Stefan Michel

Professor of Strategy and Marketing

Stefan Michel is Professor of Strategy and Marketing. He is Director of the Marketing Management course and was Dean of the Executive MBA program at IMD from 2014 until 2022. He also teaches in the Digital Marketing Strategies (DMS) and High Performance Boards (HPB) programs, as well as on the EMBA program. specializes in customer-focused strategy, strategy execution, corporate governance, and pricing. He has particular expertise in marketing strategy and is the author of a practical guide on marketing impact and the writer of numerous case studies on the topic.

Michel believes that the key to a successful marketing strategy lies in an in-depth understanding of an organization’s customers. It is his belief that failing to understand your customers can waste marketing resources and create a useless strategy, leaving your company with lackluster results.

His book Real Impact Marketing, co-authored with Lisa Duke, helps decision makers improve the impact of their marketing efforts by aligning customer insights, value co-creation, value communication, and value capture, and provides a unique one-page marketing plan summarizing the actions a company can take to achieve this objective.

When done right, marketing has the ability to make a real impact. But it needs fuel from customer insights, value communication, and strategies powered by consumer behavior. Without them, you’ll build your marketing efforts on shaky ground.

While most marketing textbooks discuss marketing instruments and managerial frameworks but fail to link these elements to real impact, Michel’s book takes a practical approach and focuses on the real and visible impact that marketing can have. Based on years of interacting with executives about what they need to know to deliver results effectively, the book, now in its third edition, is intended as a guide for all business leaders on the contribution that marketing can make to a firm’s success.

Michel has also written several other books and book chapters on the topic, along with numerous newspaper articles and academic articles that have appeared in journals including Harvard Business Review, MIT Sloan Management Review, California Management Review, and the Journal of the Academy of Marketing Science.

He has directed or taught in IMD custom programs for more than 70 organizations including ABB, Adecco, AGC, Aggreko, Air France KLM, Allianz, AXA, CLP, CMS, Coca Cola, Commerzbank, Danske, Deloitte, DNB, Ericsson, EY, Everbright, Evonik, Hertz, Holcim, IBM, ISS, JTI, Liberty Seguros, Maersk, NCC, Nestlé, Nilfisk-Advance, Novartis, Pon, PwC, Rexel, Securitas, Siemens, Skanska, Sulzer, Svitzer, Swiss Post, Swisscanto, TUI, Visa, and Wolseley.

When advising executives and entrepreneurs on marketing strategy, Michel says they should focus on three points. First, answer the question, “What the heck is going on?” Avoid getting lost in the details of the market analytics and trend reports. Instead, put all the pieces together to define the current external and internal context, and opportunities and risks. Second, make sure to discuss real choices that include some trade-offs and come with a risk and reward profile. And finally, align all your actions with overcoming the biggest hurdles that your organization is facing.

Michel was named on the Case Centre’s Top 50 Bestselling Case Authors list 2020/21 and has been recognized in several other case competitions.

He is a non-executive board member at publicly listed Swiss company Bossard and family-owned firm Peka-System and is a strategy and marketing consultant for several Swiss top 50 companies and SMEs. He is also President of the Foundation Board of the Swiss Society for Marketing (Gesellschaft für Marketing GfM).

Before joining IMD in 2008, Michel was a tenured Professor of Global Marketing at Thunderbird School of Global Management in the United States, where he introduced a number of successful teaching innovations and received several awards for excellence in teaching. He previously worked as Professor of Marketing at the University of Applied Science in Lucerne and Lecturer of Marketing at the University of Zurich, University of Berne and SAWI Biel.

