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Annual Report 2018

Editor: Henkel Center for Consumer Goods

Reporting period: 01/01/2018 - 31/12/2018

Contact person: Barbara Luig ([email protected])

Publication date: April 2019

Preface ..................................................................................................... 4

About Us ................................................................................................... 5

Research ................................................................................................ 10

Teaching ................................................................................................. 13

Student Services & Activities .................................................................. 21

Contact Information

WHU – Otto Beisheim School of ManagementHenkel Center for Consumer GoodsApl. Professor Dr. Tim Oliver Brexendorf

Burgplatz 256179 Vallendar

Erkrather Straße 224a40233 Düsseldorf

Tel. +49 (0)211 - 44709 760Fax +49 (0)211 - 44709 769Email: [email protected]://www.whu.edu/hccg

WHU – Otto Beisheim School of Management is a private, state-accredited business school based in Düsseldorf and Vallendar. Founded in 1984, WHU is now one of the most renowned German business schools with an exceptional national and international reputation. WHU stands for „Excellence in Management Educa-tion“ and pursues this goal in three core areas: Academic Programs, Research, and Executive Education & Corporate Connections.Quality, internationalization, and practical rele-vance are our principal guidelines in all areas. National and international ranking results prove the high quality. WHU off ers top-level academic programs in general management: a Bachelor program, a Master in Entrepreneurship, a Mas-ter in Finance and a Master in Management program, a Full-Time MBA, a Part-Time MBA and an Executive MBA, customized company programs, open enrollment programs and the possibility to pursue a doctoral degree and the German „Habilitation“.

WHU in brief

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Henkel Center for Consumer GoodsAnnual Report 2018

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Dear reader, dear supporters and friends,

The manifold activities and events in the past year have proved again the importance of a close and trustful cooperation for the success of our center. We are proud to present the numerous activities we carried out together in 2018 in research, teaching and exchange alike.

Through our joint activities, WHU students get a broad overview and close inside view over the FMCG industry. The great feedbacks we received from our students acknowledge our eff orts to broaden their knowledge and practical experience in the fi eld of consumer goods. Again, many stu-dents were inspired to do an internship at Henkel to gain an even deeper insight into the industry. The interest in internships is on a constant high level in all graduate programs and often results in full-time employments. Due to the increasing interest of MBA students in career opportunities at Henkel, two networking events were organized especially for this program in Düsseldorf. We highly appreciate the active participation of our Advisory Board and Associate Members in our numerous events. Besides all teaching activities and events, many research projects have been launched. The Internship & Thesis Program has been developed as a constant program. Relevant research topics were again addressed by our students in 2018 and were jointly advised by WHU faculty and mana-gers from Henkel. It is great to see that the results of these student research projects are considered in the day-to-day implementation at Henkel.

Apart from our activities, we would also like to announce a few changes in the Advisory Board and team: When Professor Dr. Dr. h. c. Jürgen Weber retired from WHU in December 2018, he decided to withdraw from the HCCG Advisory Board, too. Jürgen Weber had been a member from the very beginning. Having cooperated with Henkel for many years, he laid an essential basis for the foun-dation of the HCCG in 2009 and played a signifi cant role in the defi nition of its aims and values. We would like to thank Jürgen Weber for his great support and highly valuable input over the last years. It is also a pleasure to announce that Jens-Martin Schwärzler, Executive Vice President Henkel Beauty Care, joined the Advisory Board as Associate Member. We are looking forward to continuing and deepening the cooperation within Henkel Beauty Care. Concerning our HCCG team, Hoang Minh Nguyen joined us in September 2018 as research assistant and doctoral student at the Chair of International Business & Supply Management I and has supported many activities since then.

On behalf of the entire team, I would like to thank all parties involved – at Henkel as well as at WHU – for their enduring eff ort and great support. We are looking forward to jointly shaping our future cooperation.

With best regards

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Apl. Professor Dr. Tim Oliver Brexendorf


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Tim Oliver BrexendorfProfessor (außerplanmäßig) of MarketingDirector of the Henkel Center for Consumer Goods

Tim Oliver Brexendorf is a Professor (außerplan-mäßig) of Marketing and Director of the Henkel Center for Consumer Goods at WHU. He is an Emeritus Co-Editor-in-Chief of the Journal of Brand Management, a leading authoritative jour-nal on brand management and strategy.Before joining WHU, he was a project manager in a marketing consultancy spin-off from the Uni-versity St. Gallen, as well as a research assistant and doctoral student at the Center for Compe-tence in Brand Management at the University St. Gallen (today the Institute for Customer Insight). He completed his doctorate with his dissertation

on “The impact of interpersonal communication on brand loyalty – A dyadic analysis of sales-person-customer interactions – The example of BMW brand“ at the University St. Gallen, Swit-zerland. Before his academic career, Tim Oliver Brexendorf worked as E-Commerce Manager and Junior Category Manager ECR for interna-tional retailers. He earned his undergraduate degree in economics at the Carl von Ossietz-ky University in Oldenburg. He has done both research and practice projects for the following companies among others: BMW Group, REWE Group, Henkel, Hotelplan, KPMG, Migros, OBI, Otto Group, and Swisscom. Tim Oliver Brexendorf’s current research con-centrates on brands and products and has been published in the Journal of the Academy of Mar-keting Science, Journal of Business Research, European Journal of Marketing, Journal of Brand Management, Journal of Product and Brand Ma-nagement, Corporate Reputation Review, and Corporate Communications. He is co-author of several edited books on brand management –Advances in Corporate Branding and Advances in Luxury Brand Management.

Marko ReimerProfessor of Management Accounting & Control and Director of the Institute of Management Accounting & Control

Team

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Marko Reimer is a Professor of Management Accounting and Control at WHU – Otto Beisheim School of Management and Director of the In-stitute of Management Accounting and Control (IMC).Before joining WHU, Marko Reimer studied in-dustrial engineering with a focus on strategic ma-nagement at the Technical University of Berlin,

where he received his doctorate on the topic of “Management Accountants as Advisors for Top Managers: A Behavioral Analysis Based on the Judge-Advisor-System”. He was a guest resear-cher at IMD – International Institute for Manage-ment Development (Switzerland) and Newcastle Business School (Australia). Marko Reimer has been teaching at WHU since 2012, where he was Assistant Professor of Management Accounting and Control until being appointed full professor in 2018. He has also been teaching at Bucerius Law School in Hamburg since 2014.Marko Reimer’s research focuses on the infl u-ence of top managers on strategy formulation and implementation in organizations and the role of controllers and management control systems in the strategy process. His work has been pu-blished in leading international journals such as Accounting, Organizations and Society, Human Resource Management, Journal of Business Ethics, and Organization Studies.


