C10.Drucker%27s thoughts on marketing

C10.Drucker%27s thoughts on marketing - The role of profit...

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Marketing or selling? Peter Drucker believed that marketing is merely rhetoric in many organizations and suggested that too any organizations still emphasize selling (which he labeled the antithesis of marketing; Drucker, 1973). Done well, marketing should make selling superfluous. Rather than examine what marketing is, an article in the special issue might examine how many businesses truly embrace marketing. What are the consequences of emphasizing marketing over selling? The primary goal of business is to satisfy customer needs. Drucker (2001) added that businesses should start out by identifying the needs, realities, and values of customers. Those products and processes that do not add value should be eliminated. Managers should systematically monitor changes occurring within and external to a business to identify innovative opportunities (Drucker, 1985).
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Unformatted text preview: The role of profit in business: if the purpose of a business is to create a customer, then what is the role of profit? Drucker considered profit maximization irrelevant to the function and purpose of a business. He went so far as to label profit maximization a meaningless, harmful, and misunderstood concept because of the perceived contradiction between the role of profit and the ability of a business to make a social contribution (Drucker, 2001). Marketing and the knowledge economy: Drucker (1995) was among the first to recognize the profound impact of advances in communication and information technology on management practice; in fact, he first talked of the emergence of knowledge work and knowledge workers following the passage of the GI Bill just after World War II....
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This note was uploaded on 03/12/2011 for the course MKTG 3650 taught by Professor Thompson during the Spring '08 term at North Texas.

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