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''Marketing Science Institute'' |
'''Marketing Science Institute''' |
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History |
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In 1961, Scott Paper Company President (soon-to-be chairman) Thomas B. McCabe founded the “Institute for Science in Marketing.” As chairman of the Federal Reserve Board under President Truman and a prominent member of the Business Council, he saw the need for an organization that would sponsor and conduct basic research in marketing. |
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Twenty-nine companies responded to his membership appeal, establishing MSI as a nonprofit organization that would “contribute to the emergence of a definitive science of marketing” and “stimulate increased application of scientific techniques to the understand and solving or current marketing problems.” Offices were established in Philadelphia near the University of Pennsylanvia’s Wharton School. |
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The 1960s was a decade of tremendous intellectual ferment among marketers. Key marketing concepts, such as the “4 Ps” (product, price, place, promotion) of marketing were introduced. Management science theory, methods, and tools were infused into marketing, and consumer behavior emerged as an area of study within marketing. |
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In its first decade, MSI supported the development of new tools for marketers, such as multidimensional scaling, stochastic modeling, causal modeling, and decision calculus marketing. It also provided the foundation for advances in new product development. |
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In 1968, MSI moved to Cambridge and begain a 15-year association with the Harvard Business School. |
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In the 1970s, MSI launched and managed a Profit Impact of Marketing Strategies project, which in conjunction with General Electric, created and analyzed a cross-sectional database that described marketing strategies and profitability across hundreds of business units. This initiative revealed new insights about the drivers of profitability, and sparked a large number of studies. The financial consequences of marketing continue to be an area of |
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Often it did so by funding research, but sometimes it did so by supporting ventures that developed the ideas. For example, MSI brokered the multi-company PIMS (Profit Impact of Market Strategy) database, assembled teams to shape policy at the Federal Trade Commission and the U.S. Department of Agriculture, conceived of and nurtured a Research Priorities process, and sponsored the Consumer Odyssey, a summer-long road trip that was foundational to the rise of qualitative consumer research. |
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By the 1980s, services had become an important source of growth and profitability for many firms. The role of marketing in strategic planning received increased attention. MSI research introduced key concepts, such as market orientation and marketing capabilities. |
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The conceptualization and measurement of brand equity originated in MSI-sponsored research in the early 1990s. MSI also played an important role in introducing qualitative research methods to help marketers better understand consumers. MSI took an early interset in physiological measures, and has more recently turned its attention to understanding how theory and methods from neuroscience can be used to understand consumer thinking an behavior. |
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Recently the role of marketing has shifted due to globalization of marketing systems, technology advances, and unanticipated shifts in consumer preferences, behavior and values. |
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References |
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Bolton, Ruth N. “MSI 50: Years Ahead,” Marketing Management, Summer 2011, Chicago, Il.: American Marketing Association, 44-47. |
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Bloom, Paul N. (1987) “Knowledge Development in Marketing: The MSI Experience.” Lexington, Mass.: D.C. Heath and Co. |
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Revision as of 13:30, 29 July 2011
Marketing Science Institute
History In 1961, Scott Paper Company President (soon-to-be chairman) Thomas B. McCabe founded the “Institute for Science in Marketing.” As chairman of the Federal Reserve Board under President Truman and a prominent member of the Business Council, he saw the need for an organization that would sponsor and conduct basic research in marketing.
Twenty-nine companies responded to his membership appeal, establishing MSI as a nonprofit organization that would “contribute to the emergence of a definitive science of marketing” and “stimulate increased application of scientific techniques to the understand and solving or current marketing problems.” Offices were established in Philadelphia near the University of Pennsylanvia’s Wharton School.
The 1960s was a decade of tremendous intellectual ferment among marketers. Key marketing concepts, such as the “4 Ps” (product, price, place, promotion) of marketing were introduced. Management science theory, methods, and tools were infused into marketing, and consumer behavior emerged as an area of study within marketing.
In its first decade, MSI supported the development of new tools for marketers, such as multidimensional scaling, stochastic modeling, causal modeling, and decision calculus marketing. It also provided the foundation for advances in new product development.
In 1968, MSI moved to Cambridge and begain a 15-year association with the Harvard Business School.
In the 1970s, MSI launched and managed a Profit Impact of Marketing Strategies project, which in conjunction with General Electric, created and analyzed a cross-sectional database that described marketing strategies and profitability across hundreds of business units. This initiative revealed new insights about the drivers of profitability, and sparked a large number of studies. The financial consequences of marketing continue to be an area of
Often it did so by funding research, but sometimes it did so by supporting ventures that developed the ideas. For example, MSI brokered the multi-company PIMS (Profit Impact of Market Strategy) database, assembled teams to shape policy at the Federal Trade Commission and the U.S. Department of Agriculture, conceived of and nurtured a Research Priorities process, and sponsored the Consumer Odyssey, a summer-long road trip that was foundational to the rise of qualitative consumer research. By the 1980s, services had become an important source of growth and profitability for many firms. The role of marketing in strategic planning received increased attention. MSI research introduced key concepts, such as market orientation and marketing capabilities.
The conceptualization and measurement of brand equity originated in MSI-sponsored research in the early 1990s. MSI also played an important role in introducing qualitative research methods to help marketers better understand consumers. MSI took an early interset in physiological measures, and has more recently turned its attention to understanding how theory and methods from neuroscience can be used to understand consumer thinking an behavior.
Recently the role of marketing has shifted due to globalization of marketing systems, technology advances, and unanticipated shifts in consumer preferences, behavior and values.
References
Bolton, Ruth N. “MSI 50: Years Ahead,” Marketing Management, Summer 2011, Chicago, Il.: American Marketing Association, 44-47. Bloom, Paul N. (1987) “Knowledge Development in Marketing: The MSI Experience.” Lexington, Mass.: D.C. Heath and Co.