Futureofmarketing

the future of marketingWhite PaperThe future of marketing 1 >>

Foreword In these challenging times, marketing and a marketing orientation have rarely been more important. Yet time and time again we see the value of marketing being questioned and marketing budgets cut. White Paper: I believe marketing is essential to the success of organisations. However, sometimes marketers are their own worst enemy, failing to account for their often considerable Marketing’s decline: budgets, falling back on dull and uninspiring campaigns, and floundering when questioned on the financial impact of their strategies. a wild exaggeration? Dr Evmorfia Argyriou, Aston Business School, UK This White Paper, the result of research completed for The Professor Peter Leeflang, Rijksuniversiteit Groningen, The Netherlands Institute by Aston Business School, reveals how marketers themselves perceive their role and importantly how they are Professor John Saunders, Aston Business School, UK and AUDENCIA Grade École, Nantes, France perceived by their colleagues in the finance department. Professor Peter Verhoef, Rijksuniversiteit Groningen, The Netherlands Whilst marketing is unquestionably central to business success – with marketing orientation and the influence of marketing within a firm critical to business performance – our Paper shows that marketers must overcome their own Contents weaknesses if they are to prove the value they add and earn the respect of their peers. 2 Marketing’s decline? 4 Marketing now David Thorp Director of Research and Professional Development 6 Marketing is loved! The Chartered Institute of Marketing 7 Calling our bluff 8 Stuck in the muddle 10 Win-win strategies for marketing 18 Marketing ahead! cpd 1 hour 22 CoursesChartered CPD Programme 26 ReadsReading this publication can count towards yourannual CPD record. However, additional hours maynot be claimed for attending the associated event.www.cim.co.uk/charteredcpdThe Chartered Institute of Marketing

the future of marketing Marketing’s decline? Is the rumour of marketing’s decline found that only 10 per cent of specialists who have not, until no longer improve corporate wildly exaggerated? If recent meeting time in the boardroom recently, been guided by the performance? Has the substantial pundits are right, marketing in the is devoted to marketing issues – voice of the customer.” Professor influence of marketing in Europe UK is down and on the way out. and the fraction could be falling Philip Kotler concludes that chief and the US that Christian Homburg – while Professor Nirmalya Kumar executives cannot find evidence of and fellow researchers reported in The widely publicised Deloitte sees marketing losing ground the added value of marketing. the Journal of Marketing just ten Report found that only 20 per within firms. Given the neglect of years ago fallen away? cent of senior marketers believe marketing issues at board level, it So has marketing fallen from marketing is truly effective, whilst is not surprising that Jane Simms its peak when Regis McKenna only 12 per cent think the role of reports in Marketing that although proclaimed that ‘marketing is marketing is clearly articulated in some board members have a everything and everything is their organisation. In Marketing marketing background, the number marketing’ in the Harvard Business News, Don Schultz adds that most of chief executives with marketing Review? Does market orientation marketers lack good measurement on their CV continues to decline. systems, tend to blame other departments for failure, focus on The cries of despair are not expenditure instead of revenue, and only confined to the UK. Many promise too much and deliver too marketing academics in the US little. recognise similar trends. Frederick Webster, Emeritus Professor If that is true, it is no wonder that at Dartmouth College, sees Cranfield Business School’s study marketing as under siege, as the of FTSE 500 companies concluded influence of marketing departments that other directors “see marketing declines and its responsibilities are directors as unaccountable, dispersed across organisations. untouchable, slippery and He explains that “for the past expensive”. two or three decades, marketing has effectively ceded its strategic It gets worse. At London Business responsibilities to other organisation School, Professor Tim Ambler>> 2 3 >>

