The Financial Times Guide to Marketing: From Advertising to Zen

Overview

The practical, start-to-finish primer for every marketer?novice and seasoned professional alike!

  • Easy, accessible, practical, hands-on solutions for virtually any marketing challenge.
  • Managing the marketing mix?and evaluating the results.
  • Short, focused discussions?and definitive recommendations.

In The Financial Times Guide to Marketing: From Advertising to Zen, marketing ...

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Overview

The practical, start-to-finish primer for every marketer—novice and seasoned professional alike!

  • Easy, accessible, practical, hands-on solutions for virtually any marketing challenge.
  • Managing the marketing mix—and evaluating the results.
  • Short, focused discussions—and definitive recommendations.

In The Financial Times Guide to Marketing: From Advertising to Zen, marketing expert Tim Ambler takes you straight to the heart of marketing, demonstrating how to leverage each of today's most effective techniques—in record time. Ambler brings marketing to life, presenting short, focused discussions and definitive recommendations that address every aspect of marketing: key principles; optimizing the marketing mix; controlling your marketing; measuring your results and refining your programs accordingly; and the roles of the marketing professional. Organized to be understood rapidly—and acted upon just as quickly—The Financial Times Guide to Marketing: From Advertising to Zen is an invaluable resource for every marketer: newcomers and seasoned professionals alike.

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Product Details

  • ISBN-13: 9780273620327
  • Publisher: Financial Times/Prentice Hall Books
  • Publication date: 12/1/1995
  • Pages: 384
  • Product dimensions: 6.16 (w) x 9.24 (h) x 1.16 (d)

Read an Excerpt

PREFACE:

INTRODUCTION

PATHWAYS IN MARKETING

Competent guides can offer many different rambles through the terrain they love: well-trodden paths for the nervous, highs and lows for the intrepid.

The A-Z format of this guide should encourage you to choose your own path, to dip into it occasionally or for easy reference. Surprisingly, the progress from Advertising to Zen turns out to have a manic logic of its own. Advertising gave birth to modern marketing at the beginning of this century. Brand Equity defines what a brand is and measures the main objectives for marketers. As a new century dawns, we witness the success of Asia Pacific businesses with quite different traditional philosophies. Foresight indicates that in 2020 China will be the world's largest economy and world trader. None of us will be untouched by Chinese business thinking. Do they know something the West does not? The short answer is yes; Zen and some of the other chapters review why.

The chapters A-D cover the fundamental issues. The practical tools of the marketing craftsperson mostly begin with the letter P. Together they are known as the "marketing mix," that combination of activities which should bring the best result. A-D and the P chapters alone would provide a similar grounding in marketing to most textbooks, though more idiosyncratically. There are very few rules in marketing and you are welcome to disagree.

Measurement and control of marketing should be as professional as for any other business area, perhaps more so. The life of the business is at stake. The challenge here is to stay real. Appendix 1 supplements these chapters with a light-hearted glossary oftechnical terms. Space does not allow it to be comprehensive. Appendix 2 lists a few recommended readings to follow up particular interests.

The people chapters represent a greater emphasis on the internal human factors than you will find elsewhere. Quite simply, all professional marketers know the principles and money is plentiful for those who can justify it. That justification and subsequent delivery of the objectives separates the winners from the losers. The people, and how they work together in the marketing context, do all that. Do they innovate? Do they accept each others' ideas?

Read then from A to Z or Z to A. For those who prefer a more prosaic path through this book, here is one of many alternatives (the chapter number is shown after each title).

Principles

1. Marketing today and tomorrow (13) What "marketing" is and where it is going in the future. Why marketers and economists are at loggerheads. The ideal economic world is rational, has perfect information and perfect competition; i.e., similar products are interchangeable. Marketers recognize, indeed pander to, both sides of the human mind, partial information and seek to differentiate their products. Economic texts thus mislead marketers. How different forms of marketing evolved and what the differences are: business to business/industrial, services, retail, direct. There are three ways of thinking about marketing: the traditional or "neo-classical" based on economics, "conflict," and "relationships."

