Henry Ford is supposed to have said: “We can sell the Model T at such a low price only because it earns such a nice profit.”
Of the top marketing lessons for the highly competitive twenty-first century, the most crucial one is that buying customers doesn’t work. The collapse of the Hyundai Excel was a spectacular marketing failure. There was nothing wrong with the car. But the company had greatly underpriced it. As a result, it had no profits to plow back into promotion, service, dealers, or improvements to the car itself.
How to define the market is the second lesson—the lesson of what was both a marketing success and a major marketing fiasco: the conquest of the American market by the fax machine. The ...
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