The world in which advertising functions has basically transformed. Has practice and marketing research kept up? The answer, says the author, is no. At the core of the current problem is a severance of academic rigor from managerial relevance. Through its maturation as an area in the last half century, advertising science in academia has appeared as a rigorous subject. Conjoint analysis, econometric modeling, techniques derived from mathematical psychology, and many other tools and approaches have revolutionized its practice. But many of the most demanding tools were developed years ago, in response to old issues. And managers and organizations locate those tools unrelated to the new challenges they face. So business practitioners embrace approaches that seem to address their actual and current advertising issues but that lack the rigor of the established procedures that are academically. Now, claims the writer, we need to rethink and transform the discipline of marketing so rigor and relevance balances. He details seven strategies that would help achieve that goal: Bridge the disciplinary silos. Shift from conventional management to the network orchestration.
Change the spotlight from customer relationship management (CRM) to the customer managed relationships (CMR). Moving from the corporation-branded products to customer-branded options. Use analytics and metrics as the adhesive. Adopt the adaptive experimenting doctrine for all your activities and strive for empirical generalizations. And, challenge (and change) your mental models. And the best way to pursue those strategies? In a cooperation between both professionals and academic researchers, says the author. (Editor's Note: This article is excerpted from a paper the author presented when he accepted MIT's 2007 Buck Weaver Award, which recognizes people who have made significant contributions to the advancement of theory and practice in marketing science.)
PUBLICATION DATE: July 01, 2008 PRODUCT #: SMR283-PDF-ENG
This is just an excerpt. This case is about SALES & MARKETING
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