How to Ace a Marketing Interview

HOW TO ACE A MARKETING INTERVIEW

WHO IS THIS GUY?

I hope he doesn’t waste half of my day! Professional background Olin History

Do I have to listen to a boring lecture? Golf Analogy

School Disclaimer Respect for Intellectual Property Rights

Note-taking Thank you!

MARKETING ROLES Brand Management Product Management Pricing Marketing Research/Consumer Insights Business Development Sales Advertising/Communication Shopper insights Customer Business Development

KRAFT MARKETING COMPETENCIES Problem solving

Uses rigorous logic and methods to solve difficult problems with effective solutions; probes all fruitful sources for answers; can see hidden problems; is excellent at honest analysis; looks beyond the obvious and doesn’t stop at the first answer.

Interpersonal Savvy Relates well to people up, down and sideways, inside and outside the organization; build

appropriate rapport; builds constructive and effective relationships; uses diplomacy and tact; can diffuse even high tension situations comfortably.

Building effective teams Blends into teams when needed; creates strong morale and spirit in her/her teams; shares

wins and successes; fosters open dialogue; lets people finish and be responsible for their work; defines success in terms of the whole team; creates a feeling of belonging in the team.

Idea Leadership Establishes and communicates a strategic direction; creates an environment that encourages

and reinforces breakthrough thinking; generates ideas that will take advantage of emerging opportunities; moves ideas forward.

Learning Embraces continuous learning and renewal; has an affinity for discovering new ideas,

experimenting to learn and acquiring knowledge.

ADDITIONAL COMPETENCIES High Business IQ Analytical Skills Strong Marketing Intuition Passion for marketing (consumer or generally what

you do)

STANDARD MARKETING INTERVIEW

Small talk Outline of Interview Behavioral/Experiential/Open-ended questions Marketing mini-case questions Next Steps Opportunity for interviewee to ask questions

INTERVIEW TECHNIQUES

Behavioral Past behaviors are predictive of success

Analytical Thinking, Creative Problem Solving, Leadership, Team Playing, Strategic Thinking, Communication, Persuasive Selling, Adaptability, Critical Thinking, Emotional Intelligence, etc.

Tell me about your biggest failure as a leader? Follow-up -- Why did you fail? What did you learn from it?

How could you have prevented it? When did it happen? Why do you consider it to be a big failure?

Give me an example from your professional experience of a time when you demonstrated that you are a great team player?

Follow-up – What was your role on the team? What would you have done if you had been leading the project?



Experiential Understanding the extent, significance and relevance of

a candidate’s experience I see on your resume you achieved “x,” can you tell

me about that? What was your most significant accomplishment at

“x?” What kind of analysis did you have to use to

complete the “x” project?




a candidate’s experience Open-ended

How does a candidate think/What does a candidate think is important

What questions can I answer for you? Tell me about yourself? Walk me through your resume.




a candidate’s experience Open-ended

How does a candidate think/What does a candidate think is important

Mini-case How well does a candidate understand marketing

What new CPG product that’s launched in the past 3 years has most impressed you? What consumer insight do you think led to it’s introduction? What are some of the success and failures of this effort?

ACING BEHAVIORAL QUESTIONS

Use the S*T*A*R model Situation/Task -- 25% Action -- 65% Result -- 10%

SAMPLE - BEHAVIORAL QUESTIONS

Four volunteers Process for answering questions

SAMPLE - BEHAVIORAL QUESTIONS

First volunteer - What’s the biggest obstacle you’ve overcome to achieve success? Use the S*T*A*R model

Situation/Task -- 25% Action -- 65% Result -- 10%

BEHAVIORAL QUESTIONS

What’s the biggest obstacle you’ve overcome to achieve success?

Second volunteer - Describe a professional or academic experience where persuasive and critical thinking skills were important to a positive outcome. Use the S*T*A*R model



Third Volunteer - Tell me what you think is your greatest leadership accomplishment? Use the S*T*A*R model



Fourth Volunteer - Tell me what you think is your greatest leadership accomplishment? Use the S*T*A*R model


ACING LEADERSHIP QUESTIONS

Understand what leadership is/isn’t Manager vs. Leader Problem solver?


