The Value of Marketing
Finance, operations, accounting, and other business functions won’t really matter without sufficient demand for products and services so the firm can make a profit. In other words, there must be a top line for there to be a bottom line. Thus, financial success often depends on marketing ability, Marketing’s value extends to society as a whole. It has helped introduce new or enhanced products that ease or enrich people’s lives. Successful marketing builds demand for products and services, which, in turn, creates jobs. By contribution to the bottom line, successful marketing also allows firms to more fully engage in socially responsible activities.
MARKETING DECISION MAKING
CEOs recognize that marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm. 3 Many firms, even service and nonprofit, now have a chief marketing officer (CMO) to put marketing on a more equal footing with other C-level executives such as the chief financial officer (CFO) or chief information officer (CIO).+
In an Internet-fueled environment where consumers, competition, technology, and economic forces
change rapidly and consequences quickly multiply. marketers must choose features, prices, and markets
and decide how much to spend on advertising sales, and online and mobile marketing. Meanwhile, the
economic downturn that began globally in 2008 and the sluggish recovery since have brought budget cuts and intense pressure to make every marketing dollar count.
There is little margin for error in marketing. Just a short time ago, My Space, Yahoo!, Blockbuster,
and Barnes & Noble were admired leaders in their industries. What a difference a few years can make!
Each of these brands has been completely overtaken by an upstart challenger–Facebook, Google,
Netflix, and Amazon-and they now struggle, sometimes unsuccessfully, for mere survival. Firms must
constantly move forward. At greatest risk are those that fail to carefully monitor their customers and
competitors, continuously improve their value offerings and marketing strategies, or satisfy their employees, stockholders, suppliers, and channel partners in the process.
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