Marketing can be seen as conflict between companies seeking the same business or as cooperation between suppliers and customers. Both are valid but the cooperative approach recognizes that marketing is a win-win, not a zero sum, game.

2. Kamikaze and guerrilla marketing (11) Two varieties of conflictual marketing should form part of the marketer's armory. Kamikaze marketing refers to the situation where your own brand commits suicide; e.g., with a price cut, in order to disable a larger competitor. No one would intentionally annihilate their own major brand in this way but flanker brands may be expendable. Guerrilla marketing is, roughly, the opposite. Here you seek to wear down a larger opponent through improvisation, surprise and the avoidance of direct competition.

3. Relationship marketing (25) Only in the 1990s has the importance of relationships come to the fore though building networks of value added relationships have been practiced since the dawn of marketing. Avon ladies and Tupperware parties were what is now called network marketing. Part of the recent emergence is technological: computers now store so much information on us all that the brand offering and communications can be personalized. This chapter represents the third, and arguably the most important, view of marketing.

4. Brand equity (2) The "brand" is what distinguishes one product or service from another and thus branding is what marketing is about. "Brand equity" is the asset the marketer is building. It should be measured alongside profit when deciding choices and reviewing results.

5. Extensions and brand families (5) Advantages and pitfalls in extending the brand to cover new products. Stretching expertise and credibility versus better value from advertising. Measures to determine extension. Families of brand names.

6. Category management and other heresies (3) Any marketer with a portfolio of brands has to manage the combination to maximize the company as a whole. Where the different brands are in the same category; e.g., laundry detergents, this may mean hard decisions. The other root of category management is in the retail store where the shopkeeper wants to maximize the returns from the category as a whole and is indifferent to individual brands. We trace where these necessary disciplines descend into profit losers from the brand owner's point of view. The pitfalls of supplying your brand under a private, i.e., retailer's, label. Failure to acknowledge brand primacy in marketing is "heresy" but the disorder is no longer life threatening. Maybe it should be.

7. Quantity ergo Sumo (24) Size is not everything, however important it may be to Japanese wrestlers. Yet marketers are preoccupied by it. Sales volume and market share are key success indicators. Chasing volume with inadequate brand equity is a formula for disaster. Explain to the people upstairs that optimize beats maximize. Then agree the measures that really matter.

8. Global marketing (7) The business world is going global, barriers are reducing, even the smallest businesses are trading beyond their national borders. Marketing in many markets is different, and requires different skills, to the domestic variety. This needs a book of its own but key differences are headlined.

9. Zen and now (34) The final chapter brings together two thoughts which are really one: paradox and oriental thinking. Partly because marketing is the business of innovation there are no rules for success. Every truth is also an untruth; what worked yesterday will not work tomorrow; today's disaster may be next week's lifesaver.

The marketing mix

As noted above, alliteration groups most of the practical tools together. The marketing mix is traditionally seen as comprising the Four Ps: product, pricing, place (distribution), and promotion. Some non-marketers believe marketing is just the promotion of whatever goods the business has for sale and in so doing forget that it all starts with the product and service, which, usually together, form the offering.

1. Positioning - marketing's martial art (16) The foundation of all marketing is the positioning statement: if you receive a brand plan without one, chuck it in the bin. Of course, it may exist under other guises, but the marketer needs to make clear for whom the brand is intended, why they should buy it, and what the competition is. This is the raison d'être for the brand's existence. The strength of its DNA coding will determine its success in life. A brand also "positions" itself in the consumer's mental battleground of competing brands. If your brand cannot kill the others, and mostly it cannot, then use the basic tools of survival.

Product

2. Product satisfaction ( 17) If the product, be it tangible or ephemeral, does not meet the consumer's need, forget the rest of the marketing mix. If it does, but no better than any other product, you may get by. Relentless focus on quality differentiates great marketing. Relative perceived, by the end user, quality is the single best guide to future profitability. To be better, you first have to be different. Coming to terms with the product life cycle.

3. Packaging for the party ( 18) Every time we get out of bed, or go out to meet new people, we repackage ourselves. Repackaging does not change what is inside—indeed it should preserve it—but it does make the product socially acceptable.

4. Novation ( 14) Marketing can also be seen as continuous managed innovation. An organization of people creating great ideas will get nowhere.