Understand what leadership is/isn’t Know the critical skills

Visionary/Strategic Thinker Sees a strategic goal and creates a path

Initiator Recognizes opportunities before things are a problem

Motivator Gains buy-in from team members

Team Builder Identifies the needs of a team Matches roles/assignments with the skills of its members Empowers each member to influence the outcome

Producer (Delivers Results) Delivers positive outcomes


Understand what leadership is/isn’t Know the critical skills Share your understanding while framing the

answer Have multiple examples with complementary

skills


First and second volunteers (reprieve) -Tell me what you think is your greatest leadership accomplishment? Leadership Checklist

Vision Proactive Motivator Team Builder Results Driven

EXPERIENTIAL QUESTIONS

Know your resume Know what skills/experiences a company is

seeking Understand how your experience is relevant Emphasize your ability to create value or

positively change expectations for a role

OPEN-ENDED QUESTIONS

Come prepared with questions Know what you want to share about yourself Make sure you are abreast of current issues Do your homework Expect the unexpected

THE MARKETING MINI-CASE

The Evolution of the Marketing Interview 1st year vs. 2nd year interviews


The Basics – what you’ll learn in most prep classes 4 P’s

Product, Price, Placement, Promotion, Packaging


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s

Customer, Competition, Corporation


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s SWOT Analysis Segment the market

All categories reflect customers who have different needs and wants

Segmenting/Sizing/Targeting

Traditional

Exotic

Expensive

Inexpensive

Category – Restaurants


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s SWOT Analysis Segmenting Sizing Size the market

Every market segment has a uniquely sized consumer base


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s SWOT Analysis Segmenting Sizing Targeting

Every brand should focus on a defined audience (or set of audiences)


The Basics – what you’ll learn in most prep classes 4 P’s 3 C’s SWOT Analysis Segmenting Sizing Targeting Positioning

A brand must speak to its core customers in a compelling and persuasive manner


Beyond the Basics Listen, clarify and state assumptions


Beyond the Basics Listen, clarify and state assumptions Focus on Consumer Insights

Marketing is in large part knowing who your consumer is and understanding what their needs and wants are.


Beyond the Basics Listen, clarify and state assumptions Focus on Consumer Insights Focus on key issues, prioritize when possible

Use your frameworks to help guide your analysis and ultimately your answer but don’t let the frameworks become a crutch.


Beyond the Basics Listen, clarify and state assumptions Focus on Consumer Insights Focus on key issues, prioritize when possible Remember you’re running a business

A company has to be profitable to survive and a successful marketer must be understanding of all functional disciplines to be effective.


Beyond the Basics Listen, clarify and state assumptions Focus on Consumer Insights Focus on key issues, prioritize when possible Remember you’re running a business Integrate your campaigns using all forms of media

Communicating with the consumer is more than just television and traditional print. It includes packaging, electronic media (internet, social media, you-tube), word of mouth, displays, shelf talkers, PR, etc.

THE MARKETING MINI-CASEFl

exib

ility

Complexity

Navigating Tough Waters

Grab Your Life Jacket

The Holy Grail

The Basics Navigating Tough Waters


The Tales of Torture (a la Baskin Robins) 26 ways to effectively hang yourself

THE MARKETING MINI-CASE The Tales of Torture (a la Baskin Robins)

The Gang Plank Data Analysis Development of a marketing plan/strategy Consumer insights Competitive pricing Brand extension/rationalization/New Product launch Market sizing Supply chain/channel/salesforce challenges/changes/conflicts Competitive entry Private label Industry trends, challenges, future Understanding marketing levers, when to use and how to use Describe a well marketed/advertised brand Selling yourself/something Profitability analysis Creativity/unique ideas Budget allocation and defense Compare and contrast two brands/businesses Declining category, share, revenues, profitabilty Advertising/promotion analysis Brand analysis/acquisition/integration International expansion Marketing to multiple customer segments Crisis response Profit drivers Economic factors Inter-relationships of the marketing mix

THE MARKETING MINI-CASE The Tales of Torture

The Basics Consumer insights

Tell me about a new product launch that has invigorated or changed the rules of a category. What do you think was the consumer insight that led to the development and ultimate success of that product?

Advertising/promotion analysis Tell me about a current advertising campaign that you believe has been extremely

successful. Why was/is it successful? Private label

If you were running Heinz ketchup, how would you defend against private label? Declining category, share, revenues, profitability

You are brand manager on “x” and you are losing share. What might be happening? What do you do?

