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Unformatted text preview: Vol. 25, No. 1 ol. 25, No. 1 ol. 25, No. 1 ol. 25, No. 1 ol. 25, No. 1 January 2007 January 2007 January 2007 January 2007 January 2007 Winning With the Only Winning With the Only Winning With the Only Winning With the Only Winning With the Only Metric That Counts: Growth Metric That Counts: Growth Metric That Counts: Growth Metric That Counts: Growth Metric That Counts: Growth SUBMITTED BY:KIM ATHMANN KING PRESIDENT/CEO STRATEGY ADVANTAGE LOS ANGELES, CA Thomas Jefferson said that “every generation needs a new revolution.” Guess what? It’s transformation time for healthcare marketing. Our mandate? To drive growth ... as simple or as complicated as that is. In all industries, marketing is undergoing its most significant transformation in more than 50 years. This is according to the Summer 2006 edition of Strategy+Business , a quarterly publication produced by Booz Allen Hamilton. The same is true for healthcare marketing. In fact, my co- authors and I noted this in our book, Impact Marketing: Optimizing Value and Return on Investment , published in 2004 by the Society for Healthcare Strategy and Market Development. According to our book: “healthcare marketing stands poised for a reinvention ... as a more sophisticated function central to the competitiveness and performance of healthcare organizations, one capable of driving business and revenues.” At the time, and still today, we recommended IM™/pact Marketing, a philosophy and a seven-step approach to lead, think about, and apply marketing to drive results for healthcare organizations. Yes, we all know that marketing is supposed to drive growth, results, and impact. That’s a “no-brainer.” Never before, though, has the dictate been so absolute. According to Strategy+Business , “the only marketing metric that matters is growth.” And never before have we seen the shaking up of our profession, required skills, and organization structures as seems to be the case now. Again, according to Strategy+Business , “Driving growth will mean stretching the traditional boundaries of the marketing function to encompass activities that many companies don’t even think of as marketing—yet.” The questions are: Are we ready for this? How, therefore, should we define marketing? And what 21 st century marketing team function and structure will best deliver growth for our organizations? First, the definition. There are many, including: • Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. American Marketing Association (New Definition Unveiled in 2004) • Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value....
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This note was uploaded on 02/29/2008 for the course PPD 605 taught by Professor Tba during the Fall '07 term at USC.
- Fall '07