Research at the Institute for Value

Introduction
Prof. Dr. Thorsten Wiesel
Marketing Center Münster - Institute for Value-Based Marketing
Am Stadtgraben 13-15, 48143 Münster
phone: +49 (0) 251 83-28207
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e-mail: [email protected]
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Table of contents
 Marketing Center Münster
 Institute for Value-Based Marketing
 Research at the Institute for Value-Based Marketing
 Teaching program
 Linking theory and practice
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Introducing the Institute for Value-Based Marketing
at the Marketing Center Münster
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Münster – City of Science and Savoir Vivre
“I had the opportunity to encounter a remarkable piece of history.”
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Henry A. Kissinger
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Marketing Center Münster (MCM)
One of the most prestigious academic marketing centers in Europe
1969: Foundation of first Marketing Chair in Germany by Prof. (em.) Meffert.
1999: Forming of Marketing Center Münster by the merger of 3 marketing chairs.
2002: Prof. Krafft appointed as new director of the Institute of Marketing (succeeding Prof.
Meffert).
2008: Establishment of three Junior Professorships for Marketing.
2010: Foundation of Department of Marketing & Media Research by Prof. Hennig-Thurau.
2012: Foundation of the Institute for Value-Based Marketing by Prof. Wiesel.
2014: 3 full professors, 1 senior professor, 2 emeritus professors, 5 assistant professors,
and almost 30 PhD students.
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Institute for Value-Based Marketing
Prof. Wiesel and his team joined the MCM in 2012
 Short vita of Prof. Wiesel
Dr. Sonja Gensler (Assistant Professor)
Gabriele Rüter (secretary)
Sascha Leweling (PhD student)
Prof. Dr. Thorsten Wiesel
Simon Monske (PhD student)
New in the team:
Lisette de Vries (PhD student)
Charlotte Hufnagel (PhD student)
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
Dipl.-Kfm., Goethe University Frankfurt

PhD, Goethe University Frankfurt

Visiting Scholar: Penn State University (USA),
IESE Business School Barcelona (Spain),
Goizueta Business School Atlanta (USA)

Assistant Professor at the VU University
Amsterdam (Netherlands) and University of
Groningen (Netherlands)

Associate Professor, University of Groningen
(Netherlands)

Professor, University of Münster
 Prof. Wiesel is supported by Dr. Sonja
Gensler and a highly motivated team of
four PhD students who all work hand in
hand and are committed to research and
teaching.
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Research at the Institute for Value-Based Marketing
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Research focus - Institute for Value-Based Marketing
Marketing is more than just advertising…
Fact-based (marketing) decisions
that increase both the
value delivered to the customer
and the
fundamental value of the firm
in a sustainable manner
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Mission statement - Institute for Value-based Marketing
Determine financial impact of marketing decisions
 Our research aims to quantify the effects of marketing activities on a
company's success – both direct (e.g. profit, shareholder value) and indirect
(e.g. marketing value, customer value, client’s sentiment).
 We are particularly interested in the challenges new media poses to modern
marketing.
 We always put special emphasis on the link between methodological rigor
and entrepreneurial (or social) relevance, i.e., our research is led by current
issues of corporate practice.
 We aim to not only gain scientific insights, but also to provide tools to support
companies in current and future challenges.
 We aim to make the knowledge we generate through our research available
for students, companies, society, and other stakeholders (e.g. analysts,
investors).
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Competencies - Institute for Value-Based Marketing
Digital
marketing
Multichannel
management
Marketing
performance
• Budget allocation
• Consumer online
search behavior
• Consumers’
channel choice
• Online advertising
effectiveness
• Showrooming
• Attribution
modeling
•…
• Customer journey
• Social media
monitoring and
intelligence
•…
Marketing –
Finance
• Marketing
disclosure
• Firm valuation
• Marketing risk
management
•…
• Econometric
methods (e.g.,
matching
methods)
• Eye-tracking
• Text mining
• Survey research
•…
•…
Expertise is generated through
•
•
•
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Research
methods
Knowledge generation (Research)
Knowledge transfer (Teaching)
Knowledge implementation (Practice)
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Eye Tracking Lab at the Institute for Value-Based Marketing
Aiming for new insights in the field of consumer research
 We have an Eye Tracker and a pair of Eye Tracking glasses (both SMI).
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We aim to gain insights into consumers‘ search behavior when using a pc/laptop or
mobile phone.

