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MPM (Fach) / MPM Tutorial (Lektion)

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• What is marketing performance management and how does it differ from Marketing controlling and market research? Evaluation of marketing actions and decisions regarding their economic profit contribution Identification and understanding the marketing decision economic evaluation of marketing decisions support with the formulation of optimal decisions Marketing Controlling : Planning and controlling of marketing activities in the short run Market research:Systematic generation and analysis of information about markets and consumers
• What are tasks of marketing performance management? Decision making: Strategic : Fundamental & long-term decisions Tactical : adaptive decisions with short-term horizon Integration : Integration of goals and information of different stakeholderes within the company (production, finance,...) and outside of company (supplier,...) Communication Information focus on effieciency (costs, consumer, time etc) Platform for communication with other divisions
• What is the nature of key financial performance indicators? Show high correlation with firm objectives quantifiable and thus verifiable by different persons capable to integrate different types of information Sufficiently aggregated and meaningful for top management decisions Capable to communicate to external stakeholders Well-founded theory -> Highly relevant for the measurement of marketing performance
• What are the criteria for critical success variables? Forward looking & Dynamic : Correlation with fundamental objectives of a firm Cash-oriented : Quantifiable and verifiable Comprehensive & Dynamic : Aggregated and meaningful to top management, capable to integrate different types of information, capable to communicate to external stakeholders
• What is profitability and the market value of equity? Profitability is a matric of efficiency that is comparable with other firms -> Return on sales, return on assets, return on equity, return on invested capital   Shareholder value= firm value ./. outstanding debt = share price * # of outstanding shares mirrors investors expectation about future cash flows incorporates the value of intangible assets bases on the exchange ratio between demand and supply of shares reflects the fair value of equity
• What is firm value and why is is important? Firm value = Shareholder value + total debt                   = Present value of future cash flow during the forecast period                   + residual value of cash flows after the forecast period                   + market value of assets not necessary for operation   Corresponds to fundamental objectives of share-and stakeholders (bases on future cash flows, indicates potential prospective consumptions and investments of investors) is quantifiable & objective (bases on cash-oriented accounting) accounts for the time value of money (equals to the present value of cash flows, incorporates investors time preferences) integrates different kinds of information (accounts comprehensively for all costs, inter alia cost of capital, incorporates investors' risk preferences)  
• What are drivers of firm value? Gross cash flow = f(revenues, operating margin) capital investments = f(CAPEX, working capital) Discount rate = f(cost of capital, firm risk)
• How are cash flows computed? Direct Comparison of invoices                                                                 free cash flow = cash inflow during period - cash outflow during per. Indirect Financial reports                                                                              free cash flow = Annual surplus + changes in logn term depreciation (+) and appreciation (-) + changes in long-term accruals(+) and deferrals (-) + investments in (-) and disposal (+) of invested and working capital Internal cost account                                                                      Free cash flow = operating profit +/- Depreciation/Appreciation + costs without cost implications (.e.g interest on equity) +/- disposal of/investment in invested and working capital  
• What is Attitude and Preference? Attitude Fixed but subjective evaluation of an object or person internal, permanent willingness of a person to behave to an objectt/persion in a more or less positive or negative manner overall evaluation of object/person positioning in person's individual utility system Preference Depends on person's individual utility function comparison of evaluated object features product or product features generates utility decision for object that maximizes utility
• What are the important Models for describing consumer behaviour? Aggregated Market reaction models Describes the functional relationship between market response on exogenous stimuli Sales = f(Adv, R&D, GDP growth) e.g. additive models, multiplicative models, etc. Partial models Describing partial mechanism within the "black box" measurement of latent constructs e.g. attitude, satisfaction Stochastic models Purchase incidence models with the help of hazard rates Choice models : Without deterministic component, e.g. Markov models with deterministic component, e.g. discrete choice models
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• What is a markov model? Measure the probability of a given state merging to a new state differentiates between migration and repurchase capture only the stochastic component of choice probabilites neglect systematic components, e.g. product quality
• What are discrecte choice models? Choice between 2 or more discrete alternatives, e,g. brand choice Calculation of choice probability for a particular alternative captures the systematic and stochastic component of choice probability application of the logistic regression
• What is the hazard rate? Probability of a purchase in the next moment under the condition that purchase has not occured yet hazard rate λ consists of a deterministic and a stochastic component assumption about the stochastic component leads to different density functions for T explanation of purchase incidents timing with the help of deterministic component Effect on survival function: Probability that a purchase has not yet occured  at time t. depends on the hazard rate, the assumptions about the error term and time t : S(t) = e-λt , λ = g(x)
• What is a market reaction model? Model Simplification of reality Description of interdependencies between focal variables  (dependent and independent variables, exogenous and endogenous variables) Market Aggregation of individual purchase decisions Measured in sales, revenues or market shares Market reaction Change of market demand, (1) over time, (2) due to changes in market conditions, (3) due to changes of stimuli Market reaction model Modeling the influence of marketing activities on market reaction With or without other covariates Results bases on econometric methods and functional relationship between (de)pendent variables
• What is traditional marketing and value-based marketing? Traditional : Marketing purpose : Create value for customers, win in the product marketplace, superior products Marketing analysis : Understanding the marketplace organization and customer Perspective on customer & Channels : object of marketing's actions, no relationships, unilateral Success measures: Sales volume, market share, customer satisfaction, ROS, ROA, ROE Value-based Marketing purpose : create and manage market-based assets to deliver shareholder value Marketing analysis : Financial consequences of marketing decisions Perspective on customer & Channels : A relational asset that must be cultivated and leveraged, bilateral with multiple interactions Success measures : NPV , shareholder value