5. Heritage matters (8) One of the many paradoxes of marketing is the simultaneous search for novelty and retention of the familiar. Gnomic advice, such as "be bold but careful," is passed around. Factoring heritage into new brands is even more difficult than dissuading exuberant brand managers from dumping the existing baggage.

Price

6. Value marketing (30) Every decade needs new maps of what the consumer considers value for money and, more fundamentally, what is important. Whale meat would be a difficult sell in North America today. Yet what the marketer usually means by value is lower price. Each generation convinces itself that the market has never been so competitive. In Tyre and Sidon they talked of little else. Value is perceived quality divided by price; both should be considered together.

7. Pricing in grandmother's footsteps (19) A traditional children's game provides the framework for classic pricing strategy: small unobtrusive steps upward but, when caught out of position, a conspicuous large step down. Managing price is not, of course, this simple. Myths and mysteries of price elasticity.

Place

8. Distribution channels (4) Modern logistics and information systems are bringing producers and consumers closer together and yet the connections are becoming more varied and complex. Quick Response and Efficient Consumer Response systems are recent manifestations of the trend and require management to rethink their relationships with retailers, intermediaries, and competitors.

Promotion

9. Advertising kite high (1) After a century or so of formal study, we do not know how advertising works. It is a craft, not a science. Advertising is the most conspicuous aspect of marketing and attracts more than its fair share of critics, in and outside the business. If you are only wasting half your money, you are beating the odds. The chapter provides guidelines on how to improve them further. While advertising is the theme, much applies to any creative marketing service agency.

10. Which agency? (31) The plethora of different types of agencies, and the specialisms within them, requires more than passing thought for what meets your needs. "Above the line" is traditional advertising, the "line" separating commission from the media from payment by the client. Below the line and through the line, direct and integrated, separate media and creative hot shops are just some of the choices.

11. Public relations are private affairs (20) "Free" advertising in media's editorial columns may look more attractive than advertising and, for some brands, it is. PR can also appeal dangerously to the vanity of the marketer. Check the mirror on the way out.

12. Promotions, coupons and giveaways (2l) The wastage inherent in advertising pales into insignificance beside price-offs. Many have likened it to heroin: it gives sales a great buzz at the beginning. The habit is hard to kick especially if the peer group is similarly afflicted, but if the habit persists, the brand dies prematurely. Other "below the line" promotions are more health giving, notably sampling. We range across the alternatives.

13. Personal selling (22) The most traditional, and perhaps most underestimated, marketing tool. Mass techniques are cheaper, per message delivered. Modern technology is filling in the gap with telemarketing (phones) and interactive networks. The sales persons' eyes and ears are more important than their mouths, provided, of course, the home office listens to them. Can the brand manager sell the brand in real life? Idolize sales people.

Measurement and control

Marketing cannot be done by numbers; and it cannot be done without. The profession includes all shades of this opinion. Quantification and control may well shackle creativity and innovation. On the other hand, it is hard to know how much money has been made if it is not counted. A modern solution to this dilemma is to assign specific marketing-friendly accountants as scorers, thus releasing us marketers to be the true artists we yearn to be. Maybe.

1. Pragmatic planning (23) Honest marketers do not divorce themselves from the consequences of their actions, though the temptations of job hopping are real enough. Probably only 50 percent of all junior marketers, in North America and the UK, are in the same jobs when the results of their plans become known. Companies that accept that must also accept the consequences: close involvement by senior management and/or a lack of corporate learning. Planning is learning and learning, to be effective, should be enjoyable, or at least tolerable, to the learners. Control numbers, therefore, need to be a by-product of the process, not its rationale.

2. Surgical segmentation (27) A sophistication of the target market concept is to identify multiple targets each of which receives marketing treatment appropriate to itself. For example, the marketing of airline seats to the packaged holiday market will differ from that to business travellers. The upside of this complication is increased profits from better use of marketing resources.

3. Research is always incomplete (26) Mark Pattison knew about analysis paralysis in 1875. If you never heard of him, your research is... Fortunately we do not have to worry about it: marketing is more subjective than scientists would have us believe. The strengths and dangers of external research are reviewed.

