Sometimes you need more then a one-sentence answer. While the term marketing generally refers to what a company does to create value for customers, practicing marketers know they have a major role in setting their company's strategic direction. Successful marketing requires a deep knowledge of customers, competitors, and collaborators--and great skill in serving customers profitably.

The book provides the foundation for developing those skills and insights. It's organized according to the design of the first-year marketing course in Harvard Business School's MBA program. Each chapter was written by HBS faculty and used by MBA students to analyze marketing opportunities and develop and execute successful marketing strategies. Areas covered include:

Consumer behavior

Business-to-business markets

The four P's-product, placement, promotion and price

Market segmentation, target market selection, and positioning

Unique value propositions

The design of new products and services

Product line extensions and repositioning of exciting businesses

Brand valuation and brand equity

Fulfillment and after-sale service

Direct, retail, and wholesale distribution channels and networks

Marketing communications and promotions

Advertising, public relations, and choice of media

Pricing for profitability

Personal selling and sales management

Customer relationship management and customer privacy

Customer acquisition, retention, and dismissal

Basic math for making marketing decisions

Timeless yet timely, this book provides valuable background information for understanding and interpreting business and competition from a marketing point of view. That makes it useful in both formal and informal educational settings, including on-the-job training. Simply put, it's required reading for marketing students and a must-have recourse for marketing professionals.