Marketing Accountability and Strategic Marketing Process

[pic] EXECUTIVE MM PROGRAM MAJOR IN STRATEGIC MANAGEMENT MMKT-723 – STRATEGIC MARKETING Faculty Member : Prof.DR.Ignas G.Sidik Student : Anton Latief ID : MME 153082025 Class Summary Topic 1 MARKETING ACCOUNTABILITY AND STRATEGIC MARKETING PROCESS CUSTOMER FOCUS AND PROFITABILITY Business that have a strong market orientation are constantly in tune with customer’s needs, competitors’ strategies, changes in the business climate, and emerging technologies, and they seek ways to continuously improve the solutions they bring to target customers. This process enables them to move with, and often lead, change. The major benefit of a strong customer focus is long-run survival. Business with a strong customer focus†¦show more content†¦The job of a market-based management team includes not only tracking customer satisfaction but also encouraging dissatisfied customers to complain. Only by learning the details of a customer complaint can a business take corrective action. The relationship between customer satisfaction and customer retention is intuitively easy to discern. Different competitive conditions, however, modify this relationship. Business with no or limited competition have high levels of customer retention despite any low level of customer satisfaction. In highly competitive markets, even high levels of customer satisfaction may not ensure against customer defection. Customer satisfaction and customer retention are important linkages to market-based strategy and to profitability. The ultimate decision of any marketing strategy should be to attract, satisfy, and retain target customers. The customer as a critical component in the profitability equation is completely over-looked in financial analysis and annual reports. It is an asset that businesses have yet to quantify in their accounting systems. A market based management business sees customer as their lifetime partner. Customer life expectancy increases exponentially with customer retention. Another key determinant of customer loyalty is customer conviction. When customers recommend a service or product, they undoubtedly have the utmostShow MoreRelatedPrimary Benefit Of A Marketing Plan826 Words   |  4 Pagescustomers and the organization. The strategic management planning process is an ongoing effort of evaluating all aspects of an organization’s status, values, needs, and how these factors relate to the desired future visions. Strategic planning provides an organized method for gathering data from both internal and external sources used in the formulation of realistic objectives and goals for the agency. 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