This is the mantra Marketing CC, DV TP, I mean I don't know if your boss quoted that – probably not because I just invented it, but what it means is your job is to create, communicate and deliver V value to a T target market.
At ap profit create, communicate and deliver value to a target market at a profit. Now let's take the create communicating deliver, creating value is called product management. Your product may be a service, but whatever whether it's, a tangible or an intangible.
Some way your company must have product management, that's, a that's, creating value, but you have to communicate value that's called branding and that's. Brand management. There's, a difference between product management and brand management.
You could have five products. What have you doing? What have you done to brand them to communicate, excitement, differentiation and so on and then to deliver value is called customer management. So you're in three businesses, product management, brand management and customer management, and they've changed.
You know, product management was really this business of you have a company and from the inside you make things, and then you ask the sales and marketing people to get rid of them, but you do it inside you do with your scientists and engineers.
What's? Changing in product management today take Procter and Gamble the ones making a new product for Procter & amp Gamble are not just they're scientists; they have connected with 10 times as many scientists outside see.
The old idea. Was you got to do things secretly? In other words, you're, inventing something that Unilever should know about closed doors. Now P & amp G will tap scientists anywhere in the world where they have solutions to a problem that P & amp G wants to sell.
For example, P & amp G makes Pringles and they decided that for kids, they'd, like to print funny things on each Pringle, which is a potato chip. How do you print a funny thing, a picture or a word on a Kringle chip and their scientists? Couldn't figure it out until they identified a cookie maker in Italy who has been printing things on his cookies, so it's called open technology.
Open innovation is the the word we're, giving find the best ideas anywhere they can come from. So with respect to product management, we & # 39. Ve opened it up with respect to brand management, the brand building that used to mean packaging.
It meant a name, a logo. Brand management today is what you're all about the brand is a promise. The brand inspires everything you do the way you act when you're approached and when you reach customers and it's emotional and be highly emotional, and there's.
There's, a new direction. Emotions were generally thought. The formula was this: I'm, going after your mind, I'm going after your heart. I want mine share and I want heart share. Now we're, saying we also want spirit, share, share of something a little more than narrow to your own interests.
We might be a firm that is civic, is caring and we to be appreciated, because we we care about the shape of the world and that's called corporate social responsibility or whatever, but in creating an emotional relationship.
It's. More than limited to the person's own nurturing of his or her ego, so CCD V, T P and even the D of customer management has changed. Customer management. Do you think you're doing customer management? If you essentially have a database of customers and you're, reaching them through direct mail and online email and so on, is that really customer management, or is that dealing with a database? What's new about customer management? Is we want to meet the customers and know them really beyond the database? In fact, we want to.
We want to get their help to get the customers help in creating products. We want to co-create with the customer our products and we want to even co-create our advertising. We want their help in creating ads for us now.
This is a radical change in marketing. You