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| Brand Management | Under this system of
organization, each brand or product within a company is operated as a separate business,
with each standing on its own merits among its competition. This brand independence
enables the company to market vigorously a number of different products--some competitive
with others in the same company. Except for top corporate management, members of the brand group are the only ones in a company who deal with all aspects of the company's business. Brand managers plan, develop, and direct the marketing efforts for a particular brand or product. They are generalists who coordinate the activities of specialists in production, sales, advertising, promotion, R&D, marketing research, purchasing, distribution, package development, and finance. In brand/product management, individuals can expect early responsibility which should enable them to learn quickly and to demonstrate ability by contributing from the very outset to the operation of the brand(s) to which they are assigned. Virtually all consumer goods companies use this system of organization. A number of industrial goods companies also have brand/product management. In consumer goods companies, in particular, brand management is considered the best training ground for top corporate officers. Successful brand managers are results oriented and creative; possess strong interpersonal, communication, and analytical skills; and have entrepreneurial leanings. Brand management requires a broad background in marketing's functional core: advertising, research, consumer behavior, and strategy. In addition, analytical skills are extremely important and students are encouraged to prepare by taking accounting and finance courses. |
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| Market Research | Individuals employed
in the field of marketing research are involved with providing management with information
needed for decision making. Information about consumers, the marketing environment, and
the competition are needed to operate effectively in the marketplace today. The marketing
researcher may be involved with the decision maker in formulating the problem and
identifying the information required by the decision maker for resolving the problem.
He/she will generally be involved with designing the research project, including the data
collection method(s) to be used and the sample to be taken. Additionally, the market
researcher will be concerned with data tabulation, analysis, report preparation, and
presentation of findings to management. Career opportunities exist within a variety of institutions, manufacturers, retailers, some wholesalers, trade and industry associations, and governmental and other public agencies. Strong analytical, methodological, and communications skills are important. |
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| Product Development | One of
the major problems facing modern managers is the question of how to plan and implement new
products and services. Millions of dollars are spent annually by large and small
organizations to launch new products and services. Many of these fail due to poor
planning. Persons who specialize in new product planning can find opportunities in the
marketing of consumer products, consumer services, hospital and medical services, and
public service programs. Persons involved in new product planning develop skills in
understanding marketing research, sales forecasting, and promotional planning. Career opportunities exist in the consumer industries, advertising agencies, consulting firms, public agencies, medical agencies, retailing management, and many more. This broad set of industries offers a very promising career potential for the marketing planner. Formal positions in product planning are becoming plentiful. Historically, such positions carry titles such as "assistant manager/director" of product planning or new product development. Large firms have such positions in staff departments. The MBA, though not a requirement everywhere, does appear to be the level sought for these positions. Undergraduates are usually hired as "new product assistants." New product work demands a unique combination of creative and analytical talents. A "product planner" must be able to conceptualize new ideas, research the new ideas, and evaluate them objectively for a market and financial standpoint. Unlike managing an existing business, new product development is ever changing and requires a person with a high degree of tolerance for uncertainty. Since products eventually succeed or fail, the planner has a definite "report card" to let one assess one's own performance. The uncertainty and pressures of new product work are compensated by the fun of giving birth to new entrants to the market. Anyone desiring this career path should take course work in product planning, marketing research, consumer behavior and advertising. Courses in capital budgeting, entrepreneurship, and sales forecasting would likewise be valuable. |
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| International Marketing | Special opportunities in international marketing arise because of the wide variety of social, economic, and political conditions confronting international marketing personnel as well as the increased responsibility which decentralized decision making and greater distances from head-quarters generally bring. Planning and managerial positions abroad usually go to people who have had some international marketing experience at headquarters. Starting jobs in international marketing at headquarters vary widely, but for a person with a master's degree, it usually involves research, planning or coordinating activities. | |
| Service Marketing | The
economy's service sector now exceeds the manufacturing sector in terms of relative
