To boardrooms and sustainability: the changing nature of segmentation

Market segmentation is the process by which customers in markets with some heterogeneity are grouped into smaller homogeneous segments of more ‘similar’ customers. A market segment is a group of individuals, groups or organisations sharing similar characteristics and buying behaviour that cause them to have relatively similar needs and purchasing behaviour. Segmentation is not a new concept: for six decades marketers have, in various guises, sought to break-down a market into sub-groups of users, each sharing common needs, buying behavior and marketing requirements. However, this approach to target market strategy development has been rejuvenated in the past few years. Various reasons account for this upsurge in the usage of segmentation, examination of which forms the focus of this white paper. Ready access to data enables faster creation of a segmentation and the testing of propositions to take to market. ‘Big data’ has made the re-thinking of target market segments and value propositions inevitable, desirable, faster and more flexible. The resulting information has presented companies with more topical and consumer-generated insights than ever before. However, many marketers, analytics directors and leadership teams feel over-whelmed by the sheer quantity and immediacy of such data. Analytical prowess in consultants and inside client organisations has benefited from a stepchange, using new heuristics and faster computing power, more topical data and stronger market insights. The approach to segmentation today is much smarter and has stretched well away from the days of limited data explored only with cluster analysis. The coverage and wealth of the solutions are unimaginable when compared to the practices of a few years ago. Then, typically between only six to ten segments were forced into segmentation solutions, so that an organisation could cater for these macro segments operationally as well as understand them intellectually. Now there is the advent of what is commonly recognised as micro segmentation, where the complexity of business operations and customer management requires highly granular thinking. In support of this development, traditional agency/consultancy roles have transitioned into in-house business teams led by data, campaign and business change planners. The challenge has shifted from developing a granular segmentation solution that describes all customers and prospects, into one of enabling an organisation to react to the granularity of the solution, deploying its resources to permit controlled and consistent one-to-one interaction within segments. So whilst the cost of delivering and maintaining the solution has reduced with technology advances, a new set of systems, costs and skills in channel and execution management is required to deliver on this promise. These new capabilities range from rich feature creative and content management solutions, tailored copy design and deployment tools, through to instant messaging middleware solutions that initiate multi-streams of activity in a variety of analytical engines and operational systems. Companies have recruited analytics and insight teams, often headed by senior personnel, such as an Insight Manager or Analytics Director. Indeed, the situations-vacant adverts for such personnel out-weigh posts for brand and marketing managers. Far more companies possess the in-house expertise necessary to help with segmentation analysis. Some organisations are also seeking to monetise one of the most regularly under-used latent business assets… data. Developing the capability and culture to bring data together from all corners of a business, the open market, commercial sources and business partners, is a step-change, often requiring a Chief Data Officer. This emerging role has also driven the professionalism of data exploration, using more varied and sophisticated statistical techniques. CEOs, CFOs and COOs increasingly are the sponsor of segmentation projects as well as the users of the resulting outputs, rather than CMOs. CEOs because recession has forced re-engineering of value propositions and the need to look after core customers; CFOs because segmentation leads to better and more prudent allocation of resources – especially NPD and marketing – around the most important sub-sets of a market; COOs because they need to better look after key customers and improve their satisfaction in service delivery. More and more it is recognised that with a new segmentation comes organisational realignment and change, so most business functions now have an interest in a segmentation project, not only the marketers. Largely as a result of the digital era and the growth of analytics, directors and company leadership teams are becoming used to receiving more extensive market intelligence and quickly updated customer insight, so leading to faster responses to market changes, customer issues, competitor moves and their own performance. This refreshing of insight and a leadership team’s reaction to this intelligence often result in there being more frequent modification of a target market strategy and segmentation decisions. So many projects set up to consider multi-channel strategy and offerings; digital marketing; customer relationship management; brand strategies; new product and service development; the re-thinking of value propositions, and so forth, now routinely commence with a segmentation piece in order to frame the ongoing work. Most organisations have deployed CRM systems and harnessed associated customer data. CRM first requires clarity in segment priorities. The insights from a CRM system help inform the segmentation agenda and steer how they engage with their important customers or prospects. The growth of CRM and its ensuing data have assisted the ongoing deployment of segmentation. One of the biggest changes for segmentation is the extent to which it is now deployed by practitioners in the public and not-for-profit sectors, who are harnessing what is termed social marketing, in order to develop and to execute more shrewdly their targeting, campaigns and messaging. For Marketing per se, the interest in the marketing toolkit from non-profit organisations, has been big news in recent years. At the very heart of the concept of social marketing is the market segmentation process. The extreme rise in the threat to security from global unrest, terrorism and crime has focused the minds of governments, security chiefs and their advisors. As a result, significant resources, intellectual capability, computing and data management have been brought to bear on the problem. The core of this work is the importance of identifying and profiling threats and so mitigating risk. In practice, much of this security and surveillance work harnesses the tools developed for market segmentation and the profiling of different consumer behaviours. This white paper presents the findings from interviews with leading exponents of segmentation and also the insights from a recent study of marketing practitioners relating to their current imperatives and foci. More extensive views of some of these ‘leading lights’ have been sought and are included here in order to showcase the latest developments and to help explain both the ongoing surge of segmentation and the issues under-pinning its practice. The principal trends and developments are thereby presented and discussed in this paper

Mapping industry standards and integration opportunities in business management curricula

