Marketing Essentials.pdf

Harvard ManageMentor | Marketing Essentials | Printable Version

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Click here for a definition of marketing; ways to analyze market

opportunities, plan a marketing program, launch new products or

services, and put your marketing program into action; and the

nature of direct marketing and relationship marketing.

Click here to discover the steps for conducting market research.

Click here for tips on building a marketing orientation in your

group or firm, selecting the right marketing-communications

mix, creating effective advertising, designing powerful sales

promotions, launching a potent online marketing effort, and

evaluating your group's or firm's sales representatives.

Click here for forms and worksheets that help you calculate the

lifetime value of a customer, perform a SWOT or breakeven

analysis, fill out a product profile, and create a marketing plan.

Click here to see how far you've come in learning about

marketing and ways to improve it in your work group or firm.

If you'd like to dig more deeply into this topic, click here for an

annotated list of helpful resources.

Summary

This topic helps you

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grasp the basic elements of a marketing strategy and plan

create a marketing orientation in your group or firm

understand and navigate the steps in the marketing process

plan effective marketing programs, advertising campaigns,

and sales promotions

Topic Outline

What Is Marketing?

Defining a Marketing Orientation

Developing a Marketing Orientation

Analyze Market Opportunities—Consumers

Analyze Market Opportunities—Organizations

Understand the Competition

Develop a Marketing Strategy

Marketing Communications

Develop New Products

From Marketing Plan to Market

A Closer Look at Direct Marketing

A Closer Look at Relationship Marketing

Frequently Asked Questions

Steps for Market Research

Tips for Building a Marketing Orientation

Tips for Creating an Effective Print Ad

Tips for Designing a Powerful Sales Promotion

Tips for Evaluating Sales Representatives

Tips for Online Marketing

Tips for Selecting the Right Marketing Communications Mix

Customer Value Equation Worksheet

Breakeven Analysis

The Lifetime Value of a Customer

Marketing Plan Template

Product Profile

SWOT Analysis

Harvard Online Article

Notes and Articles

Books

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Other Information Sources

Key Terms

Advertising . Any paid form of non-personal presentation and promotion of ideas,

goods, or services by an identified sponsor.

Brand . A company or product name, term, sign, symbol, design—or combination of

these—that identifies the offerings of one company and differentiates them from those

of competitors.

Brand image . A customer's perceptions of what a brand stands for. All companies strive

to build a strong, favorable brand image.

Competition . All of the actual and potential rival offerings and substitutes that a buyer

might consider.

Competitor . Any company that satisfies the same customer needs that another firm

satisfies.

Demand . A want for a specific product that is backed by a customer's ability to pay. For

example, you might want a specific model car, but your want becomes a demand only if

you're willing and able to pay for it.

Differentiation . The act of designing a set of meaningful differences to distinguish a

company's offering from competitors' offerings.

End users . Final customers who buy a product.

Exchange . The core of marketing, exchange entails obtaining something from someone

else by offering something in return.

Industry . A group of firms that offer a product or class of products that are close

substitutes for each other.

Marketer . Someone who is seeking a response—attention, a purchase, a vote, a

donation—from another party.

Marketing . The process of planning and executing the conception, pricing, promotion,

and distribution of ideas, goods, and services to create exchanges that satisfy individual

and organizational goals.

Marketing channels . Intermediary companies between producers and final consumers

that make products or services available to consumers. Also called trade channels or

distribution channels .

Marketing concept . The belief that a company can achieve its goals primarily by being

more effective than its competitors at creating, delivering, and communicating value to

its target markets. The marketing concept rests on four pillars: (1) identifying a target

market , (2) focusing on customer needs , (3) coordinating all marketing functions from

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the customer's point of view , and (4) achieving profitability .

Marketing mix . The set of tools—product, price, place, and promotion—that a

company uses to pursue its marketing objectives in the target market.

Marketing network . A web of connections among a company and its supporting

stakeholders—customers, employees, suppliers, distributors, and others—with whom it

has built profitable business relationships. Today, companies that have the best

marketing networks also have a major competitive edge.

Market-oriented strategic planning . The managerial process of developing and

maintaining a viable fit among a company's objectives, skills, and resources and its

changing market opportunities.

Need . A basic human requirement, such as food, air, water, clothing, and shelter, as well

as recreation, education, and entertainment.

Positioning . The central benefit of a market offering in the minds of target buyers; for

example, a car manufacturer that targets buyers for whom safety is a major concern

would position its cars as the safest that customers can buy.

Procurement . The process by which a business buys materials or services from another

business, with which it then creates products or services for its own customers.

Product concept . The belief that consumers favor products that offer the most quality,

performance, or innovative features.

Product . Any offering that can satisfy a customer's need or want. Products come in 10

forms: goods, services, experiences, events, persons, places, properties, organizations,

information, and ideas.

Production concept . The belief that customers prefer products that are widely available

and inexpensive.

Profitable customer . An individual, household, or company that, over time, generates

revenue for a marketer that exceeds, by an acceptable amount, the marketer's costs in

attracting, selling to, and servicing that customer.

Prospect . A party from whom a marketer is seeking a response—whether it's attention,

a purchase, a vote, and so forth.

Relationship marketing . Building long-term, mutually satisfying relations with key

parties—such as customers, suppliers, and distributors—to earn and retain their long-

term business.

Sales promotion . A collection of incentive tools, usually short term, designed to

stimulate consumers to try a product or service, to buy it quickly, or to purchase more of

it.

Satisfaction . A customer's feelings of pleasure or disappointment resulting from

comparing a product's perceived performance with the customer's expectations of that

performance.

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Selling concept . The belief that companies must sell and promote their offerings

aggressively because consumers will not buy enough of the offerings on their own.

Societal marketing concept . The belief that a company's task is to identify the needs,

wants, and interests of target markets and to deliver the desired satisfactions better than

competitors do—but in a way that preserves or enhances consumers' and society's well-

being.

Supply chain . The long series of activities that result in the creation of raw materials,

then components, and then final products that are carried to final buyers. A supply chain

includes the marketing channels that bring products to customers.

Value . The ratio between what a customer gets and what he or she gives in return.

Want . A desire that occurs when a need is directed to specific objects that might satisfy

that need; for example, a hamburger is a want that might satisfy the need for food.

What Would YOU Do?

Making a statement

As the head of accounting, Dan took pride in the efficiency of his

department. Just recently, he and his team had significantly reduced the

time between billing and receiving. The resulting improvement in cash

flow resulted in a team award from management. So he was a bit

annoyed when Janet, his old friend in marketing, told him about her

latest market research. "Customers find their statements confusing," she

said. "They seem to be paying the bills," Dan countered, "and we

manage to keep track of the money, what more do we have to do?" She

kept pushing. Couldn't they come up with clearer statements? Something

that would make customers' accounting easier? He was puzzled. It wasn't

his job to help make their accounting easier! He should do his job;

customers should do theirs. When Janet told him that these sorts of

issues were all part of marketing, part of their company's brand, Dan was

baffled. The marketing people and product development people handled

that stuff. What did a support department have to do with marketing?

What would YOU do?

A new language

Taniqua was excited when she was hired to design accessories for a

small but extremely popular handbag company. Now she sat at her work

area uninspired—when she should have been energized. She'd just

presented her sketches and prototypes for a whole new line of wallets,

and was thrilled when the top designer asked for one and started using it!

But the moment passed quickly. The marketing people started talking

about brands. Of course she knew what a brand was—but then they

droned on about something called differentiation and positioning, and

she was lost. She didn't know what she was supposed to do. Taniqua had

always had an instinct for fashion and trends—and a talent for being

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