4. Information systems survival kit (9) Marketing has long been the Cinderella of information systems. Suddenly, the data drought has become a deluge. The marketer is more likely to be knocked over than be refreshed by it. Some practical solutions bring order to the excess.

5. Rule of Chi (32) A lighter look at life's natural balancing act. Look for the downside of the upside or the upside of the down.

6. Beyond the J Curve (10) Trends and forecasts preoccupy marketers, and rightly so. The difference between what they achieve and what would have happened anyway is what they are about. In prizing resources out of the system, marketers do employ a little optimism from time to time. They make regular use of the J Curve, otherwise known as the hockey stick, in forecasting a bright future from a bleak past. The trend reversal may be based on a realistic estimate, or a recognition that they will not get a budget with anything less. Distinguishing realism from blind optimism.

People

These chapters bring together some issues in managing marketers or, more accurately, marketers managing themselves. Ultimately, management's skill in recognizing and developing good marketing concepts determines whether the business will thrive, or just survive, or die. A bit heavy that? Do not drop the coffin on your foot.

1. Organization structure and entropy (15) The second law of thermodynamics states that entropy, the natural state of disorder, always increases and when two systems are brought together, the entropy of the combination is greater than the sum of the two previous entropies. You knew that. The consequence for management is to keep the size of business units as small as economically feasible. It explains why fewer people, up to a point, get more done. Entropy has much to teach us about the size of product portfolios and the teams that market them. Some marketing functions should be kept in house and others are better outsourced.

2. Training the professionals (28) There are now huge financial pressures to keep brands in trim, but not so their managers. Yet who else will keep the brands in trim but their managers. Creative excuses, and I have used them all, abound: people shortages since we downsized, courses are out of date or theoretical or otherwise useless, or I have to use any spare time to train my people. The training we give is, of course, much better than the training we receive. Therein lies the solution. Persuade your marketers to teach and they will have to blow off the cobwebs.

3. Failures bring success (6) Toddlers do not learn to stay on chairs by reading a book; they learn by falling off. A firm that wants large successes should encourage small failures. Otherwise they will get neither. Encouraging failure in some cultures, such as the USA which despises it, is far from easy. Some practical steps.

4. The educated lunch (12) Getting away from roles and rituals for free format focus on improvement. Lunch is playtime and more adventurous ideas are tolerated.

5. Ugly duckling (29) Truly major breakthroughs are usually unrecognized until they become swans. Then, it turns out, everyone knew them as swans all along. Management needs practical systems that make allowances for nature. The champion system, as formulated originally by 3M, is developed here as a process for new product and brand development. By contrast, the conventional hopper system where many ideas elicited by brainstorming are progressively reduced to one winner can be discarded. It may work (there are no rules in marketing) but mostly it will not. We review why.

6. "Yes" is no decision (33) Late in the book is time to recap on decision making in marketing organizations. Having your plan approved is a warm feeling but too often it signifies inattention. The post prandial grunt that accepts "May I go out to play, Daddy?" is all too often followed by "Where the hell are you?" However disagreeable it may seem to both parties at the time, the planners and approvers need to hassle each other long enough to ensure that both sides believe in the plan and are committed to it enough to withstand the vicissitudes that will follow.

These chapters address issues with a mixture of philosophy and pragmatism, radicalism and recognition that business practices got that way because they work. New reflections on old problems, these images are intended to remind us that marketing should be fun. Otherwise it would just be money.