Industry standards have a significant impact on business as a means to eliminate waste, reduce costs, market products (e.g., for quality, safety, interoperability) and lessen liability (Thompson, 2011). Consequently, an understanding and the ability to use standards, agreed upon practices among interested or vested parties, is a critical workplace competency for those engaged in business and industry. To have a workforce competent in the use of standards, higher education curricula must be developed to integrate standards education at appropriate points within the curriculum. Despite the importance of standards, they are not universally integrated into the college and university curricula. Given the widespread use of standards in business and industry, a study was undertaken by four academic librarians (two business librarians and two engineering librarians) to explore the use and potential integration of standards in undergraduate business management curricula. This was accomplished through curriculum mapping of two top-ranked undergraduate business management programs. Syllabi of the two undergraduate business management programs were examined for pre-established terms (e.g., ISO, standards), as well as potential opportunities for integration of standards in the future. Of the 62 courses examined only five (or 8%) specifically mentioned standards; however, half of the courses examined were found to have potential for the integration of standards across nine business curriculum areas: business and management strategy, business law, ethics and social responsibility, human resources, information systems, international/global, marketing, process/product development, and project management. This study found that few undergraduate business management courses specifically taught or used standards based on the syllabi, but considerable potential exists for the integration of standards into undergraduate business management courses

Electricity Markets in a Time of Change: A Call to Arms for Business Research

Europe’s clean energy transition is imperative to combat climate change and represents an economic opportunity to become independent of fossil fuels. As such, the energy transition has become one of the most important, but also one of the most challenging economic and societal projects today. Electricity systems of the past were characterized by price-inelastic demand and only a small number of large electricity generators. The transition towards intermittent renewable energy sources changes this very paradigm. Future electricity systems will consist of many thousands of electricity generators and consumers that actively participate in markets, offering flexibility to balance variable electricity supply in markets with a high spatial and temporal resolution. These structural changes have ample consequences for market operators, generators, industrial consumers as well as prosumers. While a large body of the literature is devoted to the energy transition in engineering and the natural sciences, it has received relatively little attention in the recent business research literature, even though many of the central challenges for a successful energy transition are at the core of business research. Therefore, we provide an up-to-date overview of key questions in electricity market design and discuss how changes in electricity markets lead to new research challenges in business research disciplines such as accounting, business & information systems engineering, finance, marketing, operations management, operations research, and risk management

Curriculum Subcommittee Minutes, September 7, 2006

Religious Studies Program New Course Department of Agricultural Systems Technology and Education Repeatable for credit Department of Nutrition and Food Sciences New Course Department of Communicative Disorders and Deaf Education Repeatable for credit Department of Instructional Technology Title Change, Credit Hour Change, Course Description Change Department of Civil and Environmental Engineering Course Description Change Delete Course University Studies Request Department of Aerospace Studies Pass/Fail Only Department of English Pass/Fail Only Department of Landscape Architecture and Environmental Planning Credit Hour Change Department of Languages, Philosophy, and Speech Communication Pass/Fail Only Department of Political Science Pass/Fail Only Other Changing the name of the Plants, Soils, and Biometeorology Department Consolidating the three existing bachelor’s degrees in the Animal, Dairy and Veterinary Sciences Department into a single bachelor’s degree with four emphases Correcting course restrictions Special approval codes to control the registration on particular sections of courses ENGL 1010 and 2010 prerequisites Distance delivery of degree programs Curriculum Subcommittee Handbook Temporary suspension of enrollment for the Business Information Technology and Education (BITE) and Marketing Education (MKED) programs Membership for the Curriculum Subcommitte

An investigation into the effects of computer integrated manufacturing systems in the productivity of SMEs in Pakistan

The current dynamic and turbulent manufacturing environment has forced companies that compete globally to change their traditional methods of conducting business [Producer to consumer]. Recent developments in manufacturing and business operations have lead to the adoption of Computer Integrated Manufacturing (CIM) technologies that are based on systems and processes that support global competitiveness, especially for Small and Medium Enterprises (SMEs). Organizations and SMEs in particular need to re-evaluate every aspect of their manufacturing strategy and quickly move towards a CIM based environment where manufacturing technologies, business strategies and processes are integrated together. This paper highlights the development of a CIM adoption model that has resulted from empirical work generated from SMEs in Pakistan. The model consists of the parameters such as Top Management Support, System Integration, Marketing, and over all performance

Strategic development of the built environment through international construction, quality and productivity management

This thesis presents a coherent, sustained and substantial contribution to the advancement of knowledge or application of knowledge or both in the field of construction management and economics. More specifically, this thesis outlines the strategic development of the built environment through lessons from international construction, quality and productivity management. The strategic role of construction in economic development is emphasized. It describes the contributions transnational construction firms made towards modern-day construction project management practices globally. It establishes the relationship between construction quality and economic development and fosters a better understanding of total quality management and quality management systems in enhancing construction industry performance. Additionally, it prescribes lessons from the manufacturing industry for construction productivity and identifies the amount of carbon emissions reduced through lean construction management practices to alleviate the generally adverse effects of the built environment on global climate change. It highlights the need for integrated management systems to enhance quality and productivity for sustainable development in the built environment. The thesis is an account of how the built environment has evolved, leveraging on lessons from international construction, quality and productivity management for improvements over the past two decades

Customer relationship management: digital transformation and sustainable business model innovation

[EN] The point of departure for this study is the understanding of customer relationship management (CRM) as a set of technological solutions key for efficient business management, the benefits of which, highlighted by previous works, are presented and defined here as crucial for entrepreneurial success. Of particular interest for this purpose are the existing studies on sustainability, which provide a viable research model to assess and validate the potential effect of each CRM component (sales, marketing, and services) on the three dimensions of sustainability (economic, environmental, and social). Upon confirmation of our hypotheses, the subsequent validation of such model should bring a better understanding of the way in which CRM-related benefits may increase the positive impact of its components on each dimension of sustainability. CRM can hence be considered a sort of Green IT, oriented toward digital transformation and sustainable business model innovation. 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