Moreover, we study the effects of online/mobile advertising on consumer behavior.
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Research output
Our research has been published in highly renowned marketing journals
 Prof. Thorsten Wiesel and his team has published several articles in
highly renowned international and national journals

e.g., Journal of Marketing (JM), Marketing Science, Journal of Service
Research (JSR), Journal of Interactive Marketing, European Journal of
Operations Research (EJOR), Marketing Letters, International Journal of
Research in Marketing (IJRM), Journal for Business Research (JBR),
Journal of Product Innovation Management (JPIM), Zeitschrift für
Betriebswirtschaft (ZfB), and Zeitschrift für betriebswirtschaftliche
Forschung (zfbf).
 Furthermore, the IWM team has published various management-
based articles and a blog post at Harvard Business Review.
 The high quality of these publications is also documented by a number
of research awards.
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Selected list of research awards
Awards reflect the academic impact of our research
 Best Book Award of the German Association of Professors of Business
Administration (2004)
 ISBM Business Marketing Doctoral Fellow (2004)
 EMAC “Best Paper of the conference based on a Doctoral
Dissertation” (2006)
 Twice finalist of “MSI/H. Paul Root Award” (2008; 2012)
Award honors academic studies that have made the most significant contribution to further the practice of marketing
 Finalist “Best Paper Award WHU Campus of Finance Research
Conference” (2009)
 Finalist “Best Article” in the Journal of Service Research (2010)
 Nominated for Harold H. Maynard Award (2012)
Award honors academic studies that have made the most significant contribution to further marketing theory and thought
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Finalist “INFORMS Marketing Science Practice Price” (2010)
Outstanding implementation of marketing science approaches in practice
 Watch the presentation at the ISMS-MSI Practice Price at MIT Tech TV
(http://techtv.mit.edu/collections/isms:1132/videos/7222-inofec)
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Most downloaded papers at the Journal of Interactive Marketing
Our research on digital marketing receives a lot of attention
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Teaching at the Institute for Value-Based Marketing
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Teaching program
Our teaching is to a large extent based on our research
 Teaching mission:
 We feel committed to our students. We focus on operational and strategic
aspects of value-based marketing. We emphasis research-based teaching,
that at the same time highlights the managerial relevance of marketing
science. Moreover, we support and coach students writing their bachelor
and master theses.
 Courses:

Master courses
(e.g., Advanced Marked Research; Electronic Commerce; Value-Based Marketing)

Bachelor courses
(e.g., Introduction to Marketing; Retail Management)

Seminars
(e.g., Insights Through Data, Market Research Practice, Consumers’ Online Search Behavior)

Bachelor and master thesis supervision
(e.g., Marketing Disclosure, Automated Retail Store Navigation, Influence of Product Reviews on
Consumers’ Buying Behavior, Couponing, Showrooming)

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Several executive education and company programs (e.g., MEP)
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Executive program
MEP – Marketing Executive Program
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Executive program
EMBA Business Analyst (under development)
 EMBA Business Analyst program is currently developed by people
from Marketing (e.g., Prof. Wiesel), Information Systems (e.g., Prof
Vossen), and others.
 Structure will probably mimic the Marketing Executive Program
(meaning, for example, that a official degree of the University of Münster will be
awarded)
 Potential topics
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Foundation of fact-based decision making

