Marketing faces a number of challenges in the twenty-first cenlury. Based on an extensive £002 research study McKireey identified Ihree ma n eha'lenges as reflected by diffeiences in opinion beh'-een chef executive oliicers (CEOs) and theii most senior marketing wee ulives or chiet marketing officers (CMOs).

m Doing mire with less. CEOs need expect a I areas of Iheir orgarTfza'iafls to be more efficient CMOs indicate thai they anticipate thai iheir budgels will grow.

■ Driving new business (i&vQtopment CEOs want marketing Do (Maya more active role in drivir>g new business dewetopmanl—rat jusl new products but also Dew markets, channels, lines of business; CMOS cilerl new-product development as liieu primary concern.

■ Becoming a Ml business partner. CEOs took lor marketing !o become a more central business palmer thai helps to drive profits: CMOs are unsure thai Ihsir groups have the skis to do so

MeKinsey suggests thai bridging these gaps will require changes in spending, organization skills, and culture fcr many marketers. To accommodaie the pressure to simultaneously grow revenues while also reducing markeling costs as a percentage of sales, thoy offer Ihree recommcndaltong:

1. spending priorities to profit polentai. for example, as measured by sire arvj anticipated flrawtl rale ol curnent ctiStomefS— not historical performance;

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