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Based on positive feedback from students, professors, and those working in the field of marketing, I was encouraged to pursue a third edition of Market-Based Management. The strength of the book remains its focus on market orientation and the processes and tools for building marketing strategies that deliver superior levels of customer value and profitability. A differentiating feature of this book is its focus on marketing profitability, and the role marketing strategies play in building the profits of a business. The best way to accomplish this is with a market-driven strategy that attracts, satisfies, and retains target customers with a value that is superior to competing products or services.
The third edition builds on this theme in several ways. A special effort was made to include more coverage of Customer Relationship Management, E-Marketing Strategies, and Brand Management Strategies. In addition, Application Problems at the end of each chapter have been revised. However, the feature that will greatly enhance the third edition the most is the online, interactive spreadsheets that can be used to analyze the application problems. This will give students the opportunity to solve real-world marketing problems online as well as experiment with the interactive spreadsheets to further develop marketing insights. For instructors, the application problems and interactive spreadsheets can be used to create additional assignments.
Market-based management is intuitively easy but deceptively difficult. The reason students and professionals like this book is because it is readable, and because it presents the tools and processes needed to actually build a market-driven strategy. The concepts, by themselves, are important and are the backbone of market-based management. However, they are of limited value if they cannot be applied in a way that delivers superior customer value and profitability. Those in marketing need to take a greater level of responsibility for managing profits and the external performance metrics of a business. This is an important benefit of this book. It is my hope that this book will help you in your understanding of, commitment to, and practice of market-based management.Roger J. Best