contribution to the GDP. In addition, the service sector is there much of the economy's
most vigorous growth is occurring. As a consequence, numerous marketing positions are
available in banking and financial service institutions, health care organizations,
leisure oriented businesses, and in various other service settings. Service sector career paths in many cases parallel those found in traditional packaged goods brand management. For example, the individual who manages the marketing of a bank's "NOW" account services is a generalist who coordinates the activities of specialists in sales management, advertising, promotion, and market research. These are high visibility opportunities that offer the possibilities of advancement to top level marketing positions. Entry level positions are increasingly available to those with undergraduate business degrees, as well as those with MBAs. Positions are analogous to those of the traditional packaged goods assistant brand manager. Other positions may be available in sales capacities, or in a large service firm's market research department. The latter would typically be available only to those with advanced degrees. Individuals seeking service management positions should be strongly motivated, tenacious, and posses a healthy competitiveness. They should also have strong analytical and communications skills. Leadership ability is important because of the need to coordinate the diverse activities of many marketing specialists. Because of the intangible (relative to packaged goods) nature of most service sector products, individuals should feel thoroughly comfortable dealing with product attributes and issues that are harder to observe and classify. |
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| Business-to-Business Marketing | Industrial
marketing involves the planning, sale, and service of products used for commercial or
business purposes. These products may be simple, familiar products like office supplies or
complex products such as computer systems, machine tools and commercial aircraft.
Industrial products for purposes of study are usually categorized into supplies, capital
equipment, installations, raw materials, and component parts. Some industrial products are purchased on a new or one-time purchase basis, but most are purchased on a modified or straight re-buy basis from one of several acceptable suppliers. This is done to get an assured source of supply at the most favorable prices the competitive process offers. Industrial marketing requires the ability to understand the customers requirements, and to propose the purchase of the product that best fits the customer's needs. In this type of endeavor, the marketing person often acts somewhat like a consultant to the buyers in order to assist them in determining the most suitable products for their needs. The successful industrial marketing person is self-reliant and able to present the product line to the customer in the most favorable light. Most industrial marketing activities involve a continuing relationship between supplier and customer. In this circumstance, the selling relationship is not really selling as it is commonly thought of, but one of maintaining and enhancing an on-going business relationship. This means that the industrial marketing person must be able to help serve the needs of a wide variety of industrial and commercial customers on a continuing basis. The requirements for a successful career in industrial marketing are that a person be energetic, self-motivated, and interested in the products and customers who buy the products. Thus, good basic work habits, the ability to acquire product and industry knowledge, and human relations skills are important. |
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| Internet Marketing | The most
recent channel for direct marketing to reach customers. E-commerce and online
advertising are thus far the biggest moneymakers on the Web, though both niches are
constantly evolving. When e-commerce first arrived on the scene, people thought that
e-malls, which like regular malls would provide a wide variety of products, were the way
to go. But by 1997, the online retail market was saturated.
Managers in this area must consider how the Internet can be used across a range of functions, including advertising; brand creation, extension, and growth; customer service; internal and external communications; market creation and expansion; market research; and channel design.
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| High Tech Marketing |
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| Causal (Social) Marketing | Causal
marketing is the selling of ideas. In more complicated terms, it's the creation, execution
and control of programs designed to influence social change. It uses many principles of
commercial marketing - from assessing needs to identifying audiences, developing products
and measuring results. But it's also quite different. The goal of social marketing is not
just a one time business transaction. The goal of social marketing is to build a long-term
relationship between your organization and its different audiences. The success of the
'blue box' recycling program in Ontario shows how a well-planned social marketing campaign
can influence the way society thinks and acts. There are two keys to social marketing for organizations:
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| Advertising 5 M's | The 5 major decisions
in developing an advertising program - Mission, Money, Message, Media, and Measurement.
These are identified after a marketing manager has identified the target market and
buyer motives.
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| Brand | Attempt to
differentiate a product or service by establishing a relationship between the consumer and
the brand.