Barbara LuigProject ManagerHenkel Center for Consumer Goods

Barbara Luig joined WHU in September 2007 and has worked for the HCCG since April 2013. She is responsible for the ad-ministration and internal and external communication as well as the recruiting processes and events. She is a trained European Secretary (ESA) and worked as a personal assistant at the Gerling-Konzern, Bertelsmann AG, Mercedes-Benz Finance (GB) and as a project coordinator at the Städtisches Klinikum St. Georg Leipzig.

Research Assistants / Doctoral Students

Anna-Karina SchmitzResearch Assistant and Doctoral StudentHenkel Center for Consumer Goods

Administration

Anna-Karina Schmitz joined the HCCG team as an external doctoral student in 2015 and has continued her work as a rese-arch assistant since September 2016. Her research focus lies within the fi elds of price and brand management. After gra-duating in musical theatre and popular music, she obtained a Bachelor and Master of Science in Business Administration with a focus on corporate development and marketing at the University of Cologne. Afterwards, she gained practical experi-ence working in the entertainment industry for over four years. As a production and company manager at Mehr! Entertain-ment in Düsseldorf she was responsible for several interna-tional musical theatre tour productions. These included Cats – The Musical, Dirty Dancing – The Classic Story on Stage, Shrek – The Musical, Kein Pardon, 49 ½ Shades and Tap Dogs.

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Minh Nguyen is a research assistant and doctoral student at the WHU and joined the HCCG in September 2018. His cur-rent research lies in the areas of buyer-supplier relationships as well as organizational behavior in a procurement context. He completed his undergraduate as well as his Master stu-dies at the University of Cologne with a focus on Supply Chain Management. He further spent a semester studying at the Corvinus University of Budapest as part of his studies abroad program. Before joining the HCCG, Minh Nguyen gained practical ex-perience as a Senior Consultant at the global management consultancy A.T. Kearney, focusing on procurement related topics in multinational settings.

Hoang Minh NguyenResearch Assistant and Doctoral StudentChair of International Business & Supply Management I


Leopold RiedChair of International Business & Supply Management I

Title of doctoral thesis:“Eff ect of unethical behavior in B2B networks“

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External Doctoral Students

Stéphane TimmerChair of International Business & Supply Management I

Title of doctoral thesis: “Confl ict minerals and dark personality traits – neo-confi gu-rational studies of critical supply management issues”(thesis completed in January 2019)

Modan HuangHenkel Center for Consumer Goods

Title of doctoral thesis: “Product newness: determinants and outcomes from the consumer‘s perspective at the point-of-sale“

Disputation of Inga Bethmann

Inga Bethmann, former research assistant at the Chair of Business Taxation and member of the HCCG team from 2014 until 2017, successfully completed her doc-toral project. On January 19th, 2018, she was awarded the degree of Doctor rerum politicarum (Dr. rer. pol.). Her doctoral thesis titled

“Three essays on the economic eff ect of tax policy“

was supervised by Professor Martin Jacob (Chair of Business Taxation) and Professor Martin Glaum (Chair of International Accounting, 2nd supervisor).


Advisory Board & Associate Members

11th Advisory Board Meeting

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Once a year, the members of the Advisory Board of the Henkel Center of Consumer Goods (HCCG), consisting of representatives of Hen-kel’s top management as well as WHU profes-sors, meet for an exchange on joint projects and events. All activities, which are presented by the HCCG team in the meeting, aim at enforcing the transfer of knowledge from science to practice, especially in the fi elds of controlling, marketing and purchasing. This year’s meeting took place at Henkel’s headquarters in Düsseldorf on Novem-ber 16th, 2018.

Two new members were welcomed on this occasion: Jens-Martin Schwärzler (Executive Vice President Beauty Care) joined the Advisory Board as Associate Member, while Hoang Minh Nguyen, followed Leopold Ried as research as-sistant in the HCCG team.

As Professor Jürgen Weber retired from the WHU faculty at the end of the year, he decided to withdraw from the Adisory Board, too. Professor Fassnacht (Chair of the Advisory Board), and Carsten Knobel (CFO Henkel) sincerely than-ked him for his valuable support and input in the coopera-tion. Being one of the founders of the HCCG and member of the Advisory Board from the very beginning, Jürgen Weber considerably contributed to the success of the HCCG. Professor Marko Reimer has taken over his responsibilities at the Advisory Board.

Farewell Prof. Dr. Dr. h.c. Jürgen Weber

Georg Baratta, Franz-Albert Bell and Carsten Knobel (top, from left to right)

Tim Oliver Brexendorf, Barbara Luig, Hannah Raible (above, from left to right)

Hannah Raible, Franz-Albert Bell, Minh Nguyen, Anna-Karina Schmitz, Georg Baratta, Tim Oli-ver Brexendorf, Carsten Knobel, Martin Fassnacht, Jürgen Weber, Xavier Martin, Marko Reimer, Barbara Luig (from left to right)


Members of WHU – Otto Beisheim School of Management

Prof. Dr. Martin Fassnacht Chairman of the Advisory Board The Otto Beisheim Endowed Chair of Marketing and Commerce

Prof. Dr. Dr. h.c. Jürgen WeberAdvisory Board MemberInstitute of Management Accounting & Control

Prof. Dr. Lutz KaufmannAssociate MemberChair of International Business & Supply Management I

Carsten KnobelAdvisory Board MemberExecutive Vice PresidentFinance (Chief Financial Offi cer), Purchasing & Integrated Business Solutions

Members of the Henkel AG & Co. KGaA

Kathrin MengesAdvisory Board MemberExecutive Vice PresidentHuman Resources and Infrastructure Services

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Georg Baratta-DragonoAssociate MemberCorporate Senior Vice PresidentInternational Marketing Laundry Care & Regional Head Latin America

Bertrand ConquéretAdvisory Board MemberCorporate Senior Vice PresidentGlobal Purchasing

Xavier MartinAssociate MemberCorporate Vice President Global Marketing & Digital for Adhesives for Consumers & Craftsmen

Hannah RaibleAssociate MemberManager CFO Offi ce

Jens-Martin SchwärzlerAssociate MemberExecutive Vice PresidentHenkel Beauty Care


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Research Projects

Product Newness: Determinants and Outcomes from the Consumer‘s Perspective at the Point-of-SaleAs part of the dissertation project of Modan Huang, the key focus of this project is on the visual and verbal package attributes that per se may have novelty arousing eff ects on the perceived newness of a product by a consumer. The intention is to investigate the drivers and outcomes of perceived newness in the context of consumer packaged goods and ultimately examine how the drivers impact on consu-mer choices. Implications for both marketing and product managers were derived.