Selling yourself/something You are a box of cereal. How would you market yourself towards me?

Industry trends, challenges, future What are the three most critical issues facing the consumer products industry today and

what would you do to address these issues if you were CEO?


Navigating Tough Waters Development of a marketing plan/strategy

You have $15,000 to market The National MBA Source brand, put together an effective marketing plan.

Describe a well marketed/advertised brand Name a non-P&G, non-Kraft consumer product brand that is not being targeted

towards you and has superior marketing Competitive entry – defensive maneuvers

You’re the brand manager of a local brand of potato chips with a top selling low-fat brand. Frito-Lay comes out with a highly publicized no-fat chip. What do you do?

Compare and contrast two brands/businesses An owner of a convenience store and an owner of a movie theatre were discussing

their businesses. What similarities between their two businesses could they identify?

Brand extension/rationalization/new product launch Our brand currently has 8 sku’s and management has asked us to consider

rationalizing the sku’s. What are the key factors you are going to consider in rationalizing the line?

Market sizing You have produced a new product that is a cure for nearsightedness. Help us to

determine the market potential, the opportunities for pricing? Volume?


Grab your Life Jacket Inter-relationships of the marketing mix

You’re the brand manager for a cereal or shampoo (pick one), describe a new product you would introduce to drive category growth and how would you apply the marketing mix to this new product launch.

Supply chain/channel/salesforce challenges/changes/conflicts If you could change Pringles from a warehouse snack to a DSD snack, but you

would have to take $7.5 million out of advertising/promotion in order to do so, would you do it? Why/why not? What would happen to your top line? What would happen to your bottom line? How would your job change?

Marketing to multiple customer segments You are Sony. Your positioning has allowed you to capture the majority of the

early adopters of a new product. How do you move into mass market while keeping the core customers happy?

Creativity/Unique Ideas Tell me about a product that you have in your refrigerator right now. Now,

tell me what NEW product you would introduce to directly compete with that. Remember that it must be a NEW product.


The Holy Grail!Today’s Date = October 1, 2013

Brand “X”

Y-T-D Sales Budgeted Sales Forecasted Sales7,600,000 cases 10,000,000 cases 10,200,000 cases

Case Price $10.00/csNormal Trade Allowance $2.00/csNet Price on Deal = $8.00/cs

Presented Deal Wegman’s Key Account Manager

Potential 200,000 casesProposed $2.50 Trade AllowanceNovember 1, ship date

What do you do?

THE MARKETING MINI-CASE Four Volunteers – ideally two first year and two second year

students

THE MARKETING MINI-CASE Advertising Critique




Advertising Analysis Does the ad draw the consumer’s attention ? Is the brand recognizable? Who is the ad targeting (purchaser/influencer/consumer)? Does it convey a compelling point of difference (rational or

emotional) to the target? Does it motivate the consumer to action? Does it offer a positive return on investment?

MARKETING MINI-CASE If you were running Heinz ketchup, how would you defend

against private label?

MARKETING MINI-CASE Heinz Ketchup – Ideal Response

Use consumer insights to drive further innovation Leverage existing equity/emotional connections Offer differentiated products – sizes, flavors, delivery forms, etc. Continue to invest

MARKETING MINI-CASE No-Fat Potato Chip

You’re the brand manager of a local brand of potato chips with a top selling low-fat brand. Frito-Lay comes out with a highly publicized no-fat chip. What do you do?

MARKETING MINI-CASE No-Fat Potato Chip – IDEAL RESPONSE

Ascertain critical information about the competitive launch? Consumer Insight - Does this product speak to “my” consumer?

I would assume yes. Product implications -- Do I need to consider a no-fat product? If so,

what are my business/GM challenges (feasibility, timing, operational, financial, profit, marketing, sales, etc.)?

SWOT analysis – competitor/us? Short-term competitive measures

Leverage the local heritage with a highly integrated campaign (promotion)

Reinforce the regional taste preferences? (product) Ramp-up local distribution initiatives (placement) “Pantryload” my customers with BOGO’s, couponing, etc. (pricing)

THE MARKETING MINI-CASE When I’m not conducting workshops, I

run a luxury bed and breakfast in Oconomowoc, WI with my wife. How would you create a fully integrated marketing plan/campaign for our bed and breakfast?

