I am currently taking an intensive block course out here at the university of mannheim and it is called value-based marketing.
One thing that came to me while sitting through the five hour lecture yesterday was the fact that in every class that I take, that prof always seems to be trying to prove that the aspect of the business that they teach is most important for success. I remember our prof in my operations class even saying that there was always a constant battle between what comes first.
I guess it also depends on your organizations focus - on whether or not you want to figure out what customers want and then cater to that, or dictate what your customers want by marketing the crap out of them.
I personally think that you can have to crappiest product in the world, but if you are good at marketing then you will be successful.
Example - especially in Canada where we have so so much fresh water, why on earth do we spend so much on bottled water? Think about that.
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