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Business Fundamentals for Engineering Managers by C.M. Chang

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Chapter 4

Marketing Management

4.1 Introduction

“Business has only two basic functions—marketing and innovation,” says Peter Drucker. Marketing develops and supports the enterprise’s efficacy of competition by offering better products/services (e.g., having richer features, higher reliability, being more customizable, selling at lower costs, etc.) than its rivals. Marketing impacts the top line (i.e., sales revenue) of the company.1 Innovation strengthens the enterprise’s position to sustain profitability by applying unique technologies and other core competencies. As the markets further proliferate due to explosions of customer segments, service technologies, communication methods, and distribution channels, the marketing function is becoming ...

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