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Chapter Code: IMC17
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Pages : 316;
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This chapter is devoted to the control function in marketing activities of the industrial marketer. The chapter starts with the two approaches of control - feedback control and feedforward control. The feedback control process starts with the development of performance standards and tracking systems. |
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Marketing audit is strategic in nature, budgets and sales analysis deal with the quantitative part of the planning and control, MDSS deals with the scenario analysis, sensitivity analysis, and environmental monitoring related to marketing activities.
Finally, the chapter describes the Balanced Scorecard that has become an important evaluation and control tool for organizations across industries. It is a comprehensive control mechanism developed by Kaplan and Norton, which not only focuses on the financial perspective, but also on the customer perspective, internal business process perspective, and innovation and learning perspective. Thus the balanced scorecard is an integrated performance management system that guards against sub-optimization.
The Control Process
Developing Performance Standards for Feedback Control
Measuring Actual Performance against Standards
Taking Corrective Actions
Feedforward Control
Types of Control
Strategic Control
Annual Plan Control
Efficiency and Effectiveness Control
Profitability Control
Tools for Marketing Control
Marketing Audit
Budget
Sales Analysis
Marketing Decision Support System
The Balanced Scorecard
Benefits of Balanced Scorecard
