MARKETING MANAGEMENT 

Most of us probably consider ourselves rather well informed on the subject of marketing. After all, we watch television commercials and see how advertisers are trying to persuade us to buy.

Many of ns have friends who '"can get it for us whole sale" or we ourselves may be shrewd shoppers who can ferret out bargains.

In short, everybody knows something about marketing. It's on this dangerous base of a little knowledge that we begin our study.

While most people probably do know a little something about marketing, the word itself has often been misunderstood and used loosely even by those in the field.

2.1. The Marketing Concept

As business administrators increasingly recognize that marketing is vitally important to the success of a firm and as they realize that a business is a marketing organization, an entirely new way of business thinking and business life is evolving. It's called the marketing concept and it has developed as production and engineering oriented firms have changed into marketing oriented structures.

The marketing concept is based on two fundamental believes: First; all company planning policies and operations should be oriented toward the customer.Second; profitable sales volume should be the goal of a firm. In it's fullest sense, the marketing concept is a philosophy of business which states that the customer's want satisfaction is the economic and social justification of a company's existence. Consequently all company activities in production, engi­neering and finance as well as in marketing, must be devoted to first determining what the customer's wants are and the satisfying these wants while still making a reasonable profit.

2.1.1. The New Concept of Marketing

As already noted, the new marketing concept replaces and to some extent reverses the logic of the old one. The two views are contrasted in Figure 1, the old concept starts with the firm's existing products and considers marketing to be use of selling and promotion to attain sales at a profit. The new concept starts with the firm's existing and potential customers; it seeks profits through the creation of customer satisfaction; and it seeks to achieve this through an integrated, corporate wide marketing program. These are the three pillars of the new marketing concept. 

Products                                   Selling          and            Profits through

                                               Promoting                       sales volume 

                                (a) The old concept

Customer                              Integrated                           Profits throug 

                                                                                    Customer satisfaction

                               (b) The new concept

                                                  Figure 1 The oId and new 



The new marketing concept holds that firms can gain more by being oriented outward toward the market instead of inward toward the products.We hear;

Under the marketing concept, the customer is at the top of the organization chart.

A company should prefer a franchise over a market to a franc­hise over a plant.

Look at the company through the customer's eyes. 

"Instead of trying to market what is easiest for us to make, we must find out much more about what the consumer is willing to buy. In other words, we must apply our creativeness more intelligently to people and their wants and needs, rather than to products. 

"Marketing Management: is the analyzing, organizing planning and controlling of the firm's customer policies and activities with a view to satisfying the needs and wants of chosen customer groups at a profit. This definition is used for three reasons:

1. It suggests the three main elements of the modern marketing concept, that is integrated marketing manage­ment to create customer satisfaction at a profit. 

2. It suggests the "marketing mix" idea through its reference to the management of customer policies and activities and the "market segmentation" idea through its reference to chosen customer groups.

3. It specifies that marketing comprises the administrative activities of analysis, organization, planning and control.

2.1.1.1. Difference Between The Marketing Concept And Marketing

Administrators must recognize that there is a signification difference between the marketing concept and marketing itself. The marketing concept is a philosophy, an attitude or a course of business thinking, while marketing is a process or a course of business action; naturally the way of thinking determines the course of action.

2.1.2. The Application Of Marketing Concept

For a business enterprise to realize the full fruits of the marketing concept, the philosophy must be translated into practice, this means that, the marketing activities in a firm must be better organized, coordinated and managed and the chief marketing executive must be accorded a more important role in a total company. Planning and policy making that has been generally true in the post marketing management, is the marketing concept in action.

Early in the first period of development, company organization for marketing is simple; manufacturers have sales departments headed by a sales manager whose major responsibility is to operate the sales force. Other marketing activities such as market planning, advertising and marketing research arc generally unknown; product planning and budgeting are the responsibilities of other departments. As markets expand manufacturers are obliged to make more use of middlemen thus lengthening the channels of distribution and increasing the complexity of marketing problems.

A manufacturer then must devote more attention to reaching his final customers and he has to work more closely with his middlemen. Under the concept of marketing management several activities which traditionally are the province of the production manager, financial manager or other executives become the responsibility of the marketing manager. I or instance inventory control, transportation, ware housing and aspects of product planning are often turned over to marketing manager obviously he must coordinate his efforts - with those of production manager and engineer, and with the lop financial executive. But in the final analysis the marketing manager makes the decision regarding, packaging, labeling, design, color and other product features.

