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Book part
Publication date: 13 November 2017

Robert Kozielski, Michał Dziekoński, Jacek Pogorzelski and Grzegorz Urbanek

The term ‘strategy’ is one of the most frequently used terms in business, and its application in marketing is particularly common. Company strategy, market strategy, marketing…

Abstract

The term ‘strategy’ is one of the most frequently used terms in business, and its application in marketing is particularly common. Company strategy, market strategy, marketing strategy, sales strategy, promotion strategy, distribution strategy, low pricing strategy – it would take a long time to list all of them. Although this term is so commonly in use, its definition is not as straightforward and it can be interpreted in different ways. In comparison with tactical decisions, strategy is much more significant for an organisation as it brings long-lasting consequences. It is implemented by higher level managers on a regular basis, and it is based on external, often subjective information, so decisions – especially at the time they are made – are difficult to evaluate.

Taking into consideration the fact that strategy refers to a long-term rather than a short-term period, strategic decisions serve as the basis for undertaking operational activities. However, marketing refers to the market and the competition. It is possible to claim that marketing strategy is trying to find an answer to the question to which path an organisation should follow in order to achieve its goals and objectives. If, for example, a company has a goal to generate a profit of PLN 1 million by selling 100,000 pieces of a product, the market strategy should answer at least the following two questions:

  1. Who will be our target group, for example, who will purchase the 100,000 pieces of the product?

  2. Why is it us from whom a potential buyer should purchase the product?

Who will be our target group, for example, who will purchase the 100,000 pieces of the product?

Why is it us from whom a potential buyer should purchase the product?

The target market will be defined if a reply to the first question is provided. The second question identifies the foundations of competitive advantage. These two issues, that is, target market and competitive advantage are the strategic marketing issues. You cannot change your target group unexpectedly while competitive advantage is the basis for changing decisions regarding prices, promotions and sales.

This chapter describes the measures of marketing activities which refer to strategic aspects and testify a company’s market position – the measures of the performance of target groups and competitive advantage. Readers’ attention should be also focused on the indices that are less popular in Poland and, therefore, may be underestimated. It seems that some of them, for example, the index of marketing resources allocation and the marketing risk index, provide a lot of valuable information and, at the same time, make it possible to show the value of marketing investments. Their wider use in the near future is only a matter of time.

Book part
Publication date: 1 January 2006

Donald R. Lehmann

Abstract

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Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1305-9

Book part
Publication date: 27 September 2021

Evert de Haan, Peter C. Verhoef and Thorsten Wiesel

Attitudes, perceptions, and intentions of a firm's customers, which can be captured via customer feedback metrics (CFMs), provide valuable information about the state of a firm's…

Abstract

Attitudes, perceptions, and intentions of a firm's customers, which can be captured via customer feedback metrics (CFMs), provide valuable information about the state of a firm's customer base. CFMs can help capture the impact of marketing actions on future customer behavior and future firm performance, and thus can help make marketing become more accountable. CFMs have received much attention in marketing research and business practice since the 1970s. In this chapter, we provide a short historical overview of the development of, and research about, CFMs, we classify the different types of CFMs, we highlight the empirical findings of the drivers and consequences of CFMs, and we explore how CFMs can be integrated in a firm's customer dashboard in order to make marketing more accountable. We furthermore explore some of the challenges in accurately measuring CFMs, and in the end of this chapter, we provide information on how to capture CFMs in the age of social listening via modern tools involving text-, voice-, and video-mining.

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Marketing Accountability for Marketing and Non-marketing Outcomes
Type: Book
ISBN: 978-1-83867-563-9

Keywords

Book part
Publication date: 2 September 2014

Shuba Srinivasan

This chapter integrates research that highlights and demonstrates the importance of the marketing mix and customer attitudinal metrics in influencing the customer’s path to…

Abstract

This chapter integrates research that highlights and demonstrates the importance of the marketing mix and customer attitudinal metrics in influencing the customer’s path to purchase. A key objective of this chapter is the provision of an integrative conceptual framework that links marketing actions to customer mindset metrics along the consumer’s path to purchase and the identification of the mechanisms by which customer mindset metrics contribute to consumer purchase journey. Specifically, it delineates two routes for the effects to manifest on sales: the “mindset route” where marketing actions influence customer mindset metrics, which in turn influence brand performance, or the “transactions route” where marketing actions influence market performance directly without influencing the intermediate mindset metrics. A second objective is to identify empirical patterns on incorporating marketing mix and mindset metrics along the path to purchase by reviewing key papers in this domain. Finally, the chapter concludes with the formulation of a rich, forward-looking research agenda on the customer mindset metrics – path to purchase link.

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Shopper Marketing and the Role of In-Store Marketing
Type: Book
ISBN: 978-1-78441-001-8

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Book part
Publication date: 27 September 2021

Neil Thomas Bendle, Jonathan Knowles and Moeen Naseer Butt

Marketers frequently lament the lack of representation of marketing in the boardroom and the short tenure of CMOs. The most common explanations offered are that marketing is not…

Abstract

Marketers frequently lament the lack of representation of marketing in the boardroom and the short tenure of CMOs. The most common explanations offered are that marketing is not perceived as a strategic discipline and that marketers do not demonstrate a strong enough understanding of how the business makes money.

Financial accounting is how “score is kept” in terms of business performance. It is, therefore, in the self-interest of marketers to become familiar with financial reporting. Doing so will allow them to understand how marketing activities are recorded. In addition, academic researchers need to understand the meaning of the financial measures that they often use as the metrics of success when researching marketing strategy questions.

This is especially important since financial reporting generally does not recognize assets created by marketing investments. In order to substantiate a claim that “brands are assets”, marketers must be able to explain how the financial accounting rules misrepresent economic reality and why managers might use a different set of principles for management reporting.

We argue that the misrepresentation of market-based assets has two forms of negative impact for marketers: external and internal. The external problems are that financial statements are not especially informative about the value of marketing for the providers of capital and do not provide a true portrait of the economic resource base of the company. The internal problems are that marketers cannot point to valuable assets that they are creating, nor can they be effectively held accountable for the way that these assets are managed given that the assets are not recorded.

We do not expect immediate radical changes in financial reporting because financial accounting rules are designed with the specific interests of the suppliers of capital (debt and equity) in mind. To influence financial accounting developments, such as encouraging greater disclosure of marketing activity in the notes to the published accounts, marketers must be able to communicate in language understood by accountants and the current users of financial accounts. To aid this we provide guidance for marketers on the purpose and practices of accounting. We also discuss how academic marketing researchers might wish to adjust financial accounting data to capitalize a proportion of marketing expenses for companies where marketing is a primary driver of business performance.

Details

Marketing Accountability for Marketing and Non-marketing Outcomes
Type: Book
ISBN: 978-1-83867-563-9

Keywords

Book part
Publication date: 13 November 2017

Robert Kozielski, Michał Dziekoński, Michał Medowski, Jacek Pogorzelski and Marcin Ostachowski

Companies spend millions on training their sales representatives. Thousands of textbooks have been published; thousands of training videos have been recorded. Hundreds of good…

Abstract

Companies spend millions on training their sales representatives. Thousands of textbooks have been published; thousands of training videos have been recorded. Hundreds of good pieces of advice and tips for sales representatives have been presented along with hundreds of sales methods and techniques. Probably the largest number of indicators and measures are applied in sales and distribution. On the one hand, this is a result of the fact that sales provide revenue and profit to a company; on the other hand, the concept of management by objectives turns out to be most effective in regional sales teams with reference to sales representatives and methods of performance evaluation. As a result, a whole array of indices has been created which enable the evaluation of sales representatives’ work and make it possible to manage goods distribution in a better way.

The indices presented in this chapter are rooted in the consumer market and are applied most often to this type of market (particularly in relation to fast-moving consumer goods at the level of retail trade). Nevertheless, many of them can be used on other markets (services, means of production) and at other trade levels (wholesale).

Although the values of many indices presented herein are usually calculated by market research agencies and delivered to companies in the form of synthetic results, we have placed the emphasis on the ability to determine them independently, both in descriptive and exemplifying terms. We consider it important to understand the genesis of indices and build the ability to interpret them on that basis. What is significant is that the indices can be interpreted differently; the same index may provide a different assessment of a product’s, brand or company’s position in the market depending on the parameters taken into account. Therefore, we strive to show a certain way of thinking rather than give ready-made recipes and cite ‘proven’ principles. Sales and distribution are dynamic phenomena, and limiting them within the framework of ‘one proper’ interpretation would be an intellectual abuse.

