Join Drew Boyd for an in-depth discussion in this video Marketing in an organization, part of Marketing Foundations.
So what is marketing? The American Marketing Association, or AMA, defines it as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings. That have value for customers, clients, partners, and society at large. Well, that's quite a mouthful. For me, marketing is simply this. It's all about changing beliefs in the minds of customers.
Every organization has customers, regardless of whether you're a commercial for-profit firm, or a non-profit. All companies must be seen as relevant to those customers if they want to survive. Marketing then, is getting customers to believe that your products and services are important, and that they deliver a better value than the competition's. Smart companies see marketing as an investment. That's because the marketing function may be the most critical in any organization.
Marketing is how companies wage competitive battle in the marketplace. If a company doesn't fight the good fight, it won't be around long. Companies that excel at marketing not only survive, but they grow in value. But marketing is hard work. It's a world of ambiguity, and constant challenge. Think about the things that change for a company. For example, consumer trends. New generations of consumers, millennials for example, have different needs than previous generations.
A good marketer has to adapt to that. Competition changes, new competitors enter the market, and the old competitors try new things to take your customers away. Marketers are also affected by changes in technology. Innovations in new products, as well as new ways to connect to customers, especially social media, have a dramatic impact on the marketing function. But companies are also affected by external factors, like political climate, economic conditions, as well as the regulatory environment.
A sudden downturn in the economy, stiffer regulations in your industry, or a surprise election result, might impact consumer behavior. You can't predict these changes, but you can adapt to them if you have two things. A well thought out marketing strategy, and a written marketing plan. A marketing strategy defines which customers you're going after. And how you'll change their beliefs about your products and services. Your marketing plan outlines the specific steps you'll take to implement your strategy.
Having both helps you prepare for the unexpected, so you can adapt and refine your marketing programs as needed. Within an organization, think of the marketing function as the hub of a wheel. Connected to that hub are all the other activities within that company. Operations, sales, finance, and so on. The marketing function coordinates all these other activities to create value for customers. It takes talented, well trained people, led by experienced marketing leaders.
Look at the most successful companies today, and you'll find that they invest in training to keep their marketing skills strong, and that's what this course is all about.
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success