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Summary SHV MBA
Solid, strong summary of Shareholder Value & Market Based Assets. All information is included and written in an understandable way. I obtained a 9 with it.
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SummaryShareholder Value &
Market Based Assets
Jasmijn Stenzler
September 2018 – October 2018
1
,Table of Contents
Definitions.................................................................................................................................. 3
The Changing Role of Marketing in the Corporation - Webster ............................................... 6
Valuing Market Strategies – Day & Fahey ................................................................................ 9
Shareholder value re-evaluated – Financial Times .................................................................. 12
How can a shareholder value approach improve market’s strategic influence? – Lukas
Whitwell & Doyle .................................................................................................................... 13
Market-Based Assets and SHV: A Framework for Analysis – Shervani & Fahey ................. 16
Measuring Marketing Productivity: Current Knowledge and Future Directions – Rust,
Ambler, Carpenter, Kumar & Srivastava ................................................................................. 21
Marketing and Firm Value: Metric, Methods, Finding and Future Direction – Srinivasan &
Hanssens .................................................................................................................................. 26
The Marketing/Finance Interface: Two Divergent and Complementary Views of the Firm –
Zinkhan & Verbrugge .............................................................................................................. 30
What is value-based management? – Koller ............................................................................ 32
The Economics of Short-Term Performance Obsession - Rappaport ...................................... 36
The Search for the Best Financial Performance Measure – Bacidore, Boquist, Milbourn &
Thakor ...................................................................................................................................... 41
The Stock Market in the Driver’s Seat! Implication for R&D and Marketing – Chakravarty &
Grewal. ..................................................................................................................................... 44
Linking Customer Assets to Financial Performance – Hogan, Lehmann, Merino, Srivastava,
Thomas & Verhoef .................................................................................................................. 49
Using a Customer-Level Marketing Strategy to Enhance Firm Performance: A Review of
Theoretical and Empirical Evidence – Kumar & Petersen ...................................................... 54
Customer Satisfaction and Stock Prices: High Returns, Low Risk – Fornell, Mithas,
Morgeson & Krishnan.............................................................................................................. 59
Balancing risk and return in a customer portfolio - Tarasi ...................................................... 62
Consumer stock preferences beyond expected financial returns – Aspara & Tikkanen.......... 65
Relationship market’s role in managing the firm-investor dyad – Hoffmann, Pennings &
Wies ......................................................................................................................................... 68
How does financial performance affect marketing? – Lovett & Mcdonald ............................ 71
The economic implications of corporate financial reporting - Graham ................................... 74
Shareholder Value, Stakeholder Management and Social Issues: What’s The Bottom Line –
Hillman & Keim ...................................................................................................................... 76
The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers,
and Firm-Idiosyncratic Risk - Luo and Bhattacharya .............................................................. 79
2
,Definitions
Market-Based Assets
Market‐based assets are intangible assets that arise from the commingling of the firm with
entities in its external environment. Customers and channels are not simply object of
marketing actions; they are assets that must be cultivated and leveraged. Brand equity,
customer relationships, distribution channel, and other partner relationships are all examples
of market‐based assets. These market-based assets subsequently increase shareholder value
by accelerating and enhancing cash flows, lowering the volatility and vulnerability of cash
flows, or increasing the residual value of cash flows
Shareholder Value
Shareholder value is the value enjoyed by people possessing shares of a company. It is
created through the management’s ability to increase sales, earnings and free cash flow over
time which results, in the long run, in increasing dividend and capital gains resulting from
higher share prices. This is beneficial for the company’s shareholders, and so creates
shareholder value. A company’s shareholder value depends on strategic decisions made by its
top management, including the ability to make wise investments and generate a high return
on invested capital.
Risk Premium
A risk premium is the return in excess of the risk-free rate of return an investment is expected
to yield; an asset's risk premium is a form of compensation for investors who tolerate the
extra risk, compared to that of a risk-free asset, in a given investment.
Risk-Free Rate
The risk-free rate of return is the l rate of return of an investment with zero risk. The risk-free
rate represents the interest an investor would expect from an absolutely risk-free investment
over a specified period of time.
Cash Flow
Cash flow is the net amount of cash(-equivalents) being transferred into and out of a
business. At the most fundamental level, a company’s ability to create value for shareholders
is determined by its ability to generate positive cash flows, or more specifically, maximize
long-term free cash flow. Cash is coming in from customers or clients who are buying your
products or services. Cash is going out of your business in the form of payments for
expenses, like rent or a mortgage, in monthly loan payments, and in payments for taxes and
other accounts payable. If more money is coming in than is going out, you are in a "positive
cash flow"
Net Present Value
Net present value (NPV) is the difference between the present value of cash inflows and the
present value of cash outflows over a period of time. NPV is used in capital budgeting to
analyze the profitability of a projected investment or project.
Book-to-market
A ratio used to find the value of a company by comparing the book value of a firm to
its market value. Book value is calculated by looking at the firm's historical cost, or
accounting value. Market value is determined in the stock market through
its market capitalization (book value / market value).
3
, Working Capital
Working capital, is the difference between a company’s current assets and its current
liabilities. Working Capital = Current Assets - Current Liabilities
Current Assets
Current assets are a balance sheet item that represents the value of all assets that can
reasonably expect to be converted into cash within one year. Current assets include cash and
cash equivalents, accounts receivable (=unpaid bills), inventory of raw materials and finished
good, marketable securities, prepaid expenses. and other liquid assets.
Current liabilities
Current liabilities are a company's debts or obligations that are due within one year or within
a normal operating cycle. They are settled by the use of a current asset, such as cash, or by
creating a new current liability. Current liabilities appear on a company's balance sheet and
include short-term debt, accounts payable, accrued liabilities, and other similar debts.
Fixed Capital
Fixed capital includes the assets and capital investments are needed to start up and conduct
business. They are considered fixed in that they are not consumed or destroyed during the
actual production of a good or service, so not used up in the production of a product. Fixed-
capital investments are typically depreciated on the company's accounting statements over a
long period of time - up to 20 years or more. They stay in the business almost permanently—
or at the very least, for more than one accounting period. Examples are land, buildings,
vehicles, plant and equipment.
Cost of Capital
Company: Cost of capital is the required return necessary to make a capital
budgeting investment, worthwhile. Cost of capital includes the cost of debt and the cost of
equity. Cost of capital depends on the mode of financing used — it refers to the cost of
equity if the business is financed solely through equity, or to the cost of debt if it is financed
solely through debt. Many companies use a combination of debt and equity to finance their
businesses and, for such companies, the overall cost of capital is derived from a weighted
average of all capital sources, widely known as the weighted average cost of capital
(WACC).
Investors: Cost of capital refers to the opportunity cost of making a specific investment. It is
the rate of return that could have been earned by putting the same money into a different
investment with equal risk. Thus, the cost of capital is the rate of return required to persuade
the investor to make a given investment
Cost of debt
The cost of debt is the cost or the effective rate that a firm incurs on its current debt. Debt
forms a part of a firm’s capital structure. Since debt is a deductible expense, the cost of debt
is most often calculated as an after-tax cost to make it more comparable to the cost of equity.
Cost of equity
Company: The cost of equity is the return a company requires to decide if an investment
meets capital return requirements. Firms often use it as a capital budgeting threshold for
required rate of return.
4
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