“The business enterprise has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business."
This Peter Drucker quote has been well distributed and certainly is a favorite of most marketers. It is especially poignant as we all face what is certainly an economic slow down and quite possible a recession. All marketers worry that budgets will be sliced, jobs will be eliminated and more will be expected.
If this statement by Drucker is true – and embraced – then what do we have to worry about? Plenty. Most companies and CEOs don’t see marketing as their primary strategic weapon in a down economy. They typically add more sales people and decrease marketing.
I’ve worked through plenty of slow economies and recessions. Next time I have that anticipated meeting with the CEO regarding budget, I am bringing my friend Drucker with me.
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