Deriving consensus rankings via multicriteria decision making methodology

TL;DR

This paper demonstrates how multicriteria decision-making, specifically the ELECTRE I model, can derive consensus rankings for benchmarking marketing strategies in retail stores, aiding managers in strategic planning.

Contribution

It introduces the application of the ELECTRE I outranking method to derive consensus rankings based on the 4P's marketing mix, providing a novel approach for marketing strategy benchmarking.

Findings

Outranking methods support behavioral benchmarking in marketing.

The study offers a framework for translating consumer satisfaction into strategic actions.

Provides practical guidance for managers to leverage marketing capabilities.

Abstract

Purpose - This paper seeks to take a cautionary stance to the impact of the marketing mix on customer satisfaction, via a case study deriving consensus rankings for benchmarking on selected retail stores in Malaysia. Design/methodology/approach - The ELECTRE I model is used in deriving consensus rankings via multicriteria decision making method for benchmarking base on the marketing mix model 4P's. Descriptive analysis is used to analyze best practice among the four marketing tactics. Findings - Outranking methods in consequence constitute a strong base on which to found the entire structure of the behavioral theory of benchmarking applied to development of marketing strategy. Research limitations/implications - This study looks only at a limited part of the puzzle of how consumer satisfaction translates into behavioral outcomes. Practical implications - The study provides managers with guidance on how to generate a rough outline of potential marketing activities that can be used to take advantage of capabilities and convert weaknesses and threats. Originality/value - The paper interestingly portrays the effective usage of multicriteria decision-making and ranking method to help marketing managers predict their marketing trends.