Marketing Blog

In my 20+ years of assisting companies with marketing, I am continually surprised by the general misconception of what defines marketing.  I also don’t think managers truly see what marketing can do for their business. 

In the purest sense, marketing is the mix of activities required to get a product or service from conception to the end user.  These activities are typically described by marketers as the four P’s of marketing:  Product, Price, Physical distribution and Promotion.  Unfortunately for marketers it is typically the last P that defines what we do.  Most people think of marketing as advertising, public relations, web sites, sales literature, etc. --- Promotion.  Promotion is important, but this is only one aspect of marketing.

Within Strategic Marketing, the marketer should take the larger view of looking at the company, the customers, the competitors and the channels.  A strategic marketer can develop short- and long-term objectives to increase brand recognition and awareness, and grow revenues.  They should then map a plan to meet these objectives, execute the plan, and then measure the results.   Developing these measurements, including estimating a return on investment, is key to any strategic marketing program. 

As a side note, I have found some of our toughest critics are the financial people within companies.  They see marketing as an expense and not a revenue-generating activity, or an investment (I will talk more about this in a future blog).  For now, just think ‘Return on Investment;’ how are the chosen marketing activities going to provide a positive return on the cost being expended? 

With this broader view, a Strategic Marketer needs to work with all disciplines within a company.  They need to consider all the four P’s of marketing and not just Promotion.  For example, a strategic marketer should work with sales and customers to define products and product features; research and validate the need; estimate the market potential; define the end user of the product; evaluate channel options for getting the product to market; work with engineering to design the product to the customers’ needs; consult with manufacturing to develop the product as cost effectively as possible; and create pricing with accounting and finance to assure profitable sales revenues.  After these steps have been taken, it is vital to continually monitor the situation and adjust plans and programs, as needed.
 
As you can see, the promotional aspect of marketing has not yet been considered.  Again, I am not suggesting promotional activities are not important; they are a huge part of Strategic Marketing, but as you can see, marketers typically do a lot more as the message and delivery of that message are being considered.  Strategic Marketers are project managers that need to step back and view the total picture. They must continually monitor the environment to look for opportunities to increase brand recognition and awareness and grow revenues.

Looking for more information on strategic marketing planning services? Call John Moore at 440-449-6800 in our Cleveland office.