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Orientarea valorii: motoarele valorii acionarilor n
marketingul bazat pe valoare
Simona BAKUTYTE
Dainora GRUNDEY
Facultatea Umanist Kaunas, Universitatea din Vilnius
Rezumat
Studiul analizeaz valoarea acionarilor din perspectiva marketingului. Abordarea valorii
acionarilor a fost inventat cu intenia de a controla munca managerilor de top i, treptat,
procesul crerii valorii, incluznd acionarii, devenind scopul principal al afacerilor.
Crearea unei asemenea schimbri necesit evaluri ale strategiilor de marketing i
dovedirea contribuiei lor la crearea valorii acionarilor. Abordarea tradiional c
rezultatele superioare ale unei producii de pia vor fi transferate n profituri nu mai
este de actualitate. Scopul de cercetare global al studiului este de a investiga importana
i rolul acionarilor n procesul crerii valorii n companie din perspectiva marketingului
bazat pe valoare.
Cuvinte cheie: managementul bazat pe valoare, orientarea valorii, marketingul bazat pe

valoare, valoarea acionarilor.
Introducere
Profiturile pe termen scurt sunt apreciate de ctre acionari datorit ctigurilor
asigurate i dividendelor. Profiturile pe termen scurt sunt de asemenea apreciate de
ctre manageri deoarece nseamn sporuri financiare sau oportuniti de a avansa i
sunt o cale rapid i sigur spre mulumirea acionarilor. Managementul ineficient apare
odat ce s-a adoptat separarea dintre patronaj i control asupra firmei. Abordarea
acionarilor asupra valorii intervine drept o soluie pentru acetia de a evalua strategiile
i aciunile per total ale managerilor de top. Totui exist o posibilitate de moment ce
genereaz profituri pe termen scurt, manipulnd rezultatele financiare curente i lipsa
oportunitilor de dezvoltare.
Firmele trebuie s fie profitabile pe moment, dar trebuie s-i planifice strategic
profiturile pe termen lung, fiindc o viziune pe termen scurt nu este niciodat o strategie
ctigtoare. Marketingul privit ca o funcie are o perspectiv de lung durat. Totui
6 Simona BAKUTYTE, Dainora GRUNDEY

Value orientation:
shareholders value drivers in value-based marketing
Simona BAKUTYTE
Dainora GRUNDEY
Kaunas Faculty of Humanities, Vilnius University
Abstract
The paper analyses the shareholders value approach from the marketing perspective.
The shareholders value approach was coined with the intention to control the work of
top managers and, gradually, the value creation process, incorporating shareholders,
became the main purpose of business operations. Such a change created a necessity to
valuate marketing strategies and prove their contribution to the creation of shareholders
value. The traditional approach is that superior product-market results will automatically
be transferred into profits is not effective and trusted anymore. The overall research goal
of the paper is to investigate the importance and role of shareholders in the value creating
process in a company from the value-based marketing perspective.
Keywords: value-based management, value orientation, value-based marketing, shareholders

value
Introduction
The short term profits are appreciated by shareholders because of the assured returns
and dividends. Those short term profits are appreciated by managers as well as it is fast
and safe way to satisfy shareholders, which in turn means higher financial incentives or
opportunities to climb up the ladder. Ineffective management occurred as the separation
of ownership and control of the company was taken into practice. The shareholders
value approach occurred as a solution for shareholders to assess the strategies and
overall action of top managers. However possibility of shortermism generating short
term profits, manipulating current financial results and missing growth opportunities
exists.
Companies have to be profitable at present but should strategically plan its long
term profits as short term view is never a winning strategy. Marketing as a function has
a long term perspective. However marketing is losing positions because of its inability
RRM 2-2010 7
Orientarea valorii: motoarele valorii acionarilor n marketingul bazat pe valoare
marketingul pierde teren din cauza inabilitii sale de a-i demonstra contribuia la
procesul crerii valorii pentru acionari, ce a devenit important din punct de vedere
strategic. Un nou concept de marketing numit marketingul bazat pe valoare este foarte
promitor deopotriv pentru reobinerea puterii marketingului i pentru nvingerea
viziunilor strategice de scurt durat.
Subiectul articolului: marketingul bazat pe valoare
Scopul acestui articol este de a investiga rolul acionarilor i importana lor n crearea
procesului valorii pornind de la marketingul bazat pe valoare.
Activitile de cercetare ale articolului dup cum urmeaz:
1. De a analiza abordarea marketingului bazat pe valoare discutat n scrierea de
specialitate.
2. De a analiza abordarea valorii acionarilor discutat n scrierea de specialitate.
3. De a investiga metodele de evaluare ale valorii create prin strategiile de marketing.
4. De a modela legtura procesului de creaie a valorii n firm i valoarea
acionarilor.
Termenii de baz i orientarea

Definirea termenilor valorii n marketing
Teoria Teoria
Recapitularea scrierilor creaiei marketingului bazat
de specialitate valorii pe valoare
Structurarea Crearea Msurarea

Motoarele Motoarele
scrierilor de valorii strategiilor de
valorii valorii
specialitate acionarilor marketing
Modelarea Proporiile modelului
Figura 1. Logica studiului curent
Marketingul bazat pe valoare, care este subiectul activitii de cercetare a studiului,

este o oportunitate de a redobndi poziia de marketing ntr-o organizaie i de a cntri
n deciziile de management sugernd strategii care s asigure creaia pe termen lung a
acionarilor. Crearea valorii unor asemenea strategii trebuie s fie estimat i de aceea
este necesar cooperarea cu funcia financiar a firmei, care va fi analizat urmnd
structura logic a studiului curent dup cum e indicat n Figura 1.
Totui, majoritatea msurilor financiare sau bazate pe contabilitate sunt foarte criticate
din pricina inabilitii de a evalua bunurile intangibile sau de pe pia. Acestea sunt o

Value orientation: shareholders value drivers in value-based marketing
to prove contribution to the process of creating value for shareholders, which became
strategically important. A new concept of marketing called value-based marketing is
highly promising both for regaining power for marketing and winning against short
term view strategies.
Subject matter of the article: value-based marketing.
The aim of the article is to investigate shareholders role and importance in value
creating process from value- based marketing.
Research tasks of the article are as follows:
1. To analyse the value-based marketing approach discussed in the literature.
2. To analyse the shareholders value approach discussed in the literature.
3. To investigate the valuation methods of value created by marketing strategies.
4. To model the link of value creation process in the company and shareholders
value.
Basic terms and value

Definition of terms orientation in marketing
Theory of Theory of
Literature review value value-based
creation marketing
Literature Shareholders Measurement

Value Value
value of marketing
structuring drivers drivers
creation strategies
Modelling Model proposition
Figure 1. The Logic of the Current Study
Value-based marketing, which is the research object of the paper, is an opportunity

to regain marketing position in an organisation and to weight in management decisions
suggesting strategies, which ensure long-term value creation for shareholders. Created
value of such strategies must be estimated and this is why there is a need for cooperation
with the financial function of a company, which will be analysed following the logical
structure of the current study as indicated in Figure 1.
However, most financial or accounting-based measures are highly criticised for
inability to evaluate intangible or market-based assets, which are essential source in
RRM 2-2010 9
surs esenial n crearea avantajului competitiv care face posibil satisfacia clientului
transferndu-se n valoarea acionarilor. Dei legtura de cooperare dintre marketing i
finane nc trebuie consolidat, asemenea metode de evaluare precum valoarea
economic adaugat i fluxurile de numerar actualizate n scrierile de specialitate sunt
foarte promitoare.
Metodele de cercetare aplicate n studiu pentru a analiza i a scoate la iveal subiectul
articolului sunt analiza scrierilor de specialitate, analiza coninutului i modelarea
sistemic. Prima parte este dedicat abordrii termenilor generali i orientarea valorii
n marketing. Cea de-a doua parte este structurarea motoarelor de valoare dup cum
sunt identificate n sursele tiinifice selectate din teoria crerii valorii i din teoria
marketingului bazat pe valoare. Abordarea valorii de ctre acionari va fi analizat n
cea de-a treia parte a articolului, ce va fi urmat de o dezbatere despre marketingul
bazat pe valoare i strategiile de marketing ce pot fi msurate pe o cale normativ.
Dup ce am dezbtut cum abordeaz valoarea acionarilor i abordarea marketingului
bazat pe valoare, n partea a 5-a a articolului va fi introdus modelul ce demonstreaz
contribuia marketingului la crearea valorii acionarilor.
1. Definirea terminologiei i contextului n orientarea valorii

Marketingul se ocup de valoarea obinut de pe pia prin oferirea articolelor
de valoare pieei. Face acest lucru prin furnizarea de bunuri i servicii care s
satisfac nevoile i dorinele autentice ale pieelor int definite specific.
(Lancaster i Reynolds, 2005, p.16).
Pentru a ncepe dezbaterea despre crearea valorii i aplicarea sa n marketing trebuie

ca terminologia s fie definit, fiindc am descoperit termeni de o ampl utilizare n
determinarea motoarelor de creare a valorii. Tabelul 1 prezint un numr de termeni,
ce sunt aplicai de autori n textele lor despre crearea valorii ntr-o organizaie.
Sensul de baz al termenului determinant este matematic. Totui acest termen este
folosit n scrierile despre marketing de asemenea i este definit ca un lucru sau un
factor care decide (Dicionarul Oxford, 2005), influeneaz sau determin (Free
Dictionary, 2010), controleaz (Dicionarul englez Macmillan, 2002). Dicionarul Oxford
arat c un determinant este o decizie asupra unui lucru ce se petrece sau cum se
petrece un lucru sau, dup Dicionarul Macmillan, ce se va petrece cu acel lucru. n
concluzie, determinantul este un lucru sau un factor care decide i influeneaz procesul
i modul n care acesta se petrece.
Motorul este probabil cel mai frecvent folosit termen n scrierile de marketing. Motorul
este definit ca unul dintre lucrurile principale (Dicionarul Oxford, 2005), oameni sau
obiecte (Dicionarul Macmillan, 2002) sau doar un lucru (thefreedictionary.com, 2010).
Dup dicionarele Oxford i Macmillan, un motor poate influena sau poate fi o cauz
a unui lucru. Mai mult, motorul alimenteaz sau d for (thefreedictionary, 2010). Este

creating competitive advantage which enables customer satisfaction transferring into

value of shareholders. Even if cooperation of marketing and finance still needs to be
strengthened, such valuation methods as economic value added and discounted cash
flows discussed in the literature are highly promising.
Research methods applied in the paper to analyze and reveal topic of the article are
analysis of scientific literature, content analysis and systemic modelling. First part will
be dedicated to the discussion of general terms and value orientation in marketing. Part
2 will be structuring value drivers as identified in selected scientific sources in the
theory of value creation and the theory of value-based marketing. Shareholders value
approach will be analysed in Part 3 of the article, which will be followed by value-based
marketing discussion and marketing strategies as could be measured in normative way.
After having discussed shareholders value approach and value-based marketing
approach the model which demonstrates marketings contribution to the shareholders
value creation will be introduced in Part 5 of the article.
1. Defining Terminology and Context in Value Orientation

