Introduction. IWM 2014 Institute for Value-Based Marketing - Introduction

Transcription

1 Introduction Prof. Dr. Thorsten Wiesel Marketing Center Münster - Institute for Value-Based Marketing Am Stadtgraben 13-15, Münster phone: +49 (0) [email protected] 1

2 Table of contents Marketing Center Münster Institute for Value-Based Marketing Research at the Institute for Value-Based Marketing Teaching program Linking theory and practice 2

3 Introducing the Institute for Value-Based Marketing at the Marketing Center Münster 3

4 Münster City of Science and Savoir Vivre I had the opportunity to encounter a remarkable piece of history. Henry A. Kissinger 4

5 Marketing Center Münster (MCM) One of the most prestigious academic marketing centers in Europe 1969: Foundation of first Marketing Chair in Germany by Prof. (em.) Meffert. 1999: Forming of Marketing Center Münster by the merger of 3 marketing chairs. 2002: Prof. Krafft appointed as new director of the Institute of Marketing (succeeding Prof. Meffert). 2008: Establishment of three Junior Professorships for Marketing. 2010: Foundation of Department of Marketing & Media Research by Prof. Hennig-Thurau. 2012: Foundation of the Institute for Value-Based Marketing by Prof. Wiesel. 2014: 3 full professors, 1 senior professor, 2 emeritus professors, 5 assistant professors, and almost 30 PhD students. 5

6 Institute for Value-Based Marketing Prof. Wiesel and his team joined the MCM in 2012 Dr. Sonja Gensler (Assistant Professor) Gabriele Rüter (secretary) Sascha Leweling (PhD student) Prof. Dr. Thorsten Wiesel Simon Monske (PhD student) New in the team: Lisette de Vries (PhD student) Charlotte Hufnagel (PhD student) Short vita of Prof. Wiesel Dipl.-Kfm., Goethe University Frankfurt PhD, Goethe University Frankfurt Visiting Scholar: Penn State University (USA), IESE Business School Barcelona (Spain), Goizueta Business School Atlanta (USA) Assistant Professor at the VU University Amsterdam (Netherlands) and University of Groningen (Netherlands) Associate Professor, University of Groningen (Netherlands) Professor, University of Münster Prof. Wiesel is supported by Dr. Sonja Gensler and a highly motivated team of four PhD students who all work hand in hand and are committed to research and teaching. 6

7 Research at the Institute for Value-Based Marketing 7

8 Research focus - Institute for Value-Based Marketing Marketing is more than just advertising Fact-based (marketing) decisions that increase both the value delivered to the customer and the fundamental value of the firm in a sustainable manner 8

9 Mission statement - Institute for Value-based Marketing Determine financial impact of marketing decisions Our research aims to quantify the effects of marketing activities on a company's success both direct (e.g. profit, shareholder value) and indirect (e.g. marketing value, customer value, client s sentiment). We are particularly interested in the challenges new media poses to modern marketing. We always put special emphasis on the link between methodological rigor and entrepreneurial (or social) relevance, i.e., our research is led by current issues of corporate practice. We aim to not only gain scientific insights, but also to provide tools to support companies in current and future challenges. We aim to make the knowledge we generate through our research available for students, companies, society, and other stakeholders (e.g. analysts, investors). 9

10 Competencies - Institute for Value-Based Marketing Digital marketing Multichannel management Marketing performance Marketing Finance Research methods Consumer online search behavior Online advertising effectiveness Social media monitoring and intelligence Consumers channel choice Showrooming Budget allocation Attribution modeling Customer journey Marketing disclosure Firm valuation Marketing risk management Econometric methods (e.g., matching methods) Eye-tracking Text mining Survey research Expertise is generated through Knowledge generation (Research) Knowledge transfer (Teaching) Knowledge implementation (Practice)