The determinants of purchasing managers’ coping success in responses to adverse supply chain eventsIn the key research project for his dissertation, Stéphane Timmer investigates how, among other fac-tors, personality traits can help purchasing managers in coping with adverse supply chain events. Stéphane interviewed, observed, and surveyed managers across departments and functions in both the Singapore and Amsterdam global supply chain offi ces. The focus of the project is on analyzing behavioral determinants of a manager’s decision-making, namely personality traits and cognition (how managers think), and their eff ect on organizational actions and managerial performance in responses to adverse supply chain events. Practical implications will be derived for the purchasing division.

Eff ects of Unethical Behavior in B2B Networks

Leopold Ried investigates in his key research project for his dissertation how purchasing and sales managers judge, and react to, unethical behavior between business partners in network-settings. Leo-pold conducts experiments as well as interviews with purchasing and sales professionals. The focus of the project lies on analyzing behavioral determinants of a manager’s decision-making and its outcome. Practical implications will be derived for the purchasing and sales divisions.

Premiumization

The dissertation project of Anna-Karina Schmitz focuses on the topic of “premiumization”. Especially when facing high competitive pressure, “premiumization” is an attractive opportunity for brands to escape downwards price spirals and increase profi tability. “Premiumization” is about adding value to a brand aligned with achieving a higher price level. Vertical upward line extensions – meaning the launch of new products in the same product category under existing brands but at a higher price level – are a commonly used strategic option of “premiumization” that has not yet been studied extensively. Three eff ects of vertical upward line extensions can be diff erentiated: (1) evaluation and purchase intention of the extension itself, (2) spillover eff ects on the parent brand, and (3) market and product line implications. Those eff ects largely depend on how and to what degree a vertical upward line extension is distanced from the parent brand in terms of price, product, brand, and communication cues. In focussing on these aspects, the empirical work of the dissertation project aims to contribute to the understanding of the eff ects of “premiumization” and to provide useful managerial implications on how to successfully “premiumize” brands.


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Professor Tim Oliver Brexendorf and Anna-Ka-rina Schmitz participated in the European Mar-keting Academy Conference (EMAC) 2018 from May 29th till June 1st, 2018, at the University of Strathclyde in Glasgow, Great Britain. The EMAC is one of the most prominent and signifi cant con-ferences amongst marketing scholars in Europe. On May 31st, Anna-Karina Schmitz and Professor Tim Oliver Brexendorf presented a poster on their research project “Sometimes inconsistency is key – Perceived fi t in the context of vertical upward line extension” co-authored with Professor Mar-tin Fassnacht at the poster session hosted at the historic Barony Hall. The poster session provided the opportunity to discuss the project and get valuable feedback and input from distinguished international scholars in a unique surrounding.

European Marketing Academy Conference (EMAC) 2018

On June 7th, 2018, Professor Tim Oliver Bre-xendorf held a speech on “Corporate brands and digital ecosystems” at the 20th International Cor-porate Identity Group (ICIG) symposium at Gozd Martuljek, Slovenia. The ICIG was founded in 1994 and formally launched at the House of Lords in London in January 1996. Its members share a common interest in advancing knowledge and in-fl uencing practice in the domain where research, scholarship, and best-practice is focused upon an integration of the interrelated corporate/orga-nisation-level concepts of identity, image, reputa-tion, culture, corporate social responsibility (CSR) through marketing, branding and communication. The 20th ICIG symposium made a step forward and provoked a debate on general and specifi c issues within the corporate marketing. The theme for this year's symposium was “Quo vadis cor-porate marketing? Refl ections and directions on corporate identity, branding, image, reputation and communications.“

20th International Corporate Identity Group Symposium (ICIG)

Conferences

Tim Oliver Brexendorf (right and below)

Sebastian Hein, Tim Oliver Brexendorf,

Anna-Karina Schmitz, Simon Stolz, Christian Schlereth (below left,

from left to right)

The 22nd G•E•M (Gesellschaft zur Erforschung des Markenwesens) Markendialog discussed the topic of brand relationships in times of tech-nology dominance. The Markendialog took place on February 15th, 2018, in Berlin. Together with Carsten Keller (Vice President Direct-to-Consu-mer, Zalando SE) Professor Brexendorf gave the participants from academia and practice insights into the topic of brand relationships within new or-ganizations and business models. He especially discussed the challenges for brands in the wake of substantial rise of digital ecosystems (like Uber) and voice assistants (like Amazon Alexa).

22nd G•E•M Markendialog in Berlin


Research Awards & Rankings

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In the recently published SCM Journal List ranking WHU – Otto Beisheim School of Management ranks 5th in a global comparison of universities produ-cing empirical supply chain management (SCM) research. This is two places up from last year’s rank 7 for WHU.

The annual SCM Journal List ranking is based on the schools’ number of publications in leading SCM journals within the past fi ve years. The empirical list ranks a total of 434 institutions. WHU is the highest-ranked institution outside the United States.

SCM Journal List Ranking

The article of Tim Oliver Brexendorf and Kevin Lane Keller (Dartmouth College, Tuck School of Busi-ness) “Leveraging the corporate brand: The import-ance of corporate brand innovativeness and brand architecture” was announced as "Highly Commen-ded Paper" for the 2018 European Journal of Mar-keting (EJM) Literati Awards.

The article aims to broaden the understanding of corporate brand associations and their transfer within the fi rm’s brand and product portfolio. In particular, the concept of corporate brand innovati-veness and the infl uence of brand architecture as supportive and restrictive boundary conditions for its transfer have been considered.

2018 European Journal of Marketing Literati Awards for Tim Brexendorf

For the second year in a row, Professor Martin Fass-nacht was selected as one of the most infl uential economists in the German speaking area. He is ran-ked in the F.A.Z. Economist Ranking 2018 on the 64th place.

