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1、外文翻译原文ReturnonMarketing:UsingCustomerEquitytoFocusMarketingStrategyMaterialSource:JournalofMarketingAuthor:RolandT.RustTheauthorspresentaunifiedstrategicframeworkthatenablescompetingmarketingstrategyoptionstobetradedoffonthebasisofprojectedfinancialreturn,whichisoperationa
2、lizedasthechangeinafirm’scustomerequityrelativetotheincrementalexpenditurenecessarytoproducethechange.Thechangeinthefirm’scustomerequityisthechangeinitscurrentandfuturecustomers’lifetimevalues,summedacrossallcustomersintheindustry.Eachcustomer’slifetimevalueresultsfromthef
3、requencyofcategorypurchases,averagequantityofpurchase,andbrand-switchingpatternscombinedwiththefirm’scontributionmargin.Thebrand-switchingmatrixcanbeestimatedfromeitherlongitudinalpaneldataorcross-sectionalsurveydata,usingalogitchoicemodel.Firmscananalyzedriversthathavethe
4、greatestimpact,comparethedrivers’performancewiththatofcompetitors’drivers,andprojectreturnoninvestmentfromimprovementsinthedrivers.Todemonstratehowtheapproachcanbeimplementedinaspecificcorporatesettingandtoshowthemethodsusedtotestandvalidatethemodel,theauthorsillustrateade
5、tailedapplicationoftheapproachbyusingdatafromtheairlineindustry.Theirframeworkenableswhat-ifevaluationofmarketingreturnoninvestment,whichcanincludesuchcriteriaasreturnonquality,returnonadvertising,returnonloyaltyprograms,andevenreturnoncorporatecitizenship,givenaparticular
6、shiftincustomerperceptions.Thisenablesthefirmtofocusmarketingeffortsonstrategicinitiativesthatgeneratethegreatestreturn.TheMarketingStrategyProblemTopmanagersareconstantlyfacedwiththeproblemofhowtotradeoffcompetingstrategicmarketinginitiatives.Forexample,shouldthefirmincre
7、aseadvertising,investinaloyaltyprogram,improveservicequality,ornoneoftheabove?Suchhigh-leveldecisionsaretypicallylefttothejudgmentofthechiefmarketingorchiefexecutiveofficers,buttheseexecutivesfrequentlyhavelittletobasetheirdecisionsonotherthantheirownexperienceandintuition
8、.Aunified,data-drivenbasisformakingbroad,strategicmarketingtrade-offshasnotbeenavailable.
