Lesson 9 digital/ international/ local marketing, standardizing or adapting, ... Flashcards
market metrics
- it is a measuring system to assess a condition or its revolution
- are standards of measurment by which efficiency performance, progress or quality of a plan, process or product can be assessed
marketing accountability
refers to the use of metrics to link a firms marketing actions to financialy relevant outcomes and growyh overtime
marketing audit focuses on 2 themes
1 marketing accountability
2 marketing metrics
in the marketing accountability we avoid 4 pitfalls or business culture barriers
- DENIAL; leads to marketing isolation, the CMO denies the need to be accountible (results will come on its own)
- FEAR; marketing has ither a strong or weak performance. the CMO is tempted to avoid accountability. (hidding is better then claiming)
- CONFUSION; there is no understanding of the basic metrics. the MCO knows marketing accountability is needed but not how to achieve it.
- SMOKESCREEN; metrics lack an connection to companies objective. the MCO measures everything that can be easily measured
why do we need metrics?
We need metrics to manage marketing activity through all the
phases of the management process: researching, planning &
decision, implementing & documenting and controlling &
adjusting
Conditions for metrics?
- Robustness of the data (sources, methodology, precision,
relevancy, representative,…) - Scaling (targets, benchmarking, comparability)
- Adequacy (conform with the importance/urgency, the purpose)
Pitfalls for metrics?
o Paralysis instead of Analysis
o Looking for excuses, alibis
o Jumping to conclusions
o Disconnecting from reality
We measure performance with an holistic mind
emphasizing the importance of the whole as well as the
interdependence of its parts
holistic mind can be
- Inductive, Deductive and Abductive (source: philosophy)
- Atomistic versus Organic (source: physics)
- Emic versus Etic (source: anthropology)
- Proximal versus Distal (source: anatomy)
- Deductive
o Applying a theory to a specific situation
o Illustrating the theory by a case study
- Inductive
o Creating theory from facts and figures
o Modelling the practice into re-usable models
- Abductive
o Intuitively come to the best conclusion based on incomplete data
o ‘educated guess
Fermi-method
With existing observations from existing/new and secondary/primary data achieving the best available estimate based on acquired knowledge and expertise
- Atomistic
Study of the components: the details
- Organic
Study of the consistency: the relationships
- Etic
Study of the resemblance between concepts
- Emic
Study of the differences between concepts
- Proximal
Study of the direct consequences or relations
- Distal
Study of the indirect consequences or relations
marketing audit
what can be improved in the markting approach? business review
3 basic assessment of marketing audit
- evaluation of micro and micro enviroment
2 evaluation of marketing strategy
3 evaluation of the market organisation itself
market plan
shows what steps or actions will be taken to acheave goals
digital marketing mix
the use of digital technologies for place promotion and for interactions and access
the digital marketing mix uses
- phygital element; Physical (stores) and digital (sites)
- omnichannel; bricks and clicks
issues of digital media
- privacy and security
- addictive behalior (ethical)
it is harder to avoid declining of the image, fame (eg. cyberbulling)
international and interculural marketing mix differences
- international; administrative boundaries, issues transposed to other nations
- intercultural; cultural bouderies, marketing management issues transposed to othe social groups
international marketing evolved
- sales driven export
- marketing driven export
- multinational marketing ( think local act local)
- Global marketing (think global act global-
- Glocal marketing ( yhink global act local)
- born global (globally distributed functions from the founding)
issues of international marketing
- do we coppy past local marketing concept?
- do we take the international bussines seriously or occasionaly?
issues of international marketing
- do we coppy past local marketing concept?
- do we take the international bussines seriously or occasionaly?
2 dimentions of the international marketing
- involvement: the acing
(opportunity vs inegrating) - perspective: the thinking
(standarize vs adapt)
standardize vs adapt dilemma
2 studies
- etics studies: universal similarities, focus on comparability
- emic studies: specific characteristics, focus on dissimilarities
standardize vs adapt dilemma
2 approaches
- erical approach: search for international, cultural themes in local market
- emical approach: each culture has unique attributes, perseptions, motives and behavior we adapt local marketing
Look to the problem as a ‘construct’:
• that can be diagnostically distinguished in:
- Causes, what is the origin
- Consequences, to what it leads, directly and indirectly (kind of long term consequences)
- Symptoms, what we perceive (kind of short term consequences)
How do we interpret data?
We interpret data from a double perspective:
1. Our attitude towards business (vertical axis)
- Our attitude towards the benefits of ‘intelligence’ (horizontal axis)
The 6 thinking hats (Edward de Bono)
The White Hat: strenghts & weaknesses
The Green Hat: opportunities
The Black Hat: caution, threats
The Red Hat: affective intuition
The Yellow Hat: silver lining
The Blue Hat: manage the thinking process.
‘Six Thinking Hats’ guidelines are observed
