Saïd Business School has launched the Future of Marketing Initiative, led by Andrew Stephen, L’Oréal Professor of Marketing.
The Initiative brings Oxford Saïd together with five international founding partners: L’Oréal, the global cosmetics company L’Oréal; Kantar, the data and marketing insights consultancy that is part of the WPP Group; Teradata, a leading provider of analytic business solutions, consulting and hybrid cloud technology solutions for big data analytics; Nucleus Marketing Solutions, an innovative digital advertising and media solutions provider; and Allianz, the global insurance and investment management company. Together, Oxford Saïd faculty and these partners form a powerful community that seeks to influence the shape of marketing research and teaching, and impact marketing practice.
The aim of the Oxford Future of Marketing Initiative is to build a world-class community of like-minded academics and practitioners with a deep interest in issues that lie at the bleeding-edge of marketing. Together they will discuss, debate and address the challenges and opportunities that lie ahead for marketing in an increasingly digitised, socially interactive and technologically complex world.
The initiative was launched in response to the much-transformed marketing landscape in recent years. Rapid advances in technology, along with shifts in consumers' expectations of companies and the massive amounts of consumer data now collected, have precipitated changes in the ways that consumers and firms interact in markets around the world. These forces have also led to many new forms of consumer behaviour, largely in conjunction with new technologies such as social media, and many of these behaviours and their consequences are not well understood.
’In recent years, marketing has experienced nothing short of a technological revolution that shows no signs of slowing,’ said Professor Stephen. ‘It’s exciting, but it also presents significant challenges. No single organisation can take on these new challenges on its own. And no business school should conduct research and teach current and future leaders without meaningful collaborations with industry partners. This initiative brings together leading thinkers and experts from marketing practice and academia. We will work together to identify and research relevant changes that are taking place in the world of marketing and address the real-world needs of contemporary marketers and business leaders. This initiative is in line with our vision of making Oxford Saïd a global hub for thought leadership and academic-industry collaboration around marketing that helps us tackle world-scale challenges in this field.’
Geoff Skingsley, Chairman, L’Oréal UK & Ireland commented: ‘L’Oréal UKI is delighted to further reinforce its collaboration with Said Business School at Oxford as a Founding Partner of the Future of Marketing initiative. Combining the expertise of leading marketing practitioners and cutting-edge academic research, this Initiative will help influence the development of the marketing profession as it undergoes profound technology-driven changes.’
‘It is our honor and privilege for Nucleus to be a founding partner of the Oxford Saїd Future of Marketing Initiative,’ said Seth Rogin, CEO of Nucleus Marketing Solutions. ‘The current changes in marketing and media present immense challenges and opportunities for the world's leading brands. Nucleus is leading the way in media and marketing transformation, but none of these obstacles will be surmounted by one organisation on its own. As is already evidenced by the good work of Professor Stephen and his colleagues, true success will be created when global leaders from all of our critical industries come together for current solutions and to pave the path for the next generation of media and marketing leaders.’
The inaugural meeting of the group took place in Oxford on 7 November at the Oxford Future of Marketing Conference, a full day of activities attended by academics, executives from the founding partner companies, and students. In addition to hosting an annual Oxford Future of Marketing Conference, the group will meet twice annually to exchange knowledge and inform the faculty’s research agenda and curriculum.
‘Teradata is proud to be an inaugural member of the Future of Marketing Initiative at the Oxford Saїd Business School. Through Professor Andrew Stephen and other leading academics and industry partners, we look forward to addressing the crucial challenges faced by marketers of today,’ said Teradata’s Practice Partner Analytic Business Consulting, Yasmeen Ahmad. ‘With market disruption from new business models and advances in technology, today’s marketers must meet changing customer expectations. By utilising new technologies such as social media, sensors and wearables, marketers will have the ability to interact in real-time with customers across channels. Breaking down barriers in business silos and using data and analytics to measure and optimise spend across channels, will allow marketers to handle the complexity of an increasingly connected world.’
‘In many respects marketing is at a cross-roads; growth is hard to come by, at least in most developed countries. Fully understanding and evaluating all things digital is proving difficult, millennials present both a great challenge and opportunity, and arguably we are drowning in data. In that context the Future of Marketing initiative is needed and is one that Kantar is excited to be involved with,’ concluded Tim Kidd, Managing Director UK, Ireland and US at Kantar Worldpanel.