By Douglas Foster (auth.)
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Extra resources for Mastering Marketing
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In all cases, however, executives must not be too introspective. They must think through their own situations to those of customer and competitor. They must appreciate the marketing strategies and mixes of their major competitors and the managerial concepts and criteria which motivate customers and competitors. As readers will appreciate now - or later - many variables influence the decisions taken on marketing strategy and planning. They may, however, be classified under five headings or groupings.
All have bearing on the correct business strategies that should be applied. They must be aware of the role their business plays in society. This seems obvious in cold print. In practice it is much more difficult to implement because of imperfect knowledge of all these factors. The assumptions that may then be necessary are difficult to perceive accurately. (c) Social responsibilities of business In the last decade or so there has been growing awareness that businesses of all sorts have various social responsibilities they cannot ignore.
These are discussed below, but first it is useful to explore further the service area itself. Many physical products, from consumer durables like TV sets or cars, through to industrial equipment such as mainframe computers or power stations, require servicing by the original suppliers or their agents. Equally many services depend on some physical factors in order to operate- checkout tills, cash dispensers, computer terminals, aircraft, waiting areas, and so on. Hence the boundary between product markets and service markets is not clear-cut.