Marketing is concerned with obtaining value from the market by offering
items of value to the market. It does this by producing goods and services that
satisfy the genuine needs and wants of specifically defined target markets
(Lancaster and Reynolds, 2005, p.16).
In order to proceed with the discussion on value creation and its application to
marketing, the terminology has to be defined, as we have discovered a wide usage
terms in determining the determinants/drivers of value creation. Table 1 presents a
number of terms, as applied by authors in their texts on creating value in an organization.
The primary meaning of the term determinant is mathematical. However this term
is used in marketing literature as well and is defined as a thing or factor that decides
(Oxford dictionary 2005), influences or determines (Free dictionary, 2010), decides or
controls (Macmillan English dictionary, 2002). Oxford dictionary explains that
determinant is a decision about something happening or how something is happening
or according to Macmillan dictionary (2002) what something will be. All in all,
determinant is a thing or factor that decides and influences some process and the way
the process is happening.
Driver is probably the most often used term in the marketing literature. Driver is
defined as one of the main things (Oxford dictionary, 2005), people or things (Macmillan
English dictionary, 2002) or just something (thefreedictionary.com, 2010). According
to Oxford and Macmillan dictionaries, a driver could influence or be a cause of
something. Moreover, driver creates fuels or gives force. (thefreedictionary.com, 2010)
It is emphasized that that driver is the base for value creation (influences, creates) and
RRM 2-2010 11
Table 1. Defining the basic terminology
Nr. Termen Definiii

1. Determinant 1. Un lucru care hotrte dac i cum se ntmpl ceva
anume (Oxford advanced learners dictionary, 2005).
2. Un factor determinant sau influenabil
(thefreedictionary.com, 2010).
3. A determina a decide ca vrei cu adevrat s faci ceva, a
controla cum va fi un anume lucru (Macmillan English
dictionary, 2002).
2. Motor 1. Unul dintre lucrurile principale care influeneaz ceva
anume sau l determin s progreseze (Oxford advanced
learners dictionary, 2005).
2. Oameni sau lucruri care influeneaz foarte puternic ceva
sau l face s se ntmple (Macmillan English dictionary, 2002).
3. Ceva care creaz sau alimenteaz activitatea, sau ofer
for sau imbold (thefreedictionary.com, 2010).
3. Criteriu 1. Un standard sau un principiu prin care ceva este judecat
sau cu ajutorul cruia este luat o decizie (Oxford
advanced learners dictionary, 2005).
2. Standarde care sunt folosite pentru a judeca ceva sau a lua
decizii despre un anumit lucru (Macmillan English
dictionary, 2002).
3. Un standard, o regul sau un test pe care se bazeaz
judecarea sau decizia (thefreedictionary.com, 2010).
4. Intensificator 1. O substan sau un mecanism care este menit s mbunt-
easc ceva (Oxford advanced learners dictionary, 2005).
2. A intensifica este a mbunti un lucru sau a-l face mai
atractiv i mai valoros (Macmillan English dictionary, 2002).
3. Orice care este util de a atrage atenia asupra calitilor
altui lucru prin contrast (thefreedictionary.com, 2010).
Sursa: compilat de ctre autori.
subliniat faptul c motorul este baza de creare a valorii (influeneaz, creeaz), fora
conductoare (l face s progreseze, alimenteaz activitatea, d for). Motorul face
posibil ntmplarea unui lucru sau face ca un lucru s progreseze. Deci motorul poate
fi un lucru sau o persoan care este fora conductoare pentru ceva ce se va ntmpla
sau va progresa.
Criteriul este un termen definit ca un standard, principiu, regul sau test. Toate cele
trei definiii au convenit asupra nelesului termenului. Criteriul este folosit pentru a

Table 1. Defining the basic terminology
No Term Definitions
1. Determinant 1. A thing that decides whether or how something happens
(Oxford advanced learners dictionary, 2005).
2. An influencing or determining factor
(thefreedictionary.com, 2010).
3. Determine - to decide that you really want to do
something, to control what something will be
(Macmillan English dictionary, 2002).
2. Driver 1. One of the main things that influence something or cause it
to make progress (Oxford advanced learners dictionary,
2005).
2. People or things that influence something strongly or make
it happen (Macmillan English dictionary, 2002).
3. Something that creates or fuels activity, or gives force or
impetus. (thefreedictionary.com, 2010).
3. Criterion 1. A standard or principle by which something is judged, or
with the help a decision is made (Oxford advanced
learners dictionary, 2005).
2. Standards that are used for judging something or making a
decision about something (Macmillan English dictionary,
2002).
3. A standard, rule or test on which the judgement or decision
can be based (thefreedictionary.com, 2010).
4. Enhancer 1. A substance or device that is designed to improve
something (Oxford advanced learners dictionary, 2005).
2. Enhance is to improve something or make it more attractive
or more valuable(Macmillan English dictionary, 2002).
3. Anything that serves by contrast to call attention to another
things good qualities (thefreedictionary.com, 2010).
Source: compiled by the authors.
the driving force (make it happen, make it progress, fuels activity, gives force). The
driver either makes something happening or make something progress. So driver can
be a thing or person that is the reason and the driving force for something to happen or
to make progress.
RRM 2-2010 13
judeca un lucru sau pentru a lua decizii asupra unui lucru. Deci acest termen este mai
mult pentru nelegerea eficienei despre cum un lucru sau un factor contribuie la procesul
de creare al valorii.
Sporirea ca un termen, mai nti, d impresia c un lucru mai bun. Dup dicionarul
Oxford (2005) sporirea este pentru a mbunti un lucru. Totui, Free Dictionary (2010)
ofer o alt explicaie: sporirea este pentru contrast i atragerea ateniei. Dicionarul
Macmillan (2002) furnizeaz o definiie asemntoare cu definiia Oxford sporirea
este folosit pentru mbunati un lucru. Totui definiia din dicionarul Macmillan este
mult mai cuprinztoare deoarece combin ambele definiii din cele dou dicionare,
Oxford i Freedictionary: termenul sporire nseamn a mbunti un lucru i a-l face
mult mai atractiv sau valoros (atragerea ateniei ctre proprieti de calitate). Deci
termenul sporire este folosit pentru a mbunti lucrurile sau pentru a le face mai
notabile.
Dup ce am dezbatut termenii folosii n scrierile de specialitate pentru a descrie
procesul de creare al valorii, concluzia trebuie s fie tras: care dintre termeni este cel
mai potrivit i va fi folosit n acest articol. Probabil cel mai comun termen, motor, este
cel mai potrivit n acest context, fiindc este o for conductoare i influenabil n
procesul de creare a valorii.
Un alt aspect ce trebuie definit aici este orientarea marketingului care se
concentreaz asupra comunicrii valorii ctre clienii finali. n aceast lucrare, vom
indentifica acest fenomen i l vom denumi drept orientarea valorii n filosofia general
a marketingului. Cheverton (2004) a propus trei pri componente ale orientarii valorii
n performana afacerilor:
1) excelena operaional, care ar putea incorpora urmtoarele probleme: procesele
eficiente, mecanismele uoare, eficiena cu care produsele sau serviciile sunt
aduse pe pia, eficienele produciilor, economiile la mrimi, uniformitatea i
conformitatea, prognoza exact, distribuia cu cap, reacie rapid;
2) ntietatea produsului pe pia poate urma recomandarea de a construi a valoarea,
cum ar fi producerea celor mai bune, de vrf sau dominante pe pia; cotele
nalte ale inovrii i aplicarea brevetului;
3) intimitatea clientului poate exprima abilitatea firmei de a se identifica cu nevoile
clientului, cu produsele potrivite i cu serviciile corespunztoare; de a aciona
conform cunotiinelor rezultante; de a se gndi cu grij la segmentare i la
identificarea contabilitii cheie; de a-i asuma riscuri fr de clieni sau/i de a
se atepta la o parte concomintent din ctiguri.
Pe de alt parte, Jobber (2001) a analizat cealalt fa a participrii pe pia, de
exemplu clienii, i a sugerat fenomenul de valoare a clientului, care se bazeaz pe
percepia asupra: a) beneficiilor i b) sacrificiilor. Acesta a identificat beneficiile
percepute, care sunt dominate de ctre produs, serviciile complementare i asociaia/
relaia cu furnizorul (de exemplu productorul, debitantul i distribuitorul). Sacrificiile