THE MARKETING MINI-CASE Bed and Breakfast - IDEAL RESPONSE

Assumptions: Limited marketing budget, maximize occupancy, healthy margins, no seasonality, not a tourist destination

Market intelligence (location, competitive options, local economy, number of rooms, amenities, pricing, etc.)

Consumer insight – what do consumers want/need in a luxury B&B Target market considerations – Unique Challenge - two distinct consumer segments -

the weekend customer (local resident or visitor and vacationer) and the weekday customer (business traveler and retiree)

Positioning - develop a clear/cohesive/compelling message that differentiates the B&B Pricing – demand based pricing balancing amenities/pricing with area substitutes Promotion/Advertising –

TRADITIONAL - develop professional signage, brochures and flyers; build partnerships with local restaurants, shops and business/service organizations; make targeted donations to local charities; develop corporate accounts; and explore all plausible PR options

CONTEMPORARY - build a strong online presence with an SEO optimized website; create a facebook, yelp and trip-advisor pages; create a mobile site; join/buy into high profile bed and breakfast associations and strategic travel sites; use twitter, targeted emails and the website to call attention to special promotions/happenings/communications; and consider using youtube and pinterest

Additional Options – Online survey, Customer page, bookmark offer future discount

THE MARKETING MINI-CASE The Holy Grail!

Today’s Date = October 1, 2013Brand “X”

Y-T-D Sales Budgeted Sales Forecasted Sales7,600,000 cases 10,000,000 cases 10,200,000 cases

Case Price $10.00/csNormal Trade Allowance $2.00/csNet Price on Deal = $8.00/cs

Presented Deal Wegman’s Key Account Manager

Potential 200,000 casesProposed $2.50 Trade AllowanceNovember 1, ship date

What do you do?

THE MARKETING MINI-CASE For future consideration:

The consumer packaged goods industry like most industries is consolidating yet Kraft recently split into two companies – Kraft Grocery and Mondelez International. Why do you think they did it? Do you think it will be successful or a failure. Defend your answer?


You’re Vice-President of Palm Pilot and you’ve been asked to revitalize the brand. What would you do?


If you were CEO of Apple computer, what would you do to sustain Apple?


If you were General Motors and you had to market to both baby boomers and millienials what would be your marketing plan and what would be the general management implications?

FIVE BRANDING QUESTIONS TO UNDERSTAND

What makes a brand successful? What is the ultimate value of branding? What are some of the best examples of successful branding

(CPG and non CPG)? What is the difference between brand management and

product management? How does price factor into the branding equation?

SIX BEHAVIORAL QUESTIONS TO EXPECT

Tell me about yourself? Walk me through your resume? Why are you interested in “x” (brand management, product

management, pricing, digital marketing, etc.)? Why do you think you’ll be successful in “x” (brand

management, product management, pricing, digital marketing, etc.)?

Why are you interested in working for “x” (Heinz, HP, Amazon, etc.)?

What questions can I answer for you?

BE PREPARED WITH GREAT QUESTIONS

Questions reflect on how you think Questions - to ask

Questions that demonstrate an understanding of the company, industry, trends, etc.

Questions that offer insight into the culture and what personal factors drive success

Professional development and mentorship opportunities Corporate growth initiatives Questions that seek to understand responsibility and decision-

making authority at various levels Risk tolerance Cross functional opportunities Feedback

BE PREPARED WITH GREAT QUESTIONS Questions reflect on how you think Questions - to ask Questions - not to ask

Who will be my manager? Do I get to choose which brand I work on? Will I get to choose the type of projects I work on? Can I work for “X”?

HAND-OUTS Workshop survey Sample marketing questions Resume calculator Digital copy of this presentation

CONCLUSION

Be prepared for any format Every interview and every interviewer is different

Practice can significantly improve your success Use a micro-recorder, mock interviews, peer interviews,

marketing club, etc. Use each interview as a learning opportunity

About yourself, marketing and interviewing Get Feedback

NEED ADDITIONAL HELP

Contact me directly – in most cases my services are free

CONTACT INFORMATION

Randy BangsMBA Career Consultant

Market Equity, Inc.329 Pleasant Street

Oconomowoc, WI 53066262-639-5500 [email protected]

www.MBACareerConsultants.com

Documents

How to Ace a Marketing Interview