New Age Trends and Strategies in Marketing
June 29, 2014
The latest edition of the Harvard Business Review (HBR)’s magazine includes an excellent article on how the role of marketing has changed in the last decade, and how the best marketing organizations are meeting the challenges of the digital age.
The authors discuss results from HBR’s study on the strategies and structures that superior marketing organizations are embracing to adapt to the changing times. The study included in-depth interviews with more than 350 top executives, as well as surveys of 10,000-plus marketers worldwide.
HBR divided the survey respondents into two groups, overperformers and underperformers, which facilitated comparison of their strategies, structures and capabilities.
I would highly recommend reading the complete article here, but to whet your appetite, here is a quick synopsis of the winning characteristics as identified by the HBR team:
1. High performers integrate data on what consumers are doing with the knowledge of why they’re doing it.
2. Top brands excel at delivering all three manifestations of brand purpose – functional, emotional and societal benefits.
3. Leading companies are deepening customer relationships by personalizing offerings and adding touchpoints.
4. Despite cultural and geographic obstacles, successful global organizations are eliminating dysfunctional teamwork by aligning business objectives.
5. High performing marketers inspire customers and employees to express pride in the brand.
6. Winning companies focus on internal cohesiveness and create clear lines of accountability and incentives.
7. Digital marketers recognize the importance of being nimble and are authorizing teams to engage their audiences on social media in real-time.
8. Leaders are drawing talent from different expertise areas to assemble quick action teams to tackle initiatives.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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