Hello, everybody, hello and good afternoon. Ford School of Public Policy, and I am so thrilled to see all of you here with us this afternoon. It is my very great honor to welcome you here today as the University of Michigan celebrates the return to campus of one of our most distinguished alumni, Mr.
The Decline of the Influence of Marketing in the Boardroom: The problems and the cure 12 Feb By Professor Malco The widely-held belief that marketing is mainly a communications function 2. The phenomenally -rapid acceleration of digital technology.
As a consequence, marketing moved away from the board and came to be perceived as mainly a promotional function. Neither has Marketing's self-destructive focus on the measurement of tactical promotional expenditure in an attempt to prove that they are not wasteful, self-indulgent and innumerate helped our cause.
The advent of digital exacerbated this perception.
Readers will have all encountered cartoons showing a Service marketing nordic school lecture 1 board of directors listening to a CMO saying something along the following lines: Of course, digital is important, representing as it does a valuable addition to an already-impressive list of two-way communication channels, but it is not marketing.
It should be obvious to anyone that without a robust strategy for what is sold and to whom, developing a digital strategy is impossible. How many pence are there in a pound and how many of these can be cut? Cost cutting is finite, whereas creating value for customers is infinite and is limited only by our creativity and imagination—surely the role of marketing.
It is also worth noting that the UK has twelve times more accountants per capita than Germany Pearson Which country, I ask, has been more successful over the past sixty years? This represents a massive opportunity for the marketing and sales community.
A recent article on the future of marketing in HBR re-emphasised the need for marketers with traditional marketing expertise and claimed that these basic capabilities are missing from our community.
Another, in Management Today in October explained why product excellence is no longer enough. There are no bad products today. The consequence is that product excellence has to be augmented by differentiation in the market place.
In spite of my criticism of the state of marketing today, our research at Cranfield shows that successful marketers make a major contribution to corporate wealth by understanding markets, doing proper needs-based segmentation, developing quantified value propositions, competitive analysis, portfolio analysis and managing market place risk.
So, the time has come to tell the world about the real contribution that world class marketers make to the creation of shareholder value. This will not come from econometric models although these are important nor from simple measures of marketing effectiveness.
Top executives still don't know how to convert, for example, brand equity to " real " equity, whilst single numbers such as the net promoter score just do not convince anyone.
Hence the "show-us-the-money" school at the top of most companies. The most common objective of modern commercial organisations is the sustainable creation of shareholder value.
This can be achieved only by providing shareholders with a total return from capital growth and dividend yield that exceeds their risk-adjusted required rate of return for this particular investment.
In today's highly competitive environment, the major sources of shareholder value creation are the intangible marketing assets of the business, such as brands, customer relationships and channels of distribution, the 80 per cent of the company's value that does not appear on the traditional balance sheet.
Consequently, the critical future marketing strategies of a company, which indicate how these assets are to be developed, maintained and exploited, are the role of properly-trained marketing specialists, not some geek playing around with technology.
So, a changed approach is necessary, which entails getting back to basics and this represents a major opportunity for our community. The forecasts are that marketing is morphing into a technology-based discipline to cope with the new age of technology.
Whilst this is almost certainly true, we must not forget to focus on the fundamentals of marketing and we must learn how to embrace technological developments as essential tools to help us in our quest to build real value for our target markets. Only this way will we let boards of directors see the major contribution we make to corporate strategy.
The Knowledge Development Committee of the Worshipful Company of Marketors during the next two years will be focussing on helping the marketing community to embrace the plethora of new technology innovations and tie them in to what really matters in the boardroom.
From this and other seminal papers on the state of marketing, it is difficult not to conclude that the discipline of marketing is destined to become increasingly less influential in the board room unless there is some kind of revolution The future can be bright for us all, but not without a fundamental paradigm shift.
February Pascale R Managing on the Edge. The cause and the cure HBR December pp CANCELLED - "Reyner Banham and the Paradoxes of High Tech" - Todd Gannon, Ph.D. Professor and Section Head, Ohio State Knowlton School of Architecture.
The MIT Sloan School of Management is a world-class business school long renowned for thought leadership and the ability to successfully partner theory and practice.
– The purpose of this paper is to offer a reflective account of the emergence of new marketing theory as seen through the lens of the Nordic School of Service. Led by Noe and Sue Belcher, formerly Lakeside’s director of summer school programs and upper school library department head who now serves as Lakeside’s micro-school director, a team has been working on site selection, curriculum development, finances, staffing, marketing and communications, and outreach to potential students and families.
At a global session you won't sit in lecture halls—you'll learn in small groups with an enjoyable mix of presentations, exercises, role-playing and experience sharing. Participants work in teams comprised of peers from around the world, and are led by trainers from multiple global Bain offices.
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