Navigation Links
Prize-winning budgeting model aims for more effective marketing spending
Date:6/18/2010

The 2009-2010 INFORMS Society for Marketing Science/Marketing Science Institute (ISMS-MSI) Practice Prize was presented today to professors at the University of Passau and the University at Kiel for research that supported Bayer Healthcare AG in their marketing investment planning for the primary care business of the company's pharmaceutical product portfolio in five European markets. The prize-winning budgeting model aims for more effective marketing spending.

The prize was awarded to Marc Fischer of the University of Passau, along with Snke Albers at the Christian-Albrechts-University, Kiel, Nils Wagner at the University of Passau und Monika Frie at Bayer Healthcare for outstanding development and implementation of marketing science concepts and methods. The paper is entitled, "Dynamic Marketing Budget Allocation across Countries, Products, and Marketing Activities."

The ceremony took place at the MARITIM Hotel & Convention Center in Cologne, Germany. The 32nd INFORMS Marketing Science Conference, hosted by the Marketing Area of the University of Cologne, began on June 17 and continues through June 19 at the MARITIM Hotel & Convention Center.

The winning research provides an innovative solution to what is called "the dynamic marketing allocation budget problem" for multi-product, multi-country firms like Bayer HealthCare AG. The decision-support model allowed Bayer to optimize annual marketing budgets across selected country-product-activity cluster level in a Microsoft Excel-supported environment. The model takes into account marketing dynamics and a product's growth potential, as well as tradeoffs of marketing effectiveness and profit contribution.

The other finalists in the competition were:

  • John Roberts, Australian National University and London Business School; Ken Roberts and Alan Simpson, both of Forethought Research; and Peter Danaher, Melbourne Business School, for "Jetstar: Driving the Brand"
  • Joep Arts, VU University Amsterdam; Koen Pauwels, Ozyegin University and Dartmouth College; and Thorsten Wiesel, University of Groningen, for "Marketing's Profit Impact: Quantifying Online and Offline Funnel Progression"
  • V. Kumar and Denish Shah, both of Georgia State University; and Jac Herschler, Prudential, for "Uncovering Implicit Customer Needs for Determining Explicit Product Positioning: Growing Prudential Annuities' Variable Annuity Sales"

Papers based on these outstanding implementations of marketing science will appear in a forthcoming issue of the INFORMS journal Marketing Science. Videos of these (and finalists and winners in previous competitions) are available at http://techtv.mit.edu/collections/isms.

The award decision was made at the INFORMS Society for Marketing Science /Marketing Science Institute/ (MSI/ISMS) Marketing Science Practice Conference, hosted by the Massachusetts Institute of Technology, January 15-16. The Practice Prize Committee was chaired by Russell Winer, New York University, and included Rafael Alcaraz, Hershey Foods; MSI Executive Director Ruth N. Bolton; Eric Bradlow, Wharton School and Editor, Marketing Science; Gary L. Lilien, Penn State and EMAC Representative; Venkatesh Shankar, Texas A&M; and Robert Woodard, Campbell Soup.

At today's conference, the MSI/ISMS Practice Prize was officially renamed in honor of Prof. Gary L. Lilien. Prof. Lilien is Distinguished Research Professor of Management Science and Research Director of the Institute for the Study of Business Markets at Penn State. Professor Lilien, a world renowned expert in marketing analytics and former President of The Institute for Management Sciences (the parent organization of INFORMS), founded the Practice Prize Competition in 2003 and has championed its growth and development ever since.


'/>"/>

Contact: Barry List
barry.list@informs.org
443-757-3560
Institute for Operations Research and the Management Sciences
Source:Eurekalert

Related medicine news :

1. New approach to emissions makes climate and air quality models more accurate, major study finds
2. New model of skin cancer provides insights on second-most common type of cancer
3. M Squared Presents Innovative Cloud Consulting Model for Delivering Business Results
4. A novel computational model -- how Parkinsons medications affect learning and attention
5. Effort to Regenerate Injured Spinal Cords Turns to a New Model
6. Santa Not the Best Role Model for Kids Health
7. Canada Addiction Rehabilitation Center Introduces a Unique Program Model
8. Schizophrenia mouse model should improve understanding and treatment of the disorder
9. Celebrity Trainer and Super Fitness Model Jennifer Nicole Lee on HSN with #1 Secret Six Pack Abs Secret, Ab Circle Pro
10. Hunk Calendar Photographer Resurrects Erotic Male Modeling Club and Launches Provocative E-exhibition
11. Dolphins could be ideal model to study human cervical cancer, UF veterinarians say
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading ... to advocate for action towards gender equality at their inaugural Summit in New York ... globe, and reached a social audience of over 3 million. To watch the Mobilize ...
(Date:10/13/2017)... ... October 13, 2017 , ... Talented host, ... lowdown on sciatica in a new episode of "Success Files," which is an ... and innovation and investigates each subject in-depth with passion and integrity. , Sciatica ...
(Date:10/13/2017)... ... ... “America On The Brink”: the Christian history of the United States and the loss ... author, William Nowers. Captain Nowers and his wife, Millie, have six children, ten ... the Navy. Following his career as a naval aviator and carrier pilot, he ...
(Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of the largest ... its plans to open a flagship location in Covington, LA at 401 N. U.S. ... Go store next to Office Depot in the Holiday Square shopping center. Its location ...
(Date:10/12/2017)... ... 12, 2017 , ... The American College of Medical Informatics (ACMI) will present ... the Opening Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium ... Collen, a pioneer in the field of medical informatics, this prestigious award is presented ...
Breaking Medicine News(10 mins):
(Date:9/23/2017)... -- Janssen Biotech, Inc. (Janssen) announced today that it ... Food and Drug Administration (FDA) for the Biologics License ... of moderately to severely active rheumatoid arthritis (RA). The ... to further evaluate the safety of sirukumab in the ... "We are disappointed by ...
(Date:9/19/2017)... Ky. , Sept. 19, 2017   ZirMed Inc ... predictive analytics, today announced that it has been ranked #1 ... Black Book™ Rankings 2017 User Survey. ZirMed was ... solution for large hospitals and medical centers over 200 beds ... Black Book,s healthcare technology user survey history. ...
(Date:9/12/2017)... and NEW YORK , Sept. 12, 2017 /PRNewswire/ ... ratings for global supply chains, has published the first annual edition of ... performance of more than 20,400 companies evaluated by EcoVadis, based on Scorecard ... and 2016. ... Global CSR Risk & Performance Index ...
Breaking Medicine Technology: