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Marketing Management Sample

Learn how to build a marketing plan, Get an understanding of the various marketing specialization areas, Pick up approaches and resources to demonstrate marketing return on investment, Grasp how to self-evaluate your skills and competencies
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0% found this document useful (0 votes)
415 views32 pages

Marketing Management Sample

Learn how to build a marketing plan, Get an understanding of the various marketing specialization areas, Pick up approaches and resources to demonstrate marketing return on investment, Grasp how to self-evaluate your skills and competencies
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exciting New Resources

Thank you for an overwhelming response to Marketing


Management Essentials You Always Wanted To Know. We are
committed to publishing books that are content-rich, concise, and
approachable, enabling more readers to read and make the fullest
use of them.

We are excited to announce a major update for this book:

● The 3rd edition has been updated and includes three new
chapters to provide a more holistic understanding of the
subject matter. New additions include three chapters which
primarily touch upon the topics of essential marketing
skills, forming a well-rounded marketing budget, and
market return on investment (mROI).

● The book also comes with online resources like


downloadable templates (marketing budget) and a
presentation for instructors, which summarizes the
learnings of all the chapters.

Should you have any questions or suggestions, feel free to email


us at [email protected]

We hope this book provides you with the most enriching learning
experience.

THIS BOOK IS AVAILABLE IN E-BOOK, PAPERBACK(B/W)


AND HARDBACK(COLOR) FORMAT.
Online Resources
Congratulations! You now have access to practical templates of
the marketing management concepts that you will learn in this
book. These downloadable templates will help you implement
your learnings in the real world and give you an in-depth
understanding of the concepts. The templates include:

1. Monthly Marketing Budget

2. Marketing Budget Sample (For E-Commerce and Sales)

3. Marketing Skills Self-Assessment Sheet

4. How To Build A Budget (Guide)

5. Budget Plans (Questionnaire)

6. Marketing Metric Definitions

7. Marketing Management Competencies Self-Assessment


Sheet

To access the templates, follow the steps below:

1. Go to www.vibrantpublishers.com

2. Click on the ‘Online Resources’ option on the Home Page

3. Login by entering your account details (or create an


account if you don’t have one)

4. Go to the Self-Learning Management series section on the


Online Resources page

5. Click the ‘Marketing Management Essentials You Always


Wanted To Know’ link and access the templates.

Happy self-learning!
TM

SELF-LEARNING MANAGEMENT SERIES

MARKETING
MANAGEMENT
ESSENTIALS
YOU ALWAYS WANTED TO KNOW

THIRD EDITION

A modern marketer's playbook to create value for an organization


and its customers

CALLIE DAUM
MICHELLE BARTONICO, PMP
Marketing Management Essentials
You Always Wanted To Know
Third Edition

© 2023, By Vibrant Publishers, USA. All rights reserved. No part of this publication
may be reproduced or distributed in any form or by any means, or stored in a database
or retrieval system, without the prior permission of the publisher.

Paperback ISBN 10: 1-63651-178-3


Paperback ISBN 13: 978-1-63651-178-8

Ebook ISBN 10: 1-63651-179-1


Ebook ISBN 13: 978-1-63651-179-5

Hardback ISBN 10: 1-63651-180-5


Hardback ISBN 13: 978-1-63651-180-1

Library of Congress Control Number: 2018907781

This publication is designed to provide accurate and authoritative information


in regard to the subject matter covered. The Author has made every effort in the
preparation of this book to ensure the accuracy of the information. However,
information in this book is sold without warranty either expressed or implied. The
Author or the Publisher will not be liable for any damages caused or alleged to be
caused either directly or indirectly by this book.

Vibrant Publishers books are available at special quantity discount for sales
promotions, or for use in corporate training programs. For more information please
write to [email protected]

Please email feedback / corrections (technical, grammatical or spelling) to


[email protected]

