Marketing Science Institute

Last updated

Founded in 1961, the Marketing Science Institute (MSI) is a corporate-membership-based organization. MSI claims to be unique as the only research-based organization with a network of marketing academics from business schools all over the world as well as marketing executives from 60+ leading companies.

Contents

As a nonprofit institution, MSI financially supports academic research on topics of importance to business performance. Every two years, MSI asks the board of trustees to provide input to help set priorities for the research that will guide activities for the next few years. MSI supports studies by academics on these issues and disseminates the results through conferences, workshops, webinars, publications, and online content.

MSI headquarters are located in Cambridge, Massachusetts. The primary governing body of MSI is the Board of Trustees, which is made up of representatives of each of MSI's member companies. MSI's staff of 11 employees are responsible for membership and research programs, conferences, publications, and all other operations.

History

In 1961, Scott Paper Company President Thomas B. McCabe founded the “Institute for Science in Marketing” with input from leading thinkers John Howard, Albert Wesley Frey, and Wroe Alderson. Twenty-nine companies responded to his membership appeal, establishing MSI as a nonprofit organization that would “contribute to the emergence of a definitive science of marketing” and “stimulate increased application of scientific techniques to the understanding and solving of current marketing problems.” Offices were established in Philadelphia near the University of Pennsylvania's Wharton School, and Wendell Smith became its first president. [1]

MSI's founding coincided with a period of booming growth in the U.S. marketing systems, fueled by pent-up demand from war-years restrictions on production of consumer goods, and an explosion in population growth. Key marketing concepts, such as the “4 Ps” (product, price, place, promotion) of marketing were introduced. Management science theory, methods, and tools were infused into marketing, and consumer behavior emerged as an area of study within marketing. [2]

In its first decade, MSI supported the development of new tools for marketers, such as multidimensional scaling, stochastic modeling, causal modeling, and decision calculus marketing. It also provided the foundation for advances in new product development. [3] [4] In 1968, MSI moved to Cambridge and began a 15-year association with the Harvard Business School.

In the early 1970s, MSI launched and managed the Profit Impact of Marketing Strategy project which, in conjunction with General Electric, created and analyzed a cross-sectional database that described marketing strategies and profitability across hundreds of business units. The results, widely reported, demonstrated the value of a scientific approach to marketing. [5]

In the late 1970s and early 1980s, MSI assembled teams to shape policy at the Federal Trade Commission and the U.S. Department of Agriculture. MSI also played an important role in introducing qualitative consumer research methods, including the Consumer Behavior Odyssey, a summer-long road trip in 1986 that laid the foundation for the field of consumer ethnography. [6]

By the 1980s, MSI research on services marketing reflected a growing awareness that consumer service businesses required a reappraisal of marketing approaches originally developed in the packaged goods context. In 1986, a consortium of MSI member companies contributed funding and data to support a stream of research that culminated in SERVQUAL, a scale for measuring customer perceptions of service quality that has been widely adopted by service businesses. During this time, the role of marketing in strategic planning received increased attention. MSI research introduced key concepts such as market orientation and marketing capabilities. [7]

The conceptualization and measurement of brand equity originated in MSI-sponsored research in the early 1990s. The impact of marketing activities on firm performance and shareholder value (termed marketing ROI, marketing accountability, and return on marketing investment) has been an area of sustained MSI research interest. Through the 1990s and early 2000s, MSI's research agenda also included product and service innovation, as well as innovation in business models and processes.

In 2002, MSI launched the "Relevant Knowledge" monograph series. In over one dozen titles, academic experts summarize "what we have learned" and "what we still need to know" about important areas of research - including social networks, relationship marketing, innovation, consumer behavior, and marketing ROI - and offer useful guidance to marketers to fuel better decision making.

Since the mid-2000s, new technologies, analytic capabilities, and social media platforms have dramatically altered the marketing landscape. The 2018-2020 Research Priorities include: (1) Cultivating the Customer Asset, (2) The Evolving Landscape of Martech and Advertising, (3) The Rise of Omnichannel Promotion and Distribution, (4) Capturing Information to Fuel Growth and (5) Organizing for Marketing Agility

Presidents

Linda Vytlacil, Interim, 2019
Cheryl Cramer Toto, 2017-2019
Marni Zea Clippinger, 2016-2017
Office of the President: Chief Marketing Officer, Chief Operating Officer, and executive director, 2002-2016
William H. Moult, 2000-2002
William A. Ghormley, 1998-2000
H. Paul Root, 1990-1998
F. Kent Mitchel, 1987-1990
Alden G. Clayton, 1977-1986
Thomas B. McCabe, Jr., 1972-1977
Edwin L. Morris, 1969-1972
Wendell R. Smith, 1962-1969

