Marketing Manager Course - Chapter 16

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Marketing Manager Course - Chapter 16

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  1. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  2. Chapter 16 Management Control McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  3. Learning Objectives After reading this chapter, you should be able to: Understand the importance of control systems. Distinguish between system- and person-based control systems. Distinguish between process- and outcome-based control systems. Evaluate various control approaches. Understand why measurement is necessary for control. Develop measures that support effective control systems. Develop and implement a balanced scorecard. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  4. The Importance of Control Control is the process of comparing performance to standards and taking corrective action. It ensures that: standards are met errors are limited quality is acceptable products are safe the company is performing at the highest possible level Control is closely associated with planning. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  5. Categorization of Control Approaches Control approaches can be categorized according to two factors - type and focus: Type - divided into formal and informal approaches Formal control systems consist of written rules Informal control systems rely on unwritten expectations Focus – directed at the outcome or the process Outcome approach focuses on the results of a business process Process approach focuses on how the work is performed McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  6. Control Approaches Model Marketing Control Outcomes Subjective Control Financial Controls Focus Operations Management Bureaucratic Control Process Clan Control Balanced Scorecard Informal Formal Type McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  7. Informal and Outcome-Focused Control Characterized by subjective control - an informal approach based on global assessment of outcomes Subjective control: does not typically utilize explicit standards does not specify how deviations from an acceptable level should be handled is common in smaller businesses and service settings is the “no news is good news” approach McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  8. Formal and Process-Focused Control: Bureaucratic Control Bureaucratic control is a formal control approach that operates in a cycle and is characterized by written guidelines and controls. Involves: the application of standards to assess performance the application of corrective actions to regulate performance and bring it back to the level of the standards. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  9. The Bureaucratic Control Process 1. Establishing 2. Performance Standards Measurement 3. Identifying 4. Corrective Gaps Action McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  10. The Bureaucratic Control Process (continued) Establishing Standards Standards should be participative rather than simply implemented from the top down so that employees understand and are committed to them. Standards come from: goals statistical analysis benchmarking Performance Measurement Use of objective data, