Page 42 - Marketing Management

DEFINING MARKETING FOR THE 21ST CENTURY | CHAPTER 1 19

Holistic marketing thus recognizes and reconciles the scope and complexities of marketing ac-
tivities. Figure 1.3 provides a schematic overview of four broad components characterizing
holistic marketing: relationship marketing, integrated marketing, internal marketing, and per-
formance marketing. We’ll examine these major themes throughout this book. Successful compa-
nies keep their marketing changing with the changes in their marketplace—and marketspace.

Senior Products & |Fig. 1.3|
Marketing management Other services
department departments Communications Channels
Holistic Marketing
Dimensions
Internal Integrated
marketing marketing

Holistic
marketing

Sales revenue Performance Relationship
marketing marketing
Brand &
customer equity
Ethics Community Customers Partners
Environment Legal Channel

marketing
Memo Marketing Right and Wrong

The Ten Deadly Sins of Marketing The Ten Commandments of Marketing
1. The company is not sufficiently market 1. The company segments the market, chooses the best segments, and develops
focused and customer driven. a strong position in each chosen segment.
2. The company does not fully understand 2. The company maps its customers’ needs, perceptions, preferences, and behavior
its target customers. and motivates its stakeholders to obsess about serving and satisfying the customers.
3. The company needs to better define 3. The company knows its major competitors and their strengths and weaknesses.
and monitor its competitors. 4. The company builds partners out of its stakeholders and generously
4. The company has not properly managed rewards them.
its relationships with its stakeholders. 5. The company develops systems for identifying opportunities, ranking them,
5. The company is not good at finding and choosing the best ones.
new opportunities. 6. The company manages a marketing planning system that leads to insightful
6. The company’s marketing plans and planning long-term and short-term plans.
process are deficient. 7. The company exercises strong control over its product and service mix.
7. The company’s product and service policies 8. The company builds strong brands by using the most cost-effective
need tightening. communication and promotion tools.
8. The company’s brand-building and 9. The company builds marketing leadership and a team spirit among its various
communications skills are weak. departments.
9. The company is not well organized to carry 10. The company constantly adds technology that gives it a competitive advantage
on effective and efficient marketing. in the marketplace.
10. The company has not made maximum use
of technology.
Source: Adapted from Philip Kotler, Ten Deadly Marketing Sins (Hoboken, NJ: John Wiley & Sons, 2004) pp. 10, 145–148.