This summer, the World Federation of Advertisers published an illuminating report about the current state of marketing procurement and how the function needs to evolve to realize its full potential. The report is part of an ongoing initiative led by the WFA Global Sourcing Board. The initiative, Project Spring, is “designed to transform the value proposition of marketing procurement.”
In a landmark 1983 article in the Harvard Business Review, Peter Kraljic introduced a purchasing portfolio model using a 2 x 2 matrix. The Kraljic model was based on the premise that purchased products and services can vary significantly in terms of importance and risk. Based on this, procurement professionals should use different sourcing and supplier management strategies depending on the importance and risk profile of each purchase.
It’s no secret that marketing and technology have become deeply entwined over the past two decades. Largely because of digital technologies, the methods, tactics and channels used by marketers have changed dramatically.
The coronavirus pandemic and the “social distancing” actions taken to control it have resulted in the cancellation of hundreds of trade shows and business-related conferences. One of the COVID-19 casualties was the MarTech West conference that was scheduled for April 15-17 in San Jose, California.