Using The Balanced Scorecard In Strategic Marketing Performance Management

Without metrics to track performance, marketing and business plans are ineffective.Business need to know which success factors require measuring.True marketing is strategic in nature and lies at the very heart of the enterprise inproviding a range of planning tools to help the firm meet its customers' need andgrow in competitive markets. A marketing plan should always support the corporateplan. In particular, marketing should always support the financial goal of the firm.Sometimes, however, there is a conflict between long-term and short-term objectives.Whereas long-term objectives may be an integral aspect of planning for the next fiveyears, short-term objectives drive operational priorities for the next year or so.The Balanced Scorecard (Kaplan and Norton, 1993) is a device for helping avoid askewed approach to planning and enabling executives to set a range of targets withappropriate objectives. It provides for a balanced range of objectives covering finance,customer needs, product development and internal function with accompanyingmeasurements.In the following articles the relationship between marketing and finance is beingexplored. Through using the Balanced Scorecard in strategic marketing, we find outwhich measurements are key factors to a corporate long development, and how theyeffect the firm's operation.