Marketing research is a systematic process of analyzing data which involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers.
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In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that profitable market segment(s) exist for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation. Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing.
Underperforming marketers, on the other hand, underinvest in training. Their employees receive just over half a day of training a year, on average, while overperformers give people nearly two full days of tailored, practical training by external experts. At first blush, the Marketing2020 study reveals what you might expect: Marketers must leverage customer insight, imbue their brands with a brand purpose, and deliver a rich customer experience. They must connect, inspire, focus, organize, and build, as detailed here. The finding that’s striking—and should serve as both a warning and a call to arms—is that most organizations haven’t been able to put all those pieces together. Our data show that only half of even high-performing organizations excel on some of these capabilities. But that shouldn’t be discouraging; rather, it illuminates where there’s work to do. Regardless of how marketing delivers its messages in the future, the fundamental human motivations that marketers must satisfy won’t change. The challenge now is to create organizations that can truly speak to those needs.
Podcasts. Michael Hyatt, author of the best-selling book Platform: Get Noticed in a Noisy World, practices what he preaches. His “This is Your Life” podcast is downloaded 250,000 times each month. As Hyatt elaborates on his blog post 4 Reasons You Should Consider Launching Your Own Podcast, “A podcast gives you visibility in a completely different world—primarily iTunes. I have had scores of new people say they had never heard of me until they stumbled onto me in iTunes.” Hyatt gives valuable information and advice in his podcast--all for free. But that podcast leads to more sales of his books, signups for his courses, and requests for him as a speaker.
CMOs and other marketing leaders increasingly operate as orchestrators, tapping talent from inside and outside the company to staff short-term task forces. Those task forces bring together people, each with one of three kinds of focus: think, feel, or do. Depending on the task, the mix of those three types shifts. Here’s how cable service provider Liberty Global mixed team members for three task forces. Choose a task force to see the team’s think-feel-do mix and the results they got.
Inspiration is so important that many companies, Unilever among them, have begun measuring employees’ brand engagement as a key performance indicator. Google does this by assessing employees’ “Googliness” in performance appraisals to determine how fully people embrace the company’s culture and purpose. And Zappos famously offers new hires $3,000 to leave after four weeks, effectively cutting loose anyone who is not inspired by the company’s obsessive customer focus.
Inspiration strengthens commitment, of course, but when it’s rooted in a respected brand purpose, all employees will be motivated by the same mission. This enhances collaboration and, as more and more employees come into contact with customers, also helps ensure consistent customer experiences. The payoff is that everyone in the company becomes a de facto member of the marketing team.
^ Banting, P.M. & Ross, R.E., "The marketing mix: A Canadian perspective," Journal of the Academy of Marketing Science, vol. 1, no. 1, 1973, doi:10.1007/BF02729310; van Waterschoot, W. and van den Bulte, C., "The 4P Classification of the Marketing Mix Revisited," Journal of Marketing, Vol. 56, No. 4, 1992, p. 84; see also Culliton's original article in Culliton, J. The Management of Marketing Costs, Research Bulletin, Harvard University, 1948
Some varieties of cake are widely available in the form of cake mixes, wherein some of the ingredients (usually flour, sugar, flavoring, baking powder, and sometimes some form of fat) are premixed, and the cook needs add only a few extra ingredients, usually eggs, water, and sometimes vegetable oil or butter. While the diversity of represented styles is limited, cake mixes do provide an easy and readily available homemade option for cooks who are not accomplished bakers.
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