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| Brand Equity | The value of the
brand - creating measurable value for a brand name, often referred to as superbrands or
power brands; also includes the measures of such value which includes rankings of most
valuable brands, Return on Investment (ROI) for advertising spending or Brand awareness.
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| Brand Genericide | Category leaders
become complacent and the relationship between the brand and consumer is weakened allowing
private labels and generics to enter the market. To counter this, brand equity must
be reestablished.
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| Bundling | Sellers often bundle
their products at a set price that is generally less of a cost than if purchased
individually.
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| Campaign Effectiveness | The results of a
campaign in terms of increased sales, increase in market share or change in level of
awareness; also includes assessment of the reasons for the campaign success or failure.
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| Category Management | Manufacturers compete
with each other to help retailers manage their categories in the stores in order to
maximize variety and profits. For each category, there is a portfolio of brands that
offers consumers products at prices they want to pay.
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| Character Symbol | Historical figures,
animated characters, animals, objects that are used to advertise a brand and that come to
be associated with the brand, e.g. Joe Camel for Camel cigarettes, Charlie Chaplin (played
by an actor) in IBM ads.
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| Cobranding | A partnership between
two major brands that results in a joint new product. For example: Kellogg’s
"Healthy Choice" cereal, American Airlines Visa card.
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| Conjoint Analysis | A popular research
method for deriving the utility values that consumers attach to varying levels of a
product's attributes. Management can use the results to determine the most appealing
offer and estimated market share and profit the company might realize.
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| Consumer Adoption Process | Used by managers to
build a effective strategy for market penetration. The stages of the process are:
Awareness, Interest, Evaluation, Trial, Adoption. Consumer movement through
each of these phases should be managed.
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| Consumer Behavior | Research that focuses
on psychographics, e.g. the criteria for segmenting consumers by life-style, attitudes,
beliefs, values, personality, and buying motives.
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| Cooptation | An effort by one
organization to win the support of the leaders of another organization by including them
in advisory councils, boards of directors, and the like. This is common among firms
that have complimentary products. It is also common to reduce conflict among channel
members.
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| Cooperative Campaign | Collaboration of two
or more advertisers and advertising in which the manufacturer of a product provides
materials to and reimburses a retailer for part or all of the retailer's advertising
expenditures.
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| Demarketing | A marketing task that
requires finding ways to reduce the demand temporarily or permanently, because the demand
level is higher than an organization can or wants to handle. Demarketing seeks
discourage overall demand and consists of such steps as raising prices and reducing
promotion and services. Some organization may choose to do selective demarketing by
reducing the demand of the less profitable areas of the market.
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| Direct Mail | Advertising that uses
person-to-person communication through the mail rather than mass media. Advertising is
sent via fliers, letters, brochures or reprints.
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| Direct Marketing | An interactive marketing system that uses one or more advertising media to effect a measurable response and/or transaction at any location. | |
| Disintermediation | The removal of
intermediaries between manufacturers and consumers.
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| Dumping | A company either
charges less than its costs or less than it charges in its home market in order to enter
or win a market. The US Customs Bureau can levy a dumping tariff on the guilty
company.
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| EDLP | Every Day Low Pricing.
Eliminates coupons.
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| FSI | Free Standing Inserts.
Example - coupons provided in the Sunday paper. These are expensive for the
manufacturer and not as effective as first believed. Consumers have mostly been
"trained" to use these coupons.
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| Gross Rating Point (GRP) | Sum of all rating
points over a specific time period or over the course of a media plan. Each rating
point is equal to 1%. GRP is used in designing a media schedule in an attempt to
deliver a maximum number of GRPs at minimum cost. The GRPs are calculated by
multiplying the total reach (unduplicated audience) by the frequency (average amount of
exposure) of the medium in the proposed schedule.