Criterion as a term is defined as a standard, principle, rule or test. All three definitions
agree about the meaning of the term. Criterion is used to judge something or make
decision about something. So this term is more for understanding the efficiency of how
one or other thing or factor contributes to value creation process.
Enhancer as a term first of all gives impression of making something better. According
Oxford dictionary (2005) enhancer is for improving something. However Free dictionary
(2010) gives another explanation that enhancer is for contrast and attracting attention.
Macmillan dictionary (2002) provides definition more similar to the definition of Oxford
dictionary as enhancer is used for improving something. However the definition of
Macmillan dictionary (2002) is more comprehensive as it combines both definitions of
Oxford (2005) and Free dictionary (2010) as the term enhancer means improving
something and making it more attractive or valuable( call attention to good qualities).
So the term enhancer is used for improving things or making them more noticeable.
After having discussed the terms used in the literature for describing value creation
process the conclusion has to be made which term is the most suitable and will be used
in this article. Probably the most common term driver is the most suitable in this context
as well because of being influential and driving force for the value creation process.
Other aspect to be defined here is the marketing orientation, which focuses on
value delivery to the final customers. In this paper, we will identify this phenomenon
and term it as value orientation in the general marketing philosophy. Cheverton (2004)
has proposed three constituent parts of value orientation in business performance
(Cheverton, 2004, p.119-120):
1) operational excellence, which could incorporate the following issues: effective
processes, smooth mechanics, the efficiency, with which products or services
are brought to market; efficiencies of production, economies of scales, uniformity
and on conformance, accurate forecasting, slick distribution, fast response;
2) product leadership might follow the following recommendation to build value,
such as producing the best, leading-edge or market dominant products; high
rates of innovation and patent application;
3) customer intimacy could manifest the companys ability to identify with specific
customer needs and match products and services accordingly; to act on the
resultant knowledge; to think carefully about segmentation and key account
identification; to demonstrate willingness to share risks with its customers and to
expect a concomitant share of the rewards.
On the other hand, Jobber (2001) analysed the other side of the market participation,
i.e., customers, and suggested customers value phenomenon, which is based on
perception in a) benefits and b) sacrifice. He identified perceived benefits, which are
dominant by the product, complementary services and association/relationship with
the provider (e.g., producer, retailer, and distributor). Perceived sacrifices could be
determined as cost, risk/uncertainty and time involved in purchase.
RRM 2-2010 15
percepute pot fi determinate ca fiind costul, riscul/ incertitudinea i timpul implicat n

achiziionare.
Estimarea valorii clienilor este o alt problem a orientarii valorii. Poate fi un efort
complex i poate fi msurat printr-o combinaie de factori (Blythe, 2005, p. 276):
a) deciderea asupra rentabilitii clientului (exemplu: o comparaie ntre costul
servirii clientului i venitul ce va rezulta apoi);
b) valoarea pe viaa clientului (ct de mult are anse s dureze relaia, mpreun cu
frecvena i cantitatea achiziionrii);
c) nivelul de loialitate al clientului (n cazul n care clientul tinde s treac la un
concurent, valoarea clientului va fi sczut).
2. Structurarea motoarelor valorii

Un motor al valorii nseamn o serie de idei i de noiuni, o cultur a afacerilor
sau o hart ndrumtoare care permite tuturor membrilor si s identifice ce
ar trebui s fac pentru a atinge succesul. (Cheverton, 2004, p.118)
ntruct am definit terminologia, am dezbtut i am ales cel mai adecvat termen,

acum este important s clarificm care sunt motoarele pentru crearea valorii. Tabelul 2
ofer o abordare interdisciplinar a procesului de creare a valorii, fiindc sunt dezbtute
teoria creaiei valorii i teoria marketingului bazat pe valoare.
Teoria creaiei valorii include abordarea managementului financiar i strategic. Fluxul
de lichiditi este mai degrab menionat drept motor al valorii (Morin i Jarrell (2001),
Walters (1997). Koller, Goedhart, Wessels (2005) indentific fluxul de lichiditi cu
valoarea i explic: motoarele fluxului de lichiditi/valoarea sunt la o cot la care
beneficiile i profiturile companiei cresc i efectul su asupra investiiei (costul de capital).
Probabil cele mai frecvent menionate motoare n articolele de specialitate sunt marja
de operare a profitului, costul capitalului i creterea vnzrilor.
Teoria marketingului bazat pe valoare integreaz activele ca o surs primar pentru
creaia valorii. Doyle (2008) ofer cadrul compus din motoarele organizaionale,
financiare i de marketing care mpreun mbuntesc fluxul de lichiditi i
maximizeaz valoarea acionarilor. Srivastava, Shervani, Fahey (1999) vin cu conceptul
de active (motoare) care influeneaz creterea fluxului de lichiditi. Marketingul bazat
pe valoare sugereaz ideea c valoarea pentru clieni trebuie s fie creat; doar atunci
se va crea i valoarea pentru acionari. Evident, valoarea acionarului i valoarea
clientului sunt inderdependente. Fr nivelul nalt pozitiv i de lung durat al clientului,
nu poate exista valoarea pe termen lung a acionarului. (Walters, Lancaster, 1999,
p.698). Walters i Lancaster (1999) separ motoarele n cazul valorii clientului i
acionarului. Teoria marketingului bazat pe valoare integreaz motoarele financiare
ale valorii n active.

Estimating the value of the customers is another issue in value orientation. It can be
a complex endeavour and could be measured by a combination of (Blythe, 2005, p.276):
a) deciding on the profitability of the customer (i.e. a comparison between cost of
serving the customer and revenue which will result),
b) lifetime value of the customer (how long the relationship is likely to last, coupled
with frequency and quantity of purchase), and
c) level of customers loyalty (if the customer is likely to defect to a competitor the
customers value will be low).
2. Structuring Value Drivers

A value driver is a set of ideas or notions, a business culture, or a guide map
that allows all members of the business to identify with what they should be
doing to achieve success (Cheverton, 2004, p.118).
As the terminology is defined, discussed and the most appropriate term is selected it
is important to clarify what are the drivers for value creation. Table 2 gives an
interdisciplinary approach to the value creation process as theory of value creation and
theory of value based marketing is discussed.
Theory of value creation includes the approach of finance and strategic management.
Cash flow is rather often mentioned as value driver (Morin and Jarrell (2001), Walters
(1997). Koller, Goedhart, Wessels (2005) identify cash flows with value and explains
that drivers of cash flow/value are rate at which revenues and profits of the company
grows and its return on investment (cost of capital). Probably the most common drivers
mentioned in the literature are operating profit margin, cost of capital and sales growth.
Theory of value based marketing integrates marketing assets as the primary source
for value creation. Doyle (2008) gives the framework made up from organizational,
marketing and financial drivers which all together improve cash flows and maximize
shareholders value. Srivastava, Shervani, Fahey (1999) provides with market assets
(drivers) which influence the growth of cash flows. Value based marketing suggests the
idea, that value for customer has to be created, only then value for shareholders is
created. Clearly, shareholder value and customer value are interrelated without positive,
long-term high levels of customer satisfaction there can be no long-term shareholder
value (Walters, Lancaster, 1999, p.698). Walters and Lancaster (1999) separate drivers
for customer and shareholder value. Value based marketing theory integrates financial
value drivers with market assets.
RRM 2-2010 17
Tabelul 2. O abordare interdisciplinar a creaiei valorii

Motoarele pentru crearea valorii Motoarele pentru crearea valorii
1. Schema managementului bazat pe 1. Motoarele organizaionale ale valorii:
valoare: estimare, strategie, finanare i competene, sisteme, leadership,
guvernan corporative. capaciti de baz, motivaie.
Motoarele valorii (valoarea companiei): Motoarele marketingului de valoare: se-
a) fluxul numerar (ncasare, cretere, lecia de pia, profitul diferenial, relaiile
capital); b) costul de capital (riscul) strategice, fidelitatea clienilor, branduri
(Morin and Jarrell, 2001, p. 4 and p. 6) puternice, cunotinele de marketing.
Motoarele financiare ale valorii: creterea
vnzrilor, marja de operare, nivelul de
investiii al fluxului de numerar, cronome-
trarea, durata de risc (Doyle, 2008, p. 42).
2. Motoarele de strategie a valorii: costul 2. Motoarele de valoare a clienilor:
TEORIA MARKETINGULUI BAZAT PE VALOARE

de capital, durata creterii valorice, cota caracteristicile brandului de produs/
taxelor n numerar, fluxul liber al corporativ, schema de cercetare i
numerarului, angrenarea operaional, dezvoltare, serviciile clieni, eficiena
angrenarea financiar i controlul rspunsului clientului, facilitile de
corporativ fabricaie i logistic, managementul
TEORIA CRERII VALORII
Motoarele strategice i operaionale: cota lanului de aprovizionare (relaii i

creterii vnzrilor, marja profitului de tranzacii), managemntul marjelor,
operare, investiia de capital fix i de sistemelor (relevan i management).
munc, managementul fidelitii Motoarele valorii acionarilor: rata cre-
clientului, co-productivitatea, fluxul de terii vnzrilor i profitabilitatea durabil,
numerar strategic, managementul investiiile de capital fix i de lucru i
capacitii (Walters, 1997, p. 714). management, disponibilitatea capitalului
de cost redus, controlul corporatist, fluxul
de numerar strategic, managementul
fidelizrii clienilor, managementul marjei
(Walters, Lancaster, 1999, p.698).
3. Sunt dou motoare ale fluxului de nume- 3. Cunotine, competene, parteneriate,
rar i a valorii finale: cota la care firma i bunuri materiale (Cotora, 2007, p. 53).
poate spori veniturile i profiturile, i nca-
srile sale de pe urma capitalului investit
(Koller, Goedhart, Wessels, 2005, p. 57).
4. Rappaport (1986) menioneaz apte 4. Activele de pia (client, canal, relaiile
motoare ale valorii: cota creterii vn- parteneriale), influena valorii acionarului
zrilor, marja operaional de profit, rata prin accelerarea i sporirea fluxurilor de
de impozit pe venit, investiiile de capital numerar, reducerea volatilitii i vulne-
fix i de lucru, costul de capital i durata rabilitii fluxurilor de numerar, i mrirea
creterii valorii (Mathur, Kenyon, 2001). valorii reziduale a fluxului de numerar
(Srivastava, Shervani, Fahey, 1999).
5. Motoarele generice de valoare: crete- 5. Motoarele valorii clientilor: atributele
rea vnzrilor, marginile operaionale produsului, atributele de acces, atributele
(veniturile i cheltuielile), virajele de capi- de cost, atributele de experien (Kothari,
tal (capitalul de lucru) (Koller, 1994, p. 91). Lackner, 2006, p.246).
Sursa: compilat de ctre autori.

