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The CMO Survey: Updates and Questions Christine Moorman Fuqua School of Business Duke University August 4, 2007 1 Completed Tasks Reviewed relevant practitioner and academic literature. Interviewed 30 academic and practitioner thought leaders (e.g., CMOs, CEOs, COO, profs, consultants) Interview focus: What is marketing’s unique source of insight that can lead thought and practice? What do decision makers need to know about marketing in the future? What do nonmarketers need to know about marketer’s views and marketing activities? 2 Completed Tasks Synthesized literature and interviews to derive: Survey goals Survey position Standard survey questions Special interest survey topics 3 Survey Goals Lead thinking about marketing by predicting the future of the marketplace and marketing actions Rationale: This is marketers’ unique knowledge. Rationale: Many non-marketers need the views of marketing leaders. Calibrate marketing thinking Rationale: Marketers don’t know how their ideas, strategies, organization, and outcomes compare to other firms. Build longitudinal data about marketing in top firms Rationale: Limited data exists and this limits knowledge development. 4 http://www.cfosurvey.org/ Recent Broadcast Media Recent Print Media CNBC - Closing Bell, March 7, 2007 Wall Street Journal, March 8, 2007 CNBC - Closing Bell, November 29, 2006 Financial Times, March 8, 2007 Associated Press, March 7, 2007 Bloomberg News, March 8, 2007 Reuters Newswire, March 7, 2007 Columbus Dispatch, March 8, 2007 Bloomberg TV Asia June 8, 2006 Syracuse Post-Standard, March 8, 2007 Accountancy Age, March 8, 2007 CNBC - Closing Bell, June 7, 2006 USA Today, February 27, 2007 The Canadian Press, June 8, 2006 Associated Press, November 29, 2006 CNN Headline News, June 8,2006 Reuters. November 29, 2006 Bloomberg TV, November 3, 2006 BBC TV Asia Business Report (broadcast from Singapore). September 14, 2006 BBC World, June 8, 2006 Survey Positioning Dimensions Longitudinal vs. Cross-sectional (participants, questions) Objective vs. Partial to interest Strategic vs. Tactical Forward-looking vs. Historical Valuable to marketers and non-marketers vs. Valuable to marketers 6 Survey Position CMO Survey Longitudinal (L) vs. -General questions (L) Cross-sectional (C) -Special questions (C) Retain informants over time CMO Council Surveys Marketing Leadership Council Survey Cross-sectional questions and respondents Cross-sectional questions and respondents Strategic vs. Tactics Strategic Both Tactical Objective vs. Partial Objective Pro-Marketing Pro-Marketing Forward-looking vs. Historical Mix with emphasis on Forward-looking Historical Historical Valuable to Marketers & Nonmarketers vs. Marketers Marketers and Nonmarketers Marketers Marketers 7 Steps in the Design Process AMA Coalition feedback Informant feedback CMO feedback CEO feedback Financial analyst feedback Marketing knowledge/service provider feedback News organization feedback 8 Operational Issues: Current Thinking Survey incentives Customized feedback promised Help develop a thought-leadership role for marketing Survey implementation Once or twice a year Likely follow CFO web/mail model Database of top marketing officers currently being developed from Fortune 1000. Business unit officers will be included when relevant USA (Y1-Y3), Europe (Y4-Y5), next steps Privacy key 9 Your Assistance Question topics Goal: Narrow to 5-7 depending on number of questions Rationale: Larger than CFO survey because once a year; however, not fatiguing (15 mins. max) Specific questions Goal: Narrow number of questions to most impactful set 10 Question Areas 1. Predictions of Marketplace Dynamics 2. Predictions of Spending on Marketing and Growth 7. Marketing Portfolio 8. Marketing Function 9. CMO and Firm Characteristics 3. Marketing Performance and Goals 4. Marketing Knowledge Investments 5. Marketing-HR 6. Marketing & Society 11 (1) Predictions of Marketplace Dynamics Marketing predictions Customer predictions Competitor predictions Intermediary/partner predictions 12 Marketing Predictions: General Are you more or less optimistic about the marketing prospects for your company compared to last year? Scale: More, less, no change Question is similar to the CFO survey which asks about financial prospects Are you more or less optimistic about the marketing prospects for your company? Rate your optimism on a scale from 0-100 with 0 being the least optimistic and 100 being the most optimistic Question is similar to the CFO survey which asks about financial prospects 13 Customer Predictions - Specific Which direction will the following customer indicators in your industry move in the next year? Increase, decrease, stay the same % change Focus on price, quality, innovation, and service Loyalty Level of response to marketing efforts Speed of response to marketing efforts Use of technology to interact with firms Ratings: Demand levels How valuable marketing is to the customer How valuable marketing is to society at large 14 Competitor Predictions In the next 6-12 months, which direction do you anticipate competitors in your industry will take the following actions? Ratings: Increase, decrease, stay the same % change Focus on price, quality, innovation, and