Focus spending on brand drivers (fealurss and bene I its truly important to customers), not anies (features and beneli;s thai a brand needs lo stay in the game); and
Deepen insigbls ga ht/.y customers gel prod\tcl otyrmaiiOn arid mató buying decisions.
Based on research on companies (hat successfully ftevetop big ideas, MeKinsey identifies lfiree characteristics that help to position marketers as business development leaders:
1. Force the widest view when defin ng iheir btisircss. assets, and competencies:
2. Combine multiple perspectives, lor example, using attiled nal and need profiles as well as behavior-based si?gmcn1s—to identity market opportunities or sweet soots; and
3. Focus idea ga natal-ion through a combination o! marketing ins;ght and business analysis—tmt idenlify profitable unmet needs before Ihey brainstorm creative solutions.
Finalry, MeKinsey mers two recommendations to overcome CEOs' concerns abo«t the role and pedigrmarKe of marketing.
1. Marketers must and devecop programs more qu tfcly as Itey enhance planning processes and research approaches, and
2. Marketed must more elf ec'woly evaluate liie performance and proM impact of intfcsimenls in the expanding marketing arena le.g.. CSM tectapHDft sponsorships. imemet matkelina, and wotd el moutin.
Sapvt: Dav a Court, Tom Trench, and Gary Singer, "Uttit tu« CEO Sees reeling' MvamtQAge. March 3,2003, p. 26
Elect ml us, Nokia, Lego, Tosco) companies. These companies fotuson the customer and are Organized to respond effectively Lo changing customer needs. They all have well-staffed marketing deportments, and all Jfieir other departments—manufacturing finance, research and development personnel, purchasing—also accept the concept that (lie customer is king. (See "Marketing Insight: Keys to Long-Term Market Leadership.")
Creating, providing, and communicating value requires many different marketing activities. To ensure that the proper activities are sejected and executed, strategic planning is p ara mount. Strategic planning calls for action in three key areas: The first is itaanaging a company's businesses as an investment portfolio. The second involves assessing each busi-ncss's strength by considering the market's growth rale and the company's position and fit in that market. The third Is establishing a strategy. For each business, the company must develop a game plan for achieving its long-run objectives-
Marketing plays a critical role in this process. At Samsung Electronics America, strategic marketing could be considered a religión. When Samsung executives, engineers, marketers, and designers consider new products, they must answer one central question: "Is it wow?" if "wow" is the company mantra, rhen the high priest of "wow ' is Peter Weed In Id, die company's vice president Of Strategic marketing. Mis real til includes marketing, advertising, customer and partner relations, research, The consumer information center, and R2li and H2C commerce. 1 te is responsible for crafting marketing strategies that reach across five different division»: consumer electronics, informa I inn technology, telecom, semiconductors, anil home appliances. Unlike many other companies, such as Sony, in which each division has its own marketing strategy, Samsung unifies strategy for all five divisions, "In most companion." saysWeedfald, "there is ;i vice president of CRM EctiStOrtler relationship management i
Was this article helpful?
As with any web site, SaleHoo has a number of features that will help you in buying products from around the world. Once you have an account on SaleHoo, which only costs a one-time fee, you can establish up to twenty named searches for products. After that, any time those items become available, you’ll be alerted.