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Edi t or i al :Leader s hi pi nt heEr aoft heAgi l eRev ol ut i on. Dr i v i ngTr ans f or mat i onalChange: Awar enes s ,Accept anceandPr ogr es s TheodorVal ent i nPURCĂREA
Di gi t al Mar k et er sChal l engedt oDr i v eRes ul t s Wi t hi nt heConnec t edWor l d Cos t el I l i uț ăNEGRI CEA I oanMat ei PURCĂREA
TheEur opeanCodeofEt hi csf orFr anc hi s i ng LéonF .WEGNEZ
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For um Ar tBus i nes s( FAB) : Shi neAs t ana,Cat al y s tAr t ,andFemal eAr t i s t s Ber ndHALLI ER
TheI s s ue2,Vol .XI I I ,2018ofourPar t nerJ our nal „ Mar k et i ngSc i enceandI ns pi r at i ons ” , Comeni usUni v er s i t yi nBr at i s l av a,Sl ov ak i a TheodorPURCĂREA
Editorial Board of “Holistic Marketing Management” (A refereed journal published four times annually by the School of Management-Marketing of the Romanian-American University) Editor-in-Chief Theodor Valentin PURCĂREA
John L. STANTON
Léon F. WEGNEZ
William PERTTULA Levent ALTINAY
Andrew KILNER Dana ZADRAZILOVA Riccardo BELTRAMO Sinisa ZARIC Gabriela SABĂU Hélène NIKOLOPOULOU Vasa LÁSZLÓ Peter STARCHON John MURRAY Kamil PÍCHA Irena JINDRICHOVSKA Holistic Marketing Management
President of European Retail Academy; President of EuCVoT, Member of the Astana Economic Scientists Club; Former Managing Director EHI Retail Institute, Germany, Chairman of the Advisory Board of EuroShop, Chairman of the Board of the Orgainvent, Trustee of EHI Retail Institute at GLOBALG.A.P. President - Association of Global Management Studies (USA); Editor-in-Chief, Journal of Entrepreneurship and Sustainability Issues & Former Editor-in-Chief, Journal of Management Systems, USA; Australian Graduate School of Entrepreneurship, the Faculty of Business and Enterprise, Swinburne University of Technology; Member of France’s National Academy of Scientific Research (CNRS); Director - ESB International Teaching and Research Exchanges, Reutlingen University, Germany Professor of Food Marketing, Erivan K. Haub School of Business, Saint Joseph’s University Philadelphia, USA; Director, Institute of Food Products Marketing, Editor, Journal of Food Products Marketing; Hall of Fame of the European Retail Academy, Honored Personality 2016 Secretary General, International Association of the Distributive Trade, AIDA Brussels; Member of France’s Academy of Commercial Sciences; Doctor Honoris Causa of NUPSPA (SNSPA) Bucharest; Hall of Fame of the European Retail Academy, Honored Personality 2015 Internet Marketing Professor, College of Business, San Francisco State University, USA Professor of Strategy and Entrepreneurship, Research Area Leader, Oxford School of Hospitality Management, Faculty of Business, Oxford Brookes University, UK First MBA Director at the Rennes Graduate School of Business in France; Director of RAFME Research into Management Excellence; PhD (Cambridge), MBA (City, London) Faculty of International Economic Relations, University of Economics, Prague, Czech Republic University of Turin, Italy University of Belgrade, Yugoslavia Memorial University, Grenfell Campus, Corner Brook, Canada University of Lille 3, France Szent Istvan University, Hungary Comenius University in Bratislava, Slovakia Faculty of Business, Dublin Institute of Technology, Ireland Faculty of Economics, University of South Bohemia in Ceske Budejovice Deputy Head of Department of Business Economics, University of Economics 1
Norbert HAYDAM Constantin ROŞCA Hans ZWAGA Roxana CODITA Dumitru MIRON Valeriu IOAN-FRANC Iacob CĂTOIU Virgil BALAURE Gheorghe ORZAN Luigi DUMITRESCU Marius D. POP Petru FILIP
Ion VOICU SUCALA Virgil POPA Alexandru NEDELEA Olguța Anca ORZAN Ana-Maria PREDA Ovidiu FOLCUȚ Doinița CIOCÎRLAN Marius Dan DALOTĂ Mihai PAPUC Gheorghe ILIESCU Costel NEGRICEA Alexandru IONESCU Tudor EDU Olga POTECEA Oana PREDA Nicoleta DUMITRU Monica Paula RAȚIU Elisabeta Andreea BUDACIA
and Management, Prague, Czech Republic Faculty of Business, Marketing Department, Cape Peninsula University of Technology, South Africa President of Romanian Scientific Society of Management - SSMAR Kemi-Tornio University of Applied Sciences, Finland Technische Universität München, TUM School of Management Academy of Economic Studies in Bucharest National Institute for Economic Research, Romanian Academy; Romanian Marketing Association; Romanian Distribution Committee Academy of Economic Studies in Bucharest Academy of Economic Studies in Bucharest Academy of Economic Studies in Bucharest Lucian Blaga University of Sibiu Babes-Bolyai University, Cluj-Napoca Dimitrie Cantemir University, Bucharest Technical University of Cluj-Napoca, Management and Economic Engineering Department; University of Glasgow, UK, College of Social Sciences, School of Social & Political Sciences; Managing Editor, Review of Management and Economic Engineering Valahia University of Târgovişte Ştefan cel Mare University of Suceava Carol Davila University of Medicine and Pharmacy Bucharest Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University Romanian-American University
Associate Editors Diana SOCA Irina PURCĂREA Dan SMEDESCU Art Designer Director Alexandru BEJAN
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“Holistic Marketing Management” (A refereed journal published four times annually by the School of Management-Marketing of the Romanian-American University) Volume 8, Issue 3, Year 2018
Theodor Valentin PURCĂREA - Editorial: Leadership in the Era of the Agile Revolution. Driving Transformational Change: Awareness, Acceptance and Progress….4
Costel Iliuță NEGRICEA - Digital Marketers Challenged to Drive Results Within the Connected Ioan Matei PURCĂREA
Léon F. WEGNEZ (by courtesy of) - The European Code of Ethics for Franchising ………………….14
Theodor PURCĂREA - New Challenges for CMOs while Embarking on the Growth Journey ………16
Bernd HALLIER (by courtesy of) - Forum Art Business (FAB): Shine Astana, Catalyst Art, and Female Artists…………………………………………….………26
Theodor PURCĂREA - The Issue 2, Vol. XIII, 2018 of our Partner Journal „Marketing Science and Inspirations”, Comenius University in Bratislava, Slovakia...……………….30
The responsibility for the contents of the scientific and the authenticity of the published materials and opinions expressed rests with the author.