• What are market based assets? Assets in general : All physical, organizational or human factors That enable a firm to develop and execute strategies Which increase corporate effectiveness and efficiency within a competitive environment Characteristics : Tangible, intangible Market based: Value is derived from external product markets Reaction & Willingness to pay of customers Market based assets: Relational: Advantage from special relationship with key external stakeholders (Customers -> Brand Equity, channel members -> channel equity) intellectual: knowledge advantage about markets
• What are requirements for value generation? Resource-based view Convertible : Make use of potential opportunities and/or neutralize threads so that cash flow is maintained and/or increased Rarity - asset is not easily available for competitors Not imitable : Difficult to duplicate Not substitutable : No strategic equivalent that generate similar effects
• What is the Confirmation-Disconfirmation paradigm? Confirmation-Disconfirmation paradigm Drivers of expected performance: Aspiration level image of the brand/company experiences knowledge about alternatives marketing activities of the firm Drivers of perceived performance: Marketing activities of the firm Expectations Product attributes Perceived < expected performance -> negative discomfirmation -> dissatisfaction Perceived = expected performance -> confirmation -> satisfaction(indifferent) Perceived > expected performacne -> positive disconfirmation -> satisfaction (enthusiasm)  
• What is the attribution theory? Consumers seeks information about the source of (negative) disconfirmation Factors: Stability: Is the reason for the (negative) event temporary or permanent? Focus: Is it a problem of the customer or the offering firm? Controllability: Is the problem controllable - yes or no?  -> permanent problem caused by the firm that cannot be contolled usually leads to dissatisfaction
• What is the equity theory? - Exchange relation is evaluated in terms of the advantages that each side received - feeling of equity emerges only if exchange is perceived to be fair input a /output a ~ input b / output b Satisfaction emerges when a consumers equity ratio is proportinately greater than the ratio achieved by the other side
• What are functions of a brand and how does it add to firm value? Preparation of decision making -> brands facilitate information processing --> premium prices, reduction of sales and advertising costs Purchase decision --> reduce the risk to take wrong decisions --> acceptance of new products, competitive barriers Consumption -> brands provide a non-material benefit --> premium prices, brand extensions, cross selling
• What is Brand-relevenance in Category? BRiC is defind as the extent to which customer decision making is influenced by the brand compared to other decision criteria, e.g. purchase convenience, price, etc. Antecedents : Risk reduction function of brands (to make purchase mistake) : the more important brands are for reducing perceived risk in a given category, the higher BRiC should be Social demonstrance function of brands (project consumers self-concept): The more important consumer self concept, the higher BRiC should be. Outcomes Brand premium price Brand loyalty -> The higher BRiC, the more relevant the brand is to the customer and thus the willingness to pay/purchase Brand equity : As BRiC favours premium price and loyalty, it also builds up equity
• What are the strategic options to increase b rand value? Positioning - basic task for each brand management, create positive brand associations. Investment in brand development. Brand extension - growth with existing brands in present or new product categories, transfer brand associations. Skimming Brand Cooperation - joint appearance of two or more brands, bundling of brand associations. Skimming Global Branding - Standardization of the global brand appearance. investment in Brand development.
• What are the different brand architectures? Single brand strategy - creation and management of a separate brand for an individual product (e.g. Nutella, duplo) Line/range  brand strategy - Management of several products under a uniform brand name besides other b rands (nivea) Corporate/family branding strategy - aggregation of all products of a company under one brand (siemens)
• What basic approaches are there for measuring monetary brand values? 1. Financial oriented approach. Cost based - historic costs summing up in investments, replacmeent costs Profit based - total discounted future profits/cash flows attributable to the brand Based on financial markets - based on own comparable metric (e.g. MVE) 2. Sales oriented approach Measurement of price premium - Comparison of price of branded product with price of unbranded product Measurement of volume premium - estimation of incremental sales volume of branded products Indicator models - Monetary brand value is derived from brand equity analysis
• What are heuristics? " A rule adopted to reduce the complexity of computational tasks and to reduce the use of resources such as cognitive activity and time."
• Logit model Individual purchase decisions - Individual try to maximize utility - Products display a bundle of attributes which geneerates utility - Total utility depends on the joint perception of these attributes Adv. - gives a good approximation of individual purchase decision - utility concept is explicitly mapped by the model - accoutns for randomness in utility function - data collection via interviews relatively easy - impact on marketing actions can be modeled disadv. - completness of decision alternatives necessary - choice behaviour has to be independent of irrelevant alternatives - high demands on estimation procedure
• Independence of irrelevant alternatives (IAA) - Introduction of new brands does not alter odd rates of existing purchase probabilities - homogenous brand purchase decision e.g. prob A (Y=1) | i=A,B   = 0,27 Prob B (Y=1) | i=A,B,  = 0,73     0,27/0,73 ~0,37 prob A (Y=1) | i=A,B,C   = 0,21 Prob B (Y=1) | i=A,B,C  = 0,56    0,21/0,56 ~0,37  
• What is the ROCS approach? Rocs = Return of customer satisfaction Components : Customer retention model : Describe development of customer base (stochastic buying behaviour model) Interpurchasetime Model : Describe length of time between two purchases (stochastic buying behaviour model) Satisfaction Model : Describe costs associated with an increase in customer satisfaction CLV-Model : Discount customer-specific expected cash flows
• What are advantages and disadvantages of the ROCS approach? Advantages : Integrates the long-term cash implications of actions to manage customer satisfaction considers the stochastic behaviour of individual buying Net present value model (CLV based) Disadvantages Revenue stream to car dealer not complete (e.g. no consideration of cross-selling) No evaluation of separate satisfaction actions but the joint impact of all actions on satisfaction Concerns about causality in a cross-sectional survey

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