Table 2. An Interdisciplinary Approach to Value Creation

Drivers for value creation Drivers for value creation
1. Value-based management framework: 1. Organizational value drivers: skills,
valuation, strategy, finance, and systems, leadership, core capabilities,
corporate governance. Drivers of value motivation.Marketing value drivers:
(company value): a) cash flow (return, market selection, differential advantage,
growth, capital), b) cost of capital (risk) strategic relationships, customer loyalty,
(Morin and Jarrell, 2001, p.4 and p.6) strong brands, marketing knowledge.
Financial value drivers: sales growth,
operating margin, investment, level of
cash flow, timing, duration risk (Doyle,
2008, p. 42).
2. Strategic value drivers: cost of capital, 2. Customer value drivers: corporate/
value growth duration, cash tax rate, free product brand characteristics, research
cash flow, operational gearing, financial design and development, customer
THEORY OF VALUE-BASED MARKETING

gearing and corporate controlStrategic services, customer response effectiveness,
and organizational drivers: sales growth manufacturing and logistics facilities,
rate, operating profit margin, working supply chain management (relationships
THEORY OF VALUE CREATION
and fixed capital investment, customer and transactions), margins management,

loyalty management, co-productivity, systems (relevance and management).
strategic cash flow, capacity management Shareholder value drivers: sales growth
(Walters, 1997, p. 714). rate and sustainable profitability, fixed and
working capital investment and
management, availability of low cost
capital, corporate control, strategic cash
flow, customer loyalty management,
margin management (Walters, Lancaster,
1999, p.698).
3. There are two drivers of cash flow and 3. Knowledge, competence, partnerships,
ultimately value: the rate at which the tangibles (Cotora, 2007, p. 53)
company can grow its revenues and
profits, and its returns on invested capital
(relative to its cost of capital) (Koller,
Goedhart, Wessels, 2005, p. 57).
4. Rappaport (1986) lists seven value 4. Market-based assets (customer,
drivers: sales growth rate, operating channel, partner relationships) influence
profit margin, income tax rate, fixed and shareholder value by accelerating and
working capital investment, cost of enhancing cash flows, lowering the
capital and value growth duration volatility and vulnerability of cash flows,
(Mathur, Kenyon, 2001). and increasing the residual value of cash
flows (Srivastava, Shervani, Fahey, 1999).
5. Generic value drivers: sales growth, 5. Customer value drivers: product

operating margins (revenue and cost), attributes, access attributes, cost attributes,
capital turns (working capital) (Koller, experience attributes (Kothari, Lackner,
1994, p. 91) 2006, p.246)
Source: compiled by the authors.
RRM 2-2010 19
Managementul bazat pe valoare dup schema lui Morin i Jarrell (2001) n elemente
precum module de evaluare, strategice, financiare i de guvernan corporativ. Shema
managementului bazat pe valoare este artat n Figura 2.
Dup cum este prevzut i n schem, crearea de valoare a firmei poate fi sporit
prin factori strategici, financiari i de guvernan corporativ. Partea strategic din schema
managementului bazat pe valoare const n poziia competitiv i economia de pia.
Poziia competitiv include avantaje competitive i difereniere. Economia de pia se
identific cu potenialul i atractivitatea pieei. Modulele financiare depind de
randamentul investiiilor, risc i crean/capital. Procesul crerii de valoare poate fi
mbuntit prin reducerea riscului investiiilor. Guvernana corporativ include motoare
precum msurarea performanei, comunicrile investitorilor i sistemele de compensaie.
Msurarea performanei este un fel de protector care asigur c toate activitile din
firm sunt pentru crearea valorii firmei. Relaia dintre acionarii firmei i societatea de
investiii e important, deoarece compania i-a demonstrat rezultatele financiare la
bursa de valori i primete informaie. Ideea principal al modului financiar este c prin
reducerea riscului, valoarea poate fi mrit. Stimulentele de compesaie sunt importante
i necesare pentru a asigura crearea valorii pe termen lung pentru firm, dar trebuie s
fie vizibil n mod clar pentru manageri cum le sunt recompensate eforturile.
Nivelul 1 Nivelul 2 Nivelul 3

Poziia competitiv
Strategic
Profitul competitiv
ncasarea
Managementul Financiar Riscul

bazat pe valoare
Datorie/capital
Msurarea
performanei
Guvernan Comunicrile
corporatist investitorului
Sistemele de
recompens
Sursa: creat de autori pe baza lui Morin i Jarrell (2001).

Figura 2. Elementele structurate ale managementului bazat pe valoare

Value-based management according to Morin and Jarrell (2001) framework consist

of such elements as valuation, strategic, financial and corporate governance modules.
Value- based management framework is shown in Figure 2.
According to the framework provided value creation of the company can be improved
by strategic, financial and corporate governance factors. Strategic part of the value-based
management framework consists of competitive position and market economics.
Competitive position includes competitive advantage, and differentiation. Market
economics is identified as market potential and attractiveness. Financial module depends
on return on investment, risk and debt/equity. The process of value creation can be
improved by reducing risk of investments. Corporate governance includes such drivers
as performance measurement, investor communications and compensation systems.
Performance measurement is some kind of protector ensuring that all activities in the
company are for creating value for the company. Relationship of companys shareholders
and investment society are important as company proved its financial results to the
stock markets and gets information as well. The main idea of the financial module is
that by reducing risk value can be enhanced. Compensation incentives are important
and necessary to ensure long term value creation for the company but they have to be
clearly visible for managers how they efforts are compensated.
Nivel 1 Nivel 2 Nivel 3

Competitive position
Strategic
Competitive advantage
Return
Value-based Financial Risk

management
Debt/equity
Performance
measurement
Corporate Investor
governance communications
Compensation systems
Source: created by the authors based on Morin and Jarrell (2001).

Figure 2. The Elements of Value-based Management
RRM 2-2010 21
3. Aspecte teoretice ale abordrii valorii acionarilor

Abordarea valorii acionarilor nu este nou, ci este investigat de cteva decenii din
1980. Consiliile i managerii seniori s-au preocupat de crearea valorii acionarilor
nc de cnd structura patronajului din cadrul organizaiilor s-a mutat de la proprietarul
individual la cel extins. (Payne, Holt, Frow, 2000). Abordarea de creare a valorii pentru
acionari a luat fiin odat ce acionarii sau, cu alte cuvinte investitorii, nu au fost
mulumii de rezultatele strategiilor de dezvoltare ntreprinse de ctre companii (Doyle,
2008). Prin urmare, abordarea a aprut ca o consecin a separrii patronajului de
controlul firmei.
Day and Fahey (1988) sunt de prere c ideea de baz a abordrii valorii acionarilor
a fost ca munca managerilor s fie controlat prin evaluarea abilitii lor de a genera
investiii strategice profitabile. Dup Koslowski (2000) scopul acestei orientri a fost de
a crete eficiena de alocare a investiiilor i de a preveni procesul de eschivare al
managerilor i al ntregii firme.
Abordarea valorii acionarilor este descris uor diferit n articolele de specialitate;
a aprut cu intenia de a crete eficiena sau de a controla managerii. Valoarea creat
pentru acionari a devenit criteriul de evaluare al strategiilor i al performanei top
managerilor (Doyle, 2008) i principiul de ghidare al managerilor. Drept concluzie,
inta principal a abordrii valorii acionarilor a fost de a combina ambele: controlul
managerilor i sporirea eficienei muncii lor (Mathur and Kenyon, 2001).
Este important de menionat c abordarea valorii acionarilor a fost afectat ndelung
de pieele de capital i de investiii. Walters i Lancaster (1999), Koslowski (2000) susin
c valoarea acionarilor a avut o poziie solid i influent pe pieele de investiii i de
capital, acestea fiind criteriul principal pentru luarea de decizii manageriale. Payne,
Holt i Frow (2000) sunt de acord c pieele financiare au influenat alte afaceri pentru
a pstra valorea creaiei pentru acionari ca un scop primar al firmei. Deci este evident
c influena pieelor financiare au dat natere ideii de scop unic al firmei, care este
cteodat criticat n articole i interpretat negativ de ctre ntreaga societate. Mai
mult, efectul pieelor financiare a constituit obiectivele primare ale abordarii valorii
acionarilor, acestea nsemnnd monitorizarea managerilor i sporirea eficienei muncii
lor, mai puin important i subliniat. Figura 3 arat cum a evoluat scopul abordrii
valorii acionarilor de la a avea dou scopuri pentru a controla managerii i a spori
eficiena la doar un sigur scop pentru a maximaliza valoarea acionarilor.
Exist un dezacord n privina scopurilor firmelor i al acionarilor n articolele de
specialitate. Koslowski (2000) argumenteaz c o firm cu un singur scop de a
maximaliza valoarea acionarilor este de nesusinut, demonstrnd c firmele au mai
multe scopuri care sunt chiar i contrastante. Mai mult, Hart, Milstein i Caggiano (1993)
i Waal (2008) susin ideea scopurilor contradictorii ale firmei, fiindc este mai degrab
complicat i dificil s se combine abordarea valorii acionarilor cu durabilitatea. Multor
companii li se pare imposibil s genereze i s sporeasc valoarea acionarilor i s mai
caute i durabilitate n acelai timp.

3. Theoretical Aspects of Shareholders Value Approach

Shareholders value approach is not new and has been investigated for several
decades since 1980s. Boards and senior managers have been concerned with
shareholder value creation ever since the ownership structure of organizations moved
from the individual to wider ownership (Payne, Holt, Frow, 2000). The approach of
creating value to shareholders emerged as shareholders or in other words investors
were not satisfied with the results of growth strategies carried by the companies (Doyle,
2008). So the approach occurred as a consequence of separation of ownership and
control of the firm.
The shareholders value approach is described slightly differently in the literature
either it emerged with intention to increase efficiency or to control managers. Value
created to shareholders became the criterion for evaluation of strategies and performance
of top managers (Doyle, 2008) and managers guiding principle (Mathur and Kenyon,
2001). Day and Fahey (1988) suggest that main idea of shareholders value approach
was to control work of managers by valuating their ability to generate profitable strategic
investments. According to Koslowski (2000) the aim of this orientation was to increase
allocation efficiency of the investments and prevent the shirking process of the managers
and the whole firm. All in all, the primary goal of the shareholders value approach was
to combine both: to control managers and increase their work efficiency.
It is important to mention that shareholders value approach was highly affected by
investment and capital markets. Walters and Lancaster (1999), Koslowski (2000) claim
that shareholders value had strong and influential position in investment and capital
markets being the main criterion for making management decisions. Payne, Holt and
Frow (2000) agree that financial markets influenced other business to keep the creation
of value for shareholders as the primary goal of the firm. So it is evident that the influence
of financial markets brought the idea of the single goal of a firm, which is sometimes
criticised over literature and negatively interpreted by the whole society. Moreover, the
effect of financial markets made the primary objectives of shareholders value approach,
which was to monitor managers and increase their work efficiency, less important and
emphasised. Figure 3 shows how the goal of the shareholders value approach evolved
from having two goals to control managers and increase efficiency to only one goal to
maximize value of the shareholders.
There is some disagreement about goals of the company and shareholders in the
literature. Koslowski (2000) argues that company with one goal to maximize value of
shareholders is untenable, proving that companies have many porpoises which are
even conflicting. Moreover, Hart, Milstein and Caggiano (1993) and Waal (2008) support
the idea of conflicting goals in the company as it is rather complicated and difficult to
combine shareholders value approach and sustainability. For many companies it seems
to be impossible to generate and increase shareholders value and seek for sustainability
at the same time.
RRM 2-2010 23
Maximalizarea
valorii
Eficien acionarilor
sporit
Manageri
controlai
Sursa: creat de ctre autori.