Selected publications
Real impact marketing: Create your 1-page marketing plan with better customer insights (3rd ed.)
Book
Real impact marketing: Create your 1-page marketing plan with better customer insights (3rd ed.)
MarketingCustomer Centricity
Failing to understand your customers can waste marketing resources and create a useless strategy, leaving your company with lackluster results. And social media content and digital initiatives aren...
4 April 2022
Article
Bill it, kill it, or keep it free?: B2B companies can seize new sales by charging for services they’ve been giving away
ProfitabilityGrowthStrategyDecision Making
In tough times, companies hunt for new sources of profitability and growth, frequently ranging far beyond their traditional offerings. Yet in doing so, many of them overlook opportunities for gener...
2 January 2019
Article
Capture more value: Innovation isn't worth much if you don't get paid for it
Strategy
Businesses innovate constantly to create new value for customers. But unless they also revisit how they capture value, they might not be adequately compensated for those breakthroughs.¦A new framew...
1 October 2014
Article
Service-logic innovations: How to innovate customers not products
Value CreationMarketingConsumer Behavior
The article focuses on value creation, which is defined by customer use, and a service-logic approach to innovation. Value propositions are created through an interaction of buyers and producers wh...
1 May 2008
Article
An expanded and strategic view of discontinuous innovations: Deploying a service-dominant logic
MarketingValue CreationGrowth
The service-dominant logic (S-D logic) provides a novel and valuable theoretical perspective that necessitates a rethinking and reevaluation of the conventional literature on innovation. This liter...
1 January 2008
Article
Why service recovery fails: Tensions among customer, employee, and process perspectives
Customer CentricityService ExcellenceStrategy
The keys to effective service recovery are familiar to many throughout industry and academia. Nevertheless, overall customer satisfaction after a failure has not improved, and many managers claim t...
1 January 2009
Article
The service recovery paradox: True but overrated?
Consumer BehaviorMarketing
The service recovery paradox refers to situations in which the overall satisfaction levels of recovered customers exceed those of customers who did not encounter any problemswith the initial servic...
1 January 2008
Academic publications
Case Study
Netflix (D): Streaming wars (Cartoon case)
Strategy
This case is part of a series on Netflix. Case (A) discusses the company's growth until July 2011. Case (B) tells the story of Netflix’s sharp share price decline after it announced it was splittin...
21 February 2023
Case Study
Innolume’s growth strategy requires a culture shift
Business to BusinessStrategyGeneral ManagementHuman ResourcesOrganizational Behavior
The case tells the story of a strategic change and cultural shift at Innolume a start-up focused on unique laser production. George Gogolev, who represents the company’s investors, is attempting to...
15 December 2022
Case Study
Amazon is disrupting the book market, but differently than you might think
StrategyMarketingDisruption
Michael Omer, an Israeli writer, was unsuccessful in getting his fantasy books published by traditional publishers in his home market. In the meantime, Amazon entered the market and then, in 2007, ...
16 March 2022
Case Study
Migros: Is health care the remedy for retail?
MarketingStrategy
As Switzerland's largest retailer, Migros is operating in an industry with negative growth, sales developing towards online and fierce competition. The Swiss healthcare industry on the other hand i...
30 April 2021
Case Study
Sonova: Hearing a sound digital strategy?
StrategyDigital
Sonova, market leader for hearing aids, has rapidly grown through acquisitions of manufacturers and retailers while maintaining acquired brands. Recently launched digital solutions offer Sonova’s p...
12 February 2021
Case Study
Bracken Darrell’s turnaround and growth strategy at Logitech
Strategy
New management under CEO Bracken Darrell transformed Logitech into a company with a design-led focus. The product and brand portfolio are diversified with a strong focus on audio, video, gaming and...
31 December 2020
Case Study
Logitech’s growth strategy with Lifesize and Google’s Revue (2008–2011)
Strategy
Logitech has sold billions of computer mice and other computer peripherals over the 38 years of its existence. It was a typical growth company profiting on the success of the PC with an unprecedent...
31 December 2020
Case Study
Is Netflix building a house of cards?
Strategy
Netflix’s stellar growth is jeopardized by a changing competitive landscape and fluctuating trust from the market related to its strategy of extensive proprietary content development. With the risi...
14 December 2020
