Amazon.com Review
Senior marketing executive Elliott Ettenberg argues that traditional marketing techniques are outdated relics from the far-off Old Economy and in this post-9/11 world, we've already left the New Economy behind. So with reaching its public still vital to any business's survival, what's a 21st-century company to do? In
The Next Economy, Ettenberg sees the economy changing to one "that will be characterized by a huge withdrawal of customer spending, a polarization of North American demand, an exponential increase in demands for service and a consequent shift in business priorities from satisfying shareholders to delighting customers." To meet this new economic environment, Ettenberg proposes a four-pronged strategy that includes a commitment to "segment and target customers in terms of their values, associations and loyalties;" focus on the "fewer but better customers;" substitute the old four Ps of marketing, product, place, price, and promotion, with the four new Rs, relationships, retrenchment, relevancy, and reward; and develop innovative comarketing arrangements that help expand opportunities and lower costs. With his solid grasp of the past and credible vision for the future, Ettenberg lays out a thought-provoking vision of the 21st-century marketplace that any business executive would do well to consider.
--Howard Rothman
--This text refers to the
Hardcover
edition.
From Publishers Weekly
Ettenberg may be the only Internet marketing sage who can deliver his message with a straight face now that most dot-com businesses have collapsed, since he always preached gloom and doom. The first sentence of his introduction says, "nothing works anymore," and Ettenberg (Bozell Retail's former CEO) proceeds to criticize every aspect of current marketing practice. In "Marketing Impotence," for example, he says, "I am frankly scared... I see the coming decade bringing a series of social and economic changes that will cause a business upheaval unlike any we have seen in generations." In "The Failure of the Four P's," he tells readers that corporations "have reinvented literally every aspect of their business except marketing" and that the tools with which all marketing strategy is built no longer work. He identifies demographic and cultural changes that will accelerate and make it almost impossible for any consumer business to deliver consistent profits. The second (and weaker) half of his book discusses solutions. Ettenberg urges businesses to "delight" customers with the four Rs Relationships, Retrenchment, Relevancy and Rewards and to be "proactive about delivering and fulfilling the customers' wants." However, he provides little useful advice about how to do these things consistently and on a budget, making this portion of the book more about cheerleading than coaching. (Feb.)Forecast: Ettenberg is a well-known marketing guru who is often quoted in the business press. McGraw-Hill has allocated $75,000 to a national promo campaign. The message, especially its downbeat side, is original and provocative. All this makes a solid contender for marketing bestseller of the year.
Copyright 2002 Cahners Business Information, Inc.
--This text refers to the
Hardcover
edition.