Content modules cover topics in marketing, communication, finance, law,
information systems, production, supply-chain management etc.
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Linking theory and practice at the Institute for Value-Based Marketing
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Linking theory and practice is important to all our activities
Three main areas of collaborations
Exchange of ideas
and training
Recruiting
activities
Joint projects
(teaching and research)
Possibilities for practice partner:
Possibilities for practice partner:
Possibilities for practice partner:
• Problem-related sparring and
round-table discussions on
practice partner’s challenges
• Meeting prospective employees
through joint organization of
events and/or promotion activities
within Institute for Value-Based
Marketing’s lectures
• Joint research projects on practice
partner’s challenges
• Presentations, workshops,
seminars, and/or executive
education with respect to Institute
for Value-Based Marketing’s
competencies
• Keynote speaker on practice
partner’s conferences
Possibilities for the Institute for
Value-Based Marketing:
• Practice partner as member of
Institute for Value-Based
Marketing’s advisory board
• Making a highly qualified student
body aware of internship/job
offerings
• Meeting top students that are
members of the Circle of
Excellence – CEM
(student talent program)
• Meeting PhD students that
received a rigor education and
worked on relevant problems
• Problem-related sparring and
round-table discussions on
research ideas
Possibilities for the Institute for
Value-Based Marketing:
• Keynote speaker on academic
conferences
• Learning about the students’
capabilities and skills practice
partners are searching for
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• Placement of students
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• Consulting projects on specific
topics interesting for practice
partner
• Developing case studies on
specific topics interesting for
practice partner
Possibilities for the Institute for
Value-Based Marketing:
• Access to practice partner’s
experts and/or datasets for
research purposes
• Increasing practical relevance of
teaching by organizing student
seminars in cooperation with
practice partner on topics relevant
to both partners, or having guest
lectures by practice partner’s
employees
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Customer Analytics Lab (CAL)
A new initiative to strengthen the practice – theory link
Founding member
Academic Network
Practice Partners
(PhD) Students
Members
Customer
Analytics
Lab
Science
Innovation
Education
Exchange
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CAL research program
Potential topics
Track
„Data Privacy“
Track
„Social CRM“
• How do international cutomers see privacy
issues with, for example, respect to personal
data and how to identify their data privacy red
line?
• Which implication does this have for future
business models (e.g., autodata) and the general
application of analytics?
• Which responsibilities (also for Germany‘s
future and citizen rights) have politic, academia,
companies, and customers with respect to use
of data?
Track
„Deploying Analytics “
• How to collect and visualize customers‘ online
expressions regarding firms‘ products/services
or brands?
• To what extent have firms to react in „real time“
(e.g., for crises management)?
• How relevant is social media for customers‘
buying decisions („Social Relevance Score“)?
• How do information need to be visualized or
structured in order to be noticed and relevant
(e.g., product reviews „next review to read“,
Facebook-Postings)
Track
„New Technologies“
• Which performance implications does deploying
analytics have?
• How to get a „360° Customer View“ und what
does this mean for customers and firms?
• How to implement fact-based marketing decision
making within companies (i.e., design aspects,
dashboards)?
• Which potential applications in services,
retailing, driving, or B2B follow due to future
technologies?
• How much automatization within decision
making is reasonable („Fact-Based Gut
Feeling“)?
• How to apply new methods such as network
analyses or agent-based modeling for, for
example, launch analysis or to determine
„Customer Influencer Value“?
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Track
„Marketing – Finance“
• How should marketing disclosure look like?
• In which ways could marketing decision
influence firms‘ risk („marketing risk
management“)?
• How do financial analyst and investors look at
finanical reports?
• Does the financial market penalize long-term
thinking?
Track
„Digitalization in (Higher) Education“
• How does the value chain look like and which
new business models and teaching methods
(e.g., MOOV, POOC) result out of it?
• Which technologies should be used?
• How did the profiles of marketing manager
change over time (e.g., from brand manager to
online marketing manager)
• Which competencies should future (marketing)
employees have and how should university
education react on this?
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Dutch Customer Performance Index (DCPI)
Prof. Thorsten Wiesel was one of the developers of the DCPI
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Selected list of practice partners
We are looking for win-win situations for all partners
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Circle of Excellence in Marketing – CEM
A certified leadership-program for excellent marketing students
 CEM’s aim is to promote and extend the abilities of participating
students beyond the regular course offer.
 Target group:
 Top 15-20% of bachelor and master students
 Prerequisite for master students is Major in Marketing
 Master students ideally start the program in their 2nd semester
 CEM members solve case studies organized by the business
members, get trainings, as well as share knowledge and experience
during get-togethers and fireside chats.
 CEM was founded in Münster and is now a joint initiative together
with University of Cologne, Free University Berlin, and ETH Zürich.
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Circle of Excellence in Marketing – CEM
Partners
Optional
Additional Offer
Workshop Partners
national
regional
Alumni
get
together
Workshops
Compulsory
participation in at
least 4 workshops
Get
togethers
Fireside
chats
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Please do not hesitate to contact us!
Prof. Dr. Thorsten Wiesel
Marketing Center Münster
Institute for Value-Based Marketing
Am Stadtgraben 13-15
48143 Münster
Phone: +49 (0) 251 83-28207
E-Mail: [email protected]
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