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Editorial: Leadership in the Era of the Agile Revolution. Driving Transformational Change: Awareness, Acceptance and Progress Six years ago we underlined that making change (organizational, operational, commercial) happen is not an easy matter because it depends on how receptive the organizational environment is to this idea of change as a two-way process, considering many aspects, including the development of the necessary skills and knowledge, and building hope and conviction, transforming customers (putted at the center of the organization) in team members (with the leaders at the second inner circle, and with the employee at the first inner circle). (Purcarea, 2012) Three years before that, in 2009, a director in McKinsey’s San Francisco office emphasized the role of CEO in determining the members of the top team to embrace the need for change, making them to adapt quickly to changing conditions, including working through fear, denial, and emotion. (Dean, 2009) In June this year, 2018, other McKinsey’s representatives brought to our attention the priority of the hard work of implementing and sustaining change in an organization, which is considered to be crucial for both top-level executives and frontline managers, considering that this implementation – defined as “the ability to achieve a desired result and sustain that result and continue to improve upon it” – exceeds change management (which is a core part of implementation). (Lindsay et all., 2018) Next month, in July 2018, two experts in leadership from Florida International University expressed their opinions in the European Business Review, arguing that a vital role in driving transformational change is now played by agile and strategic leaders recognizing their opportunities, thinking and acting beyond a static rule book, considering the impact of new technologies, markets, and business models, attempting to find divergent viewpoints. (Beers and Hiller, 2018) Today, within the context of the digital revolution, there is no doubt that the old paradigm of the machine model (“the management century” - from Taylor on, 1911 to 2011) is shifted by the current disruptive trends identified as by McKinsey (quickly evolving environment, constant introduction of disruptive technology, accelerating digitization and democratization of information, the new war for talent), the agile organization (seen as adding velocity and adaptability to stability, and creating a critical source of competitive advantage in so-called VUCA conditions) appearing as the new dominant organizational paradigm, as living organism. (Aghina et all., 2018) As we can see from the figure below, leadership shows direction and enables action, while teams are built around end-to-end accountability:
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Figure 1: The agile organization is dawning as the new dominant organizational paradigm Source: Aghina, W. et all. (2018). The five trademarks of agile organizations, written collaboratively by McKinsey Agile Tribe, December 2017 (work cited)
McKinsey experts also described the five trademarks of agile organizations (which enable them to balance stability and dynamism and thrive), as shown in the figure below:
Figure 2: The five trademarks of agile organizations Source: Aghina, W. et all. (2018). The five trademarks of agile organizations, written collaboratively by McKinsey Agile Tribe, December 2017 (work cited) Holistic Marketing Management
And coming back to the fact that making change happen is not an easy matter, we also have to take in account that leadership transitions, which are significantly influencing the course of the businesses, are also difficult transformational changes, other recent McKinsey research revealing that closely half of these types of transitions fail. (Keller and Meaney, 2018) That is why McKinsey’s experts recommend that every leadership transition should be organized and initiated in two equally important stages and considering five basic dimensions of leadership, as shown in the figure below:
Figure 3: Leaders should think about mounting a transition in two equal steps Source: Keller, S. and Mary Meaney, M. (2018). Successfully transitioning to new leadership roles, McKinsey & Company, May (work cited)
It is worth mentioning within this framework what two European experts argued in the European Business Review in March this year with regard to agile boards: “Agility is the capability that board leadership is pursuing as a foundation for governance fitness and value creation… Agile boards must be more capable of changing the rules of the game ahead of their competitors and bring “first mover” advantages to their companies and shareholders.” (Dailey and Koblentz, 2018) And as history has always offered us words of wisdom with regard to the need of making change happen, allow as finally to recall some of them: “If you do not change direction, you may end up where you are heading” (Lao Tzu); “Progress is impossible without change, and those Holistic Marketing Management
who cannot change their minds cannot change anything” (George Bernard Shaw); “The first step toward change is awareness. The second step is acceptance” (Nathaniel Branden); “Change can be frightening, and the temptation is often to resist it. But change almost always provides opportunities - to learn new things, to rethink tired processes, and to improve the way we work” (Klaus Schwab). Theodor Valentin Purcărea Editor-in-Chief References Aghina, W. et all. (2018). The five trademarks of agile organizations, Written collaboratively by McKinsey Agile Tribe, December 2017. Retrieved from The-five-trademarks-of-agile-organizations.pdf Beers, M.and Hiller, N. (2018). When Work Meets Passion: FIU Center for Leadership on Co-creating a Better Future with Today’s Leaders, European Business Review, July 5. Retrieved from http://www.europeanbusinessreview.com/when-work-meets-passion-fius-center-for-leadership-on-co-creating-abetter-future-with-todays-leaders/ Dailey, P. and Koblentz, J. (2018). Creating an Agile Board of Directors, European Business Review, March 18. Retrieved from http://www.europeanbusinessreview.com/creating-an-agile-board-of-directors/ Dean, D. (2009). A CEO’s guide to reenergizing the senior team, McKinsey Quarterly, September. Retrieved from https://www.mckinsey.com/business-functions/organization/our-insights/a-ceos-guide-to-reenergizing-the-seniorteam Keller, S. and Meaney, M. (2018). Successfully transitioning to new leadership roles, McKinsey & Company, May. Retrieved from https://www.mckinsey.com/business-functions/organization/our-insights/successfully-transitioningto-new-leadership-roles? Lindsay, B. and Waugh, N., London., S. (2018). How to implement and sustain organizational change, McKinsey & Company, McKinsey Podcast, June. Retrieved from How-to-implement-and-sustain-organizational-change.pdf Purcarea, T. (2012). Managing change by changing management: Facing the challenge of making management more adaptable, innovative, inspiring, and accountable, Holistic Marketing Management, Volume 2, Issue 1, pp. 04-05
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Digital marketers challenged to drive results within the connected world Dr. Costel Iliuță NEGRICEA Ioan Matei PURCĂREA
