Friday, September 19, 2008

Peter Drucker on Marketing


Jack Trout is a major thinker in the area of marketing strategy and spouts some good stuff in this article on Forbes.com, although he does wander a bit.

Jack starts with Drucker’s conception of marketing and tries to explain how to generate marketing success. I have tried to distill his four steps down into simpler terms below, and have also included Drucker’s quote, for if you remember just one thing from this article, it should be Drucker’s words.

1. Understand your competitors and your positioning relative to them in the customer’s minds
2. Develop a differentiated value proposition
3. Have a compelling argument based on direct comparisons with competitors
4. Do some good marketing

"Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business." -Peter Drucker

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