book

Marketing Management For Non-Marketing Managers

Name: Marketing Management For Non-Marketing Managers
Author: Heather Fitzpatrick
ISBN: 9781937352677

by Heather Fitzpatrick

May 2017

Beginner

352 pages

12h 34m

English

Wiley

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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 MarketingMarketing, the Discipline, Versus Marketing, the FunctionMarketing in Your Organisation—and in This BookChapter 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 EffectLeveraging Market InsightOpportunities: Identifying Unmet, Untapped or Underserved Market NeedsThreats: Understanding the CompetitionOpportunities and Threats: Your Company’s ReputationThe Other Half of Marketing: Meeting Market NeedsChoosing a Market: The Challenge of Serving Many MastersThe Cost of Market DiversityThe Benefits of Market FocusFocus Made the DifferenceChoosing a MarketTranslating Value Proposition Into Products and ServicesAligning Your Business ActivitiesThe Point C PrincipleThe Importance of VisionDeveloping VisionGap AnalysisSetting Business and Financial ObjectivesQuestions for Non-Marketing Managers to Ask About the Discipline of MarketingChapter 2 Summary
3: BRAND MANAGEMENT FUNDAMENTALS
The Definition of BrandThe Building Blocks of a Strong BrandStrong Brands Reflect the Company’s Value PropositionStrong Brands Are Based on TruthCompanies With Strong Brands Are Good Corporate CitizensStrong Brands Reflect the Image of the Merchant With Whom Their Customer Would Like to Do BusinessThe Value of a Strong BrandSources of Added Value Attributed to BrandIncreased Customer PreferenceReduced Promotional CostReduced Price SensitivityAbility to Recruit and Retain Top TalentEasier Access to Capital and Financial MarketsPublic Benefit of the DoubtBest Practices and Tools of the Brand TradeGraphics StandardsKey MessagesTalking PointsBrand AuditsBrand ArchitectureMitigating and Addressing Brand DamageQuestions for Non-Marketing Managers to Ask About Brand ManagementChapter 3 Summary
SECTION 3: EVALUATING PROPOSED INVESTMENTS IN THE MARKETING FUNCTION
4: EVALUATING MARKETING PLAN ALIGNMENT
What Drives Returns on Marketing InvestmentsThe Marketing Alignment MapTargeted Business and Financial ObjectivesDesired Brand ReputationInfluencing FactorsMarketing StrategiesMarketing TacticsExpected Tactical OutcomesExpected Marketing OutcomesExpected Financial ReturnsEvaluating Marketing AlignmentThe Benefits of AlignmentQuestions for Non-Marketing Managers to Ask About Evaluating Marketing Plan AlignmentChapter 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 AssumptionsWhat Your Marketing Function Needs to KnowPurchasing Decision CriteriaClip-Level and Competitive CriteriaMarket SegmentsUnderstanding Relative Market PositionsOther Influencing FactorsPrioritising Influencing FactorsThe Connection Between Influencing Factors, Marketing Strategies and ResultsThe Relative Importance of PriceQuestions for Non-Marketing Managers to Ask About Factors Influencing Purchasing BehaviourChapter 5 Summary
6: ALIGNING MARKETING TACTICS WITH INFLUENCING FACTORS
Tactics Are Not StrategiesWell-Crafted Marketing Strategies Provide Specific GuidanceAlign Attributes to Pick the Right TacticMarket SizeMarket DemographicsBusiness-to-Business Versus Business-to-ConsumerPotential Impact on Influencing FactorsBrand ImpactThe Competitive EnvironmentCost-Benefit AnalysisReturn TimelineComplimentary Marketing Mixes‘How’ Is as Important as ‘What’Special Considerations for International and Multi-Cultural MarketsSpecial Considerations for Not-for-ProfitsQuestions for Non-Marketing Managers to Ask About Aligning Marketing Tactics With Influencing FactorsChapter 6 Summary
7: PRODUCTS AND SERVICES: THE FIRST ‘P’ OF TACTICAL MARKETING
Product Management and InnovationThe Alternative to Innovation Is DeathIf Innovation Is Critical to Survival, Why Don’t Companies Do It?Key Principles in Product ManagementHow the Product Life Cycle Affects Other Aspects of MarketingThe Impact of New Product or Service Introductions on Existing Products or ServicesDiscontinuing or Changing a Product or ServiceBrand ConsiderationsBeyond the Product or ServiceOutsourcing Products or ExpertiseQuestions for Non-Marketing Managers to Ask About Products and ServicesChapter 7 Summary
8: PLACEMENT OR DISTRIBUTION: THE SECOND ‘P’ OF TACTICAL MARKETING
Go Where the Market Looks for SolutionsBalance Cost With BenefitsConsider the Impact on BrandAn Introduction to Channel ManagementDirect DistributionIndirect, or Channel, DistributionCutting Out the MiddlemanVertical IntegrationFranchising and LicensingDisintermediationCreative PartnershipsStrategic PartnershipsValue Added ResellersJoint VenturesMulti-Channel DistributionChannel ConflictHow Channel Decisions Impact Product and Service InnovationQuestions for Non-Marketing Managers to Ask About Place or DistributionChapter 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 PriceCost-Based PricingCompetition-Based PricingValue-Based PricingPrice and the Product Life CycleIncentive Pricing ApproachesLoss LeadersFreemiumsCoupons, Groupons, Rebates, Sales and Other Short-Term Price ReductionsFixed Fees or Fixed PricesRetainersPackage PricesContingency PricingBulk PricingMultiple Unit PricingPush Money/Prize Money AllowancesOther Pricing ApproachesPrice DiscriminationDynamic PricingTermsGuarantees, Warrantees and Return PoliciesAdvertising and Promotional AllowancesPsychological PricingThe Connection Between Price, Product or Service, Distribution Systems and OperationsThe Impact of Brand on PriceMarket RealitiesLegal IssuesQuestions for Non-Marketing Managers to Ask About PriceChapter 9 Summary
10: PROMOTIONS: THE FOURTH ‘P’ OF TACTICAL MARKETING
Understanding the Two Functional Purposes of PromotionsDelegate, but Don’t AbdicateWhy Following the Leader Is RiskyCommunicate So the Market Hears What You SayPick the Right Tool for the PurposeA Guide to Common Promotional TacticsAdvertisingDirect MarketingWebsitesSocial MediaCollateral Materials and Related Marketing CommunicationsMedia RelationsPublic Relations (Other Than Media Relations and Social Media)Questions for Non-Marketing Managers to Ask About PromotionsChapter 10 Summary
11: EVALUATING RETURNS ON MARKETING INVESTMENTS
Debunking the Measurement MythThe Benefits of MeasurementMeasuring Results in Anticipation of FundingMeasuring Returns During and After ExecutionDetermining the Appropriate Level of AccuracyMeasurement Models: Simple to ComplexCase Study #1: Evaluating the Potential Impact of a Website OverhaulCase Study #2: Evaluating the Impact of Changes in Products, Channels and PromotionsCase Study #3: Increasing Precision Through AnalyticsRisk AdjustmentReturn on Marketing InvestmentQuestions for Non-Marketing Managers to Ask About Measurement and ReturnsChapter 11 Summary
SECTION 4: MANAGING MARKETING OPERATIONS
12: WHY DO GOOD PLANS FAIL?
The Tortoise LawWhy Companies Voluntarily Abandon Their PlansLack of Executive CommitmentLeadership ChangesFailure to Plan for ChangeNo Evidence of ProgressExecutive DistrustWhy Companies Drift Away From Their PlansLack of Executive CommitmentPoor AccountabilityIncremental ChangesWhy Companies Involuntarily Abandon Their PlansInadequate StaffingFailure to Anticipate Significant ChangesFailure to Anticipate OpportunitiesQuestions for Non-Marketing Managers to Ask About Keeping a Plan on TrackChapter 12 Summary
13: STAFFING THE MARKETING DEPARTMENT
Estimating Human Resources RequirementsAcceptance of ResponsibilitiesAssessing the Required SkillsUsing External Resources to Address Skill GapsThe Benefits of External ResourcesHow to Decide When to Use External Marketing ResourcesSelecting a ResourceOverseeing External ResourcesQuestions for Non-Marketing Managers to Ask About Staffing the Marketing DepartmentChapter 13 Summary
14: MANAGING MEASUREMENT
Addressing the Language BarrierAgreeing on MetricsBuilding Processes and Systems to Measure PerformanceDon’t Forget the Investment Side of the ROI EquationRemaining FocusedCoordinating EffortsThe CEO’s Role in MeasurementQuestions for Non-Marketing Managers to Ask About Managing the Measurement of Marketing PerformanceChapter 14 Summary
15: CULTIVATING SYSTEMATIC LISTENING
Modelling the Way: The Executive’s Role in Building the Crystal Ball EffectBuilding a Listening CultureValidating Internal Information With Third-Party ResearchWhy Market Research Reduces RiskEffective Research Keeps the End in MindIdentify Assumptions and Define RisksAssess the Appropriate InvestmentStart With the EndKey Market Research Tools and ConceptsTypes of ResearchBias Risk in ResearchResearch DesignThe Art of Interpretation in ResearchQuestions for Non-Marketing Managers to Ask About Cultivating Systematic ListeningChapter 15 Summary
SECTION 5: CONCLUSION
16: FOUR TESTS TO RUN BEFORE FUNDING
The Alignment TestHow the Test WorksCase Study: The Alignment Test in ActionThe Assignment TestHow the Test WorksCase Study: The Assignment Test in ActionThe Risk Assessment TestHow the Test WorksCase Study: The Risk Assessment Test in ActionThe Anticipated Returns TestHow the Test WorksCase Study: The Anticipated Returns Test in ActionChapter 16 Summary
17: NOW WHAT?
Marketing Performance Evaluation: How Does Your Company Compare?Section I: The Discipline of MarketingSection II: Evaluating Marketing PlansSection III: Managing the Marketing FunctionNow, Take It AgainShare Your AnswersAsk Questions
GLOSSARY
APPENDIX A: REFERENCES AND RESOURCES