Abstract We are witnessing the digitalization of the customer journey in order to improve not only the satisfaction of customers, but also that of employees and business partners, and in order to improve the digital customer experience (DCX) better data analysis is considered to be critical, marketers being challenged to offer affection, relevance and trust, building emotional connection with customers, optimizing the interchanging role of traditional and digital on the basis of complex observation and analysis of the paradoxes revealed by the concept of Marketing 4.0. There is an increasing use of the Martech stack in approaching marketing strategy and tactics so as to build customer engagement and advocacy, achieving the desired results. Keywords: Digital marketers; DCX; Marketing 4.0; Martech stack; Brand authenticity JEL Classification: L86; M15; M31; M37; O33
Rethinking the customer-interaction model, ensuring affection, relevance and trust There is a clear reality that digital is the new standard for service in our digital world which brought industries everywhere in the midst of a customer-service revolution stimulated by one-stop digital interfaces offered by technology leaders such as Amazon, Apple, Facebook, Google, and Uber. (Fanderl et all., 2018) As underlined recently by McKinsey’s experts, customers are adequately guided through their journey, from demand to fulfillment, knowing that the foundation for success in critical metrics is given by the customer-facing processes, rethinking the customer-interaction model and digitizing this journey so as to improve not only the satisfaction of customers, but also of employees and business partners. A month before, in June 2018, on the occasion of the 50th anniversary of Mower (a Marketing, Advertising and PR Agency), eMarketer published 50 data points (presented by Mower) from its database, providing insight for today’s marketer, and celebrating the many ways brands can reach their audiences, highlighting different significant aspects as follows: there is a rapid evolution of digital at the same time as the ecosystem (channels, devices, platforms and formats supporting it); in order to improve the customer experience (CX) better data analysis is considered to be critical, consumer data being viewed as a vital tool for all types of brands, brand authenticity being what consumers are looking for, and consequently marketers being challenged to approach their creative this way; brand safety is also essential to be ensured by marketers, who Holistic Marketing Management
need to create and activate friendships by offering affection, relevance and trust, building emotional connection with consumers while delivering relevant information in accordance with the right strategy, insight and above mentioned friendship. With regard to the above mentioned ecosystems, it is worth mentioning that in July 2018 a McKinsey’s expert showed that ecosystems are customer-centric networks (through which products and services are offered by various players that skim parts of the traditional value chain by securing the customer interface) having at their heart platforms (as systems making integration easy). Several ecosystems centered on specific customer needs can be operated in parallel by large ecosystem players such as Amazon and Google. By 2025, as revealed by McKinsey’s research, 30% of global GDP will be represented by ecosystems. (Lorenz, 2018) It is not by chance that the “Exclusive eMarketer Trends Coverage - Q3 2018” highlighted among the identified trends considered as necessary to be understood now (Mobile Eats the World; Alexa, Are Voice Assistants the Next Big Thing?; Digital Video's Ad Share Is Accelerating; Augmented Reality Breaks Out; The Promise of Personalization; Trust in Digital, Brand Safety at a Crossroad) that of “Trust in Digital, Brand Safety at a Crossroad” (see also the figure below).
Figure 1: Consumers really don’t believe that marketing and advertising is trustworthy Source: Six Trends You Need To Understand Now, Exclusive eMarketer Trends Coverage - Q3 2018 (work cited)
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Facing the continuous evolution in in consumers’ lifestyles and looking carefully at the most critical shifts As shown by the father of modern marketing Philip Kotler (and his article’s co-authors Hermawan Kartajaya and Iwan Setiawan) at the beginning of May 2018,1 there is a continuous evolution in in consumers’ lifestyles deeply influenced by the digital economy boom and smartphones use, and marketers need novel marketing approaches, making complex observation and analysis of the paradoxes specific to the concept of Marketing 4.0 (effectively considering the convergence of both the offline and on line worlds of businesses and customers, balancing M2M with H2H), so as to optimize the interchanging role of traditional and digital marketing (as shown in the figure below) and build customer engagement and advocacy.
Figure 2: Optimize the interchanging role of traditional and digital marketing Source: Kotler, P., Kartajaya, H., Setiawan, I. (2018). “Marketing 4.0: When Online Meets Offline, Style Meets Substance, and Machine-to-Machine Meets Human-to-Human”, The Marketing Journal, May 5 (work cited)
Within this framework, Kotler, Kartajaya and Setiawan launched an invitation to carefully look at the following most critical shifts: << From “Segmentation and Targeting” to “Customer Community Confirmation”; From “Brand Positioning and Differentiation” to “Brand Characters and Codes”; From “Selling the 4P’s” to “Commercializing the 4C’s” (Co-creation, Currency, Communal activation, and Conversation); From “Customer Service Processes” to “Collaborative Customer Care” >>. 1
Kotler, P., Kartajaya, H., Setiawan, I. (2018). “Marketing 4.0: When Online Meets Offline, Style Meets Substance, and Machine-to-Machine Meets Human-to-Human”, The Marketing Journal, May 5. Retrieved from http://www.marketingjournal.org/marketing-4-0-when-online-meets-offline-style-meets-substance-and-machineto-machine-meets-human-to-human-philip-kotler-hermawan-kartajaya-iwan-setiawan/ Holistic Marketing Management
There is no doubt that a tech-driven future is envisioned by today’s marketers which turn to sophisticated technologies to meet consumers’ seamless, personalized experiences skyrocket needs, as revealed in July 2018 by the third-annual report “Walker Sands State of Marketing Technology 2018”, co-sponsored by Walker Sands Communications and chiefmartech.com.2 According to this report based on data from a survey of 300 marketers working for firms in a wide range of different industries, the largest number of respondents are using the following marketing technologies: Email marketing, Content marketing, Analytics, and Social media marketing (see the table below):3
Figure 2: Building the Martech Stack Source: Walker Sands State of Marketing Technology 2018: Maximizing the Value of Martech Innovations, Walker Sands Communications, July 2018, cited by Nanji, A. (2018) in The State of Marketing Technology in 2018, MarketingProfs, August 6 (work cited)
