This function is the owner of the product and its long-term strategy (multi-release through end-of-life) and current direction (next release), articulates innovation such that it can be built and marketed. Strategic marketing operates on an opportunity-based calendar. buy analysis, proposes and performs due diligence for merger and acquisition (M&A) targets, creates, develops and manages partner programs, manages key relationships to support technical, business, and other strategic needs. This function sets strategies for growth, assesses competitive landscape, works with engineering and product management to perform gap analysis, performs make vs. Operates on an annual corporate marketing plan calendar assembled from editorial, PR, product roadmap, and other coordinated calendars to deliver on milestones and objectives. This function has global marketing domain to set and enforce brand standards, define global infrastructure for public relations (PR), investor relations, advertising, corporate communications, event strategies, user group community programs and production synergies across all marketing. Briefly, the following describes the five core marketing functions in the business process. This model will take some digesting – and it will be the basis for a number of future blog posts from me. A model I created many years ago and have successfully used in technology companies looks like this. Recognizing this fact helps to understand the value of organizational roles differentiated from specific tactical activities. My friend also indicated that “ he has never met the person that could do all three of these functions.” Perhaps there is someone that can do 2 of these, but understand in addition to the different talent required, there probably isn’t enough time in the day to do more than any one of these well. This over-simplification makes a point – and helps us avoid being distracted by the most recent shiny object. Market the product or service to customers.Internal Business Process ChainĪ good friend, business mentor and coach once told me that every successful business needs three things. That way its tactical potential can be integrated into the structure of these functions more effectively. Oh, yes – you will find social media’s pervasive role described in context of the Five Core Marketing Functions at the very end. Do it now – relax and breathe deep before you proceed to read. To do so, will allow this blog post to give you insight as to how you might need to organize for success. To understand these core marketing functions, one has to relax and clear their mind of the day to day frenzy of delivering on tactical activities and all the pressures of every other executive’s demands on the marketing function in your organization. Was there enough horsepower behind marketing? Were the marketing basics of creating value, capturing value and building programs and plans for sustaining value put in place before the social media trigger was pulled? Or, review your most recent business failure. Think back to business school and recall what you learned. The five core marketing functions are every bit as important as R&D, operations, and finance – and by many accounts, even more critical to the business. If you are a marketing leader, CMO, VP of Marketing, or Director of marketing, and you haven’t read at least a dozen articles in the past 3 months about how “ Social Media has changed or replaced marketing,” then you might either be incredibly busy or already understand the foundational five core marketing functions. Like trying to understand an electrical circuit board without the schematic, it’s hard to keep up with the complexity and importance of the five core marketing functions without a reminder from time to time.Īnd, with the daily hype around the tactical effort, tools, and constantly changing environment of social media, it’s easy to lose sight of the five core marketing functions.Īs a corporate advisor and successful turnaround CMO, I regularly discuss the big picture as I guide CEOs and executives in building sustainable organizations for the long-term.
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