This course focuses on how to make marketing both more efficient and effective. It advocates that the role of marketing is to create a win-win situation for both customers and marketers. Good marketing also requires taking a purpose-driven approach. Marketing also needs to broaden to more stakeholders aside from the customer. Therefore, it requires internal marketing, supplier marketing, community marketing, and investor marketing. This course also demonstrates that stakeholder marketing generates better financial performance for the marketer.
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Course 4 of 4 in the The 4 A's of Marketing with Jagdish Sheth Specialization.
Skills You Will Gain
- Understand how to minimize marketing waste
- Understand how consumers take advantage of companies
- Understand why good marketing requires good for the company & customer
- Understand how to balance company profitability and customer wellbeing
- Understand how companies take advantage of consumers
Syllabus
WEEK 1
The Good Marketing: How to Achieve It
To quote Peter Drucker, “There are only two real functions of Business: Innovation and Marketing.” Unfortunately, Marketing doesn’t get the attention and emphasis it deserves, primarily due to a stigma associated with it because of popular misconceptions. This lecture aims to set the record straight by separating “Selling” from Marketing, and presenting the characteristics of “Good Marketing” and how to achieve it. Purpose-driven companies demonstrate superior financial performance. Thus, Marketing should be purpose-driven and not market-driven, only then can it gain the respect it deserves as a force for societal good.
WEEK 2
Does Stakeholder Marketing Pay Off?
Marketing thought leaders lately have been advocating that marketing practices need to go beyond customers and think of all stakeholders of the company. This course explores this very debate by discussing what is stakeholder marketing and who are the eight other stakeholders in addition to customers. It explains evolution of marketing from product-customer-stakeholder-centricity and discusses the seven underlying forces driving this shift. Presented also is the FoE SPICE model & methodology (derived from the book Firms of Endearment (FoE)) with data insights on 19 publicly listed companies stacked against FoE companies. Additionally, a seven-point strategic framework is offered on how to achieve stakeholder marketing.
