How will marketing evolve in a dynamic and challenging business environment?
“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation”— Peter Drucker made this thoughtful statement long ago. We have tested this school of thought many times when we broke the bureaucratic set-up of ‘thinking’, which is not design thinking. Companies such as Apple, Google, and Facebook have focused more on innovation and marketing and have observed extraordinary growth. In a quick survey by the author, the respondents (informed users) could not spot the product(s) of Facebook but they have been using it and spreading it further. Facebook has won the ‘democratisation’ with engagement of its customers adding great value; this is the process of co-creation of value. For long, many companies have wandered around marketing their products than marketing the purpose of the product and service to society. Many top companies still do not rate marketing and innovation as one of their priorities, but finance, sales, production, etc. Perhaps, it is time to review this again.
Evolution of thought
This story is from the February 2017 edition of Indian Management.
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This story is from the February 2017 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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