11 Eye Tracking Lab at the Institute for Value-Based Marketing Aiming for new insights in the field of consumer research We have an Eye Tracker and a pair of Eye Tracking glasses (both SMI). We aim to gain insights into consumers search behavior when using a pc/laptop or mobile phone. Moreover, we study the effects of online/mobile advertising on consumer behavior. 11

12 Research output Our research has been published in highly renowned marketing journals Prof. Thorsten Wiesel and his team has published several articles in highly renowned international and national journals e.g., Journal of Marketing (JM), Marketing Science, Journal of Service Research (JSR), Journal of Interactive Marketing, European Journal of Operations Research (EJOR), Marketing Letters, International Journal of Research in Marketing (IJRM), Journal for Business Research (JBR), Journal of Product Innovation Management (JPIM), Zeitschrift für Betriebswirtschaft (ZfB), and Zeitschrift für betriebswirtschaftliche Forschung (zfbf). Furthermore, the IWM team has published various managementbased articles and a blog post at Harvard Business Review. The high quality of these publications is also documented by a number of research awards.

13 Selected list of research awards Awards reflect the academic impact of our research Best Book Award of the German Association of Professors of Business Administration (2004) ISBM Business Marketing Doctoral Fellow (2004) EMAC Best Paper of the conference based on a Doctoral Dissertation (2006) Twice finalist of MSI/H. Paul Root Award (2008; 2012) Award honors academic studies that have made the most significant contribution to further the practice of marketing Finalist Best Paper Award WHU Campus of Finance Research Conference (2009) Finalist Best Article in the Journal of Service Research (2010) Nominated for Harold H. Maynard Award (2012) Award honors academic studies that have made the most significant contribution to further marketing theory and thought

14 Finalist INFORMS Marketing Science Practice Price (2010) Outstanding implementation of marketing science approaches in practice Watch the presentation at the ISMS-MSI Practice Price at MIT Tech TV ( 14

15 Most downloaded papers at the Journal of Interactive Marketing Our research on digital marketing receives a lot of attention 15

16 Teaching at the Institute for Value-Based Marketing 16

17 Teaching program Our teaching is to a large extent based on our research Teaching mission: We feel committed to our students. We focus on operational and strategic aspects of value-based marketing. We emphasis research-based teaching, that at the same time highlights the managerial relevance of marketing science. Moreover, we support and coach students writing their bachelor and master theses. Courses: Master courses (e.g., Advanced Marked Research; Electronic Commerce; Value-Based Marketing) Bachelor courses (e.g., Introduction to Marketing; Retail Management) Seminars (e.g., Insights Through Data, Market Research Practice, Consumers Online Search Behavior) Bachelor and master thesis supervision (e.g., Marketing Disclosure, Automated Retail Store Navigation, Influence of Product Reviews on Consumers Buying Behavior, Couponing, Showrooming) Several executive education and company programs (e.g., MEP) 17

18 Executive program MEP Marketing Executive Program 18

19 Executive program EMBA Business Analyst (under development) EMBA Business Analyst program is currently developed by people from Marketing (e.g., Prof. Wiesel), Information Systems (e.g., Prof Vossen), and others. Structure will probably mimic the Marketing Executive Program (meaning, for example, that a official degree of the University of Münster will be awarded) Potential topics Foundation of fact-based decision making Content modules cover topics in marketing, communication, finance, law, information systems, production, supply-chain management etc. 19