Walker Sands State of Marketing Technology 2018: Maximizing the Value of Martech Innovations, Walker Sands Communications, July 2018, Retrieved from https://www.walkersands.com/resources/state-of-martech-2018/ 3 Nanji, A. (2018). The State of Marketing Technology in 2018, MarketingProfs, August 6. Retrieved from https://www.marketingprofs.com/charts/2018/39520/the-state-of-marketing-technology-in-2018? Holistic Marketing Management
It is also interesting to note that according to the same report 56% of respondents considered that their companyâ€™s marketing strategy will be driven primarily by a mix of creativity and technology five years from now (as shown in the figure below):
Figure 3: The influence of creativity and technology on marketing strategy Source: Walker Sands State of Marketing Technology 2018: Maximizing the Value of Martech Innovations, Walker Sands Communications, July 2018, cited by Nanji, A. (2018) in The State of Marketing Technology in 2018, MarketingProfs, August 6 (work cited)
Conclusions In the previous three issues we showed how digital marketers (who are placed at the intersection of digital transformation with CX): are focusing on differentiating on humanized digital CX (DCX) in a fast changing environment in which integral to competitiveness are both digital technology and CX.; must bridge the undesirable difference between customer insights and marketing insights, confirming a better understanding of customersâ€™ digital behavior, knowing, for instance, that mobile remains the most effective channel from the viewpoint of the critical conversion portion of the customer journey; must see customers as individual people within the context of both integrating CX with the business model and the operational processes, and of rethinking the execution, digital customer engagement remaining a top strategic priority. In the last four month we were witnessing: an acceleration of the convergence of both the offline and on line worlds of businesses and customers (an evolution specific to the concept of Marketing 4.0); a rapid evolution of digital (as the new standard for service in our digital world) at the same time as the ecosystems (as customer-centric networks having at their heart platforms); the increasing need for marketers to create and activate friendships, building Holistic Marketing Management
emotional connection with consumers, using adequate marketing technologies to meet consumers’ seamless, personalized experiences skyrocket needs, driving their company’s marketing strategy with the help of a mix of creativity and technology.
References Fanderl, H., Habrich, C., Klapdor, S. and Perl, S. (2018). Digitizing customer journeys—making a radical but valuable move in EPNG, McKinsey & Company, July. Retrieved from https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/digitizingcustomer-journeys-making-a-radical-but-valuable-move-in-epng Kotler, P., Kartajaya, H., Setiawan, I. (2018). “Marketing 4.0: When Online Meets Offline, Style Meets Substance, and Machine-to-Machine Meets Human-to-Human”, The Marketing Journal, May 5. Retrieved from http://www.marketingjournal.org/marketing-4-0-when-online-meetsoffline-style-meets-substance-and-machine-to-machine-meets-human-to-human-philip-kotlerhermawan-kartajaya-iwan-setiawan/ Lorenz, J.-T. (2018). The rise of ecosystems and platforms: What role can insurers play and how can they get started? McKinsey & Company, July. Retrieved from The-rise-of-ecosystems-andplatforms-What-role-can-insurers-play-and-how-can-they-get-started Nanji, A. (2018). The State of Marketing Technology in 2018, MarketingProfs, August 6. Retrieved from https://www.marketingprofs.com/charts/2018/39520/the-state-of-marketingtechnology-in-2018? Walker Sands State of Marketing Technology 2018: Maximizing the Value of Martech Innovations, Walker Sands Communications, July 2018, Retrieved from https://www.walkersands.com/resources/state-of-martech-2018/ *** 50 Days of Data, eMarketer, Inc., June 2018, presented by Mower. Retrieved from https://www.mower.com/wpcontent/uploads/2018/06/eMarketer_Mower_50_Days_Data_2018.pdf *** Six Trends You Need To Understand Now, Exclusive eMarketer Trends Coverage - Q3 2018. Retrieved from https://www.emarketer.com/corporate/coverage/SixTrendsYouNeedToKnowNow?
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Prof. Dr. h. c. Léon F. WEGNEZ (by courtesy of) - The European Code of Ethics for Franchising, “Distribution d’aujourd’hui”, 58ème année, Décembre 2017, Brussels (Léon F. WEGNEZ is a distinguished Member of the Editorial Board of our “Holistic Marketing Management” Journal).
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New Challenges for CMOs while Embarking on the Growth Journey Theodor Purcărea
Abstract Challenged to break down the silos, Chief Marketing Officers (CMOs) are accelerating the ways of adequately thinking and acting in the new world of the micro-moments, trying to better approach the customer journey maps and personas, better understanding what drives customer experience (CX), loyalty and profitability growth, considering the increase in the possibilities brought by new technologies, linking marketing’s metrics to finance, and embarking on growth. B2B Marketing is facing an increasing pressure to drive growth and attributable revenue, being strong evidence with regard to the real need of rapid adoption of Account-Based Marketing (ABM) and of making investments in order to adopt data and technology which support ABM, and this within the context in which the scope of B2B Marketing is evolving. Keywords: CMOs; Customer culture; CX; Marketing’s metrics; Growth IQ; ABM JEL Classification: L81; L86; M31; M37; O33
Turning the known into the unknown by bringing together MarTech and AdTech data, constantly testing both technology and campaigns Chief Marketing Officers (CMOs) are challenged to break down the silos and turn the known into the unknown, continuing the marketing relationship in the advertising channel with emotional intelligence, bringing together MarTech and AdTech data, (Stephen-Gittens , 2018) considering the implications of the proliferation of mobile devices and without consideration for the used device to provide consistent marketing to the same person (achieving “People-based marketing” by integrating marketing, advertising and customer data), connecting people across every used device. (Helmreich, 2017) At the AMA’s 2017 Annual Conference Andrew Keller, Global Creative Director of Facebook Creative Shop, underlined the need for every company to be creative in its mobile marketing, and to accelerate the ways of learning, creating and collaborating in the current new mobile world. (Conick, 2018) Within the same context, Robert Rose, Chief Strategy Advisor at Content Marketing Institute, pledged for using content marketing to build new audiences, organizing content marketing teams, and measuring the content marketing across the four C’s: Competency, Campaign, Customer Value, Cash. (Conick, 2018) On the other hand, Andrew Swinand, North American CEO of Leo Burnett Group, highlighted the need of using technology to design around the consumer, but constantly testing both technology and campaigns. (Conick, Holistic Marketing Management
