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To survive in the dynamic, global e-economy, companies must understand the structures, skill sets, technology, and performance measurements that drive marketing productivity. Today, more than ever before, companies’ future growth and profitability depend on their marketing success. Corporations can use the information in this document to make adjustments in the company's structure and objectives, reflecting the increased importance and prioritization of marketing. This 33-page document details the way marketing executives from benchmark partners explicitly defines its marketing roles and responsibilities, employ marketing performance measurements, and coordinate marketing functions under a centralized CMO in order to maintain high-performing marketing organizations.
- establishing foundation of corporate marketing strategy
- transitioning from a product-driven to a market-driven organization
- facilitating communication and knowledge sharing throughout the organization
- implementing a global brand planning process
- coordinating marketing functions under a centralized CMO
- employing marketing performance measurements that guide refinement of integrated marketing strategies
Sample Best Practices
- Empower the centralized marketing organization to avoid disputes with local markets and achieve economies of scale.
*Marketing organizations must continually balance local market needs with global standards. The marketing organization must authoritatively decide when local markets simply cannot change or tailor a corporate marketing plan. If these guidelines are not clear, the company will have constant disputes between local and corporate marketing groups, losing marketing focus and millions of invested dollars by allowing business units to develop different marketing plans.
- Build an executive marketing council to facilitate communication and knowledge sharing throughout the organization.
*Company A developed a marketing council comprised of key marketing executives and thought leaders from all of its business units. Every two months, the Council convenes for regularly scheduled daylong meetings to discuss marketing strategies, new initiatives and key ingredients for regional marketing plans. Impromptu meetings may also be called to discuss urgent, unexpected business or customer developments.
This research originated from a Best Practices, LLC consulting project. It was conducted for a client and was based on interviews, database research, literature reviews, on-line data searches, conference proceedings, professional journals and books, academic research, and analysis of past Best Practices, LLC consulting assignments.