Figure 3. Evoluia scopurilor n abordarea valorii acionarilor
Cu toate acestea Doyle (2008) susine c exist o nenelegere a conceptului n sine

ntre manageri i oamenii de tiin, care mbin maximalizarea profiturilor i valoarea
acionarilor. Maximalizarea profiturilor, dup Doyle (2008) nseamn tierea costurilor
sau reducerea investiiilor, care este total diferit de strategiile de a maximaliza valoarea
acionarilor. Day i Fahey (1998) nu sunt de acord c sunt scopuri conflictuale: crearea
valorii pentru acionari i obinerea unui avantaj durabil prin clieni mulumii i relaii
de durat. Mathur i Kenyon (2001) subliniaz importana timpului i clasific obiectivele
pe termen scurt i pe termen lung. Obiectivele pe termen scurt relaioneaz cu rezultatele
financiare imediate, pe cnd cele pe termen lung ar trebui s fie identificate cu
maximalizarea valorii acionarilor. Aceasta nseamn c nu ar trebui s existe nicio
dificultate n continuarea durabilitii i crearea valorii pentru acionari, deoarece acestea
dou sunt legate prea mult. Valoarea acionarilor i scopul durabilitii companiei nu
ar trebui s fie considerate contradictiorii, deoarece doar prin crearea unui avantaj
durabil compania va putea s genereze valoare pe termen lung pentru acionarii si.
Aadar, abordarea valorii acionarilor a aprut pentru a asigura c managerii
companiilor creaz valori pentru acionarii lor i fac acest lucru eficient. Mai trziu,
datorit influenei pieelor financiare i de capital, crearea valorilor acionarilor a devenit
un scop primar al tuturor strategiilor dintr-o firm. Maximalizarea valorii acionarilor
nu este n contradictoriu cu nevoia de a crea durabilitate.

Shareholders
value
Increased maximization
efficiency
Controlled
managers
Source: created by the authors.

Figure 3. Evolution of Goals in Shareholders Value Approach
However Doyle (2008) claims that a misunderstanding of the concept itself exists
among managers and scientists, which mix maximising profits and shareholders value.
Maximizing profits, according Doyle (2008), means cutting costs or investments,
downsizing, which is totally different to the strategies of maximising shareholders value.
Day and Fahey (1998) disagree as well that creating value for shareholders and achieving
sustainable advantage by satisfied customers and sustainable relationships are conflicting
goals. Mathur and Kenyon (2001) emphasize the time importance and classify objectives
to short term and long term. Short term objectives are related with immediate financial
results, while long term ones should be identified with maximising shareholders value
. This shows that there should be no difficulty to pursue sustainability and create value
for shareholders as these two are related too much. Value of shareholders and goal of
the companys sustainability should not be considered as conflicting as only by creating
sustainable advantage company is able to generate long term value for its shareholders.
All in all, shareholders value approach emerged to ensure that companys managers
are creating value to its shareholders and doing this effectively. Later because of the
influence of financial and capital markets creating shareholders value became primary
goal of all strategies in the company. Maximising value of the shareholders does not
contradict with the need to create sustainability.
RRM 2-2010 25
4. Marketingul bazat pe valoarea i msurarea strategiilor de marketing

Oamenii de tiin (Doyle, 2008; Gronroos, 2009) trag un semnal de alarm c
marketingul pierde teren n cadrul slii de consiliu a companiei unde sunt luate deciziile
strategice ale companiei. Danneberg (2003) susine c marketingul nu are impact asupra
eficacitii afacerilor i din nefeiricre statutul su profesional nu este recunoscut.
Terenul pierdut de marketing n companii ar putea fi explicat prin faptul c
marketingul a euat n crearea unor msuri de ncredere despre performana i contribuia
la procesul crerii valorii acionarului. Motivele eecului marketingului sunt explicate
n articolele de specialitate astfel: Specialitii n marketing au considerat mult timp c
obiectivul central al marketingului este de a atrage i de a pstra clienii (Sristava,
Shervani, Fahey, 1999). Mai mult, acetia s-au folosit de argumente calitative eratice
despre mulumirea clientului, creterea cotei de pia i creterea valorii companiei
(Danneberg, 2003). Astzi atragerea i pstrarea clienilor, obinerea unei cote de pia
mai mari sunt nc obiectivele centrale ale marketingului, dar ipotezele privind
transformarea automat a rezultatelor pozitive a produsului de pe pia ntr-o mare
performan a companiei nu sunt relevante sau suficiente. Trebuie s fie artat legtura
care va transforma rezultatele marketingului n valorile dorite de ctre acionari. Dup
Danneberg (2008) depinde de noi s se creeze o valoare raional de planuri de marketing
i strategii noi de marketing pentru acionari.
Srivastava, Shervani, Fahey (1998) regret c, dei crearea valorii acionarilor devine
criteriu esenial al evalurii strategiei, atenia pentru strategia de marketing n procesul
de creare a valorii acionarilor a devenit rar ntlnit n articolele de specialitate. Totui,
conceptual numit marketingul bazat pe valoare promite foarte mult n restaurarea
terenului pierdut al marketingului. Tabelul 3 ofer o privire de ansamblu asupra
modalitilor de definire a marketingului bazat pe valoare n sursele selectate.
Marketingul bazat pe valoare este definit ca un nou concept, provocare, reformulare
a marketingului tradiional sau procesului de management. Doyle (2008) subliniaz
importana construirii relaiilor cu clienii de nalt valoare i crearea avantajelor
difereniale. Walters, Lancaster (1999) i Daum (2003) sunt de acord n privina
importanei de gestionare a relaiilor cu clienii. Danneberg (2003) i Launch International
Inc. (2003) dau atenie msurii i responsabilitii strategiilor de marketing. Doar
Danneberg (2003) i Doyle (2008) vorbesc despre valoarea acionarilor, alii menioneaz
valoarea companiei sau valoarea de livrare n general. Pentru a rezuma, marketingul
bazat pe valoare este o nou abordare a marketingului cu intenia de a crea avantaje
difereniale i construi relaii cu clienii n vederea maximalizrii valorii pentru companii
i acionari. Responsabilitatea i msurarea financiar a strategiilor de marketing, livrarea
i maximalizarea unei asemenea valori, sunt de asemenea incluse n abordarea
marketingului bazat pe valoare.
Doyle (2008) susine c marketingul bazat pe valoare face marketingul mult mai
interesant i practic integrndu-l direct n procesul crerii valorii acionarilor. Marketingul

4. Value-based Marketing and Measurement of Marketing Strategies

Scientists (Doyle, 2008; Gronroos, 2009) are ringing the alarm bell that marketing is
losing its positions in the company board room where strategic decisions of the company
are made. Danneberg (2003) claims that marketing does not impact business effectiveness
and unfortunately its professional status is not recognised.
Lost positions of marketing in the company could be explained by the fact that
marketing failed to create reliable measures of its performance and contribution to the
process of shareholder value creation. Reasons of marketings failure are explained in
the literature this way. Marketing scholars long have held that the core objective of
marketing is to attract and retain customers (Sristava, Shervani, Fahey, 1999). Moreover,
they were using qualitative arguments such as erratic arguments about the consumer
being satisfied, the growing market share and a soaring company value (Danneberg,
2003). Today attracting and retaining customers, gaining larger market share are still
the core objectives of the marketing but the assumptions about the automatic
transformation of positive product-market results to great companys financial
performance are not relevant and sufficient. The link how marketing results will transform
into the desirable value of the shareholders has to be shown. According to Danneberg
(2008) rational value creating marketing plans and new marketing strategies that create
value for the shareholders are needed.
Srivastava, Shervani, Fahey (1998) regret that despite the fact that shareholders
value creation is becoming the core criterion for strategies evaluation, attention to the
marketing strategies in the shareholders value creation process has been infrequent in
the marketing literature. However the concept called value-based marketing is highly
promising in restoring lost positions of marketing. Table 3 gives an overview of how
value-based marketing is defined in selected sources.
Value-based marketing is defined as a new concept, challenge, reformulation of
traditional marketing or management process. Doyle (2008) emphasizes the importance
of building relationships with high-value customers and creating differential advantage.
Walters, Lancaster (1999) and Daum (2003) agree about the importance of managing
relationships with customers. Danneberg (2003) and Launch International, Inc. (2003)
give attention to the measurement and accountability of marketing strategies. Only
Danneberg (2003) and Doyle (2008) talk about value for shareholders, others mention,
value to the company or value delivery in general. To sum up, value-based marketing is
a new approach of marketing with intention of creating differential advantage and
building relationships with customers in order to maximize value for the company and
its shareholders. Accountability and financial measurement of marketing strategies,
delivering and maximizing such value, are included in the value-based marketing
approach as well.
Doyle (2008) claims that value-based marketing makes marketing more relevant
and practical by integrating directly into the process of creating shareholders value.
RRM 2-2010 27
Table 3. Definiiile selectate despre marketingul bazat pe valoare
Source(s) Marketing bazat pe valoare

