Information about Product Marketing
| Marketing |
| Key concepts |
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Product / Price / Promotion Placement / Service / Retail Marketing research Marketing strategy Marketing management |
| Promotional content |
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Advertising / Branding Direct marketing / Personal Sales Product placement / Public relations Publicity / Sales promotion Underwriting |
| Promotional media |
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Printing / Publication / Broadcasting Out-of-home / Internet marketing Point of sale / Novelty items Digital marketing / In-game Word of mouth |
Product marketing deals with the first of the "4P"'s of marketing, which are Product, Pricing, Place, and Promotion. Product marketing, as opposed to product management, deals with more outbound marketing tasks. For example, product management deals with the nuts and bolts of product development within a firm, whereas product marketing deals with marketing the product to prospects, customers, and others. Product marketing, as a job function within a firm, also differs from other marketing jobs such as Marcom or marketing communications, online marketing, advertising, marketing strategy, etc.
Role of Product Marketing
Product marketing in a business addresses four important strategic questions: [1]- What products will be offered (i.e., the breadth and depth of the product line)?
- Who will be the target customers (i.e., the boundaries of the market segments to be served)?
- How will the products reach those customers (i.e., the distribution channels to be used)?
- Why will customers prefer our products to those of competitors (i.e., the distinctive attributes and value to be provided)?
Product Marketing vs. Product Management
Product marketing frequently differs from product management in high-tech companies. Whereas the product manager is required to take a product's requirements from the sales and marketing personnel and create a product requirements document (PRD)[2], which will be used by the engineering team to build the product, the product marketing manager can be engaged in the task of creating a marketing requirements document (MRD), which is used as source for the product management to develop the PRD.In other companies the product manager creates both the MRDs and the PRDs, while the product marketing manager does outbound tasks like giving product demonstrations in trade shows, creating marketing collateral like hot-sheets, beat-sheets, cheat sheets, data sheets, white papers, and case studies. This requires the product marketing manager to be skilled not only in competitor analysis, market research, and technical writing, but also in more business oriented activities like conducting ROI and NPV analyses on technology investments, strategizing how the decision criteria of the prospects or customers can be changed so that they buy the company's product vis-a-vis the competitor's product, etc.
In smaller high-tech firms or start-ups, product marketing and product management functions can be blurred, and both tasks may be borne by one individual. However, as the company grows someone needs to focus on creating good requirements documents for the engineering team, whereas someone else needs to focus on how to analyze the market, influence the "analysts", press, etc. When such clear demarcation becomes visible, the former falls under the domain of product management, and the later, under product marketing. In Silicon Valley, in particular, product marketing professionals have considerable domain experience in a particular market or technology or both. Some Silicon Valley firms have titles such as Product Marketing Engineer, who tend to be promoted to managers in due course.
The trend that is emerging in Silicon Valley is for companies hire a team of a product marketing manager with a technical marketing manager. The Technical Marketing role is becoming more valuable as companies become more competitive and seek to reduce costs and time to market.
Qualifications
The typical qualifications demanded by hi-tech companies for product marketing and product management professionals are an engineering degree followed up with an MBA, allowing technical understanding to be combined with a sound business acumen and approach. However, this is not always the case.References
- ^ This is described in further detail by S. Wheelright and K. Clark in Revolutionizing Product Development (1992), p. 40-41; at the beginning of the section titled "Product/Market Planning and Strategy".
- ^ This thirty page PRD details the authoring of the product requirement document in further detail, and can be viewed at http://software.franteractive.com.
External Links
Marketing is a social process which satisfies consumers' wants. The term includes advertising, distribution and selling of a product or service. It is also concerned with anticipating the customers' future needs and wants, often through market research.
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Pricing is one of the four p's of the marketing mix. The other three aspects are product management, promotion, and place. It is also a key variable in microeconomic price allocation theory.
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Promotion is one of the four key aspects of the marketing mix. The other three elements are product management, pricing, and distribution. Promotion involves disseminating information about a product, product line, brand, or company.
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Distribution is one of the 4 aspects of marketing. A distributor is the middleman between the manufacturer and retailer. After a product is manufactured it is typically shipped (and usually sold) to a distributor.
