by Venky Shankar
Marketers are faced with the challenge of transforming “Big Data” into insights and action. What is Big Data? What is the big deal about it? What are they typical marketing problems that can be solved by Big Data? What are the models used to analyze Big Data? What are some successful Big Data applications in marketing? What research projects relating to Big Data that I am working on? What is the future of Big Data for marketers? This presentation addresses these questions.
by Venkatesh Shankar and P.K. Kannan
This article is forthcoming in Customer Needs and Solutions.
An important part of the rapidly growing shopper marketing practice is cross-category retail management. In managing two related product categories,
retailers face some important questions: which category should be stocked more? How close to each other should they be stocked in the store (aisle adjacency)? which category should be promoted more often? and when should the two categories be sold as a bundle? To address these questions, we examine how purchases of related product and sub-product categories influence one another, and how the relative aisle locations of two related product categories influence their respective purchases. We consider both extrinsic (aisle location based) and intrinsic (affinity based) cross-category effects. Using aggregate store-level data together with store descriptor and store shopper demographic data, we estimate a simultaneous system of models for two related product categories, soft drinks and salty snacks. We also estimate a system of salty snack sub-category purchase models. We find that both extrinsic and intrinsic cross-category effects are asymmetric, that is, different categories and sub-categories have different effects on one another. We discuss the theoretical and managerial implications of these findings.
Karen Katz, CEO and President, Neiman Marcus answered my questions before an auditorium full of students, faculty and staff at the Mays Business School, Texas A&M on April 2, 2014. Karen Katz started as an assistant buyer with the company took over as the CEO in 2010. She is continuously engaged in delivering customized experience to Neiman Marcus’ luxury customers. I had a chance to moderate her talk. She spoke on a range of topics. Below is a video link to the interview.
by Venkatesh Shankar
This article was published in Business Standard.
Uncertainty is dominating the world agenda now. Economic and political uncertainties threaten to derail progress even as digital technologies and digitization are transforming the way consumers behave and businesses operate the world over. These trends assume special significance for India because its economic future depends on its demographic dividend characterized by half its population being 25 years or younger. Young Indians are increasingly digital savvy and face a future marked by widespread use of digital technology. However, they face an uncertain economic and political environment with nagging infrastructural, cultural, and ethical challenges. Using a five-step framework, companies can reshape their strategies in an increasingly uncertain world.
by Venkatesh Shankar and Nicole Hanson
This article was published in Review of Marketing Research
In recent years, there has been a fundamental shift in the innovation architecture of global firms. Rapid growth of the middle class in emerging markets, led by China, India, Brazil and Russia, is fueling the need to create affordable innovations in local markets. Such local innovations tend to have a wider global appeal due to commonalities in consumer demand and infrastructure across many developing markets. Additionally, the severity of economic downturns in developed markets is creating increased consumer demand for affordable innovations. Thus, these innovations are reshaping the innovation architecture of many global firms, such as G.E., PepsiCo, and Hyundai. We propose a framework for analyzing: the effects of emerging markets on the innovation architecture; the potential innovation strategies that leverage these effects; and the consequences of these innovation strategies. We discuss the theoretical and managerial implications of our framework.