Total Quality Marketing: The Key to Regaining Market Shares

Total Quality Marketing: The Key to Regaining Market Shares

Total Quality Marketing: The Key to Regaining Market Shares

Total Quality Marketing: The Key to Regaining Market Shares

Synopsis

Total quality marketing is a dynamic idea that goes beyond the currently popular total quality management approach in solving business problems. It is a market-driven idea that stresses customer satisfaction as crucial to the success of a business in a highly competitive, modern business world. The concept is an enhanced version of the marketing mix--the familiar "4-P paradigm" in marketing. Thus, by incorporating quality into their product, price, promotion, and distribution strategy, firms can regain market shares and can prevent further erosion of market shares to aggressive foreign competitors from Japan, Germany, and the Newly Industrialized Countries (NICs).

Excerpt

Today, American managers are in a dilemma. They are overwhelmed by foreign competition in every business--from cars to cameras. How to beat and contain formidable competitors from Japan, Germany, and other countries whose appetite for devouring market shares is endless? How to regain market shares? These questions need prompt answers. This book is about how American firms can regain market shares by using Total Quality Marketing (TQMkt). TQMkt is an advanced version of the "Four Ps" model in marketing.

At present, many firms are embracing Total Quality Management (TQM) as if it were a panacea. However, in today's dynamic global business environment, success depends equally on applying Total Quality Marketing (TQMkt). Unless customers perceive quality improvements properly, improving product quality alone is insufficient to propel a product to success in the marketplace. A good example is the lagging sales of American-made automobiles despite significant quality improvements in these cars made by the Big Three U.S. automakers. Car buyers continue to perceive that imports are better.

TQM is a buzzword in modern business circles. Some American managers are blindly pursuing it while ignoring the quality aspects of the marketing strategy. Meanwhile, foreign competitors are moving a step ahead. Having fulfilled manufacturing quality standards, many foreign firms are busy improving their marketing quality, an action that will only further widen the gap with their U.S. competitors.

By putting profits into more advanced manufacturing and management technologies, foreign competitors are becoming even more formidable. Each year competitors from Japan, Germany, and Southeast Asia seem to grow stronger than ever. They constantly introduce better- quality products, increasing their global market shares.

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