CONTENTS
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
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
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
Translating Value Proposition Into Products and Services
Aligning Your Business Activities
Setting Business and Financial Objectives
Questions for Non-Marketing Managers to Ask About the Discipline of Marketing
3 BRAND MANAGEMENT FUNDAMENTALS
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
Sources of Added Value Attributed to Brand
Ability to Recruit and Retain Top Talent
Easier Access to Capital and Financial Markets
Best Practices and Tools of the Brand Trade
Mitigating and Addressing Brand Damage
Questions for Non-Marketing Managers to Ask About Brand Management
SECTION 3: EVALUATING PROPOSED INVESTMENTS IN THE MARKETING FUNCTION
4 EVALUATING MARKETING PLAN ALIGNMENT
What Drives Returns on Marketing Investments
Targeted Business and Financial Objectives
Evaluating Marketing Alignment
Questions for Non-Marketing Managers to Ask About Evaluating Marketing Plan Alignment
5 UNDERSTANDING WHAT INFLUENCES MARKET BEHAVIOUR
Do You Know Why Your Customer Chooses Your Company—and Why Non-Customers Don’t?
What Your Marketing Function Needs to Know
Clip-Level and Competitive Criteria
Understanding Relative Market Positions
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
6 ALIGNING MARKETING TACTICS WITH INFLUENCING FACTORS
Well-Crafted Marketing Strategies Provide Specific Guidance
Align Attributes to Pick the Right Tactic
Business-to-Business Versus Business-to-Consumer
Potential Impact on Influencing Factors
‘How’ Is as Important as ‘What’
Special Considerations for International and Multi-Cultural Markets
Special Considerations for Not-for-Profits
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
Outsourcing Products or Expertise
Questions for Non-Marketing Managers to Ask About Products and Services
8 PLACEMENT OR DISTRIBUTION: THE SECOND ‘P’ OF TACTICAL MARKETING
Go Where the Market Looks for Solutions
An Introduction to Channel Management
Indirect, or Channel, Distribution
How Channel Decisions Impact Product and Service Innovation
Questions for Non-Marketing Managers to Ask About Place or Distribution
9 PRICING: THE THIRD ‘P’ OF TACTICAL MARKETING
The Impact of a Dollar (or Pound, or Yen or Rupee)
Common Approaches to Evaluating Price
Price and the Product Life Cycle
Coupons, Groupons, Rebates, Sales and Other Short-Term Price Reductions
Push Money/Prize Money Allowances
Guarantees, Warrantees and Return Policies
Advertising and Promotional Allowances
The Connection Between Price, Product or Service, Distribution Systems and Operations
Questions for Non-Marketing Managers to Ask About Price
10 PROMOTIONS: THE FOURTH ‘P’ OF TACTICAL MARKETING
Understanding the Two Functional Purposes of Promotions
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
Collateral Materials and Related Marketing Communications
Public Relations (Other Than Media Relations and Social Media)
Questions for Non-Marketing Managers to Ask About Promotions
11 EVALUATING RETURNS ON MARKETING INVESTMENTS
Debunking the Measurement Myth
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
Return on Marketing Investment
Questions for Non-Marketing Managers to Ask About Measurement and Returns
SECTION 4: MANAGING MARKETING OPERATIONS
Why Companies Voluntarily Abandon Their Plans
Why Companies Drift Away From Their Plans
Why Companies Involuntarily Abandon Their Plans
Failure to Anticipate Significant Changes
Failure to Anticipate Opportunities
Questions for Non-Marketing Managers to Ask About Keeping a Plan on Track
13 STAFFING THE MARKETING DEPARTMENT
Estimating Human Resources Requirements
Acceptance of Responsibilities
Using External Resources to Address Skill Gaps
The Benefits of External Resources
How to Decide When to Use External Marketing Resources
Questions for Non-Marketing Managers to Ask About Staffing the Marketing Department
Addressing the Language Barrier
Building Processes and Systems to Measure Performance
Don’t Forget the Investment Side of the ROI Equation
Questions for Non-Marketing Managers to Ask About Managing the Measurement of Marketing Performance
15 CULTIVATING SYSTEMATIC LISTENING
Modelling the Way: The Executive’s Role in Building the Crystal Ball Effect
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
Key Market Research Tools and Concepts
The Art of Interpretation in Research
Questions for Non-Marketing Managers to Ask About Cultivating Systematic Listening
16 FOUR TESTS TO RUN BEFORE FUNDING
Case Study: The Alignment Test in Action
Case Study: The Assignment Test in Action
Case Study: The Risk Assessment Test in Action
Case Study: The Anticipated Returns Test in Action
Marketing Performance Evaluation: How Does Your Company Compare?
Section I: The Discipline of Marketing
Section II: Evaluating Marketing Plans