Marketing 101

Kristina MarshMarketing Flexibility, LLC

A little About Me

• 16 years as a strategic

marketer

• 14 years with a Fortune 500

• Global Marketing

Communications

• Global Marketing Process

• North America Market Leader

• 2.5 years as a strategic

business consultant

• Marketing Flexibility, LLC

What Is Marketing?

It’s much more than promotion! • Product

– The right product or service offer is based on unmet, under-served or over-served market needs.

• Position– Your positioning is based on your product or service offer and targeted consumer.

• Price – The right price strategy is based on careful analysis of the market value chain..

• Place– Commonly known as distribution, your place strategy is determined based on

market objectives, customer preferences, current relationships within your market value chain, and cost and value considerations.

• Promotion– The best known component of the marketing mix, your promotional strategy

follows all other components.

How Does It Get Done?

• Process – Once you have a solid market plan in place, it is essential to have the

right internal processes to support it.

• People – Simply put, a solid marketing and sales organization is critical to

marketing and sales success.

Key Players

• Marketers – Business strategists

• Researchers– Information experts

• Designers– Artists

• Writers– Artists

• IT / Coders– Technology experts

• Agency Account Managers– Translators

The Marketing Process

• Discover – Market opportunities

• Research – Collect data

• Analyze– Analyze data to create usable information

• Strategize – Create the 7P go-to-market strategy and plan– Product, Position, Price, Place, Promotion, Process, People

• Execute – Align resources to execute the plan effectively

• Measure!– Measure results to determine effectiveness

Discover

• Market opportunities are based on:– Needs–Wants – Demands– Underserved Markets– Overserved Markets

• How can you disrupt the market?

Research

What do you already know? > What do you need to know?

• Secondary research– Already exists – find it!– Internet, libraries, business incubators, government, trade

associations

• Primary research– You need to do it• Qualitative research

– Behavior and perceptions» Brand awareness or loyalty» Ethnographic research (observation), focus groups, interviews

• Quantitative research– Specific and measurable

» Market size or demographics» Surveys, systems data and statistics

Analyze

• Situational analysis– 5 Cs• Customer

– Needs, wants, demands– Segmentation

• Company– SWOT– Portfolio– Financial

• Competitors– SWOT– Portfolio– Financial

• Collaborators– Suppliers, vendors, partners, influencers

• Context (the world)– Political– Economic– Technology

Strategize

• Product (or service) offer• Position• Price• Place• Promotion• Process• People

Product (or service)

• What is it?– Features (what)– Benefits (why)– Design

• Manufacturing• Intellectual Property– Patents, Trademarks, Copyrights

• Packaging• Liability– Insurance– Claim Substantiation

• Lifecycle

Positioning

• Where are you positioned in the market against your competition?– Kia– Chevy – Cadillac

Price

• Objectives– Break-even– Profit– ROI / Hurdle Rate– Market Share– Cash Flow– Positioning

• Cost-Plus• Value Pricing• Floor and Ceiling Prices

Price – Cost = Gross Margin

*what about other costs?• Rent• Utilities• Equipment• Paper Clips• Payroll• Marketing• Your Time!

Place

• Who are you trying to reach?• How do they prefer to buy?• Do you have enough reach on your own?• What kind of channel support do you need?– Warehousing– Order processing– Inventory management– Packaging– Shipping– Customer support

Promotion

• Advertising– Direct mail, tradeshows, magazines, outdoor,

email, TV, radio

• Personal Selling– Effective, but expensive

• Sales Promotions– POS, coupons, samples, rebates, cooperative

advertising

• Publicity– Articles, speaking engagements, blogs,

sponsorships

Execute

• Process– Lead generation– Lead management– Sales– Customer support

• People– Supply chain– Marketing– Sales– Customer support

Measure!

• Objectives – Specific and measurableIncrease sales > Increase sales in North America by 10%Increase web traffic > Increase website conversions by 20%

• Process– How will you measure those objectives?Increase web traffic > Increase website conversions by 20%– Google Analytics, call to action CTR, lead capture

database, CRM sales process

Supporting Tools

• Market Plan• Marketing Communications Plan• Marketing Brief• Project Plan

Market Plan• Market Summary– Market description, vision and mission

• Situational Analysis– 5 Cs

• Market Segmentation– Who are you targeting?

• Market Objectives– 1, 3 and 5 year

• 5P Strategy– Product, Position, Price, Place, Promotion

• Budget and Resource Requirements• Action Plans– Measurable and actionable

• Metric Plans– How are you going to measure success?

Marketing Communications Plan

• Promotional Objectives– Specific and measurable

• Strategy• Tactical Plan– Advertising– Personal Selling– Sales Promotions– Publicity

• Media• Budget

Marketing Brief

• Promotional Tactic Project Plan– Objectives– Tactical strategy– Target audience– Offer– Key messages

Project Plan

• Mid-Large Scale Projects– Scope– Objectives–Milestones– Tasks– Key Resources

Questions and Discussion