Once a year the Frankfurter Allgemeine Zeitung publishes the Economist Ranking. It covers the per-formance of economists in the German speaking area regarding the three areas research, media and political consultancy and therefore the infl uence of these economists on the public life. In the ranking only economists are included who exhibit resonance in at least two areas. Thus, Professor Fassnacht clearly left his marks in the public and in science.

F.A.Z. Economist Ranking


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Lectures

The Henkel Center for Consumer Goods (HCCG) off ers lectures across all academic programs of WHU in the areas of marketing, controlling and purchasing. The lectures of the HCCG do not only give an introduction to essential theoretical concepts, but also exhibit a strong practice-oriented focus. Students gain valuable insights in the consumer goods industry through guest lectures and real-life case studies.

The following lectures were off ered in 2018:

Marketing

Program Lecture Lecturer

BSc Brand Management Tim Oliver Brexendorf

BSc Omnichannel Retail Marketing Martin Fassnacht

MSc B2C Price Management Martin Fassnacht

MSc Luxury Brand Management Martin Fassnacht

MSc The Product Manager‘s Interfaces & Toolkits Tim Oliver Brexendorf

Full-time and Part-time MBA

Introduction to Marketing Martin Fassnacht

Full-time and Part-time MBA

Price Management Martin Fassnacht

Part-time MBA International Module India Martin Fassnacht

Full-time andPart-time MBA

Strategic Brand Management Tim Oliver Brexendorf

Kellogg-WHU Executive EMBA

Luxury Brand Management Martin Fassnacht

680Bachelor of Science

325Masterof Science

60 112Full-timeMBA

Part-timeMBA

99Kel log-WHU ExecutiveEMBA

273DoctoralProgram

Students and participants


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Purchasing


BSc Case Development Course Lutz Kaufmann

BSc, Full-time and Part-time MBA, Exe-cutive Education

Negotiations for Managers and Entrepreneurs Lutz Kaufmann

BSc and Full-time MBA

Strategic Sourcing Lutz Kaufmann

Doctoral Program Qualitative Research Methods Lutz Kaufmann

Best Teacher Award 2018

Lutz Kaufmann

During the Graduation Ceremonies held on June 22nd, 2018, in Düsseldorf, the gradua-tes of the WHU MBA class of 2018 I honored Lutz Kaufmann with the award.

After 2015, 2016, and 2017, Professor Kauf-mann received this prestigious award for the fourth year in a row. Noting in his short acceptance speech that “none of us is good at what we do without help”, Lutz Kaufmann thanked especially Jiachun Lu and Jens Ess-linger from the team in Vallendar and Wiebke Rolf and Anna Davids from the MBA offi ce in Düsseldorf.


BSc Case Studies in Management Accounting & Control Marko Reimer

BSc Controlling Jürgen Weber

BSc Cost Accounting Jürgen Weber, Lukas Löhlein

BSc Development of Controlling Jürgen Weber

BSc Management Abroad Course Shanghai Lukas Löhlein

Controlling


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Company Visits

Designed to give an insight into the practical work of international as well as domestic cor-porations in Asia, the Institute of Management Accounting and Control (IMC) off ers Manage-ment Abroad Courses to their Bachelor students at the end of the second semester. In China, it has become a well received tradition to visit the Henkel headquarters. In 2018, Asst. Professor Lukas Löhlein and Christopher Ballmann con-ducted their Management Abroad Course with 30 students in Shanghai, where they also visi-ted companies such Kuehne+Nagel and McKin-sey. Henkel invited the group to the brand-new Management Centre in Shanghai where they pro-vided a great and very detailed overview of all their business units operations in APAC, fi nance and HR. Afterwards the group was invited to a tour around Henkel´s Management Centre and Henkel´s Adhesive Innovation Centre. Steven Essick (Senior Vice President Finance) and Adi Limas (FFA Corporate Accounting and Subsidiary Controller) took time to show the students around and to discuss and answer many questions.Professor Marko Reimer and Dr. Maximilian Margolin conducted their Management Abroad Course in the Pearl River Delta. Their group of 30 students spent fi ve days in Guangzhou and eight days in Hong Kong visiting companies like Trolli, Herrenknecht, and Goldman Sachs.

Students Visit the New Henkel Management Centre in Shanghai

MBA International Module China

The International Module China is an essential part of the WHU Full-Time and Part-Time MBA programs. During one week in Shanghai, parti-cipants gain fi rst-hand insights into latest trends, challenges and opportunities of the Chinese bu-siness place. Next to China’s established role as a manufacturing hub, we take a close look on the emerging importance of China as an innova-tion platform. Engaging with Shanghai’s vibrant start-up and entrepreneurship scene is another cornerstone of the program. The week in Shang-hai comprises interactive classes at CEIBS and FUDAN, two of the best business schools in Asia, as well as company visits and deep discussions with senior managers from diverse industries.

In March 2018, students of the Full-Time MBA class of 2018-II were invited to the Asia-Pacifi c Center of Henkel by Steven Essick (Senior Vice President Finance) to present and discuss cur-rent developments and trends of the FMCG in-dustry in China with numerous representatives of the senior management.

BSc Management Abroad Course

Company Visits, Case Studies & Guest Lectures

BSc Management Abroad Course Full-time MBA class


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On July 25th, 2018, WHU’s Full-Time MBA class of 2019 visited Henkel’s global supply chain of-fi ce in Amsterdam, The Netherlands, as part of their Strategic Sourcing core course with Profes-sor Lutz Kaufmann and his team. With the visit, Henkel and WHU continue a success format that Henkel’s Chief Procurement Offi cer, Bertrand Conquéret, launched together with the team of WHU’s Henkel Center for Consumer Goods eight years ago.

In the morning, Travis McGrew welcomed the group and shared general information, followed by a session on Henkel’s Global Purchasing Department & ONE!GSC by Robert Bossuyt. In three Espresso-type interactive sessions, Ralph Burkhardt, Dr. Johannes Holtbrügge, and Ben-jamin Lorthiois, then dived into Henkel’s current approaches to eSourcing at Henkel, the digitaliz-ation of the Supply Chain, and risk management for raw materials. In the afternoon, Andrea Her-manns briefl y shared information about career opportunities at Henkel with the MBA students. Afterwards, the participants enjoyed the oppor-

tunity to gain insights into the Digital Evolution of Purchasing at Henkel from Dr. Hendrik Koh-leick, Corporate Vice President Purchasing, and into the Digitalization of Quality Management by Anna Fabregat Subira. The event closed with a highly eff ective “speed-networking” session between the MBA students and further members of Henkel’s global purchasing leadership team.