the future of marketing ONE: Marketing now The rumoured decline of their John Saunders of Aston Business Business discipline stimulated Peter School to conduct a survey of 100 Performance Verhoef and Peter Leeflang of Chief Marketing Officers (CMOs). Market Rijksuniversiteit Groningen, in the To cross check the views of Orientation Netherlands, to seek support from marketers, The Chartered Institute the American Marketing Science of Management Accountants Marketing’s Influence Institute to conduct an international also provided access to 100 Within the Firm Chief Financial Officers (CFOs) of comparable firms. Marketing If the competition An electronic survey provided Department Firm Characteristics Environmental Characteristics Capabilities is intense and the a wealth of information on marketing’s influence within market turbulent, businesses, barriers to marketing’s Figure 1: From Marketing Capabilities to Business Performance influence, and how these relate to marketers are business performance. In the latter case it is market Second, the type of firm in likely to have more Figure 1 shows the flow from the orientation, not just the power of the marketing function, which which the marketers operate. For instance, businesses with a influence than if their marketing department’s capabilities to business performance. increases performance. short-term emphasis may resort to cost cutting rather than investing firm operates within This represents two ways for the There are three potential in marketing activities based upon determinants of marketing’s understanding customer needs. a benign monopoly y marketing department to influence influence within a firm. performance. Either a direct And finally, the business effect, where the benefits of a First, the marketing department’s environment facing the firm. If the strong marketing function flow competence. For example, competition is intense and the study into the state of marketing immediately into improved business marketers who are creative or market turbulent, marketers are today. As part of the global project, performance, or an indirect effect, more accountable are likely to have likely to have more influence than if The Chartered Institute of Marketing where a strong marketing function enhanced influence. their firm operates within a benign funded Evmorfia Argyriou and increases marketing orientation. monopoly.>> 4 The Chartered Institute of Marketing 5 >>

the future of marketing TWO: TWO: Marketing is loved! Calling our bluff It is a relief, and somewhat to possess a good knowledge In many areas, the CFOs views of regular measurement of customer surprising, that CMOs and CFOs, of marketing (72 per cent) and marketing are significantly more service shines through although, agree so much on the importance the skills necessary to convert positive than CMOs. This may here again, marketers remain less of marketing and the quality of customer needs into technical be because marketers are more convinced (84 per cent versus 76 their firm’s marketers. There is specifications (62 per cent). jaundiced of their firm’s marketing per cent). no significant difference in the activity since they have a more proportion that recognise the However, the accord between accurate understanding of their strategic importance of marketing marketers and accountants does hold a warning. In contrast to limitations. Alternatively, the bias In many areas, CFOs (68 per cent) or the exceptional may be the result of marketers importance of branding to their Regis McKenna’s proclamation being successful in ‘talking up their views of marketing business (80 per cent). that ‘marketing is everything and game’ to other senior managers. everything is marketing’ there is are significantly more Many also hold the view that clear agreement that marketing One example of this bias is the business exists primarily to serve has its place in an organisation overwhelmingly positive view of positive than CMOs s customers (62 per cent). Marketers and should stay there – 74 per CFOs that top managers have are particularly respected for their cent agree that the marketing respect for marketing compared ability to systematically measure department’s primary responsibility with the respect CMOs feel; 88 per Surprisingly CFOs have a higher customer satisfaction (65 per is marketing decisions and nothing cent versus 66 per cent (in all cases regard for the quality of information cent), monitor the ability to serve else. Maybe Regis McKenna’s claim the percentage for CFOs is given processed by the marketing customers (52 per cent), and needs amending to ‘marketing is ahead of that for CMOs). department than marketers do promote customer needs within [just]…marketing’. themselves (65 per cent versus the firm (65 per cent). Indeed, more Similarly, CFOs and CMOs hold 51 per cent). The possibility that than half of respondents thought contrasting views on the firm’s marketers are keeping something their firms were more customer competitive strategy being based back is reflected in the contrasting focused than their competitors (52 on customer needs (74 per cent perceptions of how well the news per cent). versus 60 per cent), and on of market successes and failures business objectives being largely is freely transmitted across the There is also widespread respect derived for customer satisfaction business (53 per cent versus 43 per for the professionalism of (67 per cent versus 52 per cent). cent). marketers. They are perceived A dedication to the routine and>> 6 The Chartered Institute of Marketing 7 >>

