MKT 310 Lecture Notes - Lecture 9: Chief Marketing Officer, Esus, Chief Financial Officer
Document Summary
Organizations need to track what it owns and how it is performing: balance sheet tracks what it owns and income statement tracks how it is performing; marketers are more concerned with the income statement. Impact on sales should be considered as various marketing programs are implemented. Pessimistic, optimistic, and realistic assumptions are considered when creating financial models. Marketers are using these techniques to prepare organization for the possibility of achieving them and challenges that may also arise. Measuring impact: benefits of the initiative = profit x gross margin. The role of the cmo, cfo, and other stakeholders. Cfo: chief financial officer: responsible for both accounting and finance departments of organization, works closely with cmo, especially regarding marketing p(cid:396)og(cid:396)a(cid:373)s" i(cid:373)pa(cid:272)t o(cid:374) fi(cid:374)a(cid:374)(cid:272)ial fu(cid:374)(cid:272)tio(cid:374)s of (cid:272)o(cid:373)pa(cid:374)y, may establish company benchmarks that company initiatives must meet. Marketing plan is a culmination of industry research, internal analysis, reflection on business strategy, and identification of marketing objectives.
