A balanced scorecard is a business tool used in strategic planning and performance management. It provides a better solution for managers to monitor the progress as they can see how the business is being run to determine whether or not the company is compliant with the organization’s strategies. A business scorecard has a significant impact on marketing strategy in that it helps determine whether or not the process would produce more performance data or not (Wu & Hung, 2007) . It helps in communicating the marketing strategy’s value because it allows the management to measure the marketing activities and determine the marketing strategy’s effectiveness. Additionally, it helps determine the procedure’s future outcomes, which is essential in the early stages of planning for a workable marketing strategy.
Regarding the fact that balanced scorecards are customer-oriented, they can help determine whether the marketing strategy would be appealing to customers and the necessary needs to enhance its efficiency. The scorecards can help assess the impact that the marketing strategy would have on its revenue and profits. All these factors that can be determined by the balanced scorecards are essential before implementing a marketing strategy ( Narayanamma & Lalitha, 2016). To ensure the marketing strategy’s effectiveness, the balanced scorecards help to measure the individual marketing activities and programs so that the organization can make the market mix decisions that will yield high returns. It enables the marketers and the organizational leaders to evaluate how effective the marketing strategy would be before it becomes implemented. In addition to this, the balance scorecards can drive performance in the marketing department by providing the necessary details on the major marketing strategies that can be adapted for the organizations’ success. It helps organizational leaders guide the marketers on what should be done and what should be avoided before starting any marketing strategy.
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References
Narayanamma, P. L., & Lalitha, K. (2016). Balanced Scorecard-The Learning & Growth Perspective. Aweshkar Research Journal , 21 (2).
Wu, S. I., & Hung, J. M. (2007). The performance measurement of cause-related marketing by balance scorecard. Total Quality Management & Business Excellence , 18 (7), 771-791.