Case Study
Digital transformation at Merck
Strategy
Big corporations have structured processes and frameworks for strategic projects review, and professionals are well trained and versed on developing detailed project plans. But, the execution disci...
24 August 2020
Case Study
Is Intel’s business model fit for the future?
Strategy
In 2018 Intel celebrates 50 years in business amidst "a corporate transformation as we grow beyond our traditional PC and server businesses into data-rich markets addressing the explosive demands t...
28 May 2020
Case Study
Amazon in B2B – friend or foe? rethinking Grundfos’s european distribution channels
Strategy
The ”Amazon in B2B – Friend or Foe” case describes a possible entry of Amazon B2B to the European Heating Ventilation and Air Condition (HVAC) industry. The case addresses questions like core compe...
26 May 2020
Case Study
HEMA in China: Is Alibaba ahead of Amazon in retailing?
Strategy
The case describes the dynamics and potential transition of grocery shopping into New Retail concept - a term introduced by Jack Ma and projected to disrupt the way retail industry is working now. ...
3 February 2020
Case Study
CodeCheck (A): Helping conscious consumers with big data
StrategyDigitalData Analytics
The case CodeCheck (A) explains in which ecosystem the company is embedded, the technological backbone of the company, and provides information about the growing importance of conscious consumer. I...
25 November 2019
Case Study
CodeCheck (B): Real data about real consumers with CodeCheck insights
StrategyDigitalData Analytics
The case CodeCheck (B) answers this question by introducing the CodeCheck Insights. It is the vehicle by which CodeCheck provides analytics and insights to producers of food and cosmetics, which ge...
25 November 2019
Book
Real impact marketing
Marketing
9 April 2019
Case Study
The Macallan's branding response to the single malt whisky shortage
Strategy
This case is about global marketing, brand equity, overall business strategy and supply management. The case outlines the bold and polarizing strategic choices made by The Macallan management betwe...
24 January 2019
Case Study
Airbnb’s disrupting power: Is Hilton the next Kodak?
Strategy
Hilton Inc. is one of the biggest players in the hospitality industry. It has a market capitalization of $20 billion which comes just after Marriott with a market capitalization of $34 billion. J...
20 December 2018
Case Study
Fitch Learning: Disrupting the professional education landscape
Strategy
In 2014, Andreas Karaiskos took over as CEO for a classic classroom based financial services training organisation, Fitch Learning, and started implementing a global expansion strategy via enhanced...
20 September 2018
Case Study
Bossard Fasteners (B): Developing a digital strategy by refusing a digital transformation
Strategy
Back in 2014, Bossard’s growth had been driven largely by an excellent executive management board, led by CEO David Dean, a long-time Bossard leader, who focused on three strategic pillars: product...
19 September 2018
Case Study
Bossard Fasteners (A): Fighting B2B commoditization
StrategyBusiness to Business
As the market leader in fastening technology Bossard maintained a global network of more than 1,800 employees in 50 countries from its headquarters in Zug, Switzerland. The company focused on the s...
19 September 2018
Insight for Executives
Inflation: How to raise prices and preserve margins (without losing consumers)
Article
Inflation: How to raise prices and preserve margins (without losing consumers)
FinanceSupply ChainPricingStrategy
Companies can offset the pressure on their cost base by rethinking products, supply chains, and pricing strategies.
5 September 2022
Books to inspire, inform and entertain
Article
Books to inspire, inform and entertain
LeadershipSustainability
From dealing with burnout and bullsh*t to the joys of friendship and climbing mountains, IMD professors offer a varied choice of summer reading material.
16 June 2022
Agile pricing will help firms profit from supply chain constraints
Article
Agile pricing will help firms profit from supply chain constraints
Supply ChainPricingAgility
An inability to change prices more frequently is the source of a huge missed opportunity when supply is limited, particularly for automakers.
14 April 2022
How to raise prices in times of inflation
Article
How to raise prices in times of inflation
FinanceStrategyPricing
Consumer psychology is key when passing on costs: maintaining profit is considered fair but increasing profit is not. Inflationary times can enable companies to review their entire pricing strateg...
16 February 2022
Article
Strategically pay your customers for their productivity
Customer CentricityGeneral Management
Your customers want to work for you. They are willing to help you with everything from innovation to generating additional revenue. The question is how. From 1,723 articles on co-creation, we extra...
