That’s right, it’s back to dry reading notes time. I’ll try my best to instill a little narrative from time to time, but this semester’s f’gunna be crazy.
Chapter 1– Defines marketing from a few different perspectives. The one that resonates most with me is that of demand management. Just as operations manages a company’s supply of goods and service capacity, marketing manages the demand that exists for the company’s services, experiences, ideas and products. Like most topics in business, this one claims a necessary presence in all parts of an organization.
From a managerial standpoint, marketing is about all of the decisions impacting demand for your company’s products and services. That includes decisions about where to examine the market, what to sell and how to make the market aware of it.
Chapter 2– Goes into more detail about crafting marketing strategy. The framework that I like most breaks it down into three components:
Exploring Value– Which is about understanding the intersection between the value saught by customers (what can improve their lives and how the think about those things), the value created by the organization (your core strengths) and the value offered by collaborators (the types of value held by stakeholders that you can access and combine in interesting ways.) It starts with listening and integrating, which is very much how I roll.
Defining Value– Once the intersections have been identified, they need to be crystallized into a presence in the market. This includes a product or service, a delivery mechanism, a brand, and stakeholder engagement strategy, and internal marketing to build an appropriate corporate culture. It’s about putting the components in place to create the relationships that your company needs to thrive.
Delivering Value- Once the pieces are in place, you can deliver the value that you have to offer to the marketplace. This is all about finding, connecting with, and staying connected with customers and other key stakeholders. This is where traditional advertising fits in, though I like the model of market-centered community building a lot more personally.
I’d like to see this process modeled as a cycle more than as a linear progression. All three need to happen continuously, how can delivering value also be a mechanism of value exploration that constantly informs value creation? How can these three components be fractalized so that they exist in essentially the same relationship to one another at all scales of the process? Srsly.