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SECTION 1: WHAT IS MARKETING?
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SECTION 1: WHAT IS MARKETING?
by Heather Fitzpatrick
Marketing Management For Non-Marketing Managers
Cover Page
Title Page
Copyright Page
Preface
Acknowledgments
About the Author
Contents
SECTION 1: WHAT IS MARKETING?
1: A MARKET LEADER’S DEFINITION OF MARKETING
How Market Leaders Define Marketing
Marketing, the Discipline, Versus Marketing, the Function
Marketing in Your Organisation—and in This Book
Chapter 1 Summary
SECTION 2: MANAGING THE DISCIPLINE OF MARKETING
2: THE DISCIPLINE OF MARKETING: THE FOUNDATION FOR BUSINESS STRATEGY
Why the Discipline of Marketing Produces the Crystal Ball Effect
Leveraging Market Insight
Opportunities: Identifying Unmet, Untapped or Underserved Market Needs
Threats: Understanding the Competition
Opportunities and Threats: Your Company’s Reputation
The Other Half of Marketing: Meeting Market Needs
Choosing a Market: The Challenge of Serving Many Masters
The Cost of Market Diversity
The Benefits of Market Focus
Focus Made the Difference
Choosing a Market
Translating Value Proposition Into Products and Services
Aligning Your Business Activities
The Point C Principle
The Importance of Vision
Developing Vision
Gap Analysis
Setting Business and Financial Objectives
Questions for Non-Marketing Managers to Ask About the Discipline of Marketing
Chapter 2 Summary
3: BRAND MANAGEMENT FUNDAMENTALS
The Definition of Brand
The Building Blocks of a Strong Brand
Strong Brands Reflect the Company’s Value Proposition
Strong Brands Are Based on Truth
Companies With Strong Brands Are Good Corporate Citizens
Strong Brands Reflect the Image of the Merchant With Whom Their Customer Would Like to Do Business
The Value of a Strong Brand
Sources of Added Value Attributed to Brand
Increased Customer Preference
Reduced Promotional Cost
Reduced Price Sensitivity
Ability to Recruit and Retain Top Talent
Easier Access to Capital and Financial Markets
Public Benefit of the Doubt
Best Practices and Tools of the Brand Trade
Graphics Standards
Key Messages
Talking Points
Brand Audits
Brand Architecture
Mitigating and Addressing Brand Damage
Questions for Non-Marketing Managers to Ask About Brand Management
Chapter 3 Summary
SECTION 3: EVALUATING PROPOSED INVESTMENTS IN THE MARKETING FUNCTION
4: EVALUATING MARKETING PLAN ALIGNMENT
What Drives Returns on Marketing Investments
The Marketing Alignment Map
Targeted Business and Financial Objectives
Desired Brand Reputation
Influencing Factors
Marketing Strategies
Marketing Tactics
Expected Tactical Outcomes
Expected Marketing Outcomes
Expected Financial Returns
Evaluating Marketing Alignment
The Benefits of Alignment
Questions for Non-Marketing Managers to Ask About Evaluating Marketing Plan Alignment
Chapter 4 Summary
5: UNDERSTANDING WHAT INFLUENCES MARKET BEHAVIOUR
Do You Know Why Your Customer Chooses Your Company—and Why Non-Customers Don’t?
The Danger of Assumptions
What Your Marketing Function Needs to Know
Purchasing Decision Criteria
Clip-Level and Competitive Criteria
Market Segments
Understanding Relative Market Positions
Other Influencing Factors
Prioritising Influencing Factors
The Connection Between Influencing Factors, Marketing Strategies and Results
The Relative Importance of Price
Questions for Non-Marketing Managers to Ask About Factors Influencing Purchasing Behaviour
Chapter 5 Summary
6: ALIGNING MARKETING TACTICS WITH INFLUENCING FACTORS
Tactics Are Not Strategies
Well-Crafted Marketing Strategies Provide Specific Guidance
Align Attributes to Pick the Right Tactic
Market Size
Market Demographics
Business-to-Business Versus Business-to-Consumer
Potential Impact on Influencing Factors
Brand Impact
The Competitive Environment
Cost-Benefit Analysis
Return Timeline
Complimentary Marketing Mixes
‘How’ Is as Important as ‘What’
Special Considerations for International and Multi-Cultural Markets
Special Considerations for Not-for-Profits
Questions for Non-Marketing Managers to Ask About Aligning Marketing Tactics With Influencing Factors
Chapter 6 Summary
7: PRODUCTS AND SERVICES: THE FIRST ‘P’ OF TACTICAL MARKETING
Product Management and Innovation
The Alternative to Innovation Is Death
If Innovation Is Critical to Survival, Why Don’t Companies Do It?