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Table of Contents

Acknowledgements
Letter to Val
Introduction: Pathways in Marketing 1
1 Advertising kite high: Getting great advertising from your agency 11
2 Brand equity: The asset the marketer is building: the source of profit 31
3 Category management and other heresies: Being distracted from the brand may be good business, but poor marketing 44
4 Distribution channels: The rate of change of shopping habits and distribution possibilities is easily overlooked 57
5 Extensions and brand families: Brands are becoming more complex assemblies of products and sub-brands 73
6 Failures bring success: The only true failure is the failure to try: experimentation should be encouraged 82
7 Global marketing: National borders have declining importance to marketers 88
8 Heritage matters: Consumers buy brands they trust 100
9 Information systems survival kit: Marketing information is going from drought to deluge - how to cope 105
10 Beyond the J curve: Trends and forecasting 118
11 Kamikaze and guerrilla marketing: What marketers can learn from the military 128
12 The educated lunch: Reserve time for random thinking 137
13 Marketing today and tomorrow: An overview of how marketing is evolving 141
14 Novation: New brands, products and renewals 156
15 Organization structure and entropy: Bureaucratization can kill marketing. So how should you organize? 164
16 Positioning - marketing's martial art: The brand's choice of fighting ground is crucial to its success 170
17 Product satisfaction: Whether goods or services, the product should bring the customer back for more 182
18 Packaging for the party: First impressions are just the beginning of what the pack can do for the brand 195
19 Pricing in grandmother's footsteps: The price premium is the litmus test of marketing: getting it right 202
20 Public relations are private affairs: Sometimes the Cinderella of the marketing mix. Fitting the shoe 217
21 Promotions, coupons, and giveaways: The basic workhorses of marketing programs 226
22 Personal selling: The origin of all marketing even if technology is reducing the numbers 242
23 Pragmatic planning: The agenda that brings the team together to optimize expenditure and results 251
24 Quantity ergo sumo: Size, volume and market share, however impressive, are not everything 266
25 Relationship marketing: Brand equity lies in the strength and quality of the brand's relationships with its customers 269
26 Research is always incomplete: Tempting as it is, you cannot do marketing by numbers. Some pitfalls 280
27 Surgical segmentation: Tailoring the offer to fit each consumer group 291
28 Training the professionals: Big money rides on marketing decisions. Are your marketers fit enough? 299
29 Ugly duckling: Great new brands become swans but seem ugly ducklings at first. So do ugly ducks. Getting innovative brands through the organization 306
30 Value marketing: The word "value" too often means cheap. It should mean satisfaction 315
31 Which agency? How to select an advertising, or other creative, agency 319
32 The Rule of [Chi]: Look for the inverse of whatever marketing news you are brought 330
33 "Yes" is no decision: Superficial agreement is dangerous 338
34 Zen and now: In other words, learn to live with the paradox, so much a part of marketing 343
Postscript 349
Glossary 350
Further reading 357
Index 359
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Preface

PREFACE:

INTRODUCTION

PATHWAYS IN MARKETING

Competent guides can offer many different rambles through the terrain they love: well-trodden paths for the nervous, highs and lows for the intrepid.

The A-Z format of this guide should encourage you to choose your own path, to dip into it occasionally or for easy reference. Surprisingly, the progress from Advertising to Zen turns out to have a manic logic of its own. Advertising gave birth to modern marketing at the beginning of this century. Brand Equity defines what a brand is and measures the main objectives for marketers. As a new century dawns, we witness the success of Asia Pacific businesses with quite different traditional philosophies. Foresight indicates that in 2020 China will be the world's largest economy and world trader. None of us will be untouched by Chinese business thinking. Do they know something the West does not? The short answer is yes; Zen and some of the other chapters review why.

The chapters A-D cover the fundamental issues. The practical tools of the marketing craftsperson mostly begin with the letter P. Together they are known as the "marketing mix," that combination of activities which should bring the best result. A-D and the P chapters alone would provide a similar grounding in marketing to most textbooks, though more idiosyncratically. There are very few rules in marketing and you are welcome to disagree.

Measurement and control of marketing should be as professional as for any other business area, perhaps more so. The life of the business is at stake. The challenge here is to stay real. Appendix 1 supplements these chapters with a light-hearted glossaryoftechnical terms. Space does not allow it to be comprehensive. Appendix 2 lists a few recommended readings to follow up particular interests.

The people chapters represent a greater emphasis on the internal human factors than you will find elsewhere. Quite simply, all professional marketers know the principles and money is plentiful for those who can justify it. That justification and subsequent delivery of the objectives separates the winners from the losers. The people, and how they work together in the marketing context, do all that. Do they innovate? Do they accept each others' ideas?

Read then from A to Z or Z to A. For those who prefer a more prosaic path through this book, here is one of many alternatives (the chapter number is shown after each title).