2018) While a year before, at the AMA 2016 Annual Conference, Jim Lecinski, Vice President of U.S. Sales and Service at Google, argued (via Skype) that there is no great marketer without being a great digital marketer, which involves being a great mobile marketer, the new normal today being the social commerce, and brands being under pressure of seizing the micro-moments which are at the steep wall of purchase. (Soat, 2018) Also at the AMA 2016 Annual Conference: BV Pradeep, Global Vice President of Consumer and Market Insights at Unilever, showed how important it is to have a “people insights” approach to understanding the customer (this linking directly to a competitive advantage), personalization, conversation and purpose representing three essential elements to a people-focused campaign; (Soat, 2018) Brian Miske, KPMG’s CMO, underlined the need of creating responsive experiences which require connected data (“analysis + multiple streams of data = new actionable insights for customer-focused teams”), and presented an actionable Top 10 list/Considerations of the Marketer’s Pivot, beginning with customer readiness along the value chain. (Soat, 2018) This year brought to our attention the fact that there is no doubt about the real need of informing, refining and reinforcing the customer journey maps and personas which incorporate customer insights from multiple sources of customer insights (such as: Customer Effort Score, Net Promoter Score, Support Tickets, Win/Loss Analysis, Website Analytics, Social Media Analytics), each customer segment having its own map and persona, these insights being used to improve and to guide the employee experience which is designed to improve customer experience (CX). (Hunsaker, 2018) With regard to the relevant personas (defined as a description of a type of customer, including work role and responsibilities, background and traits, current goals, pain points etc.), in order to ensure consistent profiles with company’s business and customers it is important to be updated regularly once a quarter, for instance. (Sivakumaran, 2018) Customer-centricity, customer focus, customer culture, the co-creation of value and linking marketing’s metrics to finance, considering the metrics specific to the growth paths It is well-known that customer-centricity is reflected by the employee-customer gap (customer insight + customer foresight), brand-customer gap (competitor insight + competitor foresight + peripheral vision), and brand-employee gap (empowerment + cross-functional collaboration + strategic alignment). (Brown, Brown, 2014) Dr. Linden Brown (Visiting Professor at the Australian Graduate School of Management, Australian Business School, University of NSW, Sydney, Australia) and Chris Brown (CEO of Market Culture Strategies, a Silicon Valley consultancy specializing in helping organizations measure and build a customercentric culture), the authors of the book “The Customer Culture Imperative: A Leader’s Guide to Driving Superior Performance”, reminded us in February 2018: that in order to have real customer focus (understanding customers’ needs and doing what is right for these customers) it is necessary to have a customer culture (embedded in people and teams, clearly aligned to the company’s strategy, ensuring a consistently excellent CX along the whole service chain); how they identified the tangible customer culture factors and their links to business results (as shown Holistic Marketing Management
in the figure 1 below); the seven critical cultural traits of customer culture found by their study (as shown in the figure 2 below); customer culture drivers of business outcomes (customer satisfaction, innovation, new product success, profit growth, profitability, sales revenue growth): (Brown and Brown, 2018)
Figure 1: Customer Centric Behaviors Drive Customer Experience, Loyalty and Profitability Growth Source: Brown, L. and Brown, L.C. (2018). The Customer Culture Imperative: Is Marketing Destined to Lead a Better World? The Marketing Journal, February 6 (work cited)
Figure 2: The Seven Customer Culture Traits Source: Brown, L. and Brown, L.C. (2018). The Customer Culture Imperative: Is Marketing Destined to Lead a Better World? The Marketing Journal, February 6 (work cited)
At the mid of August 2018, Professor Jagdish N. Sheth (a Distinguished Fellow of the Academy of Marketing Science, Fellow of the American Psychological Association, and a Holistic Marketing Management
prestigious author) and Dr. Karl Hellman (President of Resultrek Inc., a marketing and sales consulting firm for best-in-class companies, and also a prestigious author) pledged for unleashing the co-creation of value considering the increase in the possibilities brought by new technologies, and look for ways to collaborate to co-create value (such as adapting Michael Porter’s five forces model), facilitating the performance of each aspect of value creation remaining the marketer’s job. (Sheth and Hellman, 2018) While at the end of August 2018, Katherine (Kay) Lemon (who holds the Accenture Professorship in the Carroll School of Management at Boston College) and Jon Biro (Chief Financial Officer at Harte Hanks) emphasized a better working relationship between Marketing (which is the engine of growth, being a team sport) and Finance (which speaks the language of business), Marketing’s metrics (such as: brand affect, mindshare, recall, brand perceptions, customer feedback, visits to the web site, minutes spent per visit, number of touchpoints, responses to promotions, store visits, purchases) needing to be linked to Finance, calculating Customer Lifetime Value (LTV) and Customer Equity, tracking these metrics over time so as to calibrate the effect of different actions at different times, measuring to learn and translating these metrics into financial terms. (Lemon and Biro, 2018) Also in August 2018, we find out thanks to the same “The Marketing Journal” the opinion of Tiffani Bova (Global customer growth and innovation evangelist at Salesforce and author of her first book “Growth IQ: Get Smarter About the Choices that Will Make or Break Your Business”, Publisher: Portfolio, August 14, 2018) according to which preparing your people is the most important resource when embarking on growth (which needs to be countercyclical), knowing how to categorize the growth efforts into one of ten growth paths (as in the figure below): (Sarkar, 2018)
Figure 3: The ten growth paths of Growth IQ Source: Sarkar, C. (2018). “Growth IQ: The 10 Paths to Growth” – An Interview with Tiffani Bova, The Marketing Journal, August 22 (work cited)
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In the interview for “The Marketing Journal” Tiffani Bova showed that in her above mentioned recently published book she offered two answers with regard to how do companies measure growth: “1. Company health – measure orders, shipments, returns, product repairs, market share, employee turnover, profit margins, cost of goods sold, salaries, etc.; 2. Measure the metrics specific to the growth paths you have chosen to execute.” Within the framework of this interview Tiffani Bova also offered a quick summary of the metrics specific to the growth paths a company chosen to execute: Tabel 1: A quick summary of the metrics specific to the growth paths a company chosen to execute
Source: Sarkar, C. (2018). “Growth IQ: The 10 Paths to Growth” – An Interview with Tiffani Bova, The Marketing Journal, August 22 (work cited)
