No abstract

How does the monetary value of customer purchases vary by customer preference for purchase channels (e.g., traditional, electronic, multichannel) and product category? The authors develop a conceptual model and hypotheses on the moderating effects of two key product category characteristics-the utilitarian versus hedonic nature of the product category and perceived risk-on the channel preference-monetary value relationship. They test the hypotheses on a unique large-scale, empirically generalizable data set in the retailing context. Contrary to conventional wisdom that all multichannel customers are more valuable than single-channel customers, the results show that multichannel customers are the most valuable segment only for hedonic product categories. The findings reveal that traditional channel customers of low-risk categories provide higher monetary value than other customers. Moreover, for utilitarian product categories perceived as high (low) risk, web-only (catalog-or storeonly) shoppers constitute the most valuable segment. The findings offer managers guidelines for targeting and migrating different types of customers for different product categories through different channels.

New product preannouncements are strategic signals that firms direct at their customers, competitors, channel members, and investors. They have been touted as effective means of deterring competitor entry, informing potential customers, and even tipping the balance of technological standard battles in favor of the preannouncing firms. However, preannouncements also carry the risks of unwanted competitive reaction and the negative consequences of undelivered promises. From a shareholder value standpoint, do the benefits outweigh the risks of preannouncing? To address this question, the authors build on agency and signaling theories to develop hypotheses about the effects of preannouncements on shareholder value, and they empirically test these hypotheses on a sample of software and hardware new product preannouncements. The findings indicate that the financial returns from preannouncements are significantly positive in the long run. The authors show that preannouncements generate positive short-term abnormal returns only for firms that offer specific information about the preannounced product. They also show that firms earn positive long-term abnormal returns after a preannouncement if they continue to update the market on the progress of the new product. Both the short-term and the long-term returns are further magnified if the reliability of the preannouncement (i.e., the credibility of the preannouncing firm) is high. The findings offer executives of preannouncing firms clear guidelines on how to manage communications in the market to extract financial value from new product preannouncements.

Changes in the way customers shop, accompanied by an explosion of customer touchpoints and fast-changing competitive and technological dynamics, have led to an increased emphasis on agile marketing. The objective of this article is to conceptualize and investigate the emerging concept of marketing agility. The authors synthesize the literature from marketing and allied disciplines and insights from in-depth interviews with 22 senior managers. Marketing agility is defined as the extent to which an entity rapidly iterates between making sense of the market and executing marketing decisions to adapt to the market. It is conceptualized as occurring across different organizational levels and shown to be distinct from related concepts in marketing and allied fields. The authors highlight the firm challenges in executing marketing agility, including ensuring brand consistency, scaling agility across the marketing ecosystem, managing data privacy concerns, pursuing marketing agility as a fad, and hiring marketing leaders. The authors identify the antecedents of marketing agility at the organizational, team, marketing leadership, and employee levels and provide a roadmap for future research. The authors caution that marketing agility may not be well-suited for all firms and all marketing activities.

Consumers frequently make important financial decisions that have short- and long-term impacts on their welfare. The authors expect that these financial decisions are a function of consumers' past experiences and interactions with a financial services firm as well as consumers' long-term priorities (e.g., national culture). They determine how three cultural dimensions (long-term orientation, uncertainty avoidance, and masculinity) and marketing communication type (promotion focused vs. prevention focused) affect three key consumer financial decisions: (1) savings rate, (2) use of credit, and (3) spending pattern. To do so, they empirically test both the direct effect of national culture on consumer financial decision making and its moderating effect on the link between a firm's marketing efforts and consumer financial decision making. Drawing on regulatory focus theory, the authors develop and empirically test their hypotheses using a customer database from a multinational financial services firm based in the United Arab Emirates, with customers originating from 34 countries. They find that national culture directly affects consumer financial decision making and moderates the impact of marketing efforts by the financial services firm, which suggests that financial services firms should account for national culture when managing customers.