“WHU One Day @ Henkel”:

Henkel Global Purchasing & Supply Chain Leadership Team welcomed WHU Full-time MBA group in Amsterdam

Speed networking (above), MBA students and purchasing team (below)

Company Visits


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Guest Lectures

Each year, the Institute of Management Accoun-ting and Control (IMC) hosts two major conferen-ces – one in the fi eld of international research (ACMAR) and one for managers and controlling experts from all over Germany (WHU Campus for Controlling). This year, Carsten Knobel held a keynote speech at both events.

In March 2018 he visited the 15th Annual Con-ference for Management Accounting Research (ACMAR) at WHU – Otto Beisheim School of Management which attracted 130 professors, researchers, and doctoral students from around the globe to the WHU campus Vallendar. In his keynote on the future of Shared Service Centers, he highlighted the need for the digital controller of the future and elaborated on how to use artifi cial intelligence as the answer to quality improvement needs. “In the future, artifi cial intelligence will enable us to handle high data volumes with pre-scriptive measures, enrich our human knowledge with computer generated actionable insights, and leverage machine learning for complex exception handling”, Knobel said.

Keynotes by Carsten Knobel at IMC Conferences

A similar topic was discussed at the 12th WHU Campus for Controlling, which set a new record for number of participants: More than 180 mana-gers and controlling experts accepted the invita-tion from Professor Marko Reimer, Professor Utz Schäff er, and Professor Jürgen Weber of the IMC to discuss current and future trends in controlling.

Today, no one questions the fact that digitaliza-tion will radically change controlling as we know it. Yet, it is still unclear what tasks controllers will carry out in the future as well as when traditional reporting will disappear, forecasting will be au-tomated, and big data analytic tools will analyze transactions in real time. One company that has recognized these central challenges and adapted its processes is the Henkel AG & Co. KGaA. CFO Carsten Knobel explained in his keynote entitled “Value Managers Shape Finance in the Digital Age” the megatrends at Henkel as well as how the company reacted to them. He illustrated how a digital fi nancial organization can evolve and de-velop further and how the controller can advance from bean counter to value manager.

15th Annual Conference for Management Accounting Reserach (ACMAR) 12th WHU Campus for Controlling


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On April 12th, 2018, Stefan Braun (Head of Corpo-rate Planning and Management Reporting) held a guest lecture on “Financial Planning at Henkel” as part of the MSc course “Strategy Execution” by Professor Utz Schäff er at WHU in Vallendar. He gave a comprehensive overview of the global Henkel planning process with all its challenges, e.g. sandbagging and the complexity of the top-down bottom-up sequence. The students learned how Henkel successfully integrated short- and mid-term planning, then further reduced planning eff ort and duration with parallel business unit and functional planning. A round of questions regar-ding future opportunities to improve planning con-cluded the session.

Stefan Braun, Henkel

Students of the YES program of Tsinghua Uni-versity, School of Economics and Management, Peking - one of the most renowned universities in China - spent a week in Germany visiting compa-nies and immersing in international business by studying at WHU. This program was organized by Professor Stefan Spinler and the WHU Executive Education team around Dr. Rebecca Winkelmann and Silke Rogge.The Tsinghua University students of this year’s YES program took part in several lectures at WHU and one day also learned in Professor Bre-xendorf’s lecture about “Brand management in family business”, i.e. how to build, sustain, and grow brands. As part of this program, Katharina Vorwig (Manager Internet of Things and Corpo-rate Venturing at Henkel Beauty Care) gave deep insights into the current Internet of Things activi-ties at Henkel Beauty Care. She introduced Hen-kel Beauty Care’s Schwarzkopf SalonLab to the students and impressively showed how to extend the brand Schwarzkopf to an ecosystem.

Katarina Vorwig, Henkel

On October 18th, 2018, Christian Fenner (Part-ner at Bain & Company in Munich and Member of Bain's Retail, Consumer Products and Organi-zation practices) held an online guest lecture on “How to drive profi table and sustainable growth” with brands in Professor Brexendorf’s BSc “Brand Management” class. In his lecture, he impressi-vely outlined how CPG brands are struggling to achieve growth. He proposed several ways and highlighted that consideration and penetration are key for sustained growth. To achieve this, fi rms need to reinforce brand memorability, shopper visibility, and range productivity to break through the clutter.

Christian Fenner, Bain & Company

Katharina Vorwig(above)

Stefan Braun,

Christian Fenner,Holger Buschmann

(from left to right)

On Feburary 9th, 2018, Professor Nihat Aktas (Chair of Mergers & Aquisition) welcomed Dr. Holger Buschmann (Business Development & Global Controlling Laundry & Home Care Hen-kel) in his MSc course „Mergers & Aquisitions“. Dr. Buschmann held a guest lecture titled „M&A – Strategic Investor View. Examples @ Henkel". After an introduction to Henkel, he elaborated on the M&A process and strategy at Henkel and explained how targets are searched and evalua-ted. He concluded his lecture with a case study in which he presented the acquisiton of Sun Pro-ducts in North America.

Dr. Holger Buschmann, Henkel


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Thomas Schuff enhauer, Henkel

On November 27th, 2018, Thomas Schuff enhauer (Head of Corporate Venturing at Henkel Laundry & Home Care) held a guest lecture on „Managing brand equities in diverse environments“ in Pro-fessor Brexendorf’s MBA course “Strategic Brand Management”. In his talk, he highlighted the re-levance of consumer insights for developing a brand positioning and strategy. He introduced the MBA students to the practice of brand positioning and impressively showed for the brand Perwoll how diff erences in consumer behavior can lead to a diff erent brand positioning and marketing com-munication.

In his BSc course "Brand Management" Profes-sor Brexendorf invited Catharina Christe (Mar-keting Director Christian Dior Parfums, LVMH Perfumes & Cosmetics) for a guest lecture. Ms. Christe introduced the WHU students to the brand Christian Dior and its current challenges. In her talk she impressively showed the trade-off s that luxury brands have to face in a disruptive environ-ment. She gave the WHU students many impres-sions how to successfully manage and navigate a strong luxury heritage brand. She further highligh-ted that even strong and desired brands like Dior have to cope with many challenges in our today’s digital and retailer-dominated environment.

Catharina Christe, Christian Dior Perfumes

Real-Life Case Studies

One-day workshop with the IMU Laundry & Home Care

On March 14th, 2018, the class of Professor Bre-xendorf’s course ”Product Manager’s Interfaces & Tools” visited the International Marketing Unit Laundry & Home Care at the Henkel Headquar-ter in Duesseldorf. The one-day workshop was led by Georg Baratta (Corporate Senior Vice President International Marketing Laundry Care), Jens Bode (Senior Manager International Foresight & R&D) and Thomas Schuff enhauer (Director Corporate Venturing).

Georg Baratta introduced the students to the IMU and explained how Henkel builds and sus-tains brands. Thomas Schuff enhauer led the stu-dents through the cases. In teams, the students worked on current topics and cases in Laundry & Home Care and presented the case results after a short workshop.In the afternoon, Dr. Arndt Scheidgen (Corpora-te Vice President Product Development) and his team guided the students through the R&D la-boratory where the students had the opportunity

“to look behind the scenes”. After this particular highlight, the students had the unique chance to visit the Henkel Global Experience Center (GEC) where they could sense and visualize va-rious R&D procedures via touchscreens or lab simulations. After these impressive insights and experiences, Jens Bode presented how creative techniques and innovation processes are used at Henkel. This day ended with a Q&A session with WHU alumni who currently work at Henkel.

Arndt Scheidgen and Kerstin Reintges (photo: © 2019 Henkel AG & Co. KGaA. All rights reserved)

Catharina Christe Thomas Schuff enhauer


Henkel Laundry & Home Care

On April 10th, 2018, Robert Ruiz Hernandez (IoT Manager Laundry & Home Care at Henkel) joined the MSc course “The Product Manager‘s Interfa-ces and Tools“ of Professor Brexendorf to discuss about the challenges and opportunities of Internet of Things (IoT) at Henkel Laundry & Home Care with the WHU students. The WHU students wor-ked over a period of three weeks on several IoT cases for selected Laundry & Home Care brands of Henkel and presented the results of their work at this day. After the presentation, a Q&A session and in-depth discussion about the current IoT projects at Henkel followed. The presentation and discussion of their case results helped the WHU students to gain in-depth insights about IoT at Henkel and a direct response of the feasibility of their IoT proposals.

Henkel Beauty Care

On July 28th, 2018, the Part-Time MBA students of the “Price Management“ class presented their ideas regarding strategic pricing options in the beauty care industry. The key challenge was to drive incremental sales/increase average price by optimizing the packaging sizes and execute a plan to reach strategic price index by 2020. The jury consisted of Sarah Cirillo, Carolina Cordero (Brand Managers at Henkel Beauty Care), Pat-ricjus Ziecik (Global Net Revenue Manager) and Professor Fassnacht.

Zwilling Beauty Group

As part of the MBA course "Strategic Brand Ma-nagement" the WHU-MBA students worked on real-life cases with the ZWILLING Beauty Group. In the fi rst session of the MBA course led by Pro-fessor Tim Oliver Brexendorf on July 2nd, 2018, Jutta Langer (Chairwoman ZWILLING Beauty Group) and Henrike Kieschke (Global Marketing Director) introduced the WHU students to the brand ZWILLING Beauty, its future challenges, and the cases. The student groups had the oppor-tunity to work over three weeks on selected tasks and successfully presented their case results on July 19th, 2018, in the course. Henrike Kieschke and Stéphanie Esau (Director Corporate De-velopment) discussed the results and future chal-lenges ZWILLING Beauty has to face within the respective areas of the cases with the students.

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Presentations of Henkel Beauty Care cases (left), Zwilling case study introduction (top) and presentations (above), Robert Ruiz Hernandez (below)


S S A

Theses supervised by Professor Tim Oliver Brexendorf

Theses

Bachelor of Science 2018

Ruben Berendes RB Leipzig – Aufbau einer Marke

Master of Science 2018

Svenja Antoszkiewicz Are luxury brands cool? How symbolic brand benefi ts of limited-edition off ers aff ect brand coolness

Paulina StuhlmacherCan second-hand brands be cool? A study con-sidering brand benefi ts“?

Part-time MBA 2018

Laura Obert tigha - Modifi cation versus rebranding

Full-time MBA 2018

Tai Fordpawpalgo – Pet essentials 4 your essential pets

Anna Giacovelli Branding and export strategy to China of an Italian fresh fruit SME

Anthony Karge The digital branding of online language learning platforms

Carolina Montes Pérez Frutariana: A Colombian fruit brand

Saraí Berenice Rodríguez Cruz Digital ecosystems: How can brands maintain growth and relevance in platform-based digital ecosystems?

Hagen RotheEvaluation of market entry strategies for electric beauty care products in the German market – The case of ZWILLING Beauty

Katsume Stoneham New market assessment for Merck KGaA Ferti-lity Franchise

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Student Department Supervisors Title

Simon HeesenBSc 2018

Marketing Tim Oliver Brexendorf (HCCG)Xavier Martin, Patricia Castéjon, Charles Mulliez (Henkel)

Imageries on packaging for professionals

Shruti RavuriMBA 2018

Marketing Tim Oliver Brexendorf (HCCG)Xavier Martin, Patricia Castéjon, Marion Kueper (Henkel)

Strategic category extension - Henkel Consumer Adhesives

Julian SchulteBSc 2018

Controlling Marko Reimer, Utz Schäff er (HCCG)Svenja Sachse (Henkel)

Cloud services/software as a service: Impacts on the IT service catalogue and on performance management

Marvin WächterBSc 2018

Finance Marko Reimer, Utz Schäff er (HCCG)Holger Buschmann, Friedrich Droste (Henkel)

Going green in FMCG markets via M&A

Internship/Thesis Projects with Henkel

In his Bachelor thesis entitled “Going Green in FMCG Markets via M&A”, Marvin Wächter studied specifi c characteristics in the valuation of green acquisition targets in the Fast Moving Consumer Goods (FMCG) market. More specifi cally, he rai-sed the following research questions:

Marvin WächterBSc 2018

1. Are green companies acquired for signifi cant-ly higher multiples than “conventional” com-panies?

2. Why are green companies acquired for higher/lower multiples?

3. Why are some green companies more valuab-le in terms of multiples than others?

Starting with an analysis of the FMCG market and a defi nition of green companies, he then ana-lyzed transaction multiples before investigating green value drivers.

