Business Studies

Explain the importance of marketing control and select what you think are the key considerations in the marketing control process. Justify your ideas using specific reasons, facts, and examples.

ANSWER

Marketing Control

Control is an essential aspect of marketing. Exercising control while implementing the marketing process ensures that every element of marketing remains in perspective. Marketing control, therefore, is the process of keeping track of the marketing implementations and making any necessary adjustments (Lukoszová, 2020). Since marketing entails planning on the objective of the organization and devising ways and plans of achieving them, control ensures that the marketing plan remains in the right course of action with minimal interference. In this case, control entails monitoring, evaluation, and adjusting. Marketing control monitors the progress of the implemented marketing action plan. It then evaluates whether the proposed plan is running smoothly. In the case of interference or deviation from the intended objective, marketing control ensures that various adjustments are made to remain on the right course (Lukoszová, 2020).

Standards play an integral role while control is being exercised. The marketing team or manager ensures that the proper standards are set and maintained throughout the marketing plan. Standards are measured against the intended objective, and if the standards are not met, adjustments are then made. The corrective action (adjustments) also has to be in line with the company’s overall objective. Therefore, for marketing control to be effective, constant monitoring and evaluation of the marketing process must be successful. There are various approaches that marketing control typically exercises control. These include market share analysis, ratios analysis, service levels, marketing research, quality controls, among others (Lukoszová, 2020).

Consequently, marketing control is vital in several ways. First, marketing control ensures the proper utilization of marketing resources. The goal of the organization is the final say of whether the organization stays afloat or goes out of business. It is therefore important to utilize every available resource in the marketing process with minimal waste. Marketing control understands this logic, and therefore enforces certain rules and guidelines to ensure that these crucial resources are not wasted. A good example is for startup and midsize companies (Lukoszová, 2020). Many startup companies usually have a tight budget for marketing to improve their sales and performance. Such companies uphold the gravity and importance of marketing control to ensure that the minimal resources they operate with are not wasted.

Another importance of that marketing control plays is that it ensures that the implementation of the marketing plans is seen through. Organizations use marketing to evaluate the conditions of the economic environment in which they operate (Lukoszová, 2020). They use it to figure out their competitors, government policies and take such opportunities to maximize their sales. These marketing plans are, therefore, the backbone of the organization. Thus, marketing control ensures that the marketing plans of the organization are maintained and seen through until their fruition. It ensures that the right standards are maintained for good benefits in the long run. The monitoring of the marketing resources and marketing plan go hand in hand.

Finally, marketing control is essential as it helps evaluate various comparative positions of different products. It evaluates the cost of the marketing plan alongside the marketing activities. The cost of the overall marketing plan and objective has to be in line with its objectives (Lukoszová, 2020). If the marketing activities surpass the assigned budget, the expected objective of the organization will not be achieved. Marketing control ensures that every aspect of cost and resources remains on the right path. It evaluates the marketing activities that are costly than expected, and a corrective measure is ultimately initiated. The cost of the marketing resources and marketing activities is the survival of the marketing plan. Therefore, marketing control ensures that this plan is achieved.

References

Lukoszová, X. (2020). The importance of marketing controlling metrics in medium-sized companies. In Scientific Conference INPROFORUM (p. 126).