In practice
Marketing plays a critical role in the success of business organizations: it helps them create a competitive advantage. By continuously collecting information about customers' needs and competitors' capabilities and by sharing this information across departments, business organizations can create a competitive advantage by increasing value for customers.
Individuals working in marketing departments must be knowledgeable about all the elements of the business that impact the success of marketing efforts. Marketing objectives are directed by an organization's mission statement, and marketers use a set of strategies to achieve these objectives.
Implementation is critical to a marketing plan's success; therefore, the marketing budget allocates expenditures for each of the components of the marketing mix. Marketing success depends on several factors, the most important of which is establishing customer satisfaction as the number one priority.
Take a tour
The Front Section of the Interactive Journal (wsj.com) is similar to the front page of the newspaper version of The Wall Street Journal. The left column displays the menu selection, with the five major sections listed at the top. These five sections are:
1. Front Section
2. Marketplace
3. Money & Investing
4. Tech Center
5. Personal Journal
The menu remains on the page as you navigate through the site, allowing you to return to the Front Section at any time.
Articles related to marketing are typically found in the Marketplace section. Click on Marketplace now to view today's articles. Just below the main menu on the left side, a smaller menu titled In this Section appears, listing main header topics in Marketplace. One of the topics is Marketing/Media. Visit this section now to read today's articles.
The chapter, “Introducing marketing”, provides and overview of the importance and functions of marketing in business organizations. Marketing takes many forms, and evolves with new technologies. Marketing on the Internet, also known as e-commerce marketing, provides challenges and opportunities for marketers. Visit Volkswagen's website, www.vw.com to see how the company has extended its marketing efforts from television and print to its website.
Deliverable
Search the Interactive Journal for articles about e-commerce marketing. Under Journal Atlas, click on Search to conduct a search using key words like e-commerce, Internet, and marketing. Use the Business Index feature to search for articles on specific companies. Search the Business Index now to find articles on Volkswagen.
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