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| Growth Share Matrix | A matrix developed and
popularized by The Boston Consulting Group. It is divided into 4 cells, each
indicating a different type of business: Question marks (high growth market, low
relative market share), Stars (high growth market, high relative market share), Cash cows
(low growth market, high relative market share), Dogs (low growth market, low relative
market share). A company uses the matrix to determine whether its portfolio is
healthy. An unbalanced portfolio has too many dogs or question marks and/or too few
cast cows and stars.
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| Harvesting | Gradually reducing a
product or business's costs while trying to maintain its sales.
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| Interactive | Advertising through
various "new media" technology such as CD- ROM-based electronic kiosks, online
services (including Internet, AOL).
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| Latent Demand | The demand by
consumers for a strong need that cannot be satisfied by any existing product. The
marketing task is to measure the size of the potential market and develop effective goods
and services that would satisfy the demand.
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| Line Extensions | Adding another
variation to a product line, also can include brand extension, when an established brand
name is used in a new product category; for example - Jell-O pudding pops.
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| Loyalty | Includes programs for
increasing customer loyalty including frequent flyer programs, frequent shoppers, etc.;
also includes general discussions of consumer brand loyalty and how to increase it.
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| Marketing Mix (4 P's) | The set of marketing
tools that the firm uses to pursue its marketing objectives in the target market.
The 4 P's are Product, Price, Place, and Promotion.
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| Mass Customization | The ability to prepare
on a mass basis individually designed products and communications to meet each customer's
requirements.
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| Media Buying-Service | A company other than
an ad agency that purchases media time and space. Often referred to as unbundling, since
the creative function is separate from the media portion.
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| Niche | A narrowly defined
group, typically a small market whose needs are not being well served. A niche is
usually identified by dividing a segment of the market into subsegments or by defining a
group with a distinctive set of traits.
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| Perceptual Map | Two attributes of a
products/services are placed on a map as they are perceived relative to competitors.
The map shows which brands are perceived as being similar and compete against each
other. One of the most important pieces of information conveyed by the map is it
identifies how every brand is perceived on each attribute. Product maps only require
rating data where consumers evaluate products/services on specific attributes.
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| Placement | Marketing of a product
by its appearance or use in a movie or television show.
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| Point-of-Purchase | Advertising that
targets shoppers within the retail environment. Often aimed at impulse purchases. POP
includes counter displays, window displays, store banners, aisle displays, etc.
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| Positioning- Repositioning | Promoting a product to
an unexpected audience; makeover or re-stating of a product to attract a new audience.
e.g. Positioning orange juice as a soft drink to be used anytime, as opposed to a
breakfast drink.
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| Product Mix | A set of all products
and items that a particular seller offers for sale to buyers.
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| Push vs. Pull Strategy | Push strategy -
involves manufacturer marketing activities (primarily sales force and trade promotions)
directed at channel intermediaries. Pull strategy- involves marketing activities (primarily advertising and consumer promotions) directed at the end users.
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| Specialization | When a manufacturer
wants the brand to be number 1 or 2 in the market - not number 3! Anything but
number 1 and 2 brands are often sold or discontinued; except for mature cash cows.
The key is to focus.
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| Sales Promotion | Activities, materials,
and techniques used to supplement traditional advertising, includes trade advertising, and
in-store media.
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| Sampling | Products offered to
consumers usually for free to introduce a new product.
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| Teaser Campaign | Advertising intended
to tease the public by offering only bits of information without revealing either the
sponsor of the ad or the product being advertised. The purpose of a teaser ad is to arouse
curiosity and generate attention for the campaign that follows.
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| Transit Advertising | Outdoor advertising.
Advertising on signs that are located outdoors in public
places. Examples include billboards, posters, buses, taxis and painted displays
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| Umbrella Marketing | Campaign that focuses
on a family of brands, or a multi-product group. e.g. Panasonic ad showing VCR, TV,
Videocam, etc.
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* From Knock 'Em Dead 1999, Martin Yate
1. |
Direct Research | |
| Use reference books in the library
(e.g. Job Bank, Standard & Poor's Register, Business-to-Business Yellow Pages, etc.).