Walters and Lancaster Se refer la continuitatea de livrare a valorii i, la rndul su,
(1999) necesit monitorizarea nentrerupt a marketingului int
relevant, a poziionrii i a livrrii satisfaciei clientului;
Danneberg (2003) Noul concept de marketing a crui idee principal este de a
msura toate activitile mpreun cu procesul de marketing i
strategiile care creeaz i sporesc valoarea pentru acionari;
Daum (2003) Noua provocare a marketingului a crui sarcin este de a
gestional capitalul clientului;
Launch International Realizarea c vnzrile nu pot fi de succes fr marketing,
Inc. (2003) marketingul trebuie s demonstreze tot timpul i s fie
tras la rspundere pentru acest lucru valoarea sa n firm;
Doyle (2008) Procesul de management care urmrete s maximalizeze
ncasarile acionarilor prin dezvoltarea i implementarea
strategiilor de a construi relaii de ncredere cu clienii de
nalt valoare i de a crea avantaj diferenial durabil.
Sursa: creat de autori.
bazat pe valoare este cldit pe analiza valorilor acionarului (AVA) , care este menit
s mbunteasc valoarea analizei i managementul marketingului. Danneberg (2003)
i Doyle (2008) numesc AVA o schem de evaluare a succesului strategiilor de marketing.
Se pare c aceast abordare a avut o cheie a succesului deoarece a adus ideea de
integrare a marketingului n procesul de creare a valorii pentru acionari. Dei ideea
lucrului interdisciplinar, n care managerii de marketing sunt contieni de finanare
sau viceversa, pare s fie la fel de important.
Cu toate acestea, n articolele de specialitate nu gsim prea multe despre cooperarea
de succes dintre marketing i contabilitate sau finane. Dup Greenyer (2006) a fost
nevoie de un efort de 15 ani pentru realizarea unei msurabiliti de pia mai mari.
Msurarea performanei financiare i contribuia activitii de marketing este numit o
provocare pentru cei din marketing de ctre Walker i Slater (2004). Evaluarea activelor
necorporale este nc un domeniu problematic (Balow, Burgman, Molnar, 2004; Ambler,
2002; Bean & Robinson, 2002; Deshpand, 1999). Srivastava, Shervani, Fahey (1999)
relev costurile de nlocuire care devin tot mai importante n valoarea estimativ a
firmei. Totui este dificil s msori costurile de nlocuire a activelor necorporale cum ar
fi proprietatea intelectual, numele de branduri, relaia cu clienii. Sistemul curent de
contabililitate ofer o abordare incomplet a activelor necorporale, lundu-le doar pe
unele dintre ele n seam i ignorndu-le pe altele (Balow, Burgman, Molnar 2004).
Oricum activele necorporale sunt o surs foarte important pentru succesul

Table 3. Selected Definitions of Value-based Marketing
Source(s) Value-based marketing

Walters and Lancaster Concerns value delivery continuity and this, in turn,
(1999) requires on-going monitoring of relevant target marketing,
positioning and customer satisfaction delivery;
Danneberg (2003) The new marketing concept which main idea is to measure
all activities along with the marketing process and the
strategies that create and increase value for shareholders;
Daum (2003) The new marketing challenge which task is to manage
customer capital;
Launch International The realization that sales cannot be successful without
Inc. (2003) marketing, marketing must routinely demonstrate and be
held accountable for its value to the company over time;
Doyle (2008) Management process that seeks to maximize returns to
shareholders by developing and implementing strategies to
build relationships of trust with high-value customers and
to create a sustainable differential advantage.
Value-based marketing is based on shareholder value analysis (SVA), which is intended

to improve value analysis and marketing management. Danneberg (2003) and Doyle
(2008) call SVA as a framework for evaluating the success of marketing strategies. It
seems that this approach has a successful key because it brings the idea of marketing
integration into the value creation process for shareholders. Though the idea of
interdisciplinary thing when marketing managers have awareness about finance or vice
versa seems to be important as well.
However, there is not much in the literature about successful cooperation of marketing
and finance or accounting. According to Greenyer (2006) there has been about fifteen
year of effort to create greater market measurability. Measuring the financial performance
and contribution of marketing activity is called a challenge for marketers by Walker
and Slater (2004). Valuation of intangible assets is still a problematic area (Balow,
Burgman, Molnar, 2004; Ambler, 2002; Bean & Robinson, 2002; Deshpand, 1999).
Srivastava, Shervani, Fahey (1999) reveal that replacement costs are becoming more
important in estimating value of the company, however it is difficult to measure
replacement costs of the intangibles such as intelectual property, brand names, customer
relationship. Current accounting system gives intangibles as incomplete treatment,
counting some and ignoring others (Balow, Burgman, Molnar 2004). However
RRM 2-2010 29
marketingului, care genereaz valoarea pentru acionari. Prin urmare, accentul trebuie
s cad pe activele necorporale, creaia valorii depinznd cu precdere de controlul
brandurilor, proprietatea intelectual, sistemul i informaia, capitalul uman i relaiile
de marketing (Ambler, 2002; Bean & Robinson 2002; Deshpand 1999). n plus, Ambler
(2002) mai ofer un argument c acionarii trebuie informai despre condiiile acestor
active i despre ceea ce face compania pentru a le crea. Totui acionarii trebuie s
neleag importana activelor i probabil doar msurile financiare i-ar putea ajuta. n
ntregime, este evident c articolele de specialitate spun mai mult cum trebuie s fie
fcute lucrurile, spre exemplu activele necorporale trebuie evideniate, problemele de
responsabilitate trebuie integrate. Aceasta arat c dialogul dintre marketing i
contabilitate este nc n curs cu punerea n practic.
Ce msuri financiare ar putea fi folosite pentru a evalua strategiile de marketing?
Asemenea msuri financiare, precum renatibilitatea activelor (RA) i rentabilitatea
capitalului propriu (ROE) care sunt folosite pentru a evalua avantajele investiiilor, sunt
criticate n articolele de specialitate. Doyle (2008) susine c acel tip de msurare este
subiectiv, c nu msoar schimbrile valorii i c nu prevede schimbrile din ncasri.
Analiza valorii economice adugate (VEA) i a fluxului de trezorerie actualizat par nite
cunotine suficiente pentru marketing. Abordarea valorii economice adugate i metoda
fluxului de trezorie sunt msurile cele mai ateptate i promitoare. Brady, 1996; Doyle,
2008; Bacidore, Boquist, Milbourn & Thakor , 1997; Ramezani, Soenen & Jung, 2000).
Potrivit metodei EVA, valoarea este creat de o companie pe cnd profitul su este
mai mare n comparaie cu folosirea capitalului din interiorul afacerii. Abordarea EVA
este descris diferit n articolele de specialitate. Potrivit lui Doyle (2008) aceasta poate
fi folositoare n analizarea performanei curente, pentru a afla dac politicile luate
contribuie la crearea valorii. Teza de conducere din spatele EVA este ideea c
managementul este responsabil pentru cheltuielile capitale i folosirea resurselor i
este deci nsrcinat cu recompensarea acionarilor prin crearea valorii (Walters &
Lancaster, 1999). Potrivit lui Srivastava, Shervani & Fahey (1999) aceast metod este
mai degrab uor de folosit fiind estimat privind din perspectiva curent i situaia
companiei. ns aceast metod de evaluare a fost criticat n scrierile de specialitate
fiindc se axa pe un termen scurt i o evaluare insuficient a activelor necorporale.
Brady (1996) susine chiar c EVA nu a fost niciodat pe deplin acceptat i a fost
criticat pentru nepotrivirea strategiilor bazate pe valoare din cauza rezultatelor evalurii
pe termen scurt.
Potrivit lui Doyle (2008) metoda circuitului financiar este foarte eficient i folositoare
n evaluarea opiunilor strategice, n special n nelegerea modului n care investiiile
din marketing pot crea o valoare pe termen lung pentru acionari. SVA calculeaz
valoarea total a strategiei prin actualizarea acestor fluxuri de trezorerie (Doyle, 2008).
Este evident c valoarea afacerilor crete atunci cnd managerii iau decizii care sporesc
valoarea actualizat a tuturor fluxurilor de trezorerie viitoare (Doyle, 2008; Danneberg,
2003). Provocarea metodei de actualizare a fluxurilor de trezorerie exist pentru a

intangibles are very important source for marketing success, which generates value for
shareholders. So the emphasis must be put on intangibles as the creation of value
increasingly depends on the control of brands, intellectual property, systems and data,
human capital and marketing relationships (Ambler, 2002; Bean & Robinson 2002;
Deshpand 1999). Moreover, Ambler (2002) gives one more argument that shareholders
have to be informed about the condition of these assets and what the company is doing
to create them. However shareholders have to understand the importance of intangibles
and probably only financial measures could help. All in all, it is clear that marketing
literature is mostly about how things should be done, like intangibles must be emphasized,
accountability issues must be integrated. This shows that the dialogue between
accounting and marketing is still in the progress with practical implementation.
What financial measures could be used to value marketing strategies? Such financial
measures as return on assets (ROA) and return on equity (ROE) which are used to
evaluate profitability of investments are criticised over literature. Doyle (2008) claim
that this kind of measurement is subjective, do not measure changes in value and do
not predict changes in the returns. Economic value added (EVA) and discounted cash
flow analysis seems to be more sufficient financial knowledge to marketing. Economic
value added approach and cash flow method are highly accepted and most promising
measures (Brady, 1996; Doyle, 2008; Bacidore, Boquist, Milbourn & Thakor , 1997;
Ramezani, Soenen & Jung, 2000).
According to EVA method value is created by a company as its profit is higher
compared to use of capital within the business. EVA approach is described differently
in the literature. According to Doyle (2008) it can be useful for judging current
performance, deciding if taken policies are contributing to the creation of value. The
driving thesis behind EVA is the idea that management is accountable for capital
expenditure and resources use and is, therefore, tasked with making a return for the
shareholders by creating value (Walters & Lancaster, 1999). According to Srivastava,
Shervani & Fahey (1999) this method is rather easy to use as it is estimated by looking
from current perspective and situation of the company. However, this valuation method
has been critisized over literature for its short term focus and insufficient valuation of
intangibles. Brady (1996) even claim that EVA has never been quite accepted and was
criticized for not fitting value based strategies because of its short term results valuation.
According to Doyle (2008) cash flow method is very effective and useful for valuing
different strategic options, especially for understanding how investments in marketing
can create long term value for shareholders. SVA calculates the total value of a strategy
by discounting these cash flows (Doyle, 2008). It is obviously that the value of business
grows when managers make decisions that increase the discounted value of all future
cash flows (Doyle, 2008; Danneberg, 2003). The challenge of cash flow valuation
method is to demonstrate and measure the value created by resources devoted to
marketing activities in terms of their impact on current outcomes and on perceptions of
RRM 2-2010 31
demonstra i a msura valoarea creat de ctre resursele devotate activitilor de

marketing n termenii impactului lor asupra rezultatelor curente i asupra percepiilor
despre viitoarea performan financiar. (Srivastava, Shervani & Fahey, 1999). Un
lucru puin problematic este c acionarii sunt folosii pentru a primi rezultatele
performanelor din trecut, iar valoarea din viitor este un lucru neobinuit. n plus,
directorii se confrunt deocamdat cu problema modului de utilizare a numerelor date
pe performana actual pentru a lua decizii de investiie care ar optimiza ncasrile n
viitor (Balow, Burgman & Molnar, 2004). Potrivit lui Doyle (2008) EVA i metoda fluxului
de numerar duc la acelai rezultat dar metoda fluxului de numerar este preferat mai
mult deoarece aceasta ofer mai multe perspective pentru marketing. Aceasta explic
de ce metoda fluxului de numerar este integrat n SVA, nu EVA.
A euat n crearea msurilor de ncredere

