Final thoughts from Week One

I compared my initial definition of marketing with the content in Chapter One of The Marketing Plan Handbook. According to the text, “marketing is about creating, communicating, delivering and exchanging offerings that provide value. My preconceived notions of marketing weren't too far off. It also adds “profitably acquire, retain and satisfy customers in a competitively superior way.” This involves customers, price and competition. A successful marketing plan involves initial (market) research, segmentation, strategies and the four marketing mix tools – product, pricing, place and promotion (4 P's). I hope to go into greater detail on the 4 P's in the future.

Theodore Levitt’s “Marketing Myopia” reaffirms the need to research and know your market/consumers’ needs. Don’t become too comfortable with your product even if it is successful. Don’t believe that your growth is inevitable and that your success will grow along with the population. Don’t define your business around a product. He used the example of railroad vs. transportation. At this point in time, the example is relevant, especially dealing with transportation and alternative fuels. To be successful, you can no longer be a "gas station" or even "filling station" - but perhaps an "energy station."

One of my takeaways from Levitt is to always realize that tomorrow your product or service might become outdated or obsolete. Anticipate a paradigm shift. Better yet, CREATE a paradigm shift. Anticipate what products or service consumers will need. Steve Jobs sensed consumers’ needs and created inventions based on those needs. He took it one step further and created inventions before consumers even realized they needed them.

Jeff Bezos, founder of Amazon.com boils marketing into these thoughts:

• Obsess over the consumer – Regardless of the product or service, there is no value without someone to give it value. Consumers and their needs drive marketing.
• Invent on behalf of the consumer – The best inventions are the result of a problem in need of a solution. Customers don’t always invent so we must invent what they need or want – and market the invention to them.
• Think long term – Long term initiatives often result in better products and more loyal customers. Think long term to establish a brand – and create a unique culture. Zappos pushes their culture and family core values.
• Every day is day one – Never be satisfied. There is always a new solution and a new adventure around the bend.