MR+2011+brand+dashboard

MR+2011+brand+dashboard - Monitoring Marketing Performance:...

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Unformatted text preview: Monitoring Marketing Performance: Monitoring Marketing Performance: Brand Scorecard Taewon Suh, PhD The premise The premise A business function should be accountable. A core activity of marketing research is to monitor marketing performance. What should we measure? Not concerned with departmental performance nor with the productivity of a particular activity Universal: meeting needs profitably (Kotler and Keller 2006) http://www.youtube.com/watch?v=WuAFRNmghYo&feature=related A Balanced Scorecard is used to: Clarify or update a business's strategy; Link strategic objectives to long-term targets and annual budgets; Track the key elements of the business strategy; corporate strategic objectives into resource allocation Incorporate strategic objectives into resource allocation processes; Facilitate organizational change; Compare performance of geographically diverse business units; Increase companywide understanding of the corporate vision and strategy. To construct and implement a Balanced Scorecard, managers should: Articulate the business's vision and strategy; Identify the performance categories that best link the business's vision and strategy to its results (e.g., financial performance, operations, innovation, employee performance); Establish objectives that support the business's vision and strategy; Develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets; Ensure companywide acceptance of the measures; Create appropriate budgeting, tracking, communication, and reward systems; Collect and analyze performance data and compare actual results with desired performance; Take action to close unfavorable gaps. To improve shareholder value is the ultimate purpose of marketing?...
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This note was uploaded on 01/18/2012 for the course MKT 3370 taught by Professor Staff during the Spring '09 term at Texas State.

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MR+2011+brand+dashboard - Monitoring Marketing Performance:...

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