“Cloud Services / Software as a Service: Impacts on the IT service catalogue and on performance” is the title of Julian Schulte’s Bachelor thesis, in which he investigated cost and performance ma-nagement for cloud services in large companies, e.g. Henkel. More specifi cally, he aimed at provi-ding recommendations how corporate controlling can manage costs for “per use” priced cloud ser-vices. Julian Schulte proposed a framework to evaluate cloud service performance.

Julian SchulteBSc 2018

Henkel headquarter in Düsseldorf (photo: © 2019 Henkel AG & Co. KGaA. All rights reserved)


“Writing my bachelor thesis and wor-king consecutively as an intern at Henkel’s Laundry & Home Care M&A/Transactions department was a great experience. During my thesis time I was able to apply concepts learnt within my studies and gain in-sights from the practice. Henkel and, in particular, my mentors perfectly supported me with fi rst-hand informa-

tion and various interviews with executives.The ability to independently work on tasks and to help on current M&A projects while gaining knowledge about com-mercial due diligence and M&A distinguish this internship. In particular, working with Laundry & Home Care‘s corporate venturing intitiative provided me with invaluable hands-on insights about the VC and entrepreneurial industry and of-fered me room for own actions. Most of the time, I was able to directly see the impact of my work. I especially enjoyed the international and performance-diven culture at Henkel, noticeable also at all the diff erent events of the internship community.“

Marvin Wächter, Bachelor of Science 2018

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Internships

“As an intern and bachelor thesis student in the international marke-ting department for consumer adhe-sives at Henkel, I got the chance to use prior learned concepts from my studies in a real-life context. During the research for my bachelor thesis, I could access a wide variety of re-sources from Henkel and received great support from my WHU super-

visor in close collaboration with my Henkel mentor. Besides the daily interaction with marketing professionals and pro-duct experts, I could gain fi rst-hand insights for my thesis during local store visits.Working self-determined in an international environment, dealing with relevant business challenges and questioning the status-quo of the industry was a valuable experience on a personal and professional level for me. During my interns-hip, I enjoyed learning also about the other Henkel business areas and being a part of a strong intern community at Hen-kel with the possibility to participate in various events. All in all, the thesis project was a successful conclusion of the bachelor studies at WHU for me.“

Simon Heesen, Bachelor of Science 2018

“Apart from supporting the Rec-ruiting and Employer Branding Team at Henkel AG & Co. KGaA in their day-to-day business, I was in charge of an exciting and compre-hensive project called “CTF Cyber Security Challenge”. From the very beginning I was given a lot of re-sponsibility and trust while the de-mands on my independence, team

working capacity as well as the quality of my work were high. Besides the varying and challenging tasks I really appreciated working in a very young and dynamic team. My colleagues and supervisors met me with openness and competence and were always willing to support me with the project. Their attitude represents the general mentality and working atmosphere at Henkel. Working as an intern in Hu-man Resources allowed me to get manifold insights into the working environment of many colleagues in diff erent departments. The 4-month internship off ered me the oppor-tunity to get to know Henkel in depth as a company and employer which I can recommend without any reservation.“

Julia Domagala, Bachelor of Science 2018

“As an intern in the Global Strategy & Marketing Group Adhesive Tech-nologies, I have been able to expe-rience an insightful and interesting internship. The team consisted of smart and highly driven individuals from all around the globe with a huge variety of diff erent industry backgrounds, who were willing to drive high-impact projects. From

day one on, I was considered as a fully-fl edged team-mem-ber with huge responsibilities in terms of own projects and project workstreams. In this context, I was responsible for improving the strategy tracking process of the strategic agenda, analyzing the progress of key strategic initiatives for top management reporting and providing ad-hoc support to a Henkel Board member.The combination of a unique international culture with highly driven and friendly colleagues and of working on high im-pact projects allowed me to experience very valuable per-sonal and professional learnings.“

Phlipp Zinnenlauf, Bachelor of Science 2019


Events

On-Campus Recruiting Henkel-WHU Round Table

In June 2018, Professor Tim Oliver Brexen-dorf, Hannah Raible (Manager CFO Offi ce) and Franz-Albert Bell (Head of Board Offi ce Human Resources) were delighted to welcome around 30 interns and Henkel managers to the 8th Hen-kel-WHU round table. A brewery restaurant in the old town of Düsseldorf provided the ideal atmo-sphere for this yearly informal get-together.

All participants used the opportunity for a lively exchange with fellow students, colleagues and the team of the Henkel Center for Consumer Goods. Some students had not even started their internship but came along to get fi rst insights into the work life at Henkel and meet future col-leagues and mentors of various functions such as fi nance, controlling, recruiting and marketing. The current interns were happy to share their experi-ences and highly acknowledged their role in the company as fully integrated team members.

Henkel was once again one of the highest repre-sented companies on the career fair “Master your Career“ at the end of January 2018. The WHU Career Center invites companies who belong to the circle of founders and benefactors to this ye-arly 2-day event. Henkel managers from all bu-siness units and functions were involved in the company presentation, the fair, a workshop and the networking dinner.

Many students had already applied for internships and full-time positions in advance and were invi-ted for an interview on the On-Campus Recrui-ting Event on the second day. Henkel managers, especially the WHU alumni among them, enjoyed the university atmosphere and appreciated the opportunity to fi ll their vacancies on campus.

The success of this event is based on the excel-lent cooperation between the WHU Career Cen-ter, Henkel‘s Employer Branding Team and the HCCG.

Career Fair „Master your Career“ (above and below) Networking Dinner

Henkel-WHU Round Table

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Another opporunity to get fi rst-hand insights about Henkel opened up for a group of MBA stu-dents on December 5th, 2018: Carsten Knobel (CFO and Member of the Board at Henkel) and Katrin Steinbüchel (Corporate Vice President Hu-man Resources) had invited them to a breakfast at Henkel’s headquarter in Düsseldorf. The students appreciated the open atmosphere in which the top managers talked about their per-spective on Henkel‘s strategy and career options, especially when it came to their personal experi-ences.