the future of marketing THREE: Stuck in the muddle CFOs and CMOs also concur financial outcomes of marketing Despite the hubris that once per cent versus 47 per cent). on marketing’s weaknesses. activities (15 per cent versus 24 per cloaked marketing, few now think Encouragingly there is a strong The revised proclamation that cent), and its effectiveness at linking that marketing is more influential view that marketing decisions ‘marketing is [just]…marketing’ with other business activities (28 than other functions (23 per cent), are the primary responsibility rings true once again. per cent versus 37 per cent). These that marketing is more critical than of the marketing department criticisms are further evidence other functions (23 per cent), or (74 per cent). However, many of the lack of accountability that that marketing dominates other see marketing departments as functions (18 per cent). Sitting expensive (75 per cent versus 45 M Marketing is Deloitte and others decry. grumpily in their silos, many CMOs per cent), uncreative, and little able important, but no The second weakness that CFOs and CMOs agree upon is a view marketing as less important than other functions (43 per cent), to demonstrate financial returns – a dangerous indictment, especially more than making depressing one for the marketing although few CFOs agree with during a recession. profession – marketers are failing them (13 per cent). things, finance, to engage both the analytical and creative sides of their brains. Yes, marketing is important, but no and recruiting the more than making things, finance Most think their marketing and recruiting the people who run people who run lacks novelty (61 per cent) and the business. the businesss promotional strategies are routine (53 per cent). Many say marketers As shown earlier, managers value have an unadventurous emphasis marketing and the expertise of on tested and proven methods (43 marketers. Both CFOs and CMOs agree per cent), employing a business model that is ‘nothing special’ (44 However, they draw a distinction that marketers rarely show how per cent) and run dull campaigns between serving customers customer needs can be taken into (47 per cent). Should we rephrase as the primary aim of their account in strategy (79 per cent). again; ‘marketing is [just …routine] business and marketers being In a similar vein, both functions …marketing?’ the dominant force. Only a recognise the introversion of minority believe that marketing marketing in paying attention to the is everyone’s responsibility (38>> 8 The Chartered Institute of Marketing 9 >>

the future of marketing FOUR: Win-win strategies for marketing A headmaster’s report for marketing Top management respect Marketing accountability could well read “has great potential The first finding is how ‘top Top management can win by but must try harder”. An examination management support’ for backing marketing, but that win- of those companies with the best marketing has a significant dual win only occurs if marketers earn business performance shows how to effect on business performance. respect. achieve this potential. By support we mean that top The answer is a win-win for top management has respect for management and marketers. the activities of the marketing T The marketing Figure 2 represents the win-win that Business department, does not consider department is Performance the marketing department to be is derived from statistical analysis expensive, and recognises the a facilitator that using simultaneous equation strategic importance of marketing. estimation and allows a parallel Market helps the whole investigation into the importance of Orientation This vision releases two boosters the items that make up Figure 1. of business performance: first, organisation For further details of the process the unique ability of the marketing read Peter Verhoef and Peter department to add value in the realise that their Marketing’s Leeflang’s March 2009 article in the Journal of Marketing. Influence: Top management market place and, second, it helps the marketing department guide the business survives support whole organisation towards market and thrives by orientation. This does not mean Marketing Firm that marketing people dominate serving customers s Dept. Capabilities: Characteristics: other functions. Rather, the +accountability +B2C marketing department is a facilitator +marketing -short term orientation creativeness -services that helps the whole organisation The good news is that earning that +customer connectedness realise that their business survives respect requires competences, -integration with sales and thrives by serving customers. not geniuses. The first route to Figure 2: Marketing’s win, win>> 10 The Chartered Institute of Marketing 11 >>

