Marketing evaluation should be a part of strategy evaluation for companies that chose Balanced Scorecard as a strategic management and performance evaluation tools. Creation of a recognized brand is perhaps the most important and difficult part of a long term marketing strategy. Of course, if company top managers use Balanced Scorecard for strategy evaluation and planning, evaluation of marketing measures is a justified decision.
Since there are various marketing kpi types, it is imperative to choose those measures that provide top management with info on past, current and future marketing performance of a company. Since brand is the most valuable assess of any company (it is impossible to buy recognition, companies have to earn it), much depends on correct evaluation of marketing metrics and proper use of this information in decision making.
Such evaluation may start with assessment of brand value, recognition level, credibility etc. Importance of having a reliable and recognized brand has been proved by major players in big-time business.
So, evaluation of brand strengths or customer awareness will offer top managers interesting information which is to be used in strategic planning. This is a good way to find out marketing strengths and weaknesses. Of course, marketing is above all about sales. Balanced Scorecard will help better understand how strengthening of brand and improving marketing performance contributes to ultimate goal of any business – generating profits through sales. Investment in purchase of a good marketing metrics pack will surely come back with a sales increase. Also, BSC is known as a tool that helps in prevention of problems (when some indicators show negative performance, various scenarios might be considered).
Marketing is interrelated with lots of other business units, goals and measures, so improvement in marketing will lead to improvements in other business spheres.
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