Creating Enduring Customer Value Kumar, V.; Reinartz, Werner
Journal of marketing,
11/2016, Letnik:
80, Številka:
6
Journal Article
Recenzirano
One of the most important tasks in marketing is to create and communicate value to customers to drive their satisfaction, loyalty, and profitability. In this study, the authors assume that customer ...value is a dual concept. First, in order to be successful, firms (and the marketing function) have to create perceived value for customers. Toward that end, marketers have to measure customer perceived value and have to provide customer perceptions of value through marketing-mix elements. Second, customers in return give value through multiple forms of engagement (customer lifetime value, in the widest sense) for the organization. Therefore, marketers need to measure and manage this value of the customer(s) to the firm and have to incorporate this aspect into real-time marketing decisions. The authors integrate and synthesize existing findings, show the best practices of implementation, and highlight future research avenues.
The authors highlight the need for and develop a framework for engagement by reviewing the relevant literature and analyzing popularpress articles. They discuss the definitions of the focal ...constructs—customer engagement (CE) and employee engagement (EE)—in the engagement framework, capture these constructs' multidimensionality, and develop and refine items for measuring CE and EE. They validate the proposed framework with data from 120 companies over two time periods, and they develop strategies to help firms raise their levels of CE and EE to improve performance. They also observe that the influence of EE on CE is moderated by employee empowerment, type of firm (business-to-business B2B vs. business-to-consumer B2C), and nature of industry (manufacturing vs. service); in particular, this effect is stronger for B2B (vs. B2C) firms and service (vs. manufacturing) firms. The authors find that although both CE and EE positively influence firm performance, the effect of CE on firm performance is stronger. Furthermore, the effect of CE and EE on performance is enhanced for B2B (vs. B2C) and for service (vs. manufacturing) firms.
Assessing Performance Outcomes in Marketing Katsikeas, Constantine S.; Morgan, Neil A.; Leonidou, Leonidas C. ...
Journal of marketing,
03/2016, Letnik:
80, Številka:
2
Journal Article
Recenzirano
Research in marketing has increasingly focused on building knowledge about how firms' marketing contributes to performance outcomes. A key precursor to accurately diagnosing the value firms' ...marketing creates is conceptualizing and operationalizing appropriate ways to assess performance outcomes. Yet, to date, there has been little conceptual development and no systematic examination of how researchers in marketing should conceptualize and measure the performance outcomes associated with firms' marketing. The authors develop a theory-based performance evaluation framework and examine the assessment of such performance outcomes in 998 empirical studies published in the top 15 marketing journals from 1981 through 2014. The results reveal a large number of different performance outcome measures used in prior empirical research that may be only weakly related to one another, making it difficult to synthesize findings across studies. In addition, the authors identify significant problems in how performance outcomes in marketing are commonly conceptualized and operationalized. They also reveal several theoretically and managerially important performance areas in which empirical knowledge of marketing's impact is limited or absent. Finally, they examine the implications of the results, provide actionable guidelines for researchers, and suggest a road map for systematically improving research practice in the future.
Although the returns of customer participation on new product development (NPD) performance can vary substantially, the current literature lacks a systematic conceptual and empirical integration ...showing when customer participation is valuable in enhancing NPD performance. Building on knowledge management theory, the authors present a conceptual framework that synthesizes a variety of contingency factors. A meta-analysis empirically examines the moderating effects of contextual factors between customer participation and NPD performance. The analysis reveals that involving customers in the ideation and launch stages of NPD improves new product financial performance directly as well as indirectly through acceleration of time to market, whereas customer participation in the development phase slows down time to market, deteriorating new product financial performance. Furthermore, the benefits of customer participation on NPD performance are greater in technologically turbulent NPD projects, in emerging countries, in low-tech industries, for business customers, and for small firms. The authors discuss several theoretical and managerial implications about when to engage customers in the innovation process.
Many manufacturers look to business solutions to provide growth; however, success is far from guaranteed, and it is unclear how such solutions can create superior perceived value. This article ...explores what constitutes value for customers from solutions over time—conceptualized as "Value in use"—and how this arises from quality perceptions of the solution's components. The authors develop a framework for solution quality and value in use through 36 interviews combining repertory grid technique and means-end chains. The findings significantly extend the extant view of quality as a function of the supplier's products and services, and show that customers also assess the quality of their own resources and processes, as well as the quality of the joint resource integration process. The authors report that value in use corresponds not just to collective, organizational goals but also to individuals' goals, a finding that strongly contrasts with prior research. Four moderators of the quality-value relationship demonstrate customer heterogeneity across both firms and roles within what the authors term the "usage center." When shifting toward solutions, manufacturers require very different approaches to market research; account management; solution design; and quality control, including the need for value-auditing processes.
