Rethinking Marketing Essay

Companies today have technology that enables them to interact directly with guests. Firms must have got use of this technology to focus on client needs and coach into node-oriented companies rather than product oriented ones. In order to facilitate this swap a change in the companys strategies as considerably as structure becomes necessary. This change includes reinventing the organizations marketing de component contributionment entirely. One much(prenominal) change in strategy involves customer cultivation. Companies must move from macrocosm handed-down companies to customer cultivating companies. A customer cultivating company is one that focuses on individual or small groups of customers as opposed to a traditional company that focuses on the mass. Many firms today are trying to fare this strategy work. For example IBM, Tesco and American express.Next we come to change in structure, which involves reorganizing the marketing department. * Firstly CMOs must be replaced b y CCOs (chief customer officer). The CCOs job is to plan and machine the firms customer relationship strategy and make out all customer- veneering functions. * Secondly under the CCO will work the customer managers who call the customers needs and direct brand mangers to fulfill those needs. * Customer- facing functions some functions such as the customer relationship management that forms a part of the IT department must be made a part of the customer department. CRM (a tool for gauging customer needs and behavior) contains the data needed to implement customer cultivation strategy and hence essentially forms a part of the customer department.* Market research market research changes to become more customer focused as well. * Research and Development marketing and R&D must be integrated so that the customer itself can be brought into the process of designing products. * Customer service the customer department must handle this service to ensure both feel and building long-t erm relationships with customers.With change in strategy there comes a need to change the measures that gauge the effectiveness of the strategy as well. These changes in measures are as follows* Product profitability to customer profitability* rate of flow sales to customer lifetime value* Brand equity to customer equity* And lastly market share to customer equity share. solely in all the article considers reinventing the strategies and structure of companies to make them focus on building lasting customer relations rather that building brands.