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Service can refer to:
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- Public services, services carried out with the aim of providing a public good
- A penetrant, as defined by a building code
- Service (Systems Architecture), the provision of a discrete business or technology function within a systems environment; i.
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Retailing consists of the sale of goods or merchandise, from a fixed location such as a department store or kiosk, in small or individual lots for direct consumption by the purchaser.[1] Retailing may include subordinated services, such as delivery.
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Market research is broader in scope and examines all aspects of a business environment. It asks questions about competitors, market structure, government regulations, economic trends, technological advances, and numerous other factors that make up the business environment.
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A marketing strategy[1] [2] is a process that can allow an organization to concentrate its (always limited) resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
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Marketing management is a business discipline focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.
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Advertising is paid, one-way communication through a medium in which the sponsor is identified and the message is controlled by the sponsor. Variations include publicity, public relations, etc..
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A brand includes a name, logo, slogan, and/or design scheme associated with a product or service. Brand recognition and other reactions are created by the use of the product or service and through the influence of advertising, design, and media commentary.
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Sales are the activities involved in providing products or services in return for money or other compensation. It is an act of completion of a commercial activity.[1]
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Product placement advertisements are promotional ads placed by marketers using real commercial products and services in media, where the presence of a particular brand is the result of an economic exchange.
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Topics in journalism
Professional issues
Ethics & objectivity
Sources & attribution
News & news values
Reporting & writing
Fourth estate • Libel law
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Advocacy journalism
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Professional issues
Ethics & objectivity
Sources & attribution
News & news values
Reporting & writing
Fourth estate • Libel law
Education & books
Other topics
Fields
Advocacy journalism
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Publicity is the deliberate attempt to manage the public's perception of a subject. The subjects of publicity include people (for example, politicians and performing artists), goods and services, organizations of all kinds, and works of art or entertainment.
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Sales promotion is one of the four aspects of promotional mix. (The other three parts of the promotional mix are advertising, personal selling, and publicity/public relations.
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An underwriting spot is an announcement made on public broadcasting outlets, especially in the United States, in exchange for funding. These spots usually mention the name of the sponsor, and can resemble traditional advertising in commercial broadcasting, but there are
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publish is to make publicly known, and in reference to text and images, it can mean distributing paper copies to the public, or putting the content on a website.
The word publication means the act of publishing
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The word publication means the act of publishing
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Broadcasting is the distribution of audio and/or video signals which transmit programs to an audience. The audience may be the general public or a relatively large sub-audience, such as children or young adults.
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Out-of-home advertising (also referred to as OOH) is essentially all type of advertising that reaches the consumer while he or she is outside the home. This is in contrast to broadcast, print, or internet advertising, which may be delivered to viewers out-of-home (e.g.
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Internet marketing, also referred to as online marketing or Emarketing, is marketing that uses the Internet. The Internet has brought many unique benefits to marketing including low costs in distributing information and media to a global audience.
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Point-of-sale displays are special advertising vehicles that are found near, on, or next to a checkout counter. This is meant to entice the customer into buying more products, or products that are on a special offer.
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Promotional items or promotional products refers to articles of merchandise that are used in marketing and communication programs. The items are usually imprinted or decorated with a company's name, logo or message, using techniques such as Embroidery, Silkscreen, or
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Digital Marketing is the practice of promoting products and services using digital distribution channels to reach consumers in a timely, relevant, personal and cost-effective manner.
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In-game advertising (IGA) refers to the use of computer and video games as a medium in which to deliver advertising. 2005 spending on in-game advertising was USD$56 million, and this figure is estimated to grow to $1.
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Word of mouth, is a reference to the passing of information by verbal means, especially recommendations, but also general information, in an informal, person-to-person manner.
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Marketing is a social process which satisfies consumers' wants. The term includes advertising, distribution and selling of a product or service. It is also concerned with anticipating the customers' future needs and wants, often through market research.
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Aspinwall Classification System (Leo Aspinwall, 1958) classifies and rates products based on five variables:
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- Replacement rate (How frequently is the product repurchased?)
- Gross margin (How much profit is obtained from each product?)
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