MKTG3501 Lecture 10: Strategy Implementation and Measuring Performance
Document Summary
If you can"t measure it, you can"t manage it. From the balanced scorecard by robert kaplan and david norton, harvard business school press, 1996. The four companies in the graph are fortune 500 companies that participated in a marketing metrics training. The graph shows the improvement in marketing profitability (net marketing contribution) the companies could achieve if they successfully implemented the marketing metrics that the teams applied. Performance would improve an average of 32 percent. Because these are large companies, the average gain in marketing profits would be over million. Define your objectives and then pick measurable metrics to support those goals. Businesses are obsessed with financial results because they tell what has happened. But rarely do businesses fully understand all the reasons for their financial results: market metrics, marketing profitability digital media customer metrics, competitiveness metrics, Marketing performance metrics measure the factors that are actually driving profits in the market.