The marketing concept has been adopted by both large and medium-sized manufacturing companies. The key to imple­menting the marketing concept successfully is a favorable attitude on the part of top management, only top management can provide the climate, the decline and the leadership required for a successful marketing program. Top management must know the customers and the prospects of the customers and potential customers. It must set the objectives, establish policies, develop the plans and create the organization.

The most important that the head of the business be thoroughly customer conscious. There can only be one marketing head in only business and that must be the president. He can develop a mood on atmosphere reflecting pre-eminence of the customer that permeates every hook and corner of the company.

2.1.3. Increased Use Of Marketing Management

We have seen marketing emerge in its modern form of a total system of interacting business activity designed to satisfy consumer's wants. The marketing concept has been recognized as a philosophy of business and firms have moved to imple­ment this concept. Organizational structures and management thinking have been reshaped. The marketing concept doesn't mean that marketing executives must run a company. The chief executive may come up through the ranks of production, accounting or any other department but he must be truly oriented toward the consumer. 

2.2. Management's Role In MarketingThe Management Process In Marketing

In the theory of management it's generally recognized that the management or administrative process in comprised of several major managerial functions. In this section the management process will be interpreted as including the following mana­gerial functions:

■ Determining objectives 

■ Planning, including the establishment of strategies and tactics 

■ Organizing and coordinating 

■ Staffing and assembling 

■ Operating and directing 

■ Analyzing and evaluating 

The following sections are devoted to the marketing application of the major functions of management.

2.2.1. Determining Objectives

A firm's activity must be goal-directed to be effective. Since a firm's marketing objectives form the foundation of its marketing management, the first task of the marketing administrators is to determine their goals. These goals are on interpretation by management of its particular needs at a given lime and place and they guide the company's progress along the part to wherever management wishes the firm to be in the future.

In marketing as in other types of group effort, planning and operating decisions must be in line with the goals set up by management.

2.2.2. Planning

Once management has established its objectives, the next step in administrative process is to determine the manner in which these goals will be reached. This managerial activity is called planning. Ordinarily planning involves the consideration of several alternative courses of action which could be taken to reach the objectives. Through the problem solving and decision making processes the administrators select the best of the alternatives. Without planning a company's operations have no meaning and no direction. There can be no orderly procedure in management's pursuit of its goals.

Planning may be classified by the length of time for which if s done and by the relative breadth of the activities planned, Short-term planning usually covers a year or less; long-term planning, one to five or ten years. Plans may cover many areas of activity or one area.

Marketing executives arc engaged in long range and short range planning regarding their markets, products, distribution systems and promotional programs.

2.2.3. Strategy And Tactics

In marketing terms a strategy is the over-all plan of action to reach a predetermined marketing objective. Tactics are the detailed methods and techniques employed to implement the strategy. 

2.2.4. Organizing And Coordinating

Organizing is another major phase of the management process and coordinating is a significant part of organizing.

Organizing is the process of arranging activities and the people engaged in these activities in such a way as to achieve the maximum out put with the highest possible degree of efficiency and coordination. In a good organization, the people involved produce more effectively as a group than they could individually.

Within the marketing department activities in sales, advertising, marketing research, new product development, customer service and sales statistics all require careful coordination.

Marketing executives must coordinate their activities with advertising agencies, transportation companies and other out side companies which are helping the seller in his marketing program. 

• Advertising agencies must plan their companies coincide with the introduction of a new model. 

• Transportation companies must have courier facilities available when and where the product is to be loaded. 

The marketing concept implies the coordination of all company activities which impinge on the consumer. Yet the organizational proposals and changes made to achieve this coordination that can result in organizational conflicts between the marketing department and other departments.

2.2.5. Staffing And Assembling Other Resources

The most important function of management is staffing the organization assembling the human resources. If management is the key to successful business operations, then staffing is the key to successful management. Money prefer to nominate planning, motivating or some other activity as the critical function of management. However proper personal selection will eliminate or substantially reduce money management problems.

A marketing manager's job is mead easier if he hires unexcellent advertising manager, sales force manager or director of marketing research. The sales force manager, intern, has fewer problems with training, supervision, motivation and compensation if he hires excellent salesmen.

