In the cutthroat world of business, sustainable advantage is an oxymoron. Competition is worldwide, products are getting commoditized, and customers enjoy an overabundance of choices. And yet, particular business firms stand above the multitude of profit-generating corporations. As airlines declare bankruptcy, Jet Blue thrives and as private labels grabbed share from consumer packaged goods companies, Procter & Gamble delivers strong revenue and profit growth. What separates these leading companies from their less profitable peers? It is believed that marketing excellence makes the difference. These leaders thrash their competition through superior customer insights that have been translated into compelling value propositions and superior customer experiences.
Marketing has never been more significant as business firms scuffle and skirmish to differentiate themselves from competitors and obtain organic growth and financial success. Some of the world’s most revered business corporations that include GE, Microsoft, and Intel, recognise the importance of marketing as a top line growth driver.
At GE, where marketing was the “lost function” under Jack Welch, Jeff Immelt has invigorated the marketing organisation. While marketing is more influential and strategic at a few firms, the state of marketing at most firms is lacking. There are two evident problems with how marketing is practiced today—the role of the marketing organisation and the value that marketing is perceived to add to the firm’s bottom line. ...Show more