Question
help me explain each and give example (tagalog/english) Marketing control Control is also applicable in the marketing functions since setting performance standards is an important
help me explain each and give example (tagalog/english)
Marketing control
- Control is also applicable in the marketing functions since setting performance standards is an important part of developing marketing objectives.
1. Strategic control- this refers to processes implemented to control the formulation and execution of strategic plans. There are two tools used to implement strategic control.
a. Marketing effectiveness- this marketing control tool evaluates the extent and quality of customer relations, how the marketing function is integral with the other functions of the organization, and how well marketing activities are functions are coordinated.
b. Marketing audit- this is the detailed and systematic analysis of past and present marketing activities of the organization.
2. Annual plan control- this method uses the annual marketing targets as performance standards to determine whether the planned results or outcomes were achieve. The following are the tools used in annual plan control.
a. Sales analysis- this involves analyzing a company's sales data to determine trends and changes in sales figures and identify any discrepancy or variance in performance.
b. Market share analysis- this determines the overall standing of the company against its competitors.
c. Marketing expenses to sales ratio- this entails comparing the marketing expenses with the achieved sales of the company. Marketing expenses require a marketing budget which is a set of planned marketing expenditures needed to achieve targeted sales within a set period.
3. Customer tracking- these are methods that determine customer behavior and their reactions to marketing activities. These include consumer panels, collecting data on returns and complaints, customer surveys, and sales force reports.
4. Profit control- this determines the profitability of company activities and identifies where the where the company where the company is making or losing money.
5. Efficiency control- this keeps track of the efficiency of marketing expenditures such as sales force, advertising, sales promotion, and distribution. Efficiency control analyzes each of these elements to ensure that they are being utilized efficiently for the achievement of company objectives.
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