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Marketing strategy is the most undervalued skill by businesses, according to Marketing Week’s 2023 Career and Salary Survey. More than half (51.5%) of the more than 3,000 marketers taking part in this year’s survey say businesses are undervaluing marketing strategy. That figure drops to 46.7% for B2C marketers, but reaches 52.4% of B2B marketers and 54.9% for those working in businesses with a mix of B2B and B2C.
ChatGPT, which is owned by OpenAI, took two months to get 100 million people signed up – no mean feat. It was free to do so and many of those who did then received a short and succinct quantitative questionnaire asking a number of things, including four open ended questions around price. Ritson says often brands do no research around pricing. They just have a “general idea and that’s what they go with”, or they base it on cost or position against competitors’ pricing, which effectively takes
McDonald’s CEO Chris Kempczinski has credited marketing’s role in driving the business, telling investors the brand’s strength is “attributable in part to our best in class marketing machine”. “Our brand is clearly in the strongest position it’s been in years,” he told investors today (31 January), as the business reported its 2022 fourth quarter and full-year results.
“We believe this is a rough patch to go through, not a reason to reduce investment in the long-term health of the business,” chief financial officer Andre Schulten told investors on a call today (19 January). He added “the best way to get through this” would be through investing in the business priorities across product, package, brand communication, retail execution and value.