the future of marketing respect is accountability. That the financial impact of marketing CFOs and CMOs agree that Fortunately, a marketer who is not means projecting and living with strategies – not just sales but marketing campaigns often a genius or is unable to employ a the financial outcomes of plans and contribution, profits and return lack excitement and originality genius can become creative. This strategies, developing several skills on investment. It means using – little wonder that marketing has two stages. First, recognising and having courage. the language that top managers departments, whose campaigns that creativity is within everyone understand: money. are dull, predictable, routine or and that we often construct The first skill is forecasting ‘nothing special’, do not gain top psychological or social barriers that outcomes. The second skill is Courage is bundled with the management respect. stop it getting out. Second, there dynamic forecasting that shows analytical skills that are central are numerous tried and tested tools the impact of marketing activities to market accountability. An Marketing has a popular image for stimulating creativity individually on sales. This usually means a accountable marketer forecasts the of being exciting, fresh and novel. or in groups. financial gains from marketing, and The best performing marketers fulfil then accepts the consequences these expectations. Top managers But, once again, marketing S Success comes of failure alongside the glory of respect marketers with trendsetting creativity does not exist alone. It success. Marketing accountability is ideas that are an industry model. takes courage to be different. It from creating an tough intellectually and spiritually – seems less risky to be an industry There are several routes to such environment where no wonder many marketers choose PowerPoint rather than Excel to success. follower using tried and tested routines. The meek might inherit the creativity is applauded secure a bigger budget! Some marketers are geniuses, able earth, but they certainly will not gain marketing respect. and rewarded, not Marketing creativity to generate strings of novel ideas but, alas, most people are not. The The evidence suggests that to Get even closer to the swamped by gain marketing success and smart manager therefore learns customer recognition, marketers need to to cultivate or work with creative Senior management is impressed indifference and engage both sides of the brain: the people, either in an agency or by marketing’s ability to keep close left hemisphere for the sequential inside the firm. Success also comes to customers. Unlike marketing cynicismm and analytical processes necessary from creating an environment accountability and marketing for accountability, and the holistic where creativity is applauded creativity that are perceived as rigorous approach to collecting and intuitive strengths of the right and rewarded, not swamped by weaknesses, customer proximity is and analysing past campaigns. The hemisphere that help creative indifference and cynicism. a marketing strength. final skill is the ability to represent marketing.>> 12 13 >>

Nevertheless, some firms cuddle up closer than others. Such extreme customer connectedness increases customer needs across the firm and ensure that customer needs are a foundation of corporate strategy. marketing excellence marketing’s influence within the firm and hence market orientation and business performance. If marketing is part Just consider, if true marketers were concerned about the needs of customers with No Income, No Job or Assets (NINJA), the vulnerable poor would not have been duped into taking on the subprime loans awards 2009 that have wrecked their own lives, of sales, or is limited many financial institutions, and the world economy. Caring about the to sales support, its customer really does matter. true potential is not Making marketing fail Get the recognition achievedd Despite the great skills and you deserve knowledge of marketers, their ability to generate corporate performance As the body that maintains, develops and sets In truth, it is not just being close can be defeated. If marketing is the marketing industry standards, who better to to the customer that matters, part of sales, or is limited to sales give you the reward you’re worthy of. but the ability to convert the support, its true potential is not ensuing customer awareness into achieved. Market orientation and Compete with the very best from your industry. commercial opportunities – in corporate performance improve Our elite panel of marketing experts particular, having the knowledge, skill because of its influence across and leaders from your sector are looking to and creativity to convert customer the firm, not just sales. If deployed highlight marketing excellence and recognise needs into technical specifications, merely as sales support activity, your exemplary contribution to the profession. Closing date new products or services. marketing lacks the necessary for entries is strength to champion customers 24 July 2009 6 October 2009 | London Marketers also gain influence by across the firm or influence Celebrate your marketing success with us, the Full information is on getting out of their silo to champion strategy. leading international professional marketing body. www.cim.co.uk/awards>> 14 The Chartered Institute of Marketing

the future of marketing Similarly, the true power of effect of these rarely has a positive Marketing for all consumables or business services. marketing is lost if a firm is short- contribution once the give-aways The influence of marketing So many B2B and service term orientated. Marketing’s end. A marketer with a grasp of within the firm and marketing marketers are already close to their knowledge of customers and marketing accountability realises orientation increases the business customers. the ability to generate sales can that these quick fixes often lose performance of all the sectors money, since giving a 10 per cent studied, but the influence is In contrast, long distribution discount can mean a 50 per cent stronger in B2C markets. chains and powerful retailers often cut in profit margin. occupy the space between a B2C P Product quality, In one sense, this is to be expected company and its consumers. There In contrast, the routes to long-run since modern marketing evolved are two possible reasons why innovation and market share gain require a long- in selling consumer products. Only marketing performs best in B2C term investment. Product quality, later did marketing’s influence grow markets. Firstly, marketing is more strong brands do innovation and strong brands do in services and B2B markets. developed in its B2C birthplace. not come quickly, not come quickly, but they are In another sense, the relative Secondly, marketing and keeping the ingredients of high corporate close to customers is harder in but they are the returns. strength of marketing in B2C B2C markets where customers is odd. Many services, such as are remote, but that distance gives ingredients of high Marketers need to gain influence banks, deal directly with their more space for the best marketers in order to guide their firms away customers, as do B2B suppliers of to excel. corporate returnss from short-termism and towards capital equipment, components, sustainable strategies based on customer needs. There is a generate short-term results, but lesson for senior management these quick wins do not convert too. Marketing must earn respect, into customer orientation or but a top management team that strategies based on long-term concentrates on quick returns and customer needs. Discounting and bundles marketing in with sales, sales promotions are typical tools reduces their firm’s performance for grabbing quick sales but the and their own bonuses.>> 16 The Chartered Institute of Marketing 17 >>