Content preview from Marketing Management For Non-Marketing Managers

16FOUR TESTS TO RUN BEFORE FUNDING

Many non-marketing executives’ first glimpse of marketing plans, particularly promotional plans, is when the budget is being prepared for approval. CFOs and financial managers, in particular, often have limited involvement in the planning process. Yet, they are asked to evaluate whether the marketing department or executive team’s proposal is a good financial investment for the company. At the same time, when marketing efforts fail, the CFO and the financial management team is most likely to see and feel the fallout as the company scrambles to address missed revenue targets and unanticipated expenses.

Regardless of your level of involvement in developing plans for the marketing function, there are four tests you can run to help you determine whether the proposed marketing investments are solid investments for your company: the Alignment Test, the Assignment Test, the Risk Assessment Test and the Anticipated Returns Test.

This chapter reviews each of these tests and illustrates their use with very simplified case studies.

THE ALIGNMENT TEST

The Alignment Test provides a means of evaluating how well the plan is aligned with business and financial objectives. Plans that satisfactorily pass this test are more likely to succeed for two reasons. First, if the executive and marketing teams can both walk through the plan and explain the connection between the marketing tactics they have selected, the marketing strategies they are pursuing, the impact ...

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Marketing Management For Non-Marketing Managers

by Heather Fitzpatrick