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

Book part
Publication date: 13 November 2017

Robert Kozielski, Michał Dziekoński and Jacek Pogorzelski

It is generally recognised that companies spend approximately 50% of their marketing budget on promotional activities. Advertising belongs to the most visible areas of a company’s…

Abstract

It is generally recognised that companies spend approximately 50% of their marketing budget on promotional activities. Advertising belongs to the most visible areas of a company’s activity. Therefore, it should not be surprising that the average recipient associates marketing with advertising, competitions and leaflets about new promotions delivered to houses or offices. Advertising, especially Internet advertising, is one of the most effective forms of marketing and one of the fastest developing areas of business. New channels of communication are emerging all the time – the Internet, digital television, mobile telephony; accompanied by new forms, such as the so-called ambient media. Advertising benefits from the achievements of many fields of science, that is, psychology, sociology, statistics, medicine and economics. At the same time, it combines science and the arts – it requires both knowledge and intuition. Contemporary advertising has different forms and areas of activity; yet it is always closely linked with the operations of a company – it is a form of marketing communication.

The indices of marketing communication presented in this chapter are generally known and used not only by advertising agencies but also by the marketing departments of many organisations. Brand awareness, advertising scope and frequency, the penetration index or the response rate belong to the most widely used indices; others, like the conversion rate or the affinity index, will get increasingly more significant along with the process of professionalisation of the environment of marketing specialists in Poland and with increased pressure on measuring marketing activities. Marketing indices are used for not only planning activities, but also their evaluation; some of them, such as telemarketing, mailing and coupons, provide an extensive array of possibilities of performance evaluation.

Book part
Publication date: 13 November 2017

Robert Kozielski, Grzegorz Mazurek, Anna Miotk and Artur Maciorowski

It seems that the Internet boom, which started at the end of the 1990s and finished with the spectacular collapse of the so-called dotcoms, is probably over. We are currently…

Abstract

It seems that the Internet boom, which started at the end of the 1990s and finished with the spectacular collapse of the so-called dotcoms, is probably over. We are currently enjoying a period of fast and stable growth. This is manifested by the growing number of both Internet users and companies which – to an ever-increasing extent – use the Internet as a form of communication (both internal and external), promotion, sales etc. Expenditures on Internet advertising are growing continuously and now constitute more than 25% of all advertising expenditure. A natural consequence of this development is the need for the standardisation and organisation of the world of the Internet. These activities will result in a greater awareness of the benefits which this medium provides, increasing the possibilities of its use, and – most importantly – the opportunity to evaluate the return on investments made on the Internet. Nowadays, it is clear that many companies are striving to increase the quality of their activities on the Internet or to improve the effectiveness of such activities. As a consequence, the number of companies that look for indices which would enable the making of more precise and effective decisions in the scope of online operations is growing.

This chapter is dedicated to the phenomenon of the increasing role of the Internet in business, including the scale of its use by Polish and international companies. We present the most commonly used measures of marketing activities on the Internet and in social media. This group includes the indices which make it possible to determine whether a company actually needs a website. Other measures allow for the improvement in the effectiveness of the activity on the Internet, whereas others specify the costs of activities on the Internet and often serve as the basis for settlements between a company and advertising agencies or companies specialising in website design. It is worth emphasising that the Paid, Earned, Shared, Owned (PESO) model, worked out by Don Bartholomew,1 is the basis for creation and description of indices concerning social media. This model has gained certain popularity in the social media industry. It does not, however, specify how individual indices should be named and calculated. It maps already existing indices and adapts them to specific levels of marketing communication measurement. All the measures indicated by the author of the model have been grouped into five major areas: exposure, engagement, brand awareness, action and recommendations. This model– similarly to all models of performance measurement – inspired by the sales funnel concept, adjusts certain standard indices and proposals of measurements for specific levels. Additionally, the measures are divided into four types, depending on who the owner of the content is: Paid (P) – refers to all forms of paid content; Owned (O) – all websites and web properties controlled by a company or brand; Earned (E) – the contents about a given brand created spontaneously by Internet users; and Shared (S) – the contents shared by Internet users.

Details

Mastering Market Analytics
Type: Book
ISBN: 978-1-78714-835-2

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Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-85724-727-8

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