AI-powered marketing: What, where, and how? Kumar, V.; Ashraf, Abdul R.; Nadeem, Waqar
International journal of information management,
August 2024, Letnik:
77
Journal Article
Recenzirano
Odprti dostop
Artificial intelligence (AI) has become a disruptive force that has revolutionized industries and changed business practices. The integration of AI has brought numerous benefits to various functional ...areas within organizations, with marketing experiencing a significant positive impact. AI technologies have empowered marketers with advanced tools and insights, fostering unparalleled efficiency, personalization, and strategic campaign decision-making. Despite these advancements, the scholarly focus on AI's transformative effects on marketing is limited. This research investigates how AI is currently applied across different marketing functions and its potential future evolution and impact on marketing processes. In a rapidly evolving world, businesses must navigate complexity, innovate, and sustain competitive advantages. Grounding our analysis in previous AI marketing literature, we adopt the dynamic capability theoretical lens, emphasizing how organizations adapt and prosper in changing environments. This study highlights six key marketing areas where AI promises transformative effects, aiming to illuminate the path for future marketing innovations and strategies, including AI-driven customer insights, measuring marketing performance, automated marketing strategies, ethical implications, enhancing customer experiences, and growth opportunities with AI Implementation. While recognizing AI as a positive disruptive force, we also highlight its limitations, potential threats to privacy and security, as well as ramifications of biases, misuse, and dissemination of misinformation. Finally, the article delineates the gaps in the research and formulates questions aimed at advancing knowledge in AI marketing.
•Understanding the evolving and impactful role of AI in marketing.•Exploring the implementation and benefits of AI applications in marketing functions.•Analyzing the future implications of AI on marketing strategies and customer behaviors.•Recognizing challenges that emphasize the importance of a deliberate and strategic approach to AI integration.
This paper aims to identify the revised international marketing strategies in communication during the COVID-19 pandemic by utilizing the firm's resources and capabilities. We conducted in-depth ...interviews and a questionnaire survey with key stakeholders of retail organizations which changed their digital marketing strategies during COVID-19. The data is collected from 587 respondents from different parts of the world through resource orchestration theory. The qualitative findings support a high degree of association among the firm’s resources and capabilities, leveraging processes based on the revised international marketing strategies during the COVID-19 pandemic. We have developed a conceptual model based on these findings with six variables: leveraging process of the firm’s capabilities information technology-related resources; information technology-related capabilities, dynamic capabilities, environmental uncertainty, and leveraging process of the firm’s resources. However, environmental uncertainty and leveraging of the firm’s resources were not influential in forming digital marketing strategies during COVID-19. This study proposes a new process for international marketing managers in business organizations to restructure the resources within their organizations by creating new capabilities and leveraging them.
The authors examine the effect of consumer reviews on relative sales of books at Amazon.com and Barnesandnoble.com. The authors find that (1) reviews are overwhelmingly positive at both sites, but ...there are more reviews and longer reviews at Amazon.com; (2) an improvement in a book's reviews leads to an increase in relative sales at that site; (3) for most samples in the study, the impact of one-star reviews is greater than the impact of five-star reviews; and (4) evidence from review-length data suggests that customers read review text rather than relying only on summary statistics.
Relationship marketing (RM) has emerged as one of the dominant mantras in business strategy circles, though RM investigations often yield mixed results. To help managers and researchers improve the ...effectiveness of their efforts, the authors synthesize RM empirical research in a meta-analytic framework. Although the fundamental premise that RM positively affects performance is well supported, many of the authors' findings have significant implications for research and practice. Relationship investment has a large, direct effect on seller objective performance, which implies that additional meditated pathways may explain the impact of RM on performance. Objective performance is influenced most by relationship quality (a composite measure of relationship strength) and least by commitment. The results also suggest that RM is more effective when relationships are more critical to customers (e.g., service offerings, channel exchanges, business markets) and when relationships are built with an individual person rather than a selling firm (which partially explains the mixed effects between RM and performance reported in previous studies).
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