Principles

1. Marketing today and tomorrow (13) What "marketing" is and where it is going in the future. Why marketers and economists are at loggerheads. The ideal economic world is rational, has perfect information and perfect competition; i.e., similar products are interchangeable. Marketers recognize, indeed pander to, both sides of the human mind, partial information and seek to differentiate their products. Economic texts thus mislead marketers. How different forms of marketing evolved and what the differences are: business to business/industrial, services, retail, direct. There are three ways of thinking about marketing: the traditional or "neo-classical" based on economics, "conflict," and "relationships."

Marketing can be seen as conflict between companies seeking the same business or as cooperation between suppliers and customers. Both are valid but the cooperative approach recognizes that marketing is a win-win, not a zero sum, game.

2. Kamikaze and guerrilla marketing (11) Two varieties of conflictual marketing should form part of the marketer's armory. Kamikaze marketing refers to the situation where your own brand commits suicide; e.g., with a price cut, in order to disable a larger competitor. No one would intentionally annihilate their own major brand in this way but flanker brands may be expendable. Guerrilla marketing is, roughly, the opposite. Here you seek to wear down a larger opponent through improvisation, surprise and the avoidance of direct competition.

3. Relationship marketing (25) Only in the 1990s has the importance of relationships come to the fore though building networks of value added relationships have been practiced since the dawn of marketing. Avon ladies and Tupperware parties were what is now called network marketing. Part of the recent emergence is technological: computers now store so much information on us all that the brand offering and communications can be personalized. This chapter represents the third, and arguably the most important, view of marketing.

4. Brand equity (2) The "brand" is what distinguishes one product or service from another and thus branding is what marketing is about. "Brand equity" is the asset the marketer is building. It should be measured alongside profit when deciding choices and reviewing results.

5. Extensions and brand families (5) Advantages and pitfalls in extending the brand to cover new products. Stretching expertise and credibility versus better value from advertising. Measures to determine extension. Families of brand names.

6. Category management and other heresies (3) Any marketer with a portfolio of brands has to manage the combination to maximize the company as a whole. Where the different brands are in the same category; e.g., laundry detergents, this may mean hard decisions. The other root of category management is in the retail store where the shopkeeper wants to maximize the returns from the category as a whole and is indifferent to individual brands. We trace where these necessary disciplines descend into profit losers from the brand owner's point of view. The pitfalls of supplying your brand under a private, i.e., retailer's, label. Failure to acknowledge brand primacy in marketing is "heresy" but the disorder is no longer life threatening. Maybe it should be.

7. Quantity ergo Sumo (24) Size is not everything, however important it may be to Japanese wrestlers. Yet marketers are preoccupied by it. Sales volume and market share are key success indicators. Chasing volume with inadequate brand equity is a formula for disaster. Explain to the people upstairs that optimize beats maximize. Then agree the measures that really matter.

8. Global marketing (7) The business world is going global, barriers are reducing, even the smallest businesses are trading beyond their national borders. Marketing in many markets is different, and requires different skills, to the domestic variety. This needs a book of its own but key differences are headlined.

9. Zen and now (34) The final chapter brings together two thoughts which are really one: paradox and oriental thinking. Partly because marketing is the business of innovation there are no rules for success. Every truth is also an untruth; what worked yesterday will not work tomorrow; today's disaster may be next week's lifesaver.

The marketing mix

As noted above, alliteration groups most of the practical tools together. The marketing mix is traditionally seen as comprising the Four Ps: product, pricing, place (distribution), and promotion. Some non-marketers believe marketing is just the promotion of whatever goods the business has for sale and in so doing forget that it all starts with the product and service, which, usually together, form the offering.

1. Positioning - marketing's martial art (16) The foundation of all marketing is the positioning statement: if you receive a brand plan without one, chuck it in the bin. Of course, it may exist under other guises, but the marketer needs to make clear for whom the brand is intended, why they should buy it, and what the competition is. This is the raison d'être for the brand's existence. The strength of its DNA coding will determine its success in life. A brand also "positions" itself in the consumer's mental battleground of competing brands. If your brand cannot kill the others, and mostly it cannot, then use the basic tools of survival.