Executive Directors

Barbara Kahn, University of Pennsylvania, 2019-2021
Carl F. Mela, Duke University, 2017-2019
Katherine N. Lemon, Boston College, 2015-2017
Kevin Lane Keller, Dartmouth College, 2013-2015
John A. Deighton, Harvard Business School, 2011-2013
Ruth N. Bolton, Marketing Science Institute, 2009-2011
Russell S. Winer, New York University, 2007-2009
Dominique Hanssens, UCLA, 2005-2007
Leigh McAlister, University of Texas at Austin, 2003-2005
Donald R. Lehmann, Columbia University, 1993–95, 2001-2003
David J. Reibstein, University of Pennsylvania, 1999-2001
Rohit Deshpandé, Harvard Business School, 1997-1999
David B. Montgomery, Stanford University, 1995-1997
Richard Staelin, Duke University, 1991-1993
George S. Day, University of Pennsylvania, 1989-1991
Frederick E. Webster, Jr., Dartmouth College, 1987-1989
John U. Farley, Dartmouth College, 1985-1987
Louis W. Stern, Northwestern University, 1983-1985
E. Raymond Corey, Harvard Business School, 1981-1983
Stephen A. Greyser, Harvard Business School, 1972-1980
Robert D. Buzzell, Harvard Business School, 1968-1972

Board of directors

The Board of Directors (formerly Executive Committee) sets the general policies that guide MSI operations.

Academic Fellows

Academic Fellows (formerly Academic Trustees) serve as advisors to MSI's research efforts and represent the academic community to MSI's business constituency.

Related Research Articles

Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management and leadership, it also covers fields that include office building administration, accounting, finance, designing, development, quality assurance, data analysis, sales, project management, information-technology management, research and development, marketing and communication studies.

The Wharton School of the University of Pennsylvania is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. It is consistently ranked among the top business schools in the world, and it is the world's oldest collegiate business school, established in 1881 through a donation from Joseph Wharton.

<span class="mw-page-title-main">University of Massachusetts</span> Public university system in Massachusetts

The University of Massachusetts is the five-campus public university system and the only public research system in the Commonwealth of Massachusetts. The university system includes five campuses, a satellite campus in Springfield and also 25 campuses throughout California and Washington with the University of Massachusetts Global.

The Bachelor of Business Administration (BBA), Bachelor of Science in Business Administration, or Bachelor of Arts in Business Administration is a bachelor's degree in business administration awarded by colleges and universities after completion of four years and typically 120 credits of undergraduate study in the fundamentals of business administration, usually including advanced courses in business analytics, business communication, corporate finance, financial accounting, macroeconomics, management, management accounting, marketing, microeconomics, strategic management, supply chain management, and other key academic subjects associated with the academic discipline of business management.

James Oliver Freedman was an American educator and academic administrator. A graduate of Harvard College and Yale Law School, he served as Dean of the University of Pennsylvania Law School from 1979 to 1982, before becoming the 16th president of the University of Iowa from 1982 to 1987, and then the 15th president of Dartmouth College, from 1987 to 1998. At both Iowa and Dartmouth, Freedman sought to create as The New York Times described it, "a haven for intellectuals," with mixed results. Freedman was a member of both the American Academy of Arts and Sciences and the American Philosophical Society.

<span class="mw-page-title-main">Perelman School of Medicine at the University of Pennsylvania</span> Medical school of the University of Pennsylvania

The Perelman School of Medicine, commonly known as Penn Med, is the medical school of the University of Pennsylvania, a private research university in Philadelphia, Pennsylvania. Founded in 1765, the Perelman School of Medicine is the oldest medical school in the United States and one of the seven Ivy League medical schools.

George S. Day is an educator and consultant in the fields of marketing, strategy and innovation management. He is the Geoffrey T. Boisi Professor Emeritus at the Wharton School of the University of Pennsylvania. He founded the Mack Institute for Innovation Management at the Wharton School, where he is presently Faculty Emeritus in Residence.

The Master of Marketing Research (MMR) is a graduate degree program that may be from one to three years in length. Students pursuing this degree study the aspects of research in the field of marketing. Unlike an M.B.A., which is a general business degree, the Master of Marketing Research focuses solely on the aspects of marketing research.

Frank M. Bass was an American academic in the field of marketing research and marketing science. He was the creator of the Bass diffusion model that describes the adoption of new products and technologies by first-time buyers. He died on December 1, 2006.

Co-creation, in the context of a business, refers to a product or service design process in which input from consumers plays a central role from beginning to end. Less specifically, the term is also used for any way in which a business allows consumers to submit ideas, designs or content. This way, the firm will not run out of ideas regarding the design to be created and at the same time, it will further strengthen the business relationship between the firm and its customers. Another meaning is the creation of value by ordinary people, whether for a company or not.