20 Linking theory and practice at the Institute for Value-Based Marketing 20

21 Linking theory and practice is important to all our activities Three main areas of collaborations Exchange of ideas and training Possibilities for practice partner: Problem-related sparring and round-table discussions on practice partner s challenges Presentations, workshops, seminars, and/or executive education with respect to Institute for Value-Based Marketing s competencies Keynote speaker on practice partner s conferences Possibilities for the Institute for Value-Based Marketing: Practice partner as member of Institute for Value-Based Marketing s advisory board Problem-related sparring and round-table discussions on research ideas Keynote speaker on academic conferences Recruiting activities Possibilities for practice partner: Meeting prospective employees through joint organization of events and/or promotion activities within Institute for Value-Based Marketing s lectures Making a highly qualified student body aware of internship/job offerings Meeting top students that are members of the Circle of Excellence CEM (student talent program) Meeting PhD students that received a rigor education and worked on relevant problems Possibilities for the Institute for Value-Based Marketing: Placement of students Learning about the students capabilities and skills practice partners are searching for Joint projects (teaching and research) Possibilities for practice partner: Joint research projects on practice partner s challenges Consulting projects on specific topics interesting for practice partner Developing case studies on specific topics interesting for practice partner Possibilities for the Institute for Value-Based Marketing: Access to practice partner s experts and/or datasets for research purposes Increasing practical relevance of teaching by organizing student seminars in cooperation with practice partner on topics relevant to both partners, or having guest lectures by practice partner s employees 21

22 Customer Analytics Lab (CAL) A new initiative to strengthen the practice theory link Academic Network Practice Partners (PhD) Students Founding member Members Customer Analytics Lab Science Innovation Education Exchange 22

23 CAL research program Potential topics Track Data Privacy How do international cutomers see privacy issues with, for example, respect to personal data and how to identify their data privacy red line? Which implication does this have for future business models (e.g., autodata) and the general application of analytics? Which responsibilities (also for Germany s future and citizen rights) have politic, academia, companies, and customers with respect to use of data? Track Social CRM How to collect and visualize customers online expressions regarding firms products/services or brands? To what extent have firms to react in real time (e.g., for crises management)? How relevant is social media for customers buying decisions ( Social Relevance Score )? How do information need to be visualized or structured in order to be noticed and relevant (e.g., product reviews next review to read, Facebook-Postings) Track Marketing Finance How should marketing disclosure look like? In which ways could marketing decision influence firms risk ( marketing risk management )? How do financial analyst and investors look at finanical reports? Does the financial market penalize long-term thinking? Track Deploying Analytics Which performance implications does deploying analytics have? How to implement fact-based marketing decision making within companies (i.e., design aspects, dashboards)? How much automatization within decision making is reasonable ( Fact-Based Gut Feeling )? Track New Technologies How to get a 360 Customer View und what does this mean for customers and firms? Which potential applications in services, retailing, driving, or B2B follow due to future technologies? How to apply new methods such as network analyses or agent-based modeling for, for example, launch analysis or to determine Customer Influencer Value? Track Digitalization in (Higher) Education How does the value chain look like and which new business models and teaching methods (e.g., MOOV, POOC) result out of it? Which technologies should be used? How did the profiles of marketing manager change over time (e.g., from brand manager to online marketing manager) Which competencies should future (marketing) employees have and how should university education react on this? 24

24 Dutch Customer Performance Index (DCPI) Prof. Thorsten Wiesel was one of the developers of the DCPI

25 Selected list of practice partners We are looking for win-win situations for all partners 26

26 Circle of Excellence in Marketing CEM A certified leadership-program for excellent marketing students CEM s aim is to promote and extend the abilities of participating students beyond the regular course offer. Target group: Top 15-20% of bachelor and master students Prerequisite for master students is Major in Marketing Master students ideally start the program in their 2nd semester CEM members solve case studies organized by the business members, get trainings, as well as share knowledge and experience during get-togethers and fireside chats. CEM was founded in Münster and is now a joint initiative together with University of Cologne, Free University Berlin, and ETH Zürich. 27

27 Circle of Excellence in Marketing CEM Partners Workshop Partners national regional Optional Additional Offer Alumni get together Workshops Compulsory participation in at least 4 workshops Get togethers Fireside chats 28

28 Please do not hesitate to contact us! Prof. Dr. Thorsten Wiesel Marketing Center Münster Institute for Value-Based Marketing Am Stadtgraben Münster Phone: +49 (0)