2.2.6. Operating And Directing

In this section, the planning accomplished and the organization established and staffed then the program must be executed. I his operating, directing and motivating become important phases of the management process. In the final analysis no plan is worth much unless it is carried out effectively.

Particularly is that important in marketing because success depends upon the way business is operated. Management may develop excellent plans and strategies but unless the sales force carries out its and of the task, success cannot be achieved. Here again we see the importance of strafing and selection.

The management function of operating and directing includes operating a sales force, directing an advertising complain and working with middlemen. The selection training supervision and motivation of the sales force are pail of this management activity.

2.2.7. Analyzing And Evaluating

The final stage of the management process consists of analyzing and evaluating. The result's of the company's plans and operations to determine whether or not they met expec­tations.

2.3. Marketing Management And The Customer

Marketing has been defined as the performance of business activities that direct the How of goods and services from producer to consumer or user, in order to satisfy customers and accomplish the firm's objectives. From this definition, it should he clear that marketing is a total system of business action not a hodge-podge of unrelated activities, this system has evolved precisely because it does this job of directing the flow of goods more efficiently than any other.

"To satisfy customers" is a important part of our definition. Why? Who, in fact,, is the customer? How does he act in the marketplace how do his action affect the market? And how does the job of marketing management relate to the customer? Obviously the interaction of the two determines to a great extent the nature and efficiency of the marketing process.

2.3.1. Marketing Aims At Particular Customers

In our free economy, no consumer is forced to buy any goods or services, except those things which society insists are essential. School, police, national defense, public health and food inspection are considered essential. They are pro-vided by the community and we are taxed to pay for them. This freedom of consumer choice has a great deal to do with the management of marketing. If the state required the consump­tion of certain commodities, then the marketing job would be relatively simple. It would primarily concern transporting goods to convenient locations and completing the sale by the simple exchange of money for goods.

In our economy, however, few customers must buy any one product of any one manufacturer or farmer. Rather, in free societies, they may buy from whomever they feel makes the most attractive offer. A producer can design and produce products and offer them for sale, but these activities are useless unless enough customers decide for whatever reasons that they want or need the product.

It might be said that customers have a "veto power" over the operations of any company trying to sell products to them. This is, however a passive veto. To be effective, many custo­mers must reject the product simultaneously. This veto power obviously belongs only to the group of customers the marketing manager is trying to reach his target customers. If, for example, a manufacturer has invented to attract only a small, elite group, the rejection of his product by most other customers is of no consequence. But should this target group reject the product, all effort has been wasted.

The marketing job, therefore, is one of trying to satisfy a particular group of customers, the target group, with a particular good or service.

This knowledge is the beginning of the marketing manager's search for a plan. His job is to satisfy some of the people all of the time, not all of the people all of the time.

The selection of the target group for a given product is an important part of the marketing manager's job. But it is only the beginning. Out of the almost infinite number of products offered to potential customers, the marketing manager wants to be sure that his will succeed. How can he go about this? What steps shall he take, what factors must he consider, what resources can he call on to aid him in accomplishing his purpose?

First of all, the marketing manager is a manager. So it might be well to stop here and look closely at a management job perse.

2.4. Nature Of The Management Job

Management generally has three basic tasks;

♦ To set up a general-plan or strategy, 

♦ To direct the execution of this plan, 

♦ To evaluate, analyze and control the total programFor simplicity, this might be condensed to: planning, execution and control. The 3-cornered diagram in figure 1 shows the interrelation of these three basic tasks. 

The interrelation of the control and planning jobs is extremely important, since the "feedback'" of information often leads to changes in the general plan or even a totally new plan. Thus the management job is continuous. 

2.4.1. The Management Job In Marketing 

The marketing manager's job consists of the same basic management tasks just listed, only applied in his specific area. 

First, the marketing executive must evolve a plan or as well call it a "marketing strategy" aimed at a given group of customers. The development of a marketing strategy is of primary interest in this text. Without a well defined master plan, there are no guidelines for execution and little basis for control or evaluation. 

Only after the basic strategy is developed can management concern itself with the implementation of that strategy (Per­sonnel selection, salaries, dealer selection, commission rates, etc.) implementation may, in fact, absorb a greater, proportion of the manager's time, but it is not the major concern here. Detailed study of a day-to-day execution decisions must be left for the student's advanced work, after he seen the "big picture" planning the marketing strategy. 