<span class="mw-page-title-main">Rajendra Srivastava</span> Indian academic (born 1951)

Rajendra K. Srivastava is Novartis Professor of Marketing Strategy and Innovation at the Indian School of Business. He has been a tenured professor and an academic administrator and has worked in the United States, Singapore, and India. He has been listed in the Forbes's Tycoons of Tomorrow 2018. He is also a member of the board of directors of Happiest Minds, a publicly listed company in India.

The following outline is provided as an overview of and topical guide to marketing:

A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.

<span class="mw-page-title-main">D. Dudley Bloom</span>

David Dudley Bloom was an American businessman who made notable contributions to the consumer products industry as a conceptual inventor and marketing executive during the 1950s and 1960s, including proposing and designing the first conventional travel luggage built on wheels; marketing the first "magic milk bottle" for dolls; and designing and marketing a continuous-play tape recorder.

The fields of marketing and artificial intelligence converge in systems which assist in areas such as market forecasting, and automation of processes and decision making, along with increased efficiency of tasks which would usually be performed by humans. The science behind these systems can be explained through neural networks and expert systems, computer programs that process input and provide valuable output for marketers.

<span class="mw-page-title-main">Renana Peres</span> Israeli researcher

Renana Peres is an Israeli researcher and a faculty member at the Jerusalem School of Business Administration at the Hebrew University of Jerusalem. She serves as a Visiting Assistant Professor of Marketing at The Wharton School at University of Pennsylvania. Peres is the founding CEO of PerSay Ltd. She is a member of the Editorial Board of Journal of Marketing Research and International Journal of Research in Marketing and has published her research in top academic and practitioner journals in the fields of marketing and management.

<span class="mw-page-title-main">Jonah Berger</span> American marketer

Jonah Berger is a professor at the Wharton School of the University of Pennsylvania, an internationally best-selling author, and an expert on change, word of mouth, viral marketing, social influence, and how products, ideas, and behavior catch on. He has published over 50 articles in academic journals, and has written for The New York Times, Wall Street Journal, and Harvard Business Review. Over a million copies of his books Contagious: Why Things Catch On, Invisible Influence: The Hidden Forces that Shape Behavior, and The Catalyst: How to Change Anyone's Mind are in print in over 35 countries around the world.

<span class="mw-page-title-main">Jason E. Klein</span> American businessman

Jason E. Klein is an American media executive. He is the founder and CEO of VC firm On Grid Ventures LLC, an advisory and investment firm in digital media, marketing and information focused on GeoDisruptive businesses. He is also chairman of Harvard Business School Angel Investors of New York and co-president of Harvard Business School Alumni Angels Association. He was the President and CEO of Newspaper National Network LP from 2003-2012.

<span class="mw-page-title-main">Jerry (Yoram) Wind</span>

Jerry (Yoram) Wind is The Lauder Professor and Professor of Marketing at The Wharton School of the University of Pennsylvania, and is the founding director of the Wharton "think tank,” The SEI Center for Advanced Studies in Management. He is internationally known for pioneering research on organizational buying behaviour, market segmentation, conjoint analysis, and marketing strategy. He consults with major firms around the world, provides expert testimony in many intellectual property and antitrust cases, and has lectured in over 50 universities worldwide.

Cassie Mogilner Holmes is a professor of marketing and behavioral decision making at UCLA Anderson School of Management and author of Happier Hour. Best known for her research on time and happiness..

References

  1. ↑ Bloom, Paul (1987). Knowledge Development in Marketing: The MSI Experience. D.C. Heath and Company. ISBN   978-0-669-12581-8.
  2. ↑ Wilkie, William L.; Elizabeth S. Moore (Fall 2003). ""Scholarly Research in Marketing: Exploring the "4 Eras" of Thought Development". Journal of Public Policy & Marketing. 22 (2): 116–146. CiteSeerX   10.1.1.196.2063 . doi:10.1509/jppm.22.2.116.17639. S2CID   144828721.
  3. ↑ Bloom, Paul (1987). Knowledge Development in Marketing: The MSI Experience. D.C. Heath and Company. ISBN   978-0-669-12581-8.
  4. ↑ Bolton, Ruth (Summer 2011). "MSI 50: Years Ahead". Marketing Management: 44–47.
  5. ↑ Bolton, Ruth (Summer 2011). "MSI 50: Years Ahead". Marketing Management: 44–47.
  6. ↑ Bloom, Paul (1987). Knowledge Development in Marketing: The MSI Experience. D.C. Heath and Company. ISBN   978-0-669-12581-8.
  7. ↑ Bloom, Paul (1987). Knowledge Development in Marketing: The MSI Experience. D.C. Heath and Company. ISBN   978-0-669-12581-8.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.