The Strategic Sourceror has served as a resource for supply chain professionals since 2008 and covers anything from procurement transformation to packaging specifics. You can access any of our categories from our header, but we wanted to put a little something extra together for you. In this series, we're giving you a list of our top blogs of all time and we're going to give them to you per area of expertise. This is a perfect opportunity for those getting an introduction to Procurement and Supply Chain Management to familiarize themselves with the hottest topics in the industry.
In this edition, we’ll focus on Marketing.
1. Contents of a Thorough Marketing Statement of Work
The statement of work (SOW) is an essential, if not the most essential, part of a work contract. This document will outline and describe the responsibilities and costs of a project and, therefore, eliminate any foggy areas. A SOW needs to be especially detailed for a Marketing project to ensure all deadlines and requirements are met. Victoria Baston lists the five sections that should be included in a SOW and offers a few pointers to keep in mind during the drafting process.
2. Media Buying? No . . . Media Procurement
Marketing somehow manages to be both invaluable for a company's success and shadowy in terms of its hard dollar worth. This is due to its intangible nature. That said, cost savings is generally one of the main goals for a procurement team and it can be difficult to give marketing a fair space up against the more tangible departments. While there is no concrete formula for determining the ROI of marketing, companies are still recognizing its worth and more Procurement teams are finding value to investing in media purchases. Steve Tatum weighs in on how Procurement’s interest in media investments is evolving.
3. The Stunning Growth of Adidas
Although Adidas has long held a prominent spot in the performance wear market, 2017 and 2018 have been especially revolutionary for the brand. Eric Yoder discusses the reasons why Adidas has been able to wrestle with the Jordan Brand for the second spot in the market (with Nike in first). The article hones in on celebrity endorser, Kanye West, who launched his line Yeezy line in 2015 and brought Adidas into the spotlight.
4. Five Best Sourcing Practices for Marketing
The RFP process can be tedious and troublesome as many suppliers don't know how to distinguish themselves from other applicants. Expectations and timelines should be explicitly outlined for productive communication to occur, whether that results in a business relationship or not. Both parties risk losing time and resources if the operation is not handled properly. Katherine Wang outlines five best practices to keep in mind when carrying out the RFP process.
5. The Decoupling Debate (Part 3): The Pros and Cons of Decoupling Agency Services
In the Marketing world, decoupling is the process of outsourcing certain creative content within the advertising division. Both separating duties and centralizing them have their pros and cons, but here's a breakdown of both arguments. This blog stands as part three of the great "Decoupling Debate" where Megan Connell and Kathleen Jordan unwrap everything "decoupling". Read the first installment to get a better understanding of decoupling here.
6. A Procurement Professional’s Guide to Keeping Up with Marketing Trends, Part II
Procurement teams must stay briefed on the latest breakthroughs and trends in Marketing. This can be difficult to achieve properly as the number of resources for obtaining information is always growing. This article is a continuation of a two-part series by Megan Connell, addressing how procurement managers can remain acquainted with Marketing news.
7. A Procurement Professional’s Guide to Keeping Up With Marketing Trends
It can be difficult to discern which resources will deliver the most accurate and up-to-date information due to the large scope of the internet. As procurement professionals, you're going to want to know what's really occurring in the Marketing sphere. In this series, we'll provide a list of resources you can trust to deliver credible and relevant information in marketing today.
8. PepsiCo Decentralizes Their Marketing Team
PepsiCo has recently decided to decentralize its marketing department. They have made strategic moves such as allowing each brand under PepsiCo to manage their own advertising and marketing strategies and allowing procurement to take a step back in marketing decisions. Will this shift cause the marketing team at PepsiCo to consequently acquire their own rendition of procurement skills to stay afloat? Read what Peter Portanova has to say on the topic.
9. The Decoupling Debate (Part 2): The Evolution of Decoupling Agency Services
Decoupling occurs when the advertising department decides to disconnect the production of content from the actual agency; essentially decentralizing the work. Here, Megan Connell will unpack what decoupling is and address the ongoing conversations concerning it. This blog stands as part two of the great "Decoupling Debate" where Connell and Kathleen Jordan unwrap everything "decoupling". Read the first installment to get a better understanding of decoupling here.
10. When to Join the Social Conversation
Whether your company is business-to-consumer or business-to-business, social media has become an essential marketing tool. While facilitating engagement is essential and sometimes involves creating content related to a trending event, it's not always the right move. It a politically and socially polarized era, businesses must tread lightly when it comes to what they broadcast. Megan Connell reviews a few aspects to consider when businesses decide to bring social media into their advertising strategy.