We will emphasize control, too. since it provides the feed-back which leads to the development of changed or new marketing strategies. Here the areas of electronic data processing, marketing research and accounting are the most frequently used tools of the marketing manager. 

2.5. All Marketing Jobs Require Planning And Control 

At first, it might appear that the planning and control jobs are only of concern to top management of large companies. This is not true, however. Even the smallest farmer, retailer or wholesaler must plan his strategy. The salesman, too, however limited his territory, must have a plan of attack. He may not have complete freedom because of the master strategy already outlined for him, but he usually has some latitude. I le develops his own special strategy in the light of his own abilities and the problems of his particular territory. 

2.6. Developing A Marketing Strategy

Developing a marketing strategy is a two-step process: 

1. Selection of the target market- the selection of particular groups of customers to whom the company wishes to appeal. 

2. Development of a "marketing mix "-the choice of the elements which the company intends to combine in order to satisfy this target group. 

2.7. Selection Of The Target Market

Marketing management determines its target market after analyzing potential customers in the light of the company's capacities and objectives. The specific markets which are selected depend on the particular situation. Moreover, the student should realize that what is popularly considered as one market may actually be a considerable number of markets. They may be similar in many respects but each one may possess, from the marketing manager's point of view, significantly different characteristics. Target market selection requires considerable thought and analysis. 

The total market for a product can be seen as a box which is crosshatched like a checkerboard or grid, on the basis of relevant market characteristics. Each of the squares in the large box represent a smaller, potentially unique market, (see Figure 3). Implicit in this is the understanding that only potential customers will be considered within the market grid. On the market grid for men's suits, for example, only the various characteristics of men would be considered within the market grid. '" Children and women obviously are not potential consumers in this market. They could be shown explicitly in a little area below the potential markets, perhaps surrounded by a dotted line as shown in Figure 3. But for practical purposes such groups are not part of the potential market and here after the dotted area will not be shown.

MARKET GRID CONCEPT USES CUSTOMER CHA­RACTERISTICS FIRST. The characteristics which are used to split up the market grid, at least initially, should be characteristics of potential customers for this type product not characteristics of present or possible products. We want to look at the potential market first and see who might be interes­ted in our product. There may even be some markets which cannot be satisfied with any existing products. In this way, this market grid approach can be used to discover new opportunities which may not have occurred to anyone. 

Ultimately, the marketing manager will seek to find customers, in market grid boxes, who might be interested in his current or proposed products. 

But to begin with, customer characteristics rather than product characteristics should be emphasized. 



2.8. Development Of A Marketing Mix

The customer is of overriding importance in the selection of a marketing strategy. When the target market(s) has (have) been chosen, than the market manager must combine all o\' the factors at his command in an effort to satisfy this (these) market(s). Note that each target market may require a separate marketing mix 

Even when customers are carefully analyzed and specified, developing a marketing mix is not a simple task. There are a multitude of possible ways to satisfy target customers. A product can have many different tastes, colors and appea­rances; the package can be various sizes, colors or material; the brand names and trademarks can be changed; services and returned goods privileges can be adjusted; various advertising media (newspapers, magazines, radio, television and billbo­ards) may be used; a company's own salesmen and perhaps various other sales specialists can be employed. 

Or many different prices can be charged; cash discounts and markups can be changed; a higher caliber of salesmen may be hired or a different type distributor may be used; intensity of sales effort may be varied from one locality to another; credit policies may be adjusted; and so on. 

Each of these many variations could have many shades of difference themselves, making the number of possible marketing mixes extremely large. With all of these variables, the question presents itself; Is there any way of organizing and simplifying the development of a marketing mix? 

2.9. The Four P's The Marketing Mix

The problem areas outlined above face and small companies alike. But while there are many facets to each, we are interested here only in the basic variables.

Figure 4

Bearing in mind the paramount importance of the customer and the fact that the target market must be selected first, we can reduce the number of variable in the marketing mix to four: 

♦ Product ( Quality, features, style, options, brand name, pac­kaging, guarantees/warranties, services/spare parts). 

♦ Place ( Numbers and types of middlemen, locations/availability, inventory levels, transportation). 

♦ Promotion (Advertising, personal selling, sales promotion,point-of-purchase materials, publicity). 