To access the complete catalogue of Vibrant Publishers, visit


www.vibrantpublishers.com
SELF-LEARNING MANAGEMENT SERIES

PAPERBACK*
TITLE
ISBN

AGILE ESSENTIALS 9781636510057

BUSINESS LAW ESSENTIALS 9781636511702

BUSINESS PLAN ESSENTIALS 9781636511214

BUSINESS STRATEGY ESSENTIALS 9781949395778

COST ACCOUNTING & MANAGEMENT ESSENTIALS 9781949395358

DATA ANALYTICS ESSENTIALS 9781636511184

DECISION MAKING ESSENTIALS 9781636510026

DIGITAL MARKETING ESSENTIALS 9781949395747

DIVERSITY IN THE WORKPLACE ESSENTIALS 9781636511122

ENTREPRENEURSHIP ESSENTIALS 9781636511603

FINANCIAL ACCOUNTING ESSENTIALS 9781949395327

FINANCIAL MANAGEMENT ESSENTIALS 9781949395372

HR ANALYTICS ESSENTIALS 9781636510347

HUMAN RESOURCE MANAGEMENT ESSENTIALS 9781949395839

LEADERSHIP ESSENTIALS 9781636510316

MARKETING MANAGEMENT ESSENTIALS 9781636511788

MACROECONOMICS ESSENTIALS 9781636511818

MICROECONOMICS ESSENTIALS 9781636511153

OPERATIONS & SUPPLY CHAIN MANAGEMENT


9781949395242
ESSENTIALS

ORGANIZATIONAL BEHAVIOR ESSENTIALS 9781636510378

ORGANIZATIONAL DEVELOPMENT ESSENTIALS 9781636511481

PERSONAL FINANCE ESSENTIALS 9781636511849

PRINCIPLES OF MANAGEMENT ESSENTIALS 9781949395662

PROJECT MANAGEMENT ESSENTIALS 9781636510712

SALES MANAGEMENT ESSENTIALS 9781636510743

SERVICES MARKETING ESSENTIALS 9781636511733

STAKEHOLDER ENGAGEMENT ESSENTIALS 9781636511511

TIME MANAGEMENT ESSENTIALS 9781636511665


*Also available in Hardback & Ebook formats
This page is intentionally left blank
About the Author
Callie Daum has worked in the healthcare
industry for over 20 years gaining
experience in managing teams, project
management, strategic development and
implementation, business marketing to
increase revenues, and many more lessons
learned on how to thrive in a business
industry. As a seasoned Senior Project
Manager and Leader, her goals include adding value, working
efficiently and effectively, and sharing best practices to achieve
overall success. Callie started her career as an Application Analyst
at Computer Sciences Corporation, before moving on to project
management and leadership at Cerner Corporation, Atrium
Health, and Novant Health. Callie is a certified Project
Management Professional, Professional Scrum Master, Certified
Health Coach, and received a certificate in Master Level Six Sigma
at Villanova University.
About the Co-Author
Michelle is an experienced, solution-driven
marketer, strategist, and project manager
with more than a decade of experience in
higher education and in marketing agencies
serving clients in a breadth of industry
verticals from healthcare to manufacturing.
She is a certified Project Management
Professional (PMP), PROSCI Certified
Change Practitioner, Six Sigma Yellow Belt, and has completed the
Google Project Management Career Certificate program. Michelle
also earned a Search Engine Optimization specialization from UC
Davis Continuing and Professional Education.

Michelle has built and developed teams throughout her


career, served in an executive leadership role, led enterprise-
wide initiatives, and is the author of Stakeholder Engagement
Essentials You’ve Always Wanted To Know. Michelle joined
Trinity University (an institution with a $1.7B endowment) in
2013 where she held several roles within the organization from
marketing strategist to Assistant Vice President for Strategic
Communications and Marketing to Senior Strategist and Project
Manager. Achieving historic results, Michelle’s team was a Top 3
finalist for the 2018 AMA Higher Education Marketing Team of
the Year Award.

During her tenure at Trinity University, Michelle led the strategic


marketing planning that resulted in six consecutive years of
historic first-year admissions numbers along with academic
quality reaching all-time highs. In partnership with the Office
of Development, marketing campaigns and strategic initiatives
were created and implemented - resulting in historic 10-year
highs for alumni giving and fundraising goals. Michelle was also
a lead project manager and strategist to the executive leadership
team that successfully petitioned for Carnegie reclassification
- moving Trinity from Regional Liberal Arts to the National
Liberal Arts category for U.S. News and World Report rankings.
In 2023, Michelle successfully led the effort to create Trinity’s
first Enterprise Project Portfolio Management Office – Center of
Excellence and continues to advise executive leadership in the
areas of project management, strategy, and communications.
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What experts say about this book!
Marketing Management Essentials You Always Wanted to Know serves
as an excellent primer for future marketing managers hoping to break
into the field and become assets to their organizations. The book
offers timely, relevant information necessary to have a fundamental
understanding of marketing management. It also serves as a concise and
effective refresher for current marketing managers who could benefit
from re-learning the fundamentals or implementing new approaches
and philosophies to their marketing work. Not only does this text cover
a multitude of concepts critical to the health and success of a marketing
team, it also offers helpful tips and guidance for career success on an
individual level.