the future of marketing THREE: Marketing ahead! Senior marketing and finance officers agree on marketing’s important contribution Few now accept marketing as marketers are good at this primary to strategy, the exceptional importance of branding, and the need for businesses the supreme business discipline. task, the best marketers are to be customer centred. They also have faith in marketers having the knowledge True the customer is central to exceptional. The marketers who and skills to understand customers. There is further encouragement in the organisations, but giving the gain most respect in organisations evidence that marketing orientation improves business performance. Furthermore, customer what they want also means are able to convey customer needs firms need to recognise that in the UK both business performance and marketing successful operations, research and across a firm and can convert orientation increase with marketing’s influence within a firm. But, like an iceberg development, financial management, their knowledge into new product (see Figure 3 below), much of marketing’s potential strength is below the surface. personnel and training. Successful ideas. Customer knowledge is too marketers work hard to understand important to be impounded in the customers and transmit customer marketing department. needs across the organisation and Marketing in into strategy. It is worth remembering Marketing is exciting because it strategy is so challenging. Top marketers how the excessive pride and ambition of classical heroes (and need proficiency and daring. To Customers Branding Customer some modern bankers) led to their gain respect and authority in an closeness downfall and humiliation. organisation they need the creative flair to produce original and exciting Sales support Short term Both marketers and senior managers campaigns that are industry Courage can help unleash marketing’s ability leading. Many senior marketers see to improve corporate performance. their marketing activities as dull, To reap the benefits of marketing, unadventurous and safe. If that is Marketing Marketing chief executives need to separate their view, what do their customers creativity accountability marketing from the sales function think? and release marketing from the demand for short-term returns. Being conventional, ‘me tooing’, and sticking to what is familiar is Marketers also have work to do in safe and easy, but did not create creating wealth from ideas. Senior the Airbus 380, IKEA, the iPod, Figure 3: Marketing’s Iceberg managers believe that marketers Nokia, Virgin Atlantic or the Wii. It are good at understanding takes courage to be different, and customers but, while most that is what marketers need.>> 18 The Chartered Institute of Marketing 19 >>

Marketing Marketers also need courage to gain Businesses need to recognise that adaptability the respect of their peers by showing marketing is central to business Survival of the fittest the financial outcomes of their success. Both marketing orientation brave ventures. Top management and the influence of marketing within Annual National is about financial returns. It is not a firm add to business performance. Conference enough to moan that accountants, It is clear what marketing has to 29 September 2009 not marketers, dominate top do. To unleash their true promise, management. Businesses live or die marketers need accountability, by their ability to manage risk and creativity and courage, these three; show good returns. However, it is but the greatest of these is courage. in the market that value is added. Almost everything else a firm does adds cost. Customers have transformed – make sure you adapt Discover how to respond to these rapid changes and exploit the new opportunities at our fast-track learning day covering: • Marketing strategy • Customer relationship management • Marketing communications • Stakeholder management You will leave equipped with smarter techniques, tools and unique insights from some of the most pre-eminent marketing minds in business today. Join us at our conference: 29 September 2009 Grange St Paul’s Hotel London EC4V 5BD Full details and to book your place www.cim.co.uk/nationalconference +44 (0)1628 427340 nationalconference@cim.co.uk>> 20 1 290909

