NewswireToday - /newswire/ -
Mountain View, CA, United States, 2009/03/05 - 65% rated the effectiveness of their function as "Good," 29% rated it as "Fair".
Based on a recent survey of marketing professionals at North American companies, Frost & Sullivan, the Growth Partnership Company, finds that the primary business environment factors challenging the success of marketing initiatives were the global economic downturn (54% of survey respondents) and the increasing need for product/service innovation (10%).
Secondary business environment factors identified by marketing executives were decreasing customer demand (20%) and intensifying competition (17%).
The survey, conducted by Frost & Sullivan's Growth Team Membership™ executive development program, sought to better understand the business environment factors and the key issues facing marketing executives in 2009. The top five key issues identified by survey participants focused on monitoring and justifying expenditures or creating new sources of revenue. Given the economic downturn, there is increased emphasis on measuring spend (30%) and on the better identification of customer preferences and needs (30%)
"The data highlights that although budgets are being scrutinized, Marketing continues to be charged with catalyzing growth through identifying unmet customer needs, or speeding up innovation," explains Keith O'Brien, Senior Director of Global Research for Frost & Sullivan's Growth Team Membership program.
Marketing directors also seemed to display a rather balanced opinion of their work. While most respondents (65%) rated their marketing function effectiveness as "Good," almost a third only rated it as "Fair" or "Poor." Remarkably, only 4% of respondents cited their work as "Exceptional."
More than half of the respondents to the survey work in companies with revenues of $1 billion or more, and 71% of the participants work in public companies. The Healthcare and Life sciences (20%), and Information and Communication Technologies (18%) industries had the largest participation
For more information on this survey and the prominent issues identified by the Marketing function, please contact Jake Wengroff, 210.247.3806, jake.wengroff[.]frost.com.
Frost & Sullivan's Growth Team Membership™ is an annual subscription program that supports the individual members of a CEO's executive team in achieving the company's top-line growth objectives. The membership includes career-focused events, implementation-oriented best practices research, and targeted services. A Growth Team Membership will speed the design and implementation of a company's growth initiatives (avoid reinventing the wheel); reduce risk by avoiding pitfalls encountered by peers; stimulate problem solving through a cross-industry perspective; improve an executive's contribution to the CEO's growth agenda; and accelerate the executive's professional and career development.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents.