1 The CMO Survey: Updates and Questions Christine Moorman Fuqua School of Business Duke University...
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Transcript of 1 The CMO Survey: Updates and Questions Christine Moorman Fuqua School of Business Duke University...
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The CMO Survey:Updates and
Questions
Christine MoormanFuqua School of Business
Duke University August 4, 2007
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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?
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Completed Tasks Synthesized literature and interviews to derive:
Survey goals
Survey position
Standard survey questions
Special interest survey topics
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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.
http://www.cfosurvey.org/
Recent Broadcast Media
CNBC - Closing Bell, March 7, 2007 CNBC - Closing Bell, November 29,
2006 Bloomberg TV, November 3, 2006 BBC TV Asia Business Report
(broadcast from Singapore). September 14, 2006
BBC World, June 8, 2006 Bloomberg TV Asia
June 8, 2006 CNBC - Closing Bell, June 7, 2006 The Canadian Press, June 8, 2006 CNN Headline News, June 8,2006
Recent Print Media
Wall Street Journal, March 8, 2007 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 Syracuse Post-Standard, March 8, 2007 Accountancy Age, March 8, 2007 USA Today, February 27, 2007 Associated Press, November 29, 2006 Reuters. November 29, 2006
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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
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Survey PositionCMO
SurveyCMO Council
SurveysMarketing Leadership
Council Survey
Longitudinal (L) vs. Cross-sectional (C)
-General questions (L) -Special questions (C)Retain informants over time
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
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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
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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
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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
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Question Areas1. Predictions of Marketplace
Dynamics
2. Predictions of Spending on Marketing and Growth
3. Marketing Performance and Goals
4. Marketing Knowledge Investments
5. Marketing-HR
6. Marketing & Society
7. Marketing Portfolio
8. Marketing Function
9. CMO and Firm Characteristics
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(1) Predictions of Marketplace Dynamics
Marketing predictions
Customer predictions
Competitor predictions
Intermediary/partner predictions
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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
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Customer Predictions - Specific
Which direction will the following customer indicators in your industry move in the next year?
Demand levels 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 How valuable marketing is to the
customer How valuable marketing is to society at
large
Ratings: Increase, decrease, stay the same % change
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Competitor Predictions
In the next 6-12 months, which direction do you anticipate competitors in your industry will take the following actions?
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
Ratings: Increase, decrease, stay the same % change
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Intermediaries/Partner Predictions
In the next 6-12 months, how likely is it that your partners will engage in the following activities?
Focus on price, quality, innovation and service
Information sharing Commitment to the relationship Outsource some of the services they
perform for you
Ratings: Increase, decrease, stay the same % change
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(2) Predictions of Spending on Marketing
Relative to the previous year, rate your firm’s % change in spending 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
Relative to the previous year, rate your firm’s % change in spending for growth during the next year?
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
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(2) Predictions of Spending on Growth
Relative to the previous year, rate your firm’s % change in spending for growth during the next year?
Current markets, services, products
New products: Developed by your firm Developed through partnerships Acquired by your firm Licensed by your firm
New services: 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
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(3) Marketing Performance/Goals
Rate your firm’s % change in performance on the following metrics during the last year?
Revenue Growth
Margin Growth
Marketing ROI
Firm Profit
Market Capitalization
Tobin’s q
Market Share
Customer Satisfaction, Customer Retention, Customer Acquisition
Brand Equity
What % change in performance do you expect on the following metrics during the next year?
Revenue Growth
Margin Growth
Marketing ROI
Firm Profit
Market Capitalization
Tobin’s q
Market Share
Customer Satisfaction, Customer Retention, Customer Acquisition
Brand Equity
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(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
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(5) Marketing-HR In the next year, what is the % change in your firm’s hiring in
each of the following areas: Marketing, marketing analytics, sales
In the past year, rate how easy or hard it has been to acquire the marketing employees you need and want.
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
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(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
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(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?
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(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)
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(9) CMO and Firm Characteristics
CMO Characteristics To whom do you report?
What is your formal title?
Years with current firm in this role
Years with current firm in any role
Years of education
Years of work experience
Demographics
Firm Characteristics Number of marketing employees
Number of employees
Industry sector
$US revenue
$WW revenue
ROMI
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Special Survey Topics (5-10 Questions)
The role of marketing in growth
Brand building
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
The role of the channel
Marketing and sales
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
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Comments Please email additional feedback and suggestions to
Thank you very much