the future of marketing | courses Why Marketing Matters – A Strategic Grounding Strategic Marketing Masterclass The strategic benefits you will gain from a rigorous, Delivering organisational success by putting the disciplined approach to marketing your organisation customer at the heart of planning We can no longer rely upon our belief that traditional product, service and technological Transforming product facing, financially driven strategies into effective market led superiorities are sufficient to retain and grow our businesses. We need a new model in approaches is not an easy process but it is increasingly recognised as critical to which we deliberately create and deliver superior VALUE to our customers. organisational success. This masterclass tackles these critical issues head on. This course will deliver to senior business leaders the necessary philosophies, concepts The main challenge facing many organisations today is how to ensure their activities and tools to enable their organisations to compete in today’s markets. We will examine are customer focused and their strategy externally driven. Today’s changing business the concept of value in detail and demonstrate how this can be mobilised to create environment drives the continual search for competitive advantage and this masterclass exceptional business performance. We will study in depth how customers, markets and is designed to provide delegates with the knowledge, tools and techniques to achieve competitors think, and how this insight can create new and exciting opportunities for our this. The programme includes mentoring and clinic sessions ensuring delegates have the enterprises. confidence and support to instigate changes in their own business context. You will learn how to: You will learn how to: • Apply the guiding principles and philosophies of marketing at a mature level, and how • Structure and write strategic and operational marketing plans these contribute to organisational viability, growth and profitability • Assess your organisation’s use of strategic marketing and make constructive • Analyse markets and customers from a value perspective and how to use this knowledge recommendations to maximise ‘business’ benefits from a customer orientated to improve overall business performance perspective • Identify sources of competitive advantage and how these can be applied in developing • Appreciate the customer-focused planning process and be able to map your an effective competitive strategy organisation’s decision-making against it • Build a value-based marketing strategy that mobilises the real capabilities of your • Use the key tools and techniques that ensure planning is externally focused organisation • Manage segmentation analysis and decision making • Challenge marketing plans and proposals effectively while adding value to them • Recognise barriers to achieving high performance organisations and teams, and be able • Critically evaluate alternative marketing approaches to recommend practical steps to overcome these in a variety of scenarios • Use market and customer knowledge to create and execute realistic value propositions • Appreciate the critical importance of control and be able to recommend a range of for different groups control metrics in financial and marketing terms • Contribute to the development of a customer-focused orientation Course Information: Course Information: 35 CPD hours Five day residential course (split 3+2) 21 CPD hours Three day residential course Level: Masterclass Course code: 0174 Level: Masterclass Course code: 0173 For further information, please call our Client Service Team on For further information, please call our Client Service Team on +44 (0)1628 427200, email training@cim.co.uk or book online at +44 (0)1628 427200, email training@cim.co.uk or book online at www.cim.co.uk/0174 www.cim.co.uk/0173>> 22 +44 (0)1628 427200 www.cim.co.uk/training training@cim.co.uk +44 (0)1628 427200 www.cim.co.uk/training training@cim.co.uk 23 >>

