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Chief marketing officer cmo looks over the companys

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-Chief Marketing Officer (CMO)– looks over the company’s entire marketing operation and represents marketing onthe company’s top management teamoPuts marketing on equal footing with other executives (CEO, COO, CFO, etc.)-Can be arranged in several ways:oFunctional organization(most common)different marketing activities are headed by a functionalspecialistoGeographic Orientation(a company that sells across the country or abroad)sales and marketing peopleare assigned to specific countries, regions, and districtsAllows sales people to settle into a territory, get to know the customers, and work with a minimumon travel time and costoProduct Management Orientation(companies with many very different products or brands)productmanagers develops and implements a complete strategy and marketing program for a specific product orbrandoMarket or customer management organization(companies that sell one product line to many differenttypes of markets and customers who have different needs and preferences)Similar to product management organizationsMarket managers are responsible for developing marketing strategies and plans for their specificmarket or customersMain Advantage:company is organized around the needs of specific customer segments-Large companies that produce many different products flowing into many different geographic and customermarketscombinationof thefunctional, geographic product and marketorganization forms-More companies shift their brand managementcustomer managementoMoving away from managing only products or brand profitability and toward managing customerprofitability and equityMarketing Control:-Marketing Control –measuring and evaluating the results of marketing strategies and plans and taking correctiveaction to ensure that the objectives are achieved4 Steps:oManagementsetsspecific marketing goalsoMeasuresits performance in the marketplaceoEvaluatesthe causes of any differences between expected and actual performanceoTakes correctiveactionto close the gap between goals and performancechanging action programs orgoals-Operational Control– checking ongoing performance against the annual plan and take corrective action whennecessaryoPurpose: ensure that the company achieves the sales, profits, and other goals set out in its annual planoDetermining the profitability of different products, territories, markets and channels-Strategic Control– looking at whether the company’s basic strategies are well matched to its opportunitiesoMarketing strategies and programs can quickly become outdatedshould periodically reassess its overallapproach to the marketplaceMeasuring and Managing Return on Market Investment:-Return on Marketing Investment (marketing ROI) –the net return from a marketing investment divided by the costof the marketing investmentoMeasures the profits generate by investments in marketing activitiesoMarketers see return on marketing investment as the 2ndbiggest issue after the economyoDifficult to measurecannot be easily put into dollar terms and returns-Can assess marketing ROI in terms of standard marketing performance measures

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Term
Summer
Professor
Dewan
Tags
Marketing, SBUs, o Company

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