– Diana Amaya, Division Marketing Content Creator,


Alamo Colleges

Marketing Management Essentials You Always Wanted to Know is a must-


read for anyone wanting to master the art and science of marketing.
The authors cover a wide range of marketing-related topics with clarity
and depth and use case studies and real-world examples to help readers
understand and apply the concepts presented. Whether you're a
seasoned marketer looking to refresh your knowledge or a newcomer
to the field, this book offers valuable insights and practical strategies
to excel in today's competitive market. One of the authors, Michelle
Bartonico, has extensive marketing and project management experience.
Her insights into successful strategic marketing planning and stakeholder
engagement set this guide apart from other "how-to" guides on the
market and ensure marketing success in organizations of all sizes.

– Jennifer Dempsey, Technical Product Marketing Manager,


Appfire
What experts say about this book!
This is a great resource to have under your belt, especially for new and
rising marketing managers. It truly covers the essentials any marketing
professional needs and would want to know.

– Tara Salazar, Communications Specialist,


Caterpillar, Inc.

Daum and Bartonico have written an invaluable resource for


managers, offering straightforward and pragmatic insights suitable
for all expertise levels. Their work transcends industry boundaries,
ensuring that individuals in any field can adeptly apply effective
marketing management strategies within their department, division, or
organization. This book expertly demystifies marketing complexities for
professionals of all backgrounds in a practical and accessible way.

– Katie Ramirez, M.S., Director for the Center for Experiential Learning
and Career Success, Trinity University
Table of Contents

1 Introduction to Marketing Management 1


1.1 Stages of Marketing 6
1.2 Marketing Capacity 7
1.3 Marketing Management 8
Quiz 21
Chapter Summary 24

2 Strategic Planning and Marketing 27


2.1 The Process of Planning 28
2.2 The Strategic Plan 29
2.3 The Marketing Plan 70
2.4 Implementation 75
Quiz 77
Chapter Summary 81

3 Marketing Budgets 83
3.1 What is a Marketing Budget 84
3.2 Develop a Marketing Budget 89
3.3 Budget approaches 95
3.4 Marketing Spend Trends 99
3.5 Build A Budget 105
3.6 Case Study: Lessons Learned 107
Quiz 111
Chapter Summary 115

4 Marketing Return-on-Investment 117


4.1 What is Marketing Return-on-Investment 118
4.2 Determine What To Measure 121
4.3 Performance Benchmarks 125
Quiz 130
Chapter Summary 133
5 Research in Marketing 135
5.1 Information Systems 136
5.2 Constructing Information 137
5.3 Marketing Definitions 149
5.4 What is the Current Market Demand? 151
5.5 What Could the Demand Be for the Future? 153
5.6 Ethics in Marketing Research 158
Quiz 159
Chapter Summary 163

6 Relationships with Customers and Marketing


Management 165
6.1 Customer Value 166
6.2 Customer Satisfaction 169
6.3 Providing Satisfaction 172
6.4 How Much is a Customer Worth? 173
6.5 Retaining Customers 174
6.6 Relationship Marketing 174
6.7 When Do I Use Relationship Marketing? 177
6.8 Relationship Management 177
6.9 Defining Customer Relationship 179
6.10 Types of Customers 181
6.11 Customer Orientation 183
6.12 Ensuring Quality Customer Relationships 184
6.13 Measuring Customer Relationships 185
Quiz 194
Chapter Summary 198

7 Digital Marketing 201


7.1 Hard Skills in Digital Marketing 202
7.2 Soft Skills in Digital Marketing 215
Quiz 218
Chapter Summary 222
8 Essential Marketing Skills 223
8.1 A History of Marketing Skills 224
8.2 Marketing Skills and Competencies 228
8.3 Case Study 235
8.4 Building Essential Marketing Skills 237
Quiz 244
Chapter Summary 247
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Preface
In our careers, we’ve seen marketing skills evolve through the
years - from new takes on “old” skills to specializations that
previously didn’t exist. This third edition was written with
the goal to package the latest best practices with foundational
principles and terminology to help marketing managers add value
to their organization and thrive in their careers.