RAIONA-
MENT
Poziii pierdute n marketing
PROBLEMA
Marketingul bazat pe valoare cu SVA

SOLUIA
Sursa: creat de autori.

Figure 4. Rezolvarea problemei de marketing
Aadar, aceast parte a articolului poate fi rezumat n Figura 4. Problema poziiilor

pierdute ale marketingului din cauza inabilitii sale de a crea msuri de ncredere i
evaluarea insuficient a bunilor intagibile ar putea fi rezolvat prin implementarea
strategiei de marketing valorii ce ncorporeaz SVA cu metoda fluxului de numerar
actualizat.
5. Importana i rolul valorii acionarilor n procesul crerii valorii

Dup ce am dezbtut abordarea valorii acionarilor i marketingul bazat pe valoare
n capitolele anterioare, este acum timpul s artm rolul acionarilor n procesul de
creare al valorii. Figura 5 arat creaia valorii ntr-o firm din perspectiva marketingului
bazat pe valoare. Ultima etap a acestui proces este evaluarea valorii financiare create
pentru acionari. Figura 5 reflect abordarea valorii acionarilor propunnd ca scop al
companiei maximalizarea valorii acionarilor.

future financial performance (Srivastava, Shervani & Fahey, 1999). A bit problematic
thing is that shareholders are used to receive the results of past performance and future
value is still unusual thing. Moreover, executives still face a problem how to use numbers
of current performance to make investment decisions which would optimize returns in
the future (Balow, Burgman & Molnar, 2004) According to Doyle (2008) EVA and cash
flow method lead to the same results, but the cash flow method is preferred more as it
provides more insights for marketing. This explains why cash flow method and not EVA
is integrated into SVA.
Failed to create reliable measures

MOTIV
Lost positions in marketing

PROBLEM
Value-based marketing with SVA

SOLUIE
Figure 4. Solving the problem of marketing
All in all this part of the article can be summarized in Figure 4. The problem of
marketing lost positions because of marketing inability to create reliable measures and
insufficient intangibles valuation could be solved by implementing value-based marketing
strategy which incorporates SVA with discounted cash flows method.
5. Importance and Role of Shareholders Value in Value Creation Process

After shareholders value approach and value-based marketing have been discussed
in the previous sections it is now time for showing the role of shareholders in the value
creation process. Figure 5 shows the value creation in the company from value-based
marketing perspective. The final stage of this process is evaluation of created financial
value to the shareholders. Figure 5 reflects shareholders value approach suggesting
one goal of the company which is maximizing shareholders value.
RRM 2-2010 33
Brandurile Fidelitatea
puternice clientului
Cunotinele
Selecia
de
de pia
marketing
MOTOARELE
MARKETINGULUI
Relaiile DE VALOARE Avantajul
strategice (investiia n bunuri diferenial
intangibile)
SATISFACIA
CLIENILOR
(efectul asupra
clienilor)
PERFORMANA Prime
Prima de pre
Cota de pia
Ptrunderea mai DE PE PIA
Loialitate / reinere
rapid pe pia
(efectul de pe pia) Vnzri / costuri de
Rata creterii
servicii
Lider de pia
Prelungiri
VALOAREA
ACIONARILOR
(efect financiar)
Sursa: creat de autori bazat pe Srivastava, Shervani & Fahey (1998); Daum (2001);
Doyle (2008).
Figure 5. Modelul propus pentru motoarele marketingului de valoare
n procesul creaiei valorii acionarilor

Strong Customer
brands loyalty
Marketing Market
knowledge selection
MARKETING
VALUE DRIVERS
Strategic (investment in Differential
relationship intangible assets) advantage
CUSTOMERS
SATISFACTION
(effect on customer)
Price premium MARKET Sharepremium

Faster market PERFORMANCE Market share
penetration Loyalty / retention
Growth rate (effect on markets) Sales / service costs
Market leadership Extensions
SHAREHOLDERS
VALUE
(financial effect)
Source: created by authors based on Srivastava, Shervani & Fahey (1998); Daum (2001);
Doyle (2008).
Figure 5. Proposed Model of Marketing Value Drivers in
Shareholders Value Creation Process
RRM 2-2010 35
Temelia crerii valorii acionarilor sunt motoarele valorii de pia cum ar fi relaiile
strategice, cunotinele de marketing, fidelitatea clienilor, branduri puternice, selecia
pieei, profitului diferenial. Piatra de temelie pentru nfiinarea unei companii
competitive nseamn s te apropii ct mai mult de client i s rspunzi nevoilor sale n
cea mai bun msur cu putin (Danneberg, 2003). Strategiile de marketing potrivit
lui Doyle (2008) se concentreaz pe crearea profitului diferenial i alegerea pieelor.
Este nevoie de profitul competitiv pentru a atrage i pstra clienii pe termen lung.
Profitul competitiv permite viabilitatea companiei pe termen lung i asigur valoarea
de durat pentru acionari. Probabil, nu este nevoie de a fi diferit sau de a crea o
valoare pentru client n scopul de a atrage clienii pentru o scurt perioad sau pentru
o singur tranzacie. Valoarea acionarului poate fi creat doar atunci cnd valoarea
este creat pentru clieni. Activele pieei precum relaiile cu asociaii i clienii, fidelitatea
clienilor, cunotinele de marketing alctuiesc o baz pentru companie pentru a crea
profitul competitiv: diferenierea (valoare superioar) sau costul redus. Prin urmare
motoarele valorii marketingului sunt eseniale n procesul evalurii crerii valorii pentru
clieni. Gradul de satisfacii depinde de valoarea perceput a valorii.
Doar atunci cnd clientul percepe valoarea creat de companie, se obin toate
rezultatele de succes numite performane pe pia. Rezultatele dorite pe pia pot fi:
vnzri la pre premium, introducerea mai rapid pe pia, rata de cretere, lider de
pia, prime de capital, dimensiunea pieei, retenie de loialitate, costuri de ntreinere/
vnzare, i extensii. Srivastava, Shervani & Fahey (1998) menioneaz asemenea active
de brand precum contientizarea de brand, reputaia brandului, personalitatea perceput
a brandului, valorile percepute ale brandului, imaginile reflectate ale clientului, preferina
de brand sau fixarea, brevete i drepturi. Aceste active creaz puterea brandului. Echitatea
brandului permite companiei s stabileasc preuri mai mari pentru a atinge o cot de
pia mai mare, pentru a crea extensii de brand. Satisfacia clientului conduce la fidelitate/
retenie. Clienii satisfcui (probabil de calitatea produsului/serviciului) sunt mai dispui
s plteasc preuri premium. Clienii satisfcui au un impact mai mare asupra dezvoltrii
mai rapide a companiei, introducerea pe pia sau a liderului de pia. S-a dovedit c a
reine un client este cu mult mai ieftin dect s atragi unul nou, ceea ce ajut la reducerea
eforturilor i costurilor de vnzri. Prin urmare, clienii satisfcui i fideli ajut la scderea
costurilor de vnzare /servicii.
Cnd rezultatele dorite pe pia sunt realizate, acest succes este transformat n
valoarea financiar a acionarilor. Cu toate acestea, asumarea acestui lucru, fr nicio
msur financiar ar fi repetarea greelilor fotilor comerciani, ceea ce duce la pierderea
poziiilor n cadrul companiei. Deci, asta a fost cea mai slab parte nainte ca marketingul
bazat pe valoare cu SVA s fi intrat n aciune. Aadar, ultima etap a schemei este
momentul n care este estimat valoarea creat pentru acionari. Abordarea fluxurilor
de numerar n funcie de analiza literaturii de specialitate este cea mai complet pentru
msurarea creaiei valorii pe termen lung. Srivastava, Shervani & Fahey (1998)
menioneaz patru motoare ale valorii oricrei strategii: accelerarea i mbuntirea