♦ Price ( List price, discounts, allowances, credit terms, pay­ment period, rental/lease).



It may help to think of the four major ingredients of a mar­keting mix as the "Four P's". There is a group of chapters on each of the P's. The following diagram emphasizes their interrelationship and the focus on customers © : 

2.9.1. Product

We will consider all the problems of developing the product or service which the company has decided to offer each target market. We will concerned with tangible products, but the principles in most cases will also apply to services. It is important to keep this in mind, since more and more of our consumer satisfactions are being derived from services. 

Under product, we will cover specifically the problems of: 

1. Selecting a product or product lines,

2. Adding or dropping items in a product line, 

3. Branding. 

4. Packaging. 

5. Standardization and grading. 



In short, the product area is concerned with developing the right "product " for the target market. 



2.9.2. Place

A product or a service is not much good to a customer if it is not available when and where he wants it. We must consider where, when and by whom the goods and services are to be offered for sale. Sometimes, for example, complicated chan­nels of distribution are necessary, while at other times very simple methods can be used effectively. Wholesaling, retai­ling, transportation and storage play a part in the distribution of most goods and services. 

Under price, then we will consider all the problems, functions and institutions involved in getting the right product to the target market. 

2.9.3. Promotion

The third P, promotion, is concerned with any method which communicates to the target market about the right price. In this category, all the problems of sales promotion, advertising and the development, training and utilization of a sales force must be covered. We will consider advertising, sales promotion and personal selling as complementary methods of communicating with customer, we will find that promotion can actually add value to products, thereby creating "new" products which can he sold more readily at the same or even higher prices.

2.9.4. Price

While the marketing manager is developing the right product, place and promotion, he must also decide on the right price, one which will make his total marketing mix attractive. In setting the price, he must consider the nature of competition in his target market as well as the existing practices on markups, discounts and terns of sale. In some instances, he must also consider legal restrictions effecting prices 

In short, price is concerned with determining the "right" price to move the right product to the right place with the right promotion for the target market.

2.10. Relative Importance Of Four P's

All lour P's, we have seen, are essential to the marketing mix. But is any one of them more important than the others? Generally speaking, the answer is no. That is why, in the diagram, the four P’s are arranged around the Customer (C) In a circle to indicate they are coequal.

In practice, when a marketing mix is selected, all decisions must be made simultaneously. In our discussion of the four P's, however, we will use the other in which they were discussed above: Product, Place, Promotion and Price. Some sequence must be used and this one has logical advantages.

Briefly, after the target customers are analyzed and selected, we develop a Product which we feel will satisfy the target customers. Promotion tells the target customers about the availability of the product which has been designed for them. Then the Price is set in the light of expected customer reaction to the total offering. 

2.11. Customer Not A Part Of The Marketing Mix

In figure 4, surrounded by the four P's is a C for the customer. The customer is the focal point of all marketing efforts. For that matter, according to the marketing concept, the customer should be the focal point of all business efforts. But the customer is not a part of the marketing mix. The mix consists only of those factors which the marketing manager can control the ones he can use in various combinations to satisfy the customer. Nevertheless, an under-standing of the customer is vital if a good marketing mix is to be developed. 

There are various kinds of customers. The retailer has customers who are normally called consumer (since they use the product). Main producers and wholesalers, however, have customers who do not use the product; rather, they resell it to others who may assemble reprocess it and sell it for final use. 

Nevertheless, these sellers must develop a marketing mix. For reaching their customers.Other manufacturers and wholesalers, to complicate things, sell to manufacturers who do consume the product and therefore arc consumers as well as customers. 

The variations in customer altitudes are important in the development of a marketing strategy. Our analysis of custo­mers will consider many facts about them their environment as well as their habits and motives all of which have a bearing on the development of a marketing mix. 

2.12. What Is A Customer?

♦ A customer is a person who brings us his wants. Our job is to fill them profitably to him and to ourselves.

♦A customer expects value in what he buys from us. If we do not give him value, he will go elsewhere to find it.

♦A customer's good opinion of our company is the most valuable asset in the world. Whatever we can do to build that good opinion will eventually be to our advantage.

♦A customer's good opinion cannot be bought or stolen. However, it can be freely given in response to our gift of value.

♦A customer is never too far away to affect our jobs, no matter how remote from him our work may seem. One small slip or flaw in any department can lessen the value of our product or service in the customer's eyes.