This reading consists of core elements of marketing management


that will support day-to-day activities from budgeting and
planning to demonstrating return-on-marketing investment. New
marketing managers may also be faced with challenges such as
conducting an external audit, forecasting demand, developing
a plan to gain new customers, and ensuring other departments
are playing their part in providing customer value. These topics
are included in this reading along with the resources marketing
managers and professionals will need to understand and function
in their role within any organization. Using real-life experiences
and detailed study, this handbook will give you the tools to get
started, and thrive, in your marketing management role.

After reading Marketing Management Essentials You Always Wanted


To Know, you’ll have working knowledge of everything you need
to know to springboard your career as a marketing professional.
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Introduction to the book
We are all affected by marketing every day. We can see it, touch
it, and feel it. But, what we don’t see is the precision, creativity,
and strategy behind the marketing. What we experience on a daily
basis is a result of efforts by marketing professionals. As you will
learn in Marketing Management Essentials, an effective marketing
manager demonstrates a blend of analytical, creative, and strategic
thinking skills.

It takes more than simply studying or reading about marketing.


To be successful and add value to your organization, you need a
combination of practice, examples of case studies, and real-world
experience. With this in mind, Marketing Management Essentials is
intentionally crafted to cover essential concepts and terminology
while providing activities, quizzes, and exercises that allow you to
practice and apply what you learn.

In industries around the world, marketing principles and skills


are a means to achieve business goals. Marketing Management
Essentials will give you the foundational knowledge – from
budgeting techniques to marketing strategic planning to an
introduction of career specialization areas – that will help ensure
you are equipped for success as a marketing professional.

Key learning objectives also include:

● how to build a marketing plan,

● an understanding of the various marketing specialization


areas,

● approaches and resources to demonstrate marketing return


on investment,

● and how to self-evaluate your skills and competencies


After reading Marketing Management Essentials You Always Wanted
To Know, you’ll have working knowledge of everything you need
to know to springboard your career as a marketing professional.
How to use this book?
This book was written using real-life experiences and detailed
study, that will equip marketing managers with the tools to get
started, and thrive, in their role within any organization. This
second edition articulates the latest skills and challenges that
marketing managers face.

1. Engage with each of the practice activities and discussions.

2. Refer back to this handbook for budget templates, use cases,


and foundational terminology

3. Read the chapters in order. However, these chapters are


able to stand alone if you are interested in diving into
specific topics.

4. Approach the book knowing that you will need to take the
information and apply the information in a way that works
best for your organizational goals and point in your career.
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Who can benefit from this book?
In industries around the world, marketing principles and skills
are a means to achieve business goals. Marketing Management
Essentials You Always Wanted To Know will give you the
foundational knowledge to ensure you are equipped for success
as a marketing professional and are able to create a revenue-
generating department for your organization.

People who will benefit from this book include:

1. Students who are seeking a well-rounded introduction to


marketing management.

2. Professionals — primarily entry-level or new to the


marketing management role — who are looking to learn
essential principles, terminology, and techniques to apply in
the workplace..

3. Any employee who collaborates with a marketing manager


or marketing department to help ensure they “speak the
same language” when working on projects or campaigns.
This page is intentionally left blank
Chapter 1

Introduction to Marketing
Management

M arketing is a function of an organization that


provides the framework for developing, connecting,
and providing value to consumers.

In this chapter, you will learn about the processes that


enable successful marketing - fulfilling those wants, needs,
and desires from the consumer, both present and anticipated
in future.

You will also explore the various ways marketing


contributes to an organization - keeping companies afloat in
a struggling economy, building awareness and brand loyalty,
and increasing demand for products and services. Let’s get
started.