1 September 2020
Article
Pricing co-created value: An integrative framework and research agenda
PricingValue CreationValuation
Two-sided markets, free pricing, and offerings with network externalities represent exciting variations in the market. And while all embody theoretical advancements in marketing describing situati...
1 December 2019
Thomas Cook collapse: The seven signs it will happen to your business
Article
Thomas Cook collapse: The seven signs it will happen to your business
Digital Profitability
Thomas Cook’s journey ended yesterday. To make sure that your company does not face the same fate, assessing the seven factors that endanger your profit pool is a good first step toward a proactive...
24 September 2019
Article
Bill it, kill it, or keep it free?: B2B companies can seize new sales by charging for services they’ve been giving away
ProfitabilityGrowthStrategyDecision Making
In tough times, companies hunt for new sources of profitability and growth, frequently ranging far beyond their traditional offerings. Yet in doing so, many of them overlook opportunities for gener...
2 January 2019
Bill it, kill it, or keep it free
Video
Bill it, kill it, or keep it free
Decision Making Pricing Service Excellence Strategy
Professor Stefan Michel looks at whether companies can benefit from charging for previously free services in the first episode of a new video series on influential research by IMD faculty.
21 December 2018
Article
Why YouTube’s attempt at a new music service will fall flat
DigitalMarketingTechnology ManagementSocial PlatformStrategyDecision Making
YouTube announced a new music streaming service—a revamped version of the existing YouTube Music. Launching Tuesday, the free, ad-supported version will remain in place, and there will be a Premium...
21 May 2018
Article
Wo spüren Sie die Digitalisierung im Marketing in Ihrem Unternehmen am besten?
MarketingDigital
Die Digitalisierung im Marketing wird leider zu häufig reduziert auf Social Media und bezahlte versus organische Klicks. In jedem Unternehmen gibt es aber zustätzlich drei Marketingprozesse, die di...
13 March 2017
Capturing value and avoiding commoditization through pricing excellence
Article
Capturing value and avoiding commoditization through pricing excellence
Competitiveness Marketing Pricing
While organizations might think they understand competitive pricing, potential sales are often lost because of price competition. The challenge that most businesses face is that they cannot afford ...
21 December 2016
Is personalized pricing fair?
Article
Is personalized pricing fair?
Marketing Pricing
In Switzerland, one of the country’s largest grocery retailers has recently rolled out personalized discounts based on shopping data collected from customer reward cards. The move has been met with...
9 December 2016
LinkedIn Learning: loading education 4.0?
Article
LinkedIn Learning: loading education 4.0?
Digital Economics Organizational Learning Strategy
LinkedIn recently announced that it was entering the professional development market. Surprisingly, this news barely caused a ripple. Will 22 September 2016 go down in history as a key milestone in...
14 October 2016
How good preparation can save your organization in a crisis
Article
How good preparation can save your organization in a crisis
Conflict Resolution Leadership Strategy
The Swiss Armed Forces method of understanding, deciding and communicating when the going gets tough.
7 September 2016
Article
Ne gâchez jamais une bonne crise
Conflict ResolutionOrganizational Learning
A quoi reconnaît-on une excellente formation en management? A sa composante pratique. Les dirigeants d'entreprise ont de moins en moins de temps à consacrer à la réflexion et à la formation continu...
2 October 2015
Article
8 reasons companies don't capture more value
Pricing
In general, companies don’t devote enough time to thinking about value capture.Their innovation efforts tend to be focused wholly on the creation of new value; meanwhile, the question of how exactl...
8 April 2015
Article
Let your customers segment themselves by what they’re willing to pay
Organizational Behavior
If you’re out to capture more value, one surefire tactic is to figure out a way to charge different prices to customers with different willingness-to-pay (WTP). Economists sometimes call this “pric...
11 March 2015
Article
Savoir réagir à la hausse du franc grâce à la psychologie des prix
Pricing
De nombreuses entreprises, à commencer par celles des domaines du tourisme et de l’export, ont vécu l’abandon du taux plancher le 15 janvier comme un vilain accident. Chacun savait que cela pouvait...
6 February 2015
Article
Erschliessen Sie ihrem Unternehmen neue Werte
Strategy
Die richtige Verwertung neuer Ideen ist so wichtig wie die Innovation selbst. Denn was bringen die tollsten Produkte, wenn keiner für sie bezhalt?
1 February 2015
Programs