Product

2. Product satisfaction ( 17) If the product, be it tangible or ephemeral, does not meet the consumer's need, forget the rest of the marketing mix. If it does, but no better than any other product, you may get by. Relentless focus on quality differentiates great marketing. Relative perceived, by the end user, quality is the single best guide to future profitability. To be better, you first have to be different. Coming to terms with the product life cycle.

3. Packaging for the party ( 18) Every time we get out of bed, or go out to meet new people, we repackage ourselves. Repackaging does not change what is inside—indeed it should preserve it—but it does make the product socially acceptable.

4. Novation ( 14) Marketing can also be seen as continuous managed innovation. An organization of people creating great ideas will get nowhere.

5. Heritage matters (8) One of the many paradoxes of marketing is the simultaneous search for novelty and retention of the familiar. Gnomic advice, such as "be bold but careful," is passed around. Factoring heritage into new brands is even more difficult than dissuading exuberant brand managers from dumping the existing baggage.

Price

6. Value marketing (30) Every decade needs new maps of what the consumer considers value for money and, more fundamentally, what is important. Whale meat would be a difficult sell in North America today. Yet what the marketer usually means by value is lower price. Each generation convinces itself that the market has never been so competitive. In Tyre and Sidon they talked of little else. Value is perceived quality divided by price; both should be considered together.

7. Pricing in grandmother's footsteps (19) A traditional children's game provides the framework for classic pricing strategy: small unobtrusive steps upward but, when caught out of position, a conspicuous large step down. Managing price is not, of course, this simple. Myths and mysteries of price elasticity.

Place

8. Distribution channels (4) Modern logistics and information systems are bringing producers and consumers closer together and yet the connections are becoming more varied and complex. Quick Response and Efficient Consumer Response systems are recent manifestations of the trend and require management to rethink their relationships with retailers, intermediaries, and competitors.

Promotion

9. Advertising kite high (1) After a century or so of formal study, we do not know how advertising works. It is a craft, not a science. Advertising is the most conspicuous aspect of marketing and attracts more than its fair share of critics, in and outside the business. If you are only wasting half your money, you are beating the odds. The chapter provides guidelines on how to improve them further. While advertising is the theme, much applies to any creative marketing service agency.

10. Which agency? (31) The plethora of different types of agencies, and the specialisms within them, requires more than passing thought for what meets your needs. "Above the line" is traditional advertising, the "line" separating commission from the media from payment by the client. Below the line and through the line, direct and integrated, separate media and creative hot shops are just some of the choices.

11. Public relations are private affairs (20) "Free" advertising in media's editorial columns may look more attractive than advertising and, for some brands, it is. PR can also appeal dangerously to the vanity of the marketer. Check the mirror on the way out.

12. Promotions, coupons and giveaways (2l) The wastage inherent in advertising pales into insignificance beside price-offs. Many have likened it to heroin: it gives sales a great buzz at the beginning. The habit is hard to kick especially if the peer group is similarly afflicted, but if the habit persists, the brand dies prematurely. Other "below the line" promotions are more health giving, notably sampling. We range across the alternatives.

13. Personal selling (22) The most traditional, and perhaps most underestimated, marketing tool. Mass techniques are cheaper, per message delivered. Modern technology is filling in the gap with telemarketing (phones) and interactive networks. The sales persons' eyes and ears are more important than their mouths, provided, of course, the home office listens to them. Can the brand manager sell the brand in real life? Idolize sales people.

Measurement and control

Marketing cannot be done by numbers; and it cannot be done without. The profession includes all shades of this opinion. Quantification and control may well shackle creativity and innovation. On the other hand, it is hard to know how much money has been made if it is not counted. A modern solution to this dilemma is to assign specific marketing-friendly accountants as scorers, thus releasing us marketers to be the true artists we yearn to be. Maybe.

1. Pragmatic planning (23) Honest marketers do not divorce themselves from the consequences of their actions, though the temptations of job hopping are real enough. Probably only 50 percent of all junior marketers, in North America and the UK, are in the same jobs when the results of their plans become known. Companies that accept that must also accept the consequences: close involvement by senior management and/or a lack of corporate learning. Planning is learning and learning, to be effective, should be enjoyable, or at least tolerable, to the learners. Control numbers, therefore, need to be a by-product of the process, not its rationale.

