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Developing Marketing Capability - Essay Example

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Developing Marketing Capability

What are their approaches, challenges, needs and ambitions to structure a marketing function The aim is to identify the relationship between marketing and organization performance, which is to assert marketing as a significant business function. Objectives Challenges faced by organizing in measuring marketing performance. To organize a marketing function in order to bring competitive advantage and true organizational success. To align marketing function with organizational goals, structure, capabilities and resources. This is to bring competitive advantage and success for the organization. Organizational Challenges in measuring Marketing Performance In an objective to improve marketing performance, organizations first have to measure marketing performance (Richardson, 2012). Without assessing or measuring performance organizations cannot get on with the improvement of capability, skill or performance. There are certain major challenges which organizations face in measuring marketing performance (Shaw & Pont, 2003). Likewise there are challenges to measure intangible customer value, loyalty or marketing outcome which inevitably leads organizations to incomplete assessment. Similarly, by setting numerical data as performance measures bring incomplete information on assessment (Gronholdt & Martensen, 2006). Relatively big financial data feeds like return on investment, balance sheet, or profit or loss statements do not provide the real sketch of marketing, which eventually give distractive information. Moreover more operational activity of marketing does not mean it is performing well as if the marketers are found busy does not mean that there work is productive or based on outcomes (profits or revenues). Intensive marketing does not allocate productive marketing, and hence cannot be taken as a performance measure (Shaw & Pont, 2003). To access marketing performance organizations have to find a purposive method, in which first thing is to set a right performance metrics. For measuring marketing performance there are different metrics which can reflect the operational and functional performance of marketing (Gronholdt & Martensen, 2006). In the most adaptive metrics used in critical evaluation of marketing performance are activity based metrics. This may include metrics of numerical counting and control and in-depth reporting to scan the intrinsic performance of the function (Raab, 2009). The most adaptive metrics include rate of customer acquisition, customer engagement, events successes, popularity of labels, and competitive brand reception respectively. There are certain limitations behind such metrics as they all are intangible but to a great extend provide the explicit information of how the marketing functioning is performing (Gronholdt & Martensen, 2006). Similarly, a well reported system is itself a performance scanner for marketing. When organizations demand performance assessment, it means they have well organized and well established reporting systems (DCI, 2004). Such systems are obligatory, obligatory in terms of intensive reporting, periodic reporting and reporting with respect to each marketing activity. With time to time reporting, the whole picture comes out on front giving a projection of marketing delays, inefficiencies or unproductiveness (DCI, 2004). Organizations which imply MPM (marketing performa ...Show more

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Developing Marketing Capability [Instructor Name] Developing Marketing Capability Introduction Marketing has become a very essential element of any business as it acts as the path between the company and its customers. With the change in corporate trends and environment, the need for reaching the customers and presenting company’s product has grown substantially…
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