by various groups to sponsor
events, activities, and worthwhile causes. Companies also actively
seek venues where they can get their names before the public. For example,
Coca-Cola has been a long-term participating sponsor of
Olympic Games, World Cups, Super Bowls, and Academy Awards.
By shelling out large sums of money, Coca-Cola hopes to gain favorable
public attention and also treat its associates to big-time events.
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Service

ServiceIn an age of increasing product commoditization, service quality is
one of the most promising sources of differentiation and distinction.
Giving good service is the essence of practicing a customer
orientation
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