Take notes on relevant information about the company that you can refer to in an
interview. For online resources, check out: American Business Information - http://www.abii.com. One of the largest brokers in the the nations. Their lists cover over 10 million businesses. American List Counsel - http://www.amlist.com. They maintain over 16,000 different lists. You can search online or request a free catalog.
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2. |
Newspapers | |
| Use as a complement to direct
research. Direct research gives hard facts about a company, but the newspaper lists
immediate openings for jobs. Use newspaper ads to identify all companies that are
currently hiring, not just to identify specific job openings. Online resources are: The New York Times - http://www.nytimes.com/classified/ Wall Street Journal - http://www.careers.wsj.com National Business Employment Weekly - http://www.nbew.com
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3. |
Public and Private Employment Agencies | |
| These agencies include state
employment agencies, private employment agencies and executive recruiters, and career
counselors. As an MBA the private agencies and executive recruiters would be
used. There are 3 types: permanent employment agencies where you pay the
fee, permanent agencies where the employer pays the fee, and contingency and retained
search firms. Be sure to understand which type you choose. Select only 2 or 3 in
your field. Do not mass mail your resume to every agent in town. This can lead
to multiple submissions of your resume to a single company. One resource is the Directory
of Executive Recruiters, Kennedy Publications.
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4. |
Your References as a Resource | |
| Identify as many possible personal
references as possible at the beginning of the job search. The more options you
have, the better your chances at success. Use these contacts as job search
leads. Call or write the person briefly explaining your background and what you are
searching for. Ask these people for advice. Ask to meet for a cup of coffee or
lunch to discuss the type of opportunity for which you are looking.
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5. |
College Placement Offices and Alumni Associations | |
| Just remember that the Career
Placement Center should not be your only resource and will not just hand you a job.
It can help you accelerate your job search process and aid you in finding your own
job. Don't wait until the last minute to get to know the folks in the placement
office - start early getting guidance and listening to their advice. Take advantage
of on campus company receptions and interviews, as well as interview and resume workshops
that are offered. Also, take advantage of the alumni directory. Most alumni are more than willing to assist you by providing advice and additional contacts.
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6. |
Professional Associations | |
| Examples of these associations are
The American Marketing Association, The American Retail Federation, etc. Join these
organizations to show your commitment to the profession and expand your knowledge in a
given field. Use the membership directory for direct contacts and attend regularly
scheduled meetings to network with other professional members. Also, read the
newsletters that the associations publish for other inside tips and information.
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7. |
Job Fairs | |
| Look for announcements of these
fairs in the newspaper and on the radio. When you attend, go prepared. Take:
business cards, resumes, a notepad and pen in a folder. Visit every booth for
companies in which you are interested even if they are not hiring for the position you
would like (ask for contact names in your field). Definitely talk to someone at each
booth asking questions about the company and what they do before talking about
yourself. Be sure to collect business cards from everyone you speak with so that you
can follow up with a letter if you want. For most companies a job fair is a way to
collect resumes. They do not hire at the fair very often, but there are times when
employers will want to interview on the spot, so be prepared. Also, gather company
brochures and materials. When you attend the fair dress for business - first
impressions are important. Finally, arrange times and dates to follow up with each
employer.
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8. |
Trade and Business Magazines | |
| This includes professional
association periodicals, trade magazines, and the general business press. Contact
the individuals and companies mentioned and using the article to begin discussion.
These publications provide focused articles about interesting companies, industry
overviews and market developments, quotations, articles by industry professionals,
help-wanted sections, and advertisements for new products that can tell you about the
company's direction. You may want to keep a binder of pertinent articles that you
can reference.
