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Related Experiment Videos

Bringing customers into the boardroom.

Gail J McGovern1, David Court, John A Quelch

  • 1Harvard Business School, Boston, USA.

Harvard Business Review
|November 24, 2004
PubMed
Summary

Boards of directors need better insights into marketing strategies. A new "marketing dashboard" helps boards track business drivers, growth innovations, and marketing talent to improve corporate strategy and drive revenue.

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Area of Science:

  • Business Strategy
  • Marketing Management
  • Corporate Governance

Background:

  • Marketing functions are often misaligned with corporate strategy and lack executive visibility.
  • Boards of directors frequently lack understanding of how marketing meets customer needs and drives growth.
  • Ineffective marketing strategies can significantly diminish shareholder value.

Purpose of the Study:

  • To address the disconnect between marketing strategy and corporate oversight.
  • To provide boards with critical knowledge of marketing's role in driving top-line growth.
  • To introduce a framework for assessing marketing effectiveness and alignment with business objectives.

Main Methods:

  • Development of a "marketing dashboard" comprising three key reporting sections.
  • Tracking of main business drivers impacting company performance.
  • Monitoring of innovation pipeline for growth ideas and marketing skill sets.

Main Results:

  • The proposed dashboard offers a structured approach for boards to assess marketing effectiveness.
  • It enables regular review of business drivers, growth innovations, and marketing talent.
  • Provides a more comprehensive and relevant measure of marketing performance than isolated metrics.

Conclusions:

  • Boards can leverage the marketing dashboard to ensure marketing strategies align with corporate goals.
  • This tool empowers boards to identify and rectify inadequate marketing campaigns.
  • Effective marketing oversight, facilitated by the dashboard, can enhance shareholder value and drive sustainable growth.

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