Marketing Control and Its Importance in Business
Marketing control is a crucial process for firms to evaluate the impact of their marketing strategies and initiatives, making necessary adjustments for better outcomes. It involves various aspects such as annual plan control, profitability control, efficiency control, and strategic control. The process includes goal setting, performance measurement, performance diagnosis, and corrective actions to achieve desired objectives. Different types of marketing control include annual plan control, profitability control, efficiency control, and strategic control, each focusing on specific areas for assessment and improvement. Marketing effectiveness review and marketing audit help in measuring customer orientation, strategic orientation, and operational efficiency to enhance overall marketing performance.
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Presentation Transcript
Marketing Control Marketing control is the process by which firms assess the effects of their marketing activities and programs and make necessary changes and adjustments Marketing control includes: Annual plan control Profitability control Efficiency control Strategic control
Marketing Control Process Goal setting- What do you want to achieve? Performance measurement- What is happening? Performance diagnosis Why is it happening? Corrective action What should we do about it?
Types of Marketing Control Annual plan control Profitability control Efficiency control Strategic control
Annual Plan Control Sales analysis Market share analysis Expenses to sales analysis Financial analysis Market-based score card analysis
Profitability control Profitability control by: Product Territory Customer segment Trade channel Order size
Efficiency Efficiency control Sales force Advertising Sales promotion Distribution
Strategic Control It is exercised by top management It consists of: Marketing effectiveness review Marketing audit It is a review of Firm s marketing objectives Strategies Program
Marketing Effectiveness Review It measures Customer orientation Integrated marketing organization Adequate marketing information system Strategic orientation Operational efficiency
Marketing audit A marketing audit is a comprehensive, systematic, independent, and periodic examination of a company s or business unit s marketing environment, objectives, strategies, and activities, with a view to determine problem areas and opportunities and recommending a plan of action to improve the company s marketing performance. Philip Kotler
Characteristics of Marketing audit Comprehensive Systematic Independent Periodic
Components of MarketingAudit Marketing environment audit (Macro and task environment) Marketing strategy audit Marketing organization audit Marketing system audit Marketing productivity audit Marketing function audit
Marketing EnvironmentAudit Macro Environment PEST Task Environment Markets Customers Competitors Distribution anddealer Suppliers Facilitators Publics
Marketing StrategyAudit Business mission Marketing objectives and goals Strategy
Marketing OrganizationAudit Formal structure Functional efficiency Interface efficiency
Marketing SystemAudit Marketing information system Marketing planning system Marketing control system New-product development system
Marketing productivityAudit Profitability analysis Cost-effectiveness analysis
Marketing FunctionAudit Product Price Distribution Marketing communication Sales force
Strategic Marketing Evaluation and Control Conductstrategic marketing audit Select performance criteria, measures, andmetrics Obtain and analyze information Assess performance and take necessary action