♦A customer is the boss behind our boss. By serving him well, we serve ourselves as well. 

2.13. Checklist Of Marketing Considerations

Customers and Marketing Considerations 

♦ The Nature of the Market 

Number of potential buyers - by region.

Number of buyers - by region. 

Characteristics of buyers - age income, occupation, edu­cation, sex, size of family, color, rate - by region 

Characteristics of users, if buyers and users are different-by region Where buyers and users live - region, city size, urban andsuburban. 

Where buyers buy - urban, suburban, rural; trading center,local; type of store. 

Size of purchase. 

When buyers buy - time of week, time of month, time ofyear, frequency of purchase.

How buyers buy - brand specification or not; impulse orplanned, personal inspection or counter, cash or credit.

Why buyers buy - attitudes, motivation.

Who influences buying decisions - type of product andbrand. 

Uses for product.

Broad classes of buyers - race, wage, earners, farmers, executives, etc..

Attitudes of buyers of type of product by nonbuyers of this brand. 

Indications of changes in buying habits. 

♦ The Structure of a Market 

Number of competitors. 

Number of brands - national, regional, local. 

Share of market by brands, total, regional, city size, type of store.

Characteristics of leading brands. 

Differentiation of own brand from leaders. 

Policies, the offer, methods and tools of principal competitors. 

PRODUCT

♦ The product

Quality - materials, workmanship, design, method ofmanufacture.

Models and sizes.

Essential or luxury. 

Convenience or shopping.

♦ The package

Attributes of protection, convenience, attractiveness, identification, adaptability, to type of retail outlet and economy, through: material; size; shape; construction; label - design, color, copy; closure; competitive value.

♦ The brand

Adequacy with reference to memory value, suggest i veness, pleasantness, family expansion, legal protection, goodwill value.

♦ Service Kino", quality and Quantity
Installation.

Education in use.

Repair.

Provision of accessory.

Delivery.

Credit.

Returned goods. 

PLACE

♦ Distribution channels

Total number of retailers, each type by region.

Total number of wholesalers, each type by region. 

Per cent retailers, each type, handling brand by region.

Degree of aggressive retailer cooperation, by region, store type and city size.

Indications of shift in relative importance of channels. 

PROMOTION

♦ Personal Selling

Recruiting and selection methods.

Training procedures.

Supervision procedures.

Stimulation devices.

Compensation plan. 

♦ Advertising

Size of space and time units - effectiveness. Appeals and themes - effectiveness. Use of black and white and color - effectiveness. Methods of merchandising advertising.

♦ Sales Promotion

Types of activity - deal, premiums, bulletins, portfolios

and so on.

Cooperative advertising arrangements. 

♦ Publicity

Volume and nature - releases, clippings, mentions.

PRICE

At factory.

To wholesalers, by type, size and regions.

To retailers, by type, size and regions.

Discounts - functional, quantity, cash, other.

Allowances and deals.

Service charges.

Price maintenance.

Marketing management's job, it should be clear, is one of continuos direction. The marketing manager must select target customers and design a marketing mix or mixes to sell his product(s) to them. But that is only the beginning of his task. He must also see that his strategy works successfully; if it does not, he must adapt and modify it during the execution stage. Target customer groups can be divided and subdivided almost without end. The marketing manager starts with a "market grid" listing all potential customers for a product and then he evaluates the characteristics of each group. Some may be likely markets. Others may actually subdivide into several markets, each requiring different sales appeals. And still others may not be worth penetrating from an expense-potential profit standpoint. Each market grid box, as we pointed out, is in actuality a separate market requiring its own marketing mix. This is the combination of ways to reach and satisfy target customers and the potential number of mixes is infinite. 

To limit the scope of the problem of deciding on a marketing mix without oversimplifying it, we settled on the four P’s (Product, Place, Promotion and Price). Our problem, in brief, is to satisfy our target customers with the right product, available in the right place, promoted in the right way and available at the right price. For practical purposes, of course, there is no "best" marketing mix because conditions are chan­ging continually, marketing management may have to figure the probabilities of success of alternative courses of action and then act accordingly. 

Nevertheless, the four P's give the manager a framework within which he can operate logically.His eventual success will be determined by the wisdom of his choices, his ability to modify his mix in the face of uncertainly and change and his determination to make his strategy or strategies work.