CMO Hurricane: The Turbulent World Of Marketing Executives

The winners in this contemporary market storm must develop a strategic marketing capability to reinvent and reinvigorate their approach to growth in the face of such adversity. Real strategic marketing is necessary to take your business to the next level identifying new opportunities and enabling new growth platforms.

Defining Real Strategic Marketing Real strategic marketing answers questions that face all companies trying to compete in an increasingly tougher market:.

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What are the unmet needs in the market that arent showing up in our traditional market surveys? How do we add value that justifies better margins when all the market pressures are driving pricing down?

Is this time different? Reflections on recent emerging-market turbulence

How do we break away from the pack and significantly increase market share without just buying it through price discounts? Strategic marketing starts with an analysis of market trends, with the intention of determining current unmet clinical and economic needs and predicting future needs as well. One trend example is the seemingly endless escalation of healthcare costs. As payers, including the government, reach the breaking point, the question of how much to pay for a new product?

Another macro trend example is the general lack of evidence-based, improved clinical outcomes in spite of increased pharmaceutical spending. Strategic marketing requires an ability to see the white space opportunities inherent in such trends. It also requires the organizational competencies to incorporate this insight into critical business decision processes such as portfolio management and product development.

The Limitations of Traditional Market Research Most market research, as it is conducted today, would never surface a strategic path to seize a white space opportunity in the market.

"Real" Strategic Marketing: Managing in a Turbulent Market Environment | eyeforpharma

One reason for this is an overreliance on quantified research, with a focus mostly on countable demographics e. If qualified white space research is done directly with healthcare consumers, and a variety of providers, the interview design is often lacking more or less expecting the consumer to have the new solutions imagination that the company lacks!

Traditional market research also usually seeks to determine the strengths and weaknesses of existing products, with an underlying objective of defining areas for incremental product improvement. In contrast, strategic marketing is focused to a much greater extent on the identification of discontinuous opportunities which are the type of opportunities that support market share based on differentiated value propositions that address unmet needs.

Strategic marketing requires a different kind of research to define such fundamental questions as what businesses or product categories should we be in? Making It Happen Conducting white space research and trend analysis, and conceptualizing category-expanding new products, is only half of the battle. Bringing real marketing strategy to life requires significant organizational change. It starts with the executive management team.

Effective strategic marketing companies have broadened strategic marketing to all executive leaders, recognizing it is everyones job, not just the marketing leaders job.

CMO Hurricane : The Turbulent World of Marketing Executives by Michael Cheves (2012, Paperback)

However, even when crisis is already at the door, governments and central banks often are not ready to act quickly and decisively, choosing instead a strategy of gradual adjustment. This is caused either by an underestimation of the real threat, or a belief that gradual changes will be politically more acceptable and involve smaller output and employment losses, or both. However, a strategy of gradual adjustment works best when policy corrections are done in advance — that is, when the macroeconomic situation is still relatively good. This is also an acceptable approach in the case of more complex structural and institutional changes, under condition that the entire reform plan remains credible and will not be abandoned when the economic situation starts to improve.

However, gradual adjustment does not work in an environment of speculative pressure and financial-market panic, because it lacks credibility and is unable to change market expectations. Furthermore, it extends the period of pain and delays the perception of improvement. Unfortunately, authorities of both analysed countries were not ready to act quickly and decisively enough when the first signs of the forthcoming crisis were already seen.

The CBRT took its first decision to increase the one-week repo auction rate from 8. These higher interest rates were not able to stop capital outflow and abrupt depreciation of Turkish lira in August and September, especially because they were not supported by other policy measures — in particular, in the fiscal sphere.

It is too early to say whether this will be enough to change market expectations and stop a crisis. The anti-crisis actions and policy statements remain contradictory Smith, President Mauricio Macri won the election on the promise to depart from the populist policies of his predecessor and restore macroeconomic stability. However, undertaken reforms were slow and not always consistent enough, and the macroeconomic policy stance remained loose — as illustrated by Table 1. After the first signs of market pressures at the end of , macroeconomic policy was tightened but not enough to change expectations.

Episodes of market panics were repeated several times, especially in August and September The Central Bank of the Republic of Argentina increased its key interest rate in several steps — from Politically, the new administration wasted the window of opportunity to stabilise and reform the economy in the first two years of its term, when the blame could be put on the previous government.

The recent turmoil in emerging markets, still limited by historical standards, should serve as both the warning signal and source of policy lessons for both countries in trouble and others, including advance economies, many of which walk on the edge of fiscal sustainability examples include Japan or Italy.

First, the era of extremely low interest rates in advanced economies is coming to its end. This will have a strong impact on both them and emerging markets, in terms of direction of capital flows, public and private debt sustainability, financial-sector stability, growth dynamics, and many others. Second, the current growth recovery in advanced economies could be short-lived, due to tensions in the global trade system, other geopolitical and security risks, supply-side constraints such as shrinking and ageing population and necessary tightening of monetary and fiscal policies.

If growth in advanced economies weakens, this will have an additional negative impact on emerging-market economies. Third, populist policies that ignore fiscal and monetary arithmetic are always of a limited lifespan. The question is only when the country will have to pay for such policies and how much. Fourth, if economic policy requires corrections, it is always better and less expensive — in economic and political terms — to introduce them sooner rather than later.

If the country faces the risk of becoming a victim of market turmoil, the policy adjustment should be fast and strong enough to arrest negative trends immediately and create positive expectations. The Ups and Downs of Turkish Growth, Managing capital flows in a globalized economy , in: The impact of the oil-price shock on net oil exporters , Bruegel Blog , 24 November, http: Argentina puts an end to long holdouts saga , Financial Times , 22 April, https: Turkey eyes return to international debt market with new dollar bond , Financial Times, 16 October, https: This time is Different: One step forward, several steps back in Turkey , Financial Times , 15 October, https: Bruegel considers itself a public good and takes no institutional standpoint.

Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post. The life of Brexit. Empirical trends in markups and market power: What are the reasons behind the global trends in corporate margins and market concentration? Cooperation over energy and climate issues could be one of the components of the EU-Turkey Positive Agenda. Simone Tagliapietra proposes a new strategy for EU-Turkey energy cooperation, which envisions a shift of focus from gas and electricity to fields such as renewables and nuclear energy.

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In this column, Jean Pisani-Ferry portrays the current international economic and geopolitical order as increasingly reminiscent of chess. We use cookies to function our website. To read about our cookie usage and our privacy policy click here. Reinhart and Rogoff, , p. The symptoms of new storm? Republishing and referencing Bruegel considers itself a public good and takes no institutional standpoint.

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The G20 turns ten: US mid-term elections and the global economy Democrats won control of the House and Republicans held onto the Senate in the most consequential US mid-term elections in decades.