Business Breakfast with CFO

On September 19th, 2018, around 45 MBA and PhD stu-dents attended Henkel’s company presentation on the WHU campus in Düsseldorf. After a warm welcome by Mi-riam Kraneis (Manager WHU Career Center) and Tim Oli-ver Brexendorf, the students were introduced to the Henkel world by a personal video message of the CFO, Carsten Knobel. Hannah Raible (Manager in the CFO Offi ce), and Markus Krahforst (Head of Recruitment Germany) pre-sented facts and fi gures before they dived deeper into the career opportunities and application processes at Henkel. Finally, four WHU alumni who are all pursuing a career at Henkel, talked about their experiences in various job roles and fi elds of business. The students took the chance to ask many questions about the working environment, entry op-portunities, diversity etc. The lively exchange was continued over food and drinks in personal talks with the Henkel representatives and the Henkel Center team.

Networking Events in Düsseldorf with Focus on MBA Programs

”What I pay the most attention to, in my job search, is the culture of the company not the job description itself. Thanks to this event, I became fully convinced that Henkel has a cul-ture of sustainable value creation leveraging technology, in which I feel I can excel.” Dr. Talha Ulusoy, Full-time MBA 2019

”Our visit to Henkel was great! Both Mr. Kno-bel and Ms. Steinbüchel took time in their busy agenda to talk to us about the company and why they enjoy working there. For me, it was impressive to see that Henkel is a place where employees are constantly challenged and that it is possible to grow. Both of them built their career within Henkel and now have key roles in the company.” Arthur Kux, Full-time MBA

Henkel Company Presentation

Business Breakfast (above left) with Carsten Knobel (4th from right) and Katrin Steinbüchel (3rd from left), Company Presentation with alumni Tim Kratz, Tobias Welte, Vineet Varman and Caroline Klaas (top, from left to right), Networking (above right)


3 Questions to Benedikt Brill

From academia to the business world: how did it feel to move from researching at WHU to your workspace at Henkel?

You already knew Henkel very well before you started working there in May 2018. Please tell us what your research at Henkel was all about.

What have been your career highlights and your biggest learnings at Henkel so far?

Benedikt Brill

2012 - 2017 Research Assistant/ Doctoral Student at the Insitute of Management Accounting and Control since March 2018 Financial Controller Henkel Adhesive Technologies

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Moving straight from research to the corporate world felt very exciting. First of all, after nearly one year at Henkel I can say that researching at WHU prepares you very well for joining a corporate setting.At Henkel, it was very exciting to see how the topics we discuss in research are truly lived in the corporate world. Topics like controlling systems, digitalization, big data, self-service and real-time reporting are on the company's agenda and to experi-ence how they are put into action provides new learnings every day. Furthermore, in my role at Adhesive Technologies I enjoyed getting deep insights into the special chemicals industry and its competitive landscape. The diverse business areas of Adhesives Technologies constantly provide insightful tasks and projects.

My research concerned the impact of controller's identifi cation on the roles they play in organizations. More specifi cally, I looked at how the identifi cation of controllers with their profession and their organi-zation aff ects how they fulfi ll their three main roles as scorekeeper, corporate policeman and business partner.Whereas profession-oriented controllers, that means controller who identify more with their profession than their organization, fulfi ll more classical scorekeeper tasks than their organization-oriented col-leagues, no diff erence was observed for corporate policeman (expected result) and business partner activities (unexpected result).It got even more interesting when I looked at controllers who identify highly with both groups. In con-trast to prior research, which highlighted negative eff ects of such dual identifi cation, controllers benefi t from a high dual identifi cation as it drives them to fulfi l all three roles to the highest extent.I was consequently able to show the benefi cial eff ect of dual identifi cation for controllers, which pro-vides companies levers to foster controllers' role fulfi llment.The diverse and global Controlling community at Henkel provided an ideal environment to study this interesting phenomenon. In this setting, the complexity of a corporate Controlling organization allowed to draw valuable insights while company specifi c factors were constant and therefore had no impact on the results.

I was very impressed by the diverse career opportunities provided by Henkel. I experienced the op-portunities already while talking to my interview partners and then furthermore when working together with my colleagues. The triple two principle enables all employees to get experience across countries, functions and businesses. Working together in diverse and agile teams that result from the principle provides constant learning opportunities. In my time here, I experienced multiple highlights. I was able to provide information which was presen-ted by board members and I was in charge of setting up a new controlling process for transactional FX exposure. Both tasks required a constant tackling of new challenges and therefore provided a steep learning curve. Furthermore, the collaboration within Adhesive Technologies and with other business units and func-tions always provides insightful learnings. This is topped by site visits to learn more about our produc-tion and our logistic processes.


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Daniel Adams Dr. Martin AndréeKristina BauerFranz-Albert BellJens BodeRobert BossuytSabine BrillMichaela BessellMadelaine BrownThorsten CaminDr. Patricia CastéjonMarco ChengSarah CirilloDr. Nils DaeckeRicco DziechMohamed ElTonsySteven EssickGesa GeisselTeresa JacobiRoland HaefsDr. Christian HebelerHeike Hülpüsch & Career Center TeamLukas JanßenCaroline KlaasHendrik KohleickMarkus Krahforst & Recruitment Team GermanyTim KratzAnne LemmenAlexandre Levi

Travis McGrewDr. Henning MohrJana MüllerMaria Stella PinedaCarolin PorschenHannah RaibleKerstin ReintgesOliver RoggeRobert Ruiz HernandezDr. Miriam SachseDr. Arndt ScheidgenJeannette SchmidtTeresa SchneiderThomas Schuff enhauerMartin SchulteJessica SeilerKatrin SteinbüchelMarkus SteinkeAaron ThünemannVineet VarmanAnke WasserstrahlPatrick WeigelChristoph WennerTobias WelteSascha WirtzSabine ZantisDr. Martin Zethoff

... and all members of CoCo

Thank you ...

All activities of the Henkel Center for Consumer Goods involve far more people at Henkel and WHU than those mentioned in this report. Many of them have supported the HCCG for years and we would like to thank all of them for their input and valuable support:

WHU – Otto Beisheim School of Management

Henkel Center for Consumer Goods

Burgplatz 2, 56179 Vallendar

Phone: +49 (0)261 - 6509 761, Fax: +49 (0)261 - 6509 769

www.whu.edu/hccg

annual report hccg 2018 - whu-otto beisheim school of ... · annual report 2018 p ... dents were...

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