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9. |
Networking | |
Use others to assist in your job
search. Networking requires nurturing and development. These networks can be:
friends and relatives, coworkers, managers (past and present), service industry
acquaintances (banker, doctor, dentist, lawyer, etc.), other job hunters, and other
professionals in your field. Some tips for writing networking letters or making
calls to ask for assistance:
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10. |
The Electronic Job Hunt | |
| Tap into the huge reservoirs of
online data before launching a search or going to an interview. Use the web to look
up companies and research their products, job openings, mission, analyst reports, press
releases, and annual reports. Use online job search resources such as: The Monster Board - http://monsterboard.com Career Mosaic - http://careermosaic.com Hot Jobs - http://hotjobs.com Career Path - http://careerpath.com Career Web - http://careerweb.com Vault Report, Inc. - http://vaultreports.com Wetfeet - http://wetfeet.com
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| Informational Interviews Informational interviews are ideal for making contacts and getting the inside story. Although you're still on display, these aren't the same as interviewing for a position. Informational interviews are either to obtain information or referrals. They can be used to get the buzz on industries and companies and find out how comfortable you feel in certain environments--in short, almost anything you wish to pursue. Though the purpose may be different, follow the same advice as for application interviews. Dress appropriately, find out as much as you can about the company or individual, know what you're going to ask, be open to questions, and send a thank-you letter. There are six main goals of informational interviews:
Behavioral Interviews Behavior based interviewing focuses on experiences, behaviors, knowledge, skills and abilities that are job related. It is based on the belief that past behavior and performance predicts future behavior and performance. You may use work experience, activities, hobbies, volunteer work, school projects, family life - anything really - as examples of your past behavior. Current employment literature indicates that there is a strong trend towards this type of interviewing. In addition to questions found in many current resources, you should also consider the following in your interview preparations. Employers are looking for 3 types of skills: Content Skills,
Functional - also called Transferable Skills, and Adaptive - also called Self Management
Skills. There are 3 types of questions typically found in interviews:
To best answer these types of questions, think of "PAR for the Course". A complete answer to a behavior-based question must explain the task or problem for which you were responsible, the specific action you took, and the results of your actions. Your answer must contain all of these components to be a PAR answer. Tell the interviewer a "story" (with a beginning, a middle, and an end) about how you used a practical skill.
To prepare for the behavioral interview:
Case Interviews Over the past few years, corporate recruiters have begun to utilize a different form of interview question, i.e., the "Case Interview" question. This interview question format consists of a question and answer format wherein the interviewer presents a hypothetical business problem, either actual or made up and you have to develop a "process" for answering the question as clearly and with as much detail as possible. In many instances the actual answer is not obtainable. The gist of the "case interview’ question is to sample how logical and creative you can be in analyzing the question, developing a process for gathering the necessary information, extrapolating information from general knowledge and formulating an answer based on "all" the knowledge and resources you have at hand. (The process is as important as the answer).A 5 step approach to case interview questions: Step 1 - Develop a frame or structure for the question. Use "Big Picture Thinking" Work from the General to the Specific, using what information you are given, what you already know and what additional information the interviewer might give you if asked. Step 2 - Prioritize and identify the basic issues contained in the problem and use problem solving logic. Step 3 - Narrow down your potential answers to the most logical, using the 80/20 Approach. Step 4 - Analyze the problem from all perspectives, working from "Big Picture" information that suggests possible alternative methods you can use to derive the best possible answer (guess). Step 5 - Draw conclusions from your analysis, demonstrate results based on information and logical conclusions. Final tips for the case interviewee:
Examples of Case Interview Questions (*)
Interview Follow Up A thank-you letter is so basic that some employers will exclude you from the applicant pool if you don't send one. Be prompt and personal, incorporating elements from your interview. There's usually room for negotiating a better offer, whether for salary or benefits. If you're willing to walk, you can be firm about your conditions. If you're not, be prepared to take no for an answer. Always get the offer in writing. There's no way to remove all risks from a career decision, but you can increase your chances of making the right choice. Revisit your criteria for choosing a career or job, weigh the advantages against disadvantages, and consider the following factors: |
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