B2B Marketing facing increasing pressure to drive growth and attributable revenue As the 2018 Demand Generation Benchmark Survey Report reminded us from the very beginning in January this year, fundamental to performance marketing executives is driving growth, being a continuous challenge for marketers to adequately answer to the increasing pressure to drive growth and attributable revenue. Survey findings revealed that 49% of respondents said that Account-Based tools are their top priority, also growing priorities for marketers being not only the measurement and attribution tools, but also data (reviewing actively the database for accuracy) and insights. (Gaffney, 2018) A critical step in the data marketing process is to create an Ideal Customer Profile (ICP) so as to guide the campaign development and improve campaign performance, better understanding target customers’ needs and purchasing habits, allowing them to benefit the most from doing business with the company, and boosting company’s marketing and sales alignment. (ReachForce, 2018) In order to positively influence the accounts selected for Account-Based Marketing (ABM), ICP needs high-quality data leading to accurate insights. (ReachForce, 2018) Ensuring high-quality data and integrating and unifying new data with other marketing data
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allow to improve marketing revenue and to develop a 360-degree view of customers. (ReachForce, 2018) It is helpful within this context to take a look at the opinions expressed recently by some prestigious analysts from TOPO, a research and advisory firm which helps sales, marketing, and sales development grow revenues faster. Because the hottest topic in B2B marketing is considered to be ABM (defined as: “the coordination of highly valuable, personalized experiences across all functions that impact the customer – e.g. marketing, sales development, sales, and customer success – to drive engagement at a targeted set of accounts”), we see that the rapid adoption of ABM at high growth companies (in recent years ABM being considered one of the top initiatives for these companies) is driven by powerful business dynamics. (Rosenberg, 2018) The ICP (which is focused on the most valuable company’s customers and prospects and guide the development of the target account list) and the target account list (which must be refreshed at least once every 18 months ) are considered to be the starting point for any ABM strategy (see the ideal customer profile framework in the table below ): Tabel 2: Ideal Customer Profile Framework
Source: Rosenberg, C. (2018). Account Based Marketing: The Definitive Guide, TOPO Blog, August (work cited)
An operational model and measurement tool for driving ABM (which maximizes LTV, the ultimate revenue metric and the ultimate account-based metric) is made available for use by the well-known TOPO’s Account Based Funnel (see the figure below). It is considered that companies which use ABM can achieve significantly higher customer LTV on the basis of a
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well-defined target account list and effective account-based execution.
Figure 4: TOPOâ€™s Account Based Funnel Source: Rosenberg, C. (2018). Account Based Marketing: The Definitive Guide, TOPO Blog, August (work cited)
This year, according to TOPO forecasts, investment in ABM technology (see in the figure below the ABM technology stack) will grow by 28%, while over 90% of B2B marketing will be account based in the next few years.
Figure 5: The Account Based Technology Stack Source: Rosenberg, C. (2018). Account Based Marketing: The Definitive Guide, TOPO Blog, August (work cited)
Unfortunately, as TOPO research revealed, many B2B organizations are making limited investments in order to adopt data and technology which support ABM, being necessary to act Holistic Marketing Management
gradually, by establishing first a strategy and then building the ABM technology stack in support of the established strategy. (Wittlake, 2018) On the other hand, a TOPO survey of the sponsors for TOPO Summit 2018 on the three trends identified by these companies as being followed in 2018 revealed, among different opinions, that to execute ABM effectively and to see what is working and not working is not so easy within the context of the existence of more than 5,000 marketing technologies and more than 500 sales technologies. (Mulbry, 2018) It is also interesting to note within this framework the opinion expressed at the mid of August this year by Paul Heald (who is the CEO and co-founder of BrightTALK, considered the leading video content and demand marketing platform used by 7 million professionals), that the scope of B2B Marketing is evolving, being all about CX (also citing the reputed Scott Brinker). Among other aspects Heald underlined “the growing importance of formulating and managing marketing campaigns on a far more granular and customer-centric level,” and the “great deal of excitement about the potential of machine learning and artificial intelligence to enhance the marketing function.” (Heald, 2018) Conclusions In the last issue of our HMM Journal we highlighted that CMOs are under pressure of aligning the customer-centric marketing’s layers of meaning and brand authenticity with a continually improved CX, breaking down silos, creating value through all customer touchpoints, and being responsive to the change driven by revenue and customer feedback. (Purcarea, 2018) We also made reference, among other aspects, to: “The Modern Marketing Model” (M3), launched by Econsultancy in November 2017, a model derived from three core principles (customer centric, integrated, and nimble & innovative); (Miller, 2018) “Experiences: The 7th Era of Marketing,” published by Content Marketing Institute, the authors Robert Rose and Carla Johnson underlining that marketing was challenged to become a vital growth function and marketers became advocates of innovation and solving customer problems through collaboration of non-traditional teams, generating revenue and creating improved CX. (Rose, & Johnson, 2015) We remarked very recently, in an interview taken in August 2018 by McKinsey’s Barr Seitz and entitled “Making the most of marketing technology to drive growth”, that: ▪ the above mentioned Scott Brinker (VP, Platform Ecosystems, at HubSpot) said that: “MarTech has created a revolution, with marketing going from the business of communications to the business of experiences, from bespoke content to bespoke software. You’re taking software and trying to create services through channels to customers;” ▪ while Jason Heller (a McKinsey partner leading the Digital Marketing Operations and Technology service line) showed that: “MarTech platforms are central to creating and delivering differentiated and relevant experiences by activating customer data at scale.” (Brinker, Heller and Seitz, 2018) Holistic Marketing Management
