Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 16/e
by Fred R. David, Forest R. David
Marketing
Marketing can be described as the process of defining, anticipating, creating, and fulfilling customers’ needs and wants for products and services. There are seven basic functions of marketing: (1) customer analysis, (2) selling products and services, (3) product and service planning, (4) pricing, (5) distribution, (6) marketing research, and (7) cost/benefit analysis.15 Understanding these functions helps strategists identify and evaluate marketing strengths and weaknesses—a vital strategy-formulation activity.
Customer Analysis
Customer analysis—the examination and evaluation of consumer needs, desires, and wants—involves administering customer surveys, analyzing consumer information, evaluating market positioning strategies, developing ...
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