the futurethe marketing marketing of future of | courses Creative Marketing Communications Marketing Metrics – Communications creativity is about message, media Measuring Marketing Performance orchestration and how to get it right Putting the numbers into your marketing Modern marketing communications take many forms, including off and online options As numbers represent the language of business, marketers need to adopt a more that have influence at all organisational levels. Creative communications are essential in all quantitative methodology to the development and implementation of marketing plans their forms regardless of which media is being employed. and activities. They need not only to be able to explain their plans but also justify the strategy, tactics and outcomes with numbers. The purpose of this course is to ensure a thorough understanding of the communications landscape and consider how to be creative in terms of media, message, timing, This course is designed to help you answer relatively simple questions such as how integration and delivery. successful was our last e-mail campaign and more challenging ones such as what’s the explicit link between satisfaction and loyalty. Answering such questions will help you You will learn how to: to successfully answer the ultimate question... what exactly do we get in return for our • Construct a communications plan substantial expenditure on marketing? The insight, knowledge and expertise gained will • Select appropriate media options result in greater confidence when developing and implementing plans and/or defending • Design appropriate messages or attracting additional budget. • Establish budgets You will learn how to: • Manage the communications process • Explain and use tools such as ‘effectiveness metrics’, ‘brand equity’ and ‘ROI’ • Communicate skills absorbed to others in the workplace • Design appropriate marketing metrics with appropriate calculation formulae Course Information: • Use common performance measurement frameworks (such as the ‘Balanced 14 CPD hours Two day residential course Scorecard’) within your marketing department Level: Masterclass Course code: 0061 • Avoid common design, implementation and management pitfalls • Determine what works and what doesn’t and allocate your marketing budget accordingly For further information, please call our Client Service Team on • Measure the efficiency and effectiveness of strategic and tactical marketing activities +44 (0)1628 427200, email training@cim.co.uk or book online at • Understand the growing relevance and usefulness of direct marketing tools and www.cim.co.uk/0061 techniques with their in-built response mechanism and metrics • Use models (econometric), basic marketing mathematics and statistics • Develop marketing plans with the emphasis on implementation, evaluation and feedback (control) • Establish links between market activities, performance and results • Ensure that marketing is seen as focused, accountable and adding value Course Information: 14 CPD hours Two day residential course Level: Advanced Course code: 0517 For further information, please call our Client Service Team on +44 (0)1628 427200, email training@cim.co.uk or book online at www.cim.co.uk/0517>> 24 +44 (0)1628 427200 www.cim.co.uk/training training@cim.co.uk +44 (0)1628 427200 www.cim.co.uk/training training@cim.co.uk 25 >>

the future of marketing | reads the future of marketing Marketing as Strategy Marketing Champions Advertising Next Marketing Payback Nirmalya Kumar Roy A Young, Allen M Weiss PhD, Tom Himpe Robert Shaw and David Merrick Harvard Business School Press David W Stewart PhD Thames & Hudson FT/Prentice Hall £24.99 Wiley £24.95 £24.99 ISBN: 1591392101 £19.99 ISBN: 9780500514160 ISBN: 0273688847 ISBN: 0471744956 Although marketing ideas of customer- With 400 glossy pages covering 150 Professor Robert Shaw and David orientation and customer retention are In this insightful and engaging book, advertising campaigns, this beautiful book Merrick have set out to help marketers increasingly ‘front of mind’ for CEOs, they the authors argue that the marketing by Thames & Hudson is obviously a feast answer the fundamental question ‘Is your rarely turn to their marketers to see them profession is often poorly regarded by for the eyes, but it is also a book that marketing profitable?’. The book attempts implemented across the organisation. colleagues in other functions, and as a stimulates the mind. to bridge the gaping chasm that often Kumar examines why this is. result, marketers struggle to gain the exists between marketing and finance, credibility and respect they deserve. The book has a simple objective: to and help marketers talk the language of In Kumar’s eyes, the problem boils down explore, illustrate and define a new set of business – numbers – more fluently. ‘This to marketing being seen and indeed all They outline four main myths about rules for brand behaviour in the digital age. book is written for those frustrated and too often behaving tactically rather than marketing that are widely held in hard-working souls who know they’re strategically. To address the problem he organisations – marketing is purely Through 17 themes, Himple covers 150 not dumb, but find that the technical proposes marketers look at strategic advertising; marketing supports sales; ground-breaking campaigns that are complexities make them feel helpless.’ rather than market segments and adopt marketing isn’t needed for product highly innovative and will open your eyes his 3V model (Valued Customer, Value development; and perhaps most crucially, to the countless possibilities the digital Split into three sections, the book looks Proposition and Value Network). By marketing has nothing to do with revenue age now offers. at whether your marketing is profitable, becoming more strategic and driving a and profits. solutions to common problems, and more customer-orientated approach, ‘Almost overnight, the digital revolution financial planning and control. As well as marketers can create real value for the ‘As long as other executives perceive has turned all the rules of branding on expertly addressing the broader context company and the CEO. no connection between marketing and their head. What matters now is not size, of marketing metrics, it also provides hard, cold cash flowing into the company, but attitude: flexible, agile, transparent in detailed advice on topics such as ‘As marketers, are we ready to face these marketers will find it virtually impossible to actions, global in mindset. The campaigns valuing brands, pricing, promotions and challenges? We have nothing to lose exercise their influence and thus deliver in this book enable small companies to think budgeting. except hierarchies, national and functional value to their organisation.’ big – and force big companies to act small.’ boundaries, and, most of all, the four Ps.’ If marketers are to gain the confidence of To overcome these obstacles the authors colleagues and increase their influence in set out their ‘marketing compass’, a organisations, they must take to heart the visual representation of the internal lessons from this superb book. constituencies marketers must manage if they are to become marketing champions. Order now through The Chartered Institute of Marketing’s bookshop>> 26 +44 (0)1628 427427 www.cim.co.uk/shop cimdirect@cim.co.uk and receive a 15% discount, quoting TFOM0509 27 >>

