Science
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Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.
– Peter Drucker
The quote above is from Peter Drucker’s book, Innovation and Entrepreneurship. The book was first published in the 1980s, and it was re-released a couple of years ago. It is still sound advice. If you want to improve business, marketing and innovation had better lead the way. Considered by many as the preeminent business consultant and author for decades, Drucker is the person who coined the term knowledge worker.
Considerable effort should be spent on measuring the success (or failure) of marketing and innovation. Why? Another famous Drucker quote answers that question: “What’s measured improves.”
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I keep reading all these stories about the agency of the future. Like this one, and this one, and this one.
Who has time to wait for the future? Most businesses want new ideas and thinking that can help them now. They don’t have time to wait while some marketing firms attempt to evolve.
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Read what David Kottke has to say about the Microsoft/Yahoo deal. His viewpoint seems insightful, and it is 180 degrees from what most of the financial press is reporting in light of today’s Yahoo stock losses. Bottom line – at least at the close of the market Monday – Yahoo’s stock worth is still up $7 billion over its value just prior to the Microsoft offer. In contrast, Microsoft’s stock is worth $33 billion less today than the day before they offered a Yahoo buyout.
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A new Stuart Spencer study of senior-level marketing executives has confirmed what many in business already know: the CMOs number one priority is influencing the bottom line (Ad Age story here). The complete results of the survey will be released today at the CMO Summit in Florida.
According to the study, other critical innate or learned qualities necessary for today’s CMOs include:
• Being a risk taker
• Willingness to make tough decisions
• Good problem-solving ability
• A strategic, customer-centric orientation to marketing
• Digital focus
• Multichannel and cross-industry experience
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I had been anxiously awaiting the release of Mario Kart for the Nintendo Wii since I heard about it last fall. There is just something about racing classic Nintendo characters that I just can’t seem to get enough of. And thanks to Twitter and some chatty friends, I can now race to my heart’s content.
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