And the last but not the least, marketers must be aware of the fact that today’s customers want both a great digital experience and a great human experience, better understanding – as recommended by McKinsey’s representatives (Angevine, Lun Plotkin and Stanley, 2018) – where human interaction is most wanted and invested there, which involves considering the specific ingredients of a company’s optimal human-digital blend: speed, transparency, and expertise. References Angevine, C., Lun Plotkin, C. and Stanley, J. (2018). The secret to making it in the digital sales world: The human touch, McKinsey & Company, May. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-secret-tomaking-it-in-the-digital-sales-world? Brinker, S., Heller, J. and Seitz, B. (2018). Making the most of marketing technology to drive growth, McKinsey Interview, August. Retrieved from https://www.mckinsey.com/businessfunctions/marketing-and-sales/our-insights/making-the-most-of-marketing-technology-to-drivegrowth? Brown, L., Brown, C. (2014). The Customer Culture Imperative: A Leader's Guide to Driving Superior Performance, Publisher: McGraw-Hill Education; 1 edition (January 7, 2014), cited by ClearAction Continuum 2018, in “Customer + Employee + Brand Experience Convergence”. Retrieved from CustomerEmployeeBrandExperienceConvergence_ClearActionContinuum Brown, L. and Brown, L.C. (2018). The Customer Culture Imperative: Is Marketing Destined to Lead a Better World? The Marketing Journal, February 6. Retrieved from http://www.marketingjournal.org/the-customer-culture-imperative-is-marketing-destined-to-leada-better-world-linden-brown-and-chris-l-brown/ Conick, H. (2018). Why Facebook Creative Shop’s Director Favors Quick, Creative Mobile Ads, ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Conick, H. (2018). Is It Time to Trash Your Content Marketing Strategy? ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Conick, H. (2018). Why Leo Burnett’s CEO Creates Assets, Not Ads, ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Gaffney, A. (2018). Tapping Multichannel Marketing & Data As Key Engines For Growth, 2018 Demand Generation Benchmark Survey Report, January. Retrieved from DGR_DG072_SURV_BenchmarkSurvey_Jan_2018_Final Heald, P. (2018). The Evolving Scope of B2B Marketing: It’s All About Customer Experience, CustomerThink, August 15. Retrieved from http://customerthink.com/the-evolving-scope-ofb2b-marketing-its-all-about-customer-experience/? Helmreich, D. (2017). People-based marketing’s biggest roadblock? It’s not technology. It’s marketers, LiveIntent, August 3. Retrieved from https://blog.liveintent.com/people-basedmarketing-biggest-roadblock/ Hunsaker, L. (2018). Customer Journey Insights Increase Marketing Impact, CustomerThink, August 8. Retrieved from http://customerthink.com/customer-journey-insights-increasemarketing-impact/? Lemon, N.K. and Biro, J. (2018). “Marketing Needs to Learn to Speak Finance”, The Marketing Journal, August 29. Retrieved from http://www.marketingjournal.org/marketing-needs-to-learnto-speak-finance-katherine-n-lemon-and-jon-biro Holistic Marketing Management
Miller, S. (2018). Why modern marketing is as much about mindset as technical skills, Econsultancy, 21 May, cited by Purcarea, T. in Re-engineering marketing in the digital age, Holistic Marketing Management, Volume 8, Issue 2, pp. 04-06 Mulbry, T. (2018). Top Trends from TOPO Summit Sponsors – Sales and Marketing Alignment & Marketing and Sales Development Orchestration, TOPO Blog, April. Retrieved from http://blog.topohq.com/top-trends-topo-summit-sponsors-sales-marketing-alignment-marketingsales-development-orchestration/ Purcarea, T. (2018). CMOs’ strategic empowerment by effectively managing customer feedback, Holistic Marketing Management, Volume 8, Issue 2, pp. 17-25 Rose, R. & Johnson, C. (2015). Experiences: THE 7TH ERA OF MARKETING, Published by Content Marketing Institute, Cleveland, Ohio, 2014, cited by Purcarea, T. in Re-engineering marketing in the digital age, Holistic Marketing Management, Volume 8, Issue 2, pp. 04-06 Rosenberg, C. (2018). Account Based Marketing: The Definitive Guide, TOPO Blog, August. Retrieved from: http://blog.topohq.com/account-based-marketing-the-definitive-guide/ Sarkar, C. (2018). “Growth IQ: The 10 Paths to Growth” – An Interview with Tiffani Bova, The Marketing Journal, August 22. Retrieved from http://www.marketingjournal.org/growth-iq-the10-paths-to-growth-an-interview-with-tiffani-bova/ Sheth, N.J. and Hellman, K. (2018). “Unleashing the Co-Creation of Value”, The Marketing Journal, August 16. Retrieved from http://www.marketingjournal.org/unleashing-the-cocreation-of-value-jagdish-n-sheth-and-karl-hellman Sivakumaran, E. (2018). Customer Success Personas and How to Leverage Them, Customer Experience Update. Retrieved from http://www.customerexperienceupdate.com/edition/dailycustomer-success-interaction-2018-08-27? Soat, M. (2018). Google VP on the Marketer’s New Normal, ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Soat, M. (2018). Unilever’s ‘People Insights’ Approach to Understanding the Customer, ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Soat, M. (2018). The Pivot: KPMG on Shaping a Responsive Enterprise Through a Digital Lens, ebook AMA Marketing Week, August. Retrieved from AMA_MWL18_Past_Speakers_Ebook Stephen-Gittens , K. (2018). CMO challenges: what are the biggest martech challenges CMOs face? LiveIntent, August 8. Retrieved from https://blog.liveintent.com/biggest-martech-cmochallenges/ Wittlake, E. (2018). Account-Based Technology: Key Trends and Takeaways, TOPO Blog, May 1. Retrieved from http://blog.topohq.com/account-based-technology-key-trends-takeaways/ *** The Data Marketer's Guide to Ideal Customer Profiles, ReachForce, August 01, 2018. Retrieved from https://blog.reachforce.com/the-data-marketers-guide-to-ideal-customerprofilesand *** Ideal Customer Profiles and ABM: A Match Made in Marketing Heaven, ReachForce, August 17, 2018. Retrieved from https://blog.reachforce.com/ideal-customer-profiles-and-abma-match-made-in-marketing-heaven *** How to Increase Your Marketing Attributed Revenue, ReachForce, February 25, 2015. Retrieved from https://blog.reachforce.com/blog/how-to-increase-your-marketing-attributedrevenue *** https://topohq.com/about/
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Forum Art Business (FAB): Shine Astana, Catalyst Art, and Female Artists Bernd HALLIER
Prof. Dr. Bernd Hallier and RAU Rector Ovidiu Folcuţ Prof. Dr. Bernd Hallier, President of the European Retail Academy (ERA) is a distinguished Member of the Editorial Board of our “Holistic Marketing Management” Journal (he is also an Honorary Member of the Romanian Scientific Society of Management - SSMAR). Professor Bernd Hallier has participated to a series of Round Tables and Public Lectures (The intertwine of Culture and Trade; Introduction of the European Retail Academy; Branding: the successful example of EuroShop; Evolution Tornado Retail; the Global House of Harmony; Lifelong-Learning; Environmental Retail Management) organized at the Romanian-American University. The agenda of the productive meeting between Professor Ovidiu Folcuţ, Rector of the Romanian-American University (RAU) and Professor Bernd Hallier, on the occasion of his last visit in Romania, included significant items of discussion, such as: the international transfer of know-how between business and universities, bringing more transparency on retail-research and retail-education; the actual need of anticipating skill needs in the commerce sector, taking into account the attention to be paid to the evaluation of philosophies offered by the steady upgrade of retail-technologies; the developing cooperation between Germany and Eastern markets.
