Thats a reduntant question and an absurd one – Product managers think that they know it all and Marketing Gurus want the next best thing in promotion. Its all a cycle, where there are some elements (either product or marketing or both) that drive it forward. Companies that drive both forward (Airbnb, Monster, and RedBull) perform far better in markets where the competition is stiffening up and product differentiation becomes a meagre difference of lemons.
Think about this scenario in auto industry –
A BMW V/S Mercedes Benz.
Mercedes beat BMW in the luxury car space this half year (H2016) by 7% points for the first time in 5 years!
Both car manufacturers have a great product, both grew from last year (BMW – 5%, Merc – 12%) and both have a great sales team at the end of the line to deliver the product.
Last year’s sales –
Now, barring illegal or unethical activities leading to chokeholding the competition (because its India), we can see that consistent growth in this sector has been great! Because our economy’s growing quick and we’re reaching higher levels of income brackets slowly and steadily.
What makes it better than any other industry to study? – One reason – Bad advertising.
The ads aren’t emotionally connecting with the upper echelon and yet because of the global brand value of Merc and BMW they sell to impress. (Esp in Ludhiana)
So what I’m saying is that even if the industry is doing well (aka the product) it can’t escape its brand perception (aka marketing). You buy because you perceive it to be worth your time. If not, you move on.
The Product. The Marketing. The Sale – are all connected.
Dr. Ettlie is to thank for this matrix – ORM – Operations, Research & Marketing are the only three legs on which a company is built for its life time. You can thank him here – He’s a nice guy