2. Surgical segmentation (27) A sophistication of the target market concept is to identify multiple targets each of which receives marketing treatment appropriate to itself. For example, the marketing of airline seats to the packaged holiday market will differ from that to business travellers. The upside of this complication is increased profits from better use of marketing resources.

3. Research is always incomplete (26) Mark Pattison knew about analysis paralysis in 1875. If you never heard of him, your research is... Fortunately we do not have to worry about it: marketing is more subjective than scientists would have us believe. The strengths and dangers of external research are reviewed.

4. Information systems survival kit (9) Marketing has long been the Cinderella of information systems. Suddenly, the data drought has become a deluge. The marketer is more likely to be knocked over than be refreshed by it. Some practical solutions bring order to the excess.

5. Rule of Chi (32) A lighter look at life's natural balancing act. Look for the downside of the upside or the upside of the down.

6. Beyond the J Curve (10) Trends and forecasts preoccupy marketers, and rightly so. The difference between what they achieve and what would have happened anyway is what they are about. In prizing resources out of the system, marketers do employ a little optimism from time to time. They make regular use of the J Curve, otherwise known as the hockey stick, in forecasting a bright future from a bleak past. The trend reversal may be based on a realistic estimate, or a recognition that they will not get a budget with anything less. Distinguishing realism from blind optimism.

People

These chapters bring together some issues in managing marketers or, more accurately, marketers managing themselves. Ultimately, management's skill in recognizing and developing good marketing concepts determines whether the business will thrive, or just survive, or die. A bit heavy that? Do not drop the coffin on your foot.

1. Organization structure and entropy (15) The second law of thermodynamics states that entropy, the natural state of disorder, always increases and when two systems are brought together, the entropy of the combination is greater than the sum of the two previous entropies. You knew that. The consequence for management is to keep the size of business units as small as economically feasible. It explains why fewer people, up to a point, get more done. Entropy has much to teach us about the size of product portfolios and the teams that market them. Some marketing functions should be kept in house and others are better outsourced.

2. Training the professionals (28) There are now huge financial pressures to keep brands in trim, but not so their managers. Yet who else will keep the brands in trim but their managers. Creative excuses, and I have used them all, abound: people shortages since we downsized, courses are out of date or theoretical or otherwise useless, or I have to use any spare time to train my people. The training we give is, of course, much better than the training we receive. Therein lies the solution. Persuade your marketers to teach and they will have to blow off the cobwebs.

3. Failures bring success (6) Toddlers do not learn to stay on chairs by reading a book; they learn by falling off. A firm that wants large successes should encourage small failures. Otherwise they will get neither. Encouraging failure in some cultures, such as the USA which despises it, is far from easy. Some practical steps.

4. The educated lunch (12) Getting away from roles and rituals for free format focus on improvement. Lunch is playtime and more adventurous ideas are tolerated.

5. Ugly duckling (29) Truly major breakthroughs are usually unrecognized until they become swans. Then, it turns out, everyone knew them as swans all along. Management needs practical systems that make allowances for nature. The champion system, as formulated originally by 3M, is developed here as a process for new product and brand development. By contrast, the conventional hopper system where many ideas elicited by brainstorming are progressively reduced to one winner can be discarded. It may work (there are no rules in marketing) but mostly it will not. We review why.

6. "Yes" is no decision (33) Late in the book is time to recap on decision making in marketing organizations. Having your plan approved is a warm feeling but too often it signifies inattention. The post prandial grunt that accepts "May I go out to play, Daddy?" is all too often followed by "Where the hell are you?" However disagreeable it may seem to both parties at the time, the planners and approvers need to hassle each other long enough to ensure that both sides believe in the plan and are committed to it enough to withstand the vicissitudes that will follow.

These chapters address issues with a mixture of philosophy and pragmatism, radicalism and recognition that business practices got that way because they work. New reflections on old problems, these images are intended to remind us that marketing should be fun. Otherwise it would just be money.

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