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2 Marketing Management Essentials You Always Wanted To Know

Key learning objectives should include the reader’s


understanding of the following:

● The group of processes or procedures for developing,


connecting, and providing value to consumers

● How marketing is an organizational function

● What the stages and types of marketing are

Marketing affects everyone, every day. We all engage in


marketing on a daily basis, so it is important that we understand
what marketing is. A market can be defined by Philip Kotler as,
“…all the potential customers sharing a particular need or want
who might be willing and able to engage in exchange to satisfy
that need or want. ”Marketing is a function of an organization. It
is a group of processes or procedures for developing, connecting,
and providing value to consumers. It is also for dealing with
customer relations in ways that profit the organization and its
stakeholders. Marketing is achieved by social and managerial
processes. These processes consist of consumers and groups
of consumers acquiring their needs and wants by developing
and swapping products and values with one another. With
the cutthroat competitive conditions and the advancement
of production, distribution, stocking and pricing as well as
digitalization, marketing has become managing relationships with
customers, distributors, facilitators (banks, advertising, and PR
people,) partners, and the public at large. Marketing seeks to fulfill
the wants, needs, and desires of the consumer both present and
anticipated in the future.

Marketing is important because in the 21st century, with the


struggling economy, organizations use marketing to help keep
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Introduction to Marketing Management 3

their companies afloat. Marketing helps to tackle the challenges


faced in a failing environment. In a broader sense, marketing
has brought awareness of products and services to the public
that have made their lives better. When marketing is successful,
demand increases for an organization’s products and services.
It also helps to establish a brand in the public eye and build
brand loyalty. Indirectly, successful marketing creates jobs for
individuals because demand is increased and more assistance to
produce and distribute the products and services is needed. In its
simplest form, marketing puts products and services in the hands
of its targeted consumers.

Marketing is an organizational function covering almost all


areas of business. The following list shows the many functions in
an organization that can be categorized as a marketing function.

● Customer Relationship Management (CRM)

● Display

● Stockholding

● Servicing

● Risk Taking

● Transporting

● Market Research

● Merchandising

● Publicity

● Pricing

● Forecasting

● Buying

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4 Marketing Management Essentials You Always Wanted To Know

● Financing

● Selling

● Public Relations

● Advertising

● Sales Promotion

Marketing is a management function. Management must


ensure that the operations of the organization are running
smoothly to ensure that the customer’s needs are met effectively
and efficiently. Manager conduct analysis, plan, allocate resources,
control current processes, and work to anticipate customer needs
in an effort to ensure customers are satisfied. Additionally, it tries
to anticipate the needs and wants of customers/ consumers in
the future by evaluating social, economic, cultural, political, and
technological developments.

Marketing is a business concept (illustrated in Figure 1.1). Here


is where the exchange process that is associated with obtaining
goods and services comes into play. This is where supply and
demand come in. If I have the supply and you have a demand for
the product, we can negotiate a deal.

It is considered an exchange when:

● Two groups or more are involved

● Both groups have something of value that the other group


desires

● Both groups effectively communicate and deliver

● Both groups have the option to turn down each other’s


offers

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Introduction to Marketing Management 5

● Both groups want to negotiate with the other party

Figure 1.1 Core marketing concepts

Consumers
have needs,
wants, and
demand

Market
Markets offers goods
Core and services
Marketing
Concepts

Exchange, Customer
transactions and receives
relationships value and
occur satisfaction

Marketing is a business philosophy. It sees the importance of


the customer and that all business exists to serve customers rather
than manufacturing products. Marketing takes the customer as
the core of its activities.

In the remainder of this reading we will explore these concepts


and dive deeper into marketing and marketing management, so
we can better understand its inner workings.

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6 Marketing Management Essentials You Always Wanted To Know

1.1 Stages of Marketing

Not all marketing is greatly expensive, involving extensive


research from a reputable firm and spending inordinate amounts
of money on advertising and keeping up large marketing
departments. Some organizations work with what they have. They
stretch their current resources, maintain close relationships with
customers, and use information gathered to meet the customer’s
needs. These organizations focus on building their brand and
customer loyalty and less on advertising and PR.

Not all marketing is the same. There are three phases of


marketing, shown in Figure 1.2, that can occur.

Examine the illustration below that describes the phases and their
definitions.

Figure 1.2 Three phases of marketing

Gain ground in Customized Market Large and


Intrapreneurial Marketing
Entrepreneurial Marketing

Formulated Marketing

crowded market formula developed mature


from marketing companies
New and
strategy
unorthodox
Market formula is Back to basics
Emerging firms
when you use a several
different tactics and Focus on
Limited budgets
channels to reach the customers and
Limited their lifestyles
target customer
resources
Example: message sent Growing closer
Innovation through TV, newspaper, to customer
Risk Taking and radio ads

Proactive Small immature New ways to


companies that are have product
Utilize social moving towards add value
media maturity

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