service Imitate your firm’s marketing approaches Introduce new marketing approaches Enter new markets Introduce new products Intensity of rivalry 15 Intermediaries/Partner Predictions In the next 6-12 months, how likely is it that your partners will engage in the following activities? Ratings: Increase, decrease, stay the same % change Focus on price, quality, innovation and service Information sharing Commitment to the relationship Outsource some of the services they perform for you 16 (2) Predictions of Spending on Marketing Relative to the previous year, rate your firm’s % change in spending during the next year? Relative to the previous year, rate your firm’s % change in spending for growth during the next year? Overall marketing Web-related marketing Traditional advertising CRM activities Branding Building knowledge about marketing Channel relationships Partner relationships Marketing training Marketing research Current markets, services, products New products developed by your firm, acquired by your firm, licensed by your firm, developed through partnerships New services developed by your firm, acquired by your firm, developed through partnerships New markets developed by your firm, acquired by your firm, reached through partnerships 17 (2) Predictions of Spending on Growth Relative to the previous year, rate your firm’s % change in spending for growth during the next year? New services: Current markets, services, products New products: Developed by your firm Developed through partnerships Acquired by your firm Licensed by your firm Developed by your firm Developed through partnerships Acquired by your firm Licensed by your firm New markets: Developed by your firm Developed through partnerships Acquired by your firm Licensed by your firm 18 (3) Marketing Performance/Goals Rate your firm’s % change in performance on the following metrics during the last year? What % change in performance do you expect on the following metrics during the next year? Revenue Growth Revenue Growth Margin Growth Margin Growth Marketing ROI Marketing ROI Firm Profit Firm Profit Market Capitalization Market Capitalization Tobin’s q Tobin’s q Market Share Market Share Customer Satisfaction, Customer Retention, Customer Acquisition Brand Equity Customer Satisfaction, Customer Retention, Customer Acquisition Brand Equity 19 (4) Knowledge/Learning Rate your likelihood of using the following services to build knowledge about any aspect of marketing in the next year: Internal marketing research units Internal marketing consulting units Marketing research firms Marketing consultants Advertising agencies Academic consultants Non-university Executive Education training programs University Executive Education training programs In-house training Executive MBA programs 20 (5) Marketing-HR In the next year, what is the % change in your firm’s hiring in each of the following areas: In the past year, rate how easy or hard it has been to acquire the marketing employees you need and want. Marketing, marketing analytics, sales Very easy to very difficult In the past year, rate how easy or hard it has been to retain the marketing employees you need and want. Very easy to very difficult 21 (6) Marketing & Society Rate the level of importance your firm’s marketers place on what is good for society in your decision making? Very important to not at all important 22 (7) Marketing Portfolio In the last year, how many different separate products or services did your firm offer? In the last year, how many different segments of customers does your firm target? In the last year, how many separate marketing plans did your firm develop in the last planning cycle? 23 (8) Marketing Function Rate the degree to which nonmarketers in your firm would agree with the following statement: “Half of my marketing budget is working; I just don’t know which half.” How many current high-level managers in your firm have come through marketing? How many direct reports to you have? If your firm were to experience an earnings disappointment, how likely would your CEO be to phone you for solutions? Where is marketing located? Business unit level, brand or product level, field offices, corporate (check all that apply) 24 (9) CMO and Firm Characteristics CMO Characteristics Firm Characteristics To whom do you report? Number of marketing employees What is your formal title? Number of employees Years with current firm in this role Industry sector Years with current firm in any role $US revenue Years of education $WW revenue Years of work experience ROMI Demographics 25 Special Survey Topics (5-10 Questions) The role of marketing in growth The role of the channel Brand building Marketing and sales Knowledge and knowledge relationships Impact of technology on marketing Metrics, SOX, Marketing-Finance Customer insight tools International and emerging markets Relationship management Compensation Mix of media used by firms HR: Marketer competencies/Skill sets Privacy, ethics and social responsibility, including green Segmentation and Positioning Women and minority marketers: Hiring, retention, work atmosphere, high level managers The role of marketing in the firm 26 Comments Please email additional feedback and suggestions to [email protected] Thank you very much 27