Key Principles in Product Management
How the Product Life Cycle Affects Other Aspects of Marketing
The Impact of New Product or Service Introductions on Existing Products or Services
Discontinuing or Changing a Product or Service
Brand Considerations
Beyond the Product or Service
Outsourcing Products or Expertise
Questions for Non-Marketing Managers to Ask About Products and Services
Chapter 7 Summary
8: PLACEMENT OR DISTRIBUTION: THE SECOND ‘P’ OF TACTICAL MARKETING
Go Where the Market Looks for Solutions
Balance Cost With Benefits
Consider the Impact on Brand
An Introduction to Channel Management
Direct Distribution
Indirect, or Channel, Distribution
Cutting Out the Middleman
Vertical Integration
Franchising and Licensing
Disintermediation
Creative Partnerships
Strategic Partnerships
Value Added Resellers
Joint Ventures
Multi-Channel Distribution
Channel Conflict
How Channel Decisions Impact Product and Service Innovation
Questions for Non-Marketing Managers to Ask About Place or Distribution
Chapter 8 Summary
9: PRICING: THE THIRD ‘P’ OF TACTICAL MARKETING
The Impact of a Dollar (or Pound, or Yen or Rupee)
Common Approaches to Evaluating Price
Cost-Based Pricing
Competition-Based Pricing
Value-Based Pricing
Price and the Product Life Cycle
Incentive Pricing Approaches
Loss Leaders
Freemiums
Coupons, Groupons, Rebates, Sales and Other Short-Term Price Reductions
Fixed Fees or Fixed Prices
Retainers
Package Prices
Contingency Pricing
Bulk Pricing
Multiple Unit Pricing
Push Money/Prize Money Allowances
Other Pricing Approaches
Price Discrimination
Dynamic Pricing
Terms
Guarantees, Warrantees and Return Policies
Advertising and Promotional Allowances
Psychological Pricing
The Connection Between Price, Product or Service, Distribution Systems and Operations
The Impact of Brand on Price
Market Realities
Legal Issues
Questions for Non-Marketing Managers to Ask About Price
Chapter 9 Summary
10: PROMOTIONS: THE FOURTH ‘P’ OF TACTICAL MARKETING
Understanding the Two Functional Purposes of Promotions
Delegate, but Don’t Abdicate
Why Following the Leader Is Risky
Communicate So the Market Hears What You Say
Pick the Right Tool for the Purpose
A Guide to Common Promotional Tactics
Advertising
Direct Marketing
Websites
Social Media
Collateral Materials and Related Marketing Communications
Media Relations
Public Relations (Other Than Media Relations and Social Media)
Questions for Non-Marketing Managers to Ask About Promotions
Chapter 10 Summary
11: EVALUATING RETURNS ON MARKETING INVESTMENTS
Debunking the Measurement Myth
The Benefits of Measurement
Measuring Results in Anticipation of Funding
Measuring Returns During and After Execution
Determining the Appropriate Level of Accuracy
Measurement Models: Simple to Complex
Case Study #1: Evaluating the Potential Impact of a Website Overhaul
Case Study #2: Evaluating the Impact of Changes in Products, Channels and Promotions
Case Study #3: Increasing Precision Through Analytics
Risk Adjustment
Return on Marketing Investment
Questions for Non-Marketing Managers to Ask About Measurement and Returns
Chapter 11 Summary
SECTION 4: MANAGING MARKETING OPERATIONS
12: WHY DO GOOD PLANS FAIL?
The Tortoise Law
Why Companies Voluntarily Abandon Their Plans
Lack of Executive Commitment
Leadership Changes
Failure to Plan for Change
No Evidence of Progress
Executive Distrust
Why Companies Drift Away From Their Plans
Lack of Executive Commitment
Poor Accountability
Incremental Changes
Why Companies Involuntarily Abandon Their Plans
Inadequate Staffing
Failure to Anticipate Significant Changes
Failure to Anticipate Opportunities
Questions for Non-Marketing Managers to Ask About Keeping a Plan on Track
Chapter 12 Summary
13: STAFFING THE MARKETING DEPARTMENT
Estimating Human Resources Requirements
Acceptance of Responsibilities
Assessing the Required Skills
Using External Resources to Address Skill Gaps
The Benefits of External Resources
How to Decide When to Use External Marketing Resources
Selecting a Resource
Overseeing External Resources
Questions for Non-Marketing Managers to Ask About Staffing the Marketing Department
Chapter 13 Summary
14: MANAGING MEASUREMENT
Addressing the Language Barrier
Agreeing on Metrics
Building Processes and Systems to Measure Performance
Don’t Forget the Investment Side of the ROI Equation
Remaining Focused
Coordinating Efforts
The CEO’s Role in Measurement
Questions for Non-Marketing Managers to Ask About Managing the Measurement of Marketing Performance
Chapter 14 Summary
15: CULTIVATING SYSTEMATIC LISTENING
Modelling the Way: The Executive’s Role in Building the Crystal Ball Effect
Building a Listening Culture
Validating Internal Information With Third-Party Research
Why Market Research Reduces Risk
Effective Research Keeps the End in Mind
Identify Assumptions and Define Risks
Assess the Appropriate Investment
Start With the End
Key Market Research Tools and Concepts
Types of Research
Bias Risk in Research
Research Design
The Art of Interpretation in Research
Questions for Non-Marketing Managers to Ask About Cultivating Systematic Listening
Chapter 15 Summary
SECTION 5: CONCLUSION
16: FOUR TESTS TO RUN BEFORE FUNDING
The Alignment Test
How the Test Works
Case Study: The Alignment Test in Action
The Assignment Test
How the Test Works
Case Study: The Assignment Test in Action
The Risk Assessment Test
How the Test Works
Case Study: The Risk Assessment Test in Action
The Anticipated Returns Test
How the Test Works
Case Study: The Anticipated Returns Test in Action
Chapter 16 Summary
17: NOW WHAT?
Marketing Performance Evaluation: How Does Your Company Compare?
Section I: The Discipline of Marketing
Section II: Evaluating Marketing Plans
Section III: Managing the Marketing Function
Now, Take It Again
Share Your Answers
Ask Questions
GLOSSARY
APPENDIX A: REFERENCES AND RESOURCES
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1: A MARKET LEADER’S DEFINITION OF MARKETING
Section 1
WHAT IS MARKETING?
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