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Direct response advertising in the financial services industry in South Africa has become one of the most important tactics companies utilise to build and maintain market share. Ensuring that these advertising campaigns yield optimal return on investment numbers is the responsibility of marketing departments and their partners in the marketing and sales processes, such as the creative and media agencies, the distribution force, as well as the client service area that supports the client value proposition. The marketing executive therefore is accountable for the planning, budgeting and execution of direct response campaigns, which need to deliver sufficient results to support the company’s overall business objectives. The challenge all marketers face is the lack of a proven structured and scientific methodology to facilitate this planning, budgeting and execution process. It has always been a general view in the marketing fraternity that it is extremely difficult if not impossible to combine creative output measures, which are subjective in nature, with cost, sales and profit measures, which are objective in nature. This study aims to create a structured approach to marketing strategising and planning, by creating a marketing metrics model that enables the marketing practitioner to budget according to output needed to achieve the overarching business objectives of sales, cost management and profit. This marketing metrics model therefore unpacks the business drivers in detail, but through a marketing effort lense, to link the various factors underlying successful marketing output, to the bigger business objectives. This is done by incorporating both objective (verifiable data, such as cost per sale) and subjective variables (qualitative factors, such as creative quality) into a single model, which enables the marketing practitioner to identify areas of underperformance, which can then be managed, tweaked or discontinued in order to optimise marketing return on investment. Although many marketing metrics models and variables exist, there is a gap in the combination of objective and subjective factors in a single model, such as the proposed model, which will give the marketer a single tool to plan, analyse and manage the output in relation to pre-determined performance benchmarks. / Business Management / DCOM (Business Management)

Direct response advertising in the financial services industry in South Africa has become one of the most important tactics companies utilise to build and maintain market share. Ensuring that these advertising campaigns yield optimal return on investment numbers is the responsibility of marketing departments and their partners in the marketing and sales processes, such as the creative and media agencies, the distribution force, as well as the client service area that supports the client value proposition. The marketing executive therefore is accountable for the planning, budgeting and execution of direct response campaigns, which need to deliver sufficient results to support the company’s overall business objectives. The challenge all marketers face is the lack of a proven structured and scientific methodology to facilitate this planning, budgeting and execution process. It has always been a general view in the marketing fraternity that it is extremely difficult if not impossible to combine creative output measures, which are subjective in nature, with cost, sales and profit measures, which are objective in nature. This study aims to create a structured approach to marketing strategising and planning, by creating a marketing metrics model that enables the marketing practitioner to budget according to output needed to achieve the overarching business objectives of sales, cost management and profit. This marketing metrics model therefore unpacks the business drivers in detail, but through a marketing effort lense, to link the various factors underlying successful marketing output, to the bigger business objectives. This is done by incorporating both objective (verifiable data, such as cost per sale) and subjective variables (qualitative factors, such as creative quality) into a single model, which enables the marketing practitioner to identify areas of underperformance, which can then be managed, tweaked or discontinued in order to optimise marketing return on investment. Although many marketing metrics models and variables exist, there is a gap in the combination of objective and subjective factors in a single model, such as the proposed model, which will give the marketer a single tool to plan, analyse and manage the output in relation to pre-determined performance benchmarks. / Business Management / DCOM (Business Management)

Diese Dissertation besteht aus einer Einleitung und drei empirischen Kapiteln, die sich mit verschiedenen Aspekten der Offenmarktgeschäfte der Bank of England in der Zwischenkriegszeit befassen. Offenmarktgeschäfte sind der Kauf und Verkauf von kurzfristigen Staatsanleihen. Die Einleitung definiert Instrumente und Ziele der Geldpolitik und beschreibt welche Folgen die veränderte Rolle Großbritanniens in der Welt nach dem 1. Weltkrieg für die Geldpolitik hatte. Das zweite Kapitel zeigt, wie Offenmarktgeschäfte die verfügbare Liquidität auf dem Londoner Geldmarkt erhöhen oder senken können. Dies erlaubt die kurzfristigen Marktzinsen relativ zum Leitzins zu steuern, was wiederum häufige Änderungen der Leitzinsen unnötig machte. Die empirische Analyse zeigt, dass Offenmarktgeschäfte die Wahrscheinlichkeit verändern können, dass Marktteilnehmer sich Geld bei der Diskontfazilität leihen müssen. Das dritte Kapitel zeigt, dass Offenmarktgeschäfte noch weitere Zwecke erfüllen. In der Finanzkrise von 1931 trugen Offenmarktgeschäfte dazu bei die größten Geschäftsbanken in London vor größerem Schaden zu bewahren. Der Verlust von Goldreserven wurde durch Offenmarktgeschäfte in großem Maße kompensiert und stabilisierte so die Liquidität der Geschäftsbanken. Das vierte Kapitel zeigt, dass Offenmarktgeschäfte zudem eine entscheidende Rolle bei der Stabilisierung der kurzfristigen Marktzinsen nach Kriegsausbruch 1939 spielten. Die empirische Analyse zeigt wie sorgfältig gewählte Laufzeiten von Offenmarktgeschäften dazu beigetragen haben, übermäßige Schwankungen der kurzfristigen Marktzinsen zu verhindern. Insgesamt deutet diese Dissertation darauf hin, dass die Bank of England in der Zwischenkriegszeit ähnlich einer modernen Zentralbank agierte. Kurzfristige Marktzinsen waren das operatives Ziel der Geldpolitik und nicht die Zentralbankgeldmenge. Im Jahr 1931 zog die Bank of England es vor die Geschäftsbanken zu stützen, auch wenn dies die Aufgabe des festen Wechselkurses bedeutete. / This dissertation consists of an introductory chapter and three empirical chapters which deal with various aspects of open-market operations by the Bank of England during the interwar period. Open-market operations are the purchase and sale of Treasury bills. The introduction defines monetary policy implementation and describes the economic circumstances after World War I and outlines what consequences the changing role of Britain in the world had for monetary policy. The second chapter shows how open-market operations could add or drain liquidity in the London money market and help steer short-term market rates relative to the Bank rate, which made frequent changes in the Bank Rate unnecessary. The empirical analysis shows that open-market operations could change the probability of market participants having to borrow at the discount facility. The third chapter argues that in time of crisis the purpose of open-market operations goes further. During the financial crisis of 1931 open-market operations most likely helped to protect the largest clearing banks in London from severe harm. The empirical analysis shows how open-market operations offset the effect of reserves losses at an unprecedented scale and stabilized the liquidity of the London clearing banks. Chapter four examines the role of open-market operation after the outbreak of war in 1939. Open-market operations played a crucial role in stabilizing short-term market rates and preserving the London money market in its original form, most notably the London discount houses and clearing banks. The descriptive evidence shown suggests how carefully chosen maturities of open-market operations helped offset any undue disturbances to short-term market rates after the outbreak of war. Overall, this dissertation suggests that the Bank of England, not unlike modern central banks, targeted short-term market rates, not some monetary quantity, and chose banking stability over a fixed exchange rate in 1931.