Defining the New Marketing Concept

Webster Jr., Frederick E.
March 1994
Marketing Management;Spring94, Vol. 2 Issue 4, p22
This article, the first in a two-part series, outlines a new marketing concept. The original marketing concept was born in the post-war economy of scarcity, pent-up consumer demand, and growing consumer confidence; the new one thrives in a world of affluence, sophisticated and informed consumers, economic pessimism, and global competitors committed to delivering superior value based on their distinctive competencies. The marketer's key strategic weapon is knowledge of customers and their dynamic definition of value. From the local savings bank to the largest multinational corporation, the focus of every company must be on managing loyalty among employees and carefully chosen customers.


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