A basement for shareholder value creation are marketing value drivers such as
strategic relationships, marketing knowledge, customer loyalty, strong brands, market
selection, differential advantage. The cornerstone for setting up a competitive company
is to get as close as possible to the customer and to meet his needs in the best possible
way (Danneberg, 2003). Marketing strategies according to Doyle (2008) focus on
creating differential advantage and choosing markets. Competitive advantage is needed
to attract and keep customers for a long term. Competitive advantage enables
sustainability of the company in the long run and ensures long term value for the
shareholders. Probably, there is no need of being different or creating value for the
customer in order to attract customer for a short period or for a single transaction. The
value of shareholder can be created only when value is created for customers. Market
assets such as partner and customer relationships, loyalty of its customers, marketing
knowledge creates a base for the company to create competitive advantage:
differentiation (superior value) or low cost. So the marketing value drivers are crucial
in the process of the value creation for customers. Degree of satisfactions depends on
the perceived value of the transaction.
Only when customer perceives value created by company all successful outcomes
that are called market performance can be achieved. Desired market performance might
be: price premium, faster market penetration, growth rate, market leadership, share
premium, market size, loyalty retention, sales/service costs, and extensions. Srivastava,
Shervani & Fahey (1998) mention such brand assets as brand awareness, brand
reputation, perceived brand personality, perceived brand values, reflected customer
imagery, brand preference or attachment, patents and rights. These assets create brand
strength. Brand equity enables company to set higher prices or to achieve greater market
share, create brand extensions. Customer satisfaction leads to loyalty/ retention. Satisfied
customers (probably with the quality of the product/service) are more willing to pay
premium prices. Satisfied customers have impact on companys faster growth, market
penetration or market leadership. It is proved that retaining customer is several times
cheaper than attracting new one, which helps to reduce efforts and costs of sales.
Therefore, satisfied and loyal customers help in decreasing sales/service costs.
When desirable market outcomes are achieved this success is transformed into
financial value of shareholders. However, to assume this without any financial
measurement would be repeating former marketers mistakes, which lead to loosing
positions in the company. So this was the weakest part before value-based marketing
with SVA was taken into action. So the last stage of the figure is the time when value
created for shareholders is estimated. Cash flow approach according to literature analysis
is the most sufficient for long term value creation measurement. Srivastava, Shervani &
Fahey (1998) mention four value drivers of any strategy: acceleration and enhancement
of cash flows, reduction in the volatility and vulnerability of cash flows, and growth of
residual value. Doyle (2008) claim that the created value depends on four factors: the
RRM 2-2010 37
fluxurilor de numerar, reducerea volatilitii i vulnerabilitatea fluxurilor de numerar,

precum i creterea valorii reziduale. Doyle (2008) susine c valoarea creat depinde
de patru factori: nivelul fluxului de numerar viitor, calendarul fluxului de numerar,
precum i riscul ataat afacerilor i valoarea sa continu, adugnd c activele de
marketing sunt motoarele principale ale acestor factori. Aceasta arat c fluxurile de
numerar sunt importante pentru succesul oricrei strategii i este important s fie
gestionate i s fie utilizate pentru evaluarea strategiei.
n concluzie, procesul de creare a valorii acionarilor ncepe cu angajarea motoarelor
activelor (necorporale), care sunt nc greu de evaluat pe deplin. Motoarele marketingului
de valoare permit companiilor s creeze avantajul diferenial pentru atragerea i pstrarea
clienilor. Valoarea trebuie mai nti s fie creat pentru clieni, iar dup aceea rezultatele
satisfaciei i valoarea perceput se vor transforma n rezultate de pia, care permit
fluxuri de numerar profitabile.
Concluzii
1. Abordarea acionarilor a avut loc datorit nevoii de a controla managerii i de a
spori eficiena managementului.
2. Sub influena pieelor finaciare i de capital crearea valorii acionarilor a devenit
scopul principal al tuturor strategiilor din firm.
3. Maximalizarea valorii acionarilor nu vine n contradictoriu cu scopul companiei
de a crea durabilitate.
4. Marketingul a pierdut poziii n consiliul firmei din cauza incapacitii sale de a
crea msuri de ncredere pentru contribuia sa n procesul de creare a valorii.
5. Dialogul dintre marketing i contabilitate este nc incomplet, n special din
cauza evelurii insuficiente a lucrurilor intangibile, care sunt motoarele sau
strategiile de marketing.
6. Asemenea msuri precum EVA sau fluxul de lichiditi par s fie foarte
promitoare, n ciuda cooperrii insuficiente dintre marketing i finane. Totui
metoda fluxului de lichiditi ofer mai multe perspective pentru marketing i
prin urmare este aleas pentru analiza valorii acionarilor (AVA).
7. Motoarele valorii marketigului permit companiei s creeze un avantaj durabil
diferenial pentru atragerea i pstrarea clienilor i acestea cuprind:
a. relaiile strategice,
b. cunotinele de marketing,
c. branduri puternice,
d. fidelitatea clienilor,
e. selectia pieei,
f. avantajul diferenial.

level of future cash flow, the timing of cash flow, and the risk attached to the business
and its continuing value, adding that marketing assets are the principal drivers of these
factors. This shows that cash flows are important for success of any strategy and it is
important to manage them and use for the evaluation of strategy.
To sum up, the process of shareholders value creation begin with employing market
value drivers (intangibles), which still are problematic to be valuated sufficiently.
Marketing value drivers enable company to create differential advantage for attracting
and retaining customer. Value firstly has to be created for the customer and then the
results of satisfaction and perceived value will transform into market results which enables
profitable cash flows.
Conclusions
1. Shareholders approach occurred because of the need to control managers and
increase efficiency of the management.
2. Under the influence of financial and capital markets creating shareholders value
became primary goal of all strategies in the company.
3. Maximising value of the shareholders does not contradict with the companys
goal to create sustainability.
4. Marketing lost positions in the board of the company because of marketing inability
to create reliable measures for its contribution to the value creation process.
5. The dialogue between marketing and accounting is still incomplete, especially
because of insufficient valuation of intangibles, which are the drivers or marketing
strategies.
6. Such measures as EVA or cash flow method seems to be highly promising, despite
the insufficient marketing and finance cooperation. However cash flow method
gives more insights for marketing and therefore is chosen for Shareholder value
analysis (SVA).
7. Marketing value drivers enable company to create sustainable differential
advantage for attracting and retaining customer and they comprise:
a. strategic relationships,
b. marketing knowledge,
c. strong brands,
d. customer loyalty,
e. market selection,
f. differential advantage.
8. As indicated in the proposed model, value firstly has to be created for the customer
and then the results of satisfaction and perceived value will transform into market
results which enables profitable cash flows.
RRM 2-2010 39
8. Dup cum este indicat n modelul propus, valoarea trebuie s fie creat mai nti
pentru client i apoi rezultatele mulumirii i valorii percepute se vor transforma
n rezultate ce vor permite un flux de lichiditi profitabil.
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Vol. 10, No 1, pp. 47-50.
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Blythe, J. (2005), Essentials of Marketing, 3rd edition, Harlow, Pearson Education Limited
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Marketing Practice: Applied Marketing Science, Vol. 2, No 4, pp. 7-10.
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References
Ambler, T. (2002), Market metrics: what should we tell the shareholders? Balance sheet,
Vol. 10, No 1, pp. 47-50.
Ballow, J.J., Burgman, R., Molnar, Michael J. (2004), Managing for shareholder value:
intangibles, future value and investment decisions, Journal of Business Strategy, Vol.
25, No 3, pp.26-34.
Blythe, J. (2005), Essentials of Marketing, 3rd edition, Harlow, Pearson Education Limited
and Financial Times Professional Limited.
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RRM 2-2010 43
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Orientarea valorii: motoarele valorii acionarilor n

marketingul bazat pe valoare

Cuvinte cheie: managementul bazat pe valoare, orientarea valorii, marketingul bazat pe

6 Simona BAKUTYTE, Dainora GRUNDEY

Keywords: value-based management, value orientation, value-based marketing, shareholders

Termenii de baz i orientarea

Structurarea Crearea Msurarea

Modelarea Proporiile modelului

Figura 1. Logica studiului curent

Marketingul bazat pe valoare, care este subiectul activitii de cercetare a studiului,

8 Simona BAKUTYTE, Dainora GRUNDEY

Basic terms and value

Literature Shareholders Measurement

Modelling Model proposition

Figure 1. The Logic of the Current Study

Value-based marketing, which is the research object of the paper, is an opportunity

1. Definirea terminologiei i contextului n orientarea valorii

Pentru a ncepe dezbaterea despre crearea valorii i aplicarea sa n marketing trebuie

10 Simona BAKUTYTE, Dainora GRUNDEY

creating competitive advantage which enables customer satisfaction transferring into

1. Defining Terminology and Context in Value Orientation

Table 1. Defining the basic terminology

Nr. Termen Definiii

12 Simona BAKUTYTE, Dainora GRUNDEY

Table 1. Defining the basic terminology

14 Simona BAKUTYTE, Dainora GRUNDEY

percepute pot fi determinate ca fiind costul, riscul/ incertitudinea i timpul implicat n

2. Structurarea motoarelor valorii

ntruct am definit terminologia, am dezbtut i am ales cel mai adecvat termen,

16 Simona BAKUTYTE, Dainora GRUNDEY

2. Structuring Value Drivers

Tabelul 2. O abordare interdisciplinar a creaiei valorii

TEORIA MARKETINGULUI BAZAT PE VALOARE

Motoarele strategice i operaionale: cota lanului de aprovizionare (relaii i

Sursa: compilat de ctre autori.

18 Simona BAKUTYTE, Dainora GRUNDEY

Table 2. An Interdisciplinary Approach to Value Creation

THEORY OF VALUE-BASED MARKETING

and fixed capital investment, customer and transactions), margins management,

5. Generic value drivers: sales growth, 5. Customer value drivers: product

Nivelul 1 Nivelul 2 Nivelul 3

Managementul Financiar Riscul

Sursa: creat de autori pe baza lui Morin i Jarrell (2001).

20 Simona BAKUTYTE, Dainora GRUNDEY

Value-based management according to Morin and Jarrell (2001) framework consist

Nivel 1 Nivel 2 Nivel 3

Value-based Financial Risk

Source: created by the authors based on Morin and Jarrell (2001).

3. Aspecte teoretice ale abordrii valorii acionarilor

22 Simona BAKUTYTE, Dainora GRUNDEY

3. Theoretical Aspects of Shareholders Value Approach

Sursa: creat de ctre autori.

Cu toate acestea Doyle (2008) susine c exist o nenelegere a conceptului n sine

24 Simona BAKUTYTE, Dainora GRUNDEY

Source: created by the authors.

4. Marketingul bazat pe valoarea i msurarea strategiilor de marketing

26 Simona BAKUTYTE, Dainora GRUNDEY

4. Value-based Marketing and Measurement of Marketing Strategies

Table 3. Definiiile selectate despre marketingul bazat pe valoare

Source(s) Marketing bazat pe valoare

28 Simona BAKUTYTE, Dainora GRUNDEY

Table 3. Selected Definitions of Value-based Marketing

Source(s) Value-based marketing