The role of marketing in creating customer value

Following a wave of criticism about marketing during 1993, The Chartered Institute of Marketing in the UK commissioned Cranfield School of Management´s Centre for Advanced Research in Marketing to establish what European industry considers to be the major challenges they face and how leading companies are responding. In particular, the role of marketing in creating success was researched. This research, which has been carried out with the assistance of some of Europe´s best companies, both large and small, has produced some key indications of how these companies are using marketing and how theory and practice compare. Although innovation remains a major ingredient in commercial success, there are nonetheless other challenges which organisations must overcome. The challenges which must be addressed by companies include: the pace of change itself; process thinking; market maturity; the expertise and power of customers; and the internationalisation of businesses. In order to overcome these challenges, the research indicated twelve guidelines for developing effective marketing strategies. These are understanding of: the sources of competitive advantage; differentiation; the environment; competitors; strengths and weaknesses; market segmentation; the dynamics of product/market evolution; a portfolio of products and markets; setting clear strategic priorities and sticking to them; customer orientation; being professional; and giving leadership. All of these guidelines are discussed