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Shine Astana The City of Astana was founded as the new capital of Kazakhstan after the collapse of the Soviet-Union. Within its twenty years of existence it got already a high image due to its futuristic sky-line, its Global Summits supported by the group of Astana Nobel Laureates and finally in 2017 by the EXPO.
For the 20th Anniversary of Astana in 2018 Sir Karl Jenkins , one of the greatest modern composers, created the oratorio "Shine Astana" which was performed by a combination of 500 singers from choirs from 10 Silk Road countries and by 300 musicians. Its premier took place at the First Silk Road Mayors Joint Conference which according to Prof. Dr. Bernd Hallier was a historic and cultural highland for the entire region.
Catalyst Art The First International Silk Road Mayors' Conference in Astana/Kazakhstan did not only bring politicians and investors together to meet 60 mayors of this cluster, but also people being
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interested or active in culture/art. One example is shown by the following pic uniting conferenceparticipants from Tajikistan, Kazakhstan, India and Germany.
Mirzozoda Ato Mirkhodja, First Deputy Chairman of the Union of Writers of Tajikistan stated : “In the past it was so difficult to reach our area - we hope that in the future by the revitalization of the Silk Road it will be more easy to visit our country. We are very grateful for the AstanaInitiative.”
Female Artists Women are mostly in art perceived as “inspirers/muse”, but at the First International Conference of the Club of Silk Road Mayors in Astana Dr. Leyla Mahat demonstrated in her lecture that already in the history of nomadic cultures women can be traced as important "influencers" in the art sector (read more LINK)
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Dr. Leyla Mahat has her academic title in Philosophy/Fine Art and is associate professor for Painting and Sculpture at the Art Faculty of the Kazakh National University of Arts in Astana/Kazakhstan.
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The Issue 2, Vol. XIII, 2018 of our Partner Journal „Marketing Science and Inspirations”, Comenius University in Bratislava, Slovakia Theodor PURCĂREA
JEL Classification: Y30
We were happy to receive by post the Issue 2, Vol. XIII, 2018 of our Partner Journal „Marketing Science and Inspirations”, Comenius University in Bratislava, Slovakia. This issue
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of the well-known academic journal addressed to academics and practitioners covered a wide range of topics in the marketing research field: ▪ “Integrated marketing communication: Example on the selected retailer” (the authors Eva Vanda Lieskovska and Katarina Petrovcikova pointed the attention toward the alternative usage of individual communication tools as a part of IMC which is shown on the example of the chosen retailing company COOP Jednota, s. d., Slovakia, having as main marketing communication objective not only to attract the potential customers but also to stay in long term contact and receive its potential response; in this article, which is the outcome from the research project VEGA/0376/17, selected communication activities are presented which are becoming the essential way of interactive dialogue between a company and its customers); ▪ “Changes in marketing communication in political marketing in the Slovak Republic in recent years” (the authors Eva Smolkova and Samuel Smolka underlined that within the context of the political marketing as one of the youngest disciplines marketing communication methods and tools, voters’ preferences and implementation of this tools have changed; the study presented 4 pre-election surveys, including selected thematic areas pointing to the need for a change in marketing communication within this framework); ▪ “Comparison of Slovac and Arabic culture III” (the authors Dana Vokouna and Silvia Hankova are continuing to highlight the identified similarities – as that parents should encourage their children to have good manners, be tolerant and responsible – and differences); ▪ “Service innovation processes in SMEs in Uper Austria” (the authors Alexandra Fratrikova, Margarethe Überwimmer and Robert Füreder analyze the literature background on this topic as a part of the Interreg SIP-SME project, presenting the results from the in-depth interviews with Upper Austrian innovation experts and comparing them to the literature findings, founding that experts confirmed the necessity of formalization of processes etc. and identifying problematic areas of implanting innovation); ▪ “Impact of GDPR on Banks in Slovakia – Marketing Approach. Part I” (the authors Lucia Kocisova, Tomas Pikulik, Martin Seliga and Peter Starchon demonstrated the significance of EU Regulation for the financial sector along with the impact on complex management of marketing activities inside specific financial institutions; the paper discussed the main principles and innovations that are of key importance for future positive developments in this field with emphasis on relationship between banks and direct marketing; there were also presented selected results of the primary research oriented on personal data protection from consumers’ viewpoint in Slovakia, being also identified the challenges banks have to meet while adhering towards the new directive).
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The „Marketing Science and Inspirations” Journal also includes other sections such as: “Marketing Briefs” (Pavel Strach – “On the use of virtual reality”); “Captured us” (“Maketer of the year contest 2017 has its winner”); “Reviews” (Ivana Butoracova Sindleryova – “Cabyova, Ludmila and Ptacin, Jakub: Marketing, communication and identity in educational institutions”, Trnava: FMK UCM, 2016; Peter Starchon – “Mazurkiewicz-Pizlo, Anna, and Pizlo, Wojciech: Marketing. Wiedza ekonomiczna i aktywność na rynk”, Warszawa: Widawnictwo Naukowe Pwn SA, 2017); “Dictionary of Useful Marketing Terms” (Dagmar Weberova). Holistic Marketing Management
Allow us to also remember that the Editor-in Chief of the „Marketing Science and Inspirations” Journal is Professor Peter Starchon, Faculty of Management, Comenius University in Bratislava, Slovakia, who is also a Member of the Editorial Board of the “Holistic Marketing Management” Journal and of the “Romanian Distribution Committee Magazine”. And it is always our honor and pleasure to remember our meeting in Koln, Germany, in 2011, on the occasion of the working meeting of the European Retail Academy (ERA).
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