Marketing strategy formation: sets the overall long-term goals and basic approach to the marketplace, including the customer groups to serve, customer wants to address, and best way to create customer value
Peter Drucker stated in the early 1970s that the purpose of business is to create a customer, while Theodore Levitt added that a business must create and keep a customer.
1. Which distinction did Theodore Levitt add to Peter Drucker’s statement about the purpose of business?
2. According to Theodore Levitt, how can a firm pursue both customer goals and financial goals?
3. What does marketing strategy formation establish for a firm?
What did Peter Drucker state as the purpose of business in the early 1970s?
To create a customer.
What addition did Theodore Levitt make about business purpose?
A business must create and keep a customer.
Which author stated the purpose of business is to create a customer in the early 1970s?
Peter Drucker.
What did Theodore Levitt argue is required to achieve customer and financial goals?
Differentiating what a firm does and how it operates.
What does marketing strategy formation set?
Overall long-term goals and basic approach to the marketplace.
What key elements are included in marketing strategy formation?
Customer groups to serve, customer wants to address, and best way to create customer value.
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