the future of marketing Information and Library Service Vital business intelligence at your ﬁngertips… The Chartered Institute of Marketing’s Information and Library Service is available for all your marketing queries, whether it’s a simple, quick question or a more in-depth research request. Our stock incorporates marketing books, directories and market research reports, including Mintel and Key Note. We also carry 120 marketing-related journals. We have the resources and the professionals to help you with your information needs… whatever they may be. Exclusive Members’ Area Online In addition to this physical resource, Institute members can access an expanded online selection of journals and company reports via Marketing Resources: www.cim.co.uk/marketingresources ‘Cutting Edge gives you the information edge’ Our weekly digest of the latest marketing news comes to Institute members via Cutting Edge. Access the current edition through the “Marketing Resources area” and sign up to the alert service. www.cim.co.uk/cuttingedge Don’t let your Don’t let your For more information, visit www.cim.co.uk/library, hard work vanish work vanish www.cim.co.uk/marketingresources or call +44 (0)1628 427333 without a trace without a trace Get your own copy of the Marketing Trends Survey You’ve worked hard. You’ve learned a a lot. You’ve worked hard. You’ve learned lot. The Chartered Institute of Marketing’s latest Marketing Trends Survey (Autumn 2008) Now make sure you get recognition for it. Now make sure you get recognition for it. reveals that marketers are gloomier than ever about the UK’s economic outlook. As a marketer, you know you need to As a marketer, you know you need to learn The survey, completed for The Institute by Ipsos MORI, reveals that 73 per cent of learn new skills and gain new experience. new skills and gain new experience. But it’s But it’s also crucial to make sure that marketers believe the UK will be in recession in 2009, and 70 per cent believe conditions also crucial to make sure employers and current and prospective that current for the UK economy will worsen in the year ahead – the highest ﬁgure since the survey prospective employers recognise your efforts. recognise your efforts. began, and up 30 per cent on this time last year. Our Chartered CPD Programme does Our Chartered CPD Programme does MTS is produced by Ipsos MORI for The Chartered Institute of exactly that. Free to members, it it is an exactly that. Free to members, is an Marketing on a bi-annual basis. It is now available to purchase from essential record of your career development, essential record of your career development, Marketing trends The Institute’s Information and Library Service. A summary of the and an important step towards achieving and an important step towards achieving survey Autumn 2008 Chartered Marketer status. Chartered Marketer status. report is available to Institute members at www.cim.co.uk/mts Please contact +44 (0)1628 427333 for further details. Register now and gain the recognition Register now and gain the recognition you deserve. you deserve. Price: Members £125 Visit www.cim.co.uk/cpd or call our CPD Visit www.cim.co.uk/charteredcpd Completed for The Chartered Institute www.cim.co.uk Non-members £200 team today on +44 (0)1628 427273. or call our CPD team today on of Marketing by Ipsos MORI +44 (0)1628 427273.>> 28 +44 (0)1628 427333 www.cim.co.uk/marketingresources library@cim.co.uk 29 >>

The Chartered Institute of Marketing Moor Hall Cookham Maidenhead Berkshire SL6 9QH, UK Tel: +44 (0)1628 427500 Email: info@cim.co.uk www.cim.co.uk © The Chartered Institute of Marketing 2009. All rights reserved. Permission to reproduce or extract material from this publication must be sought from The Chartered Institute of Marketing. Details correct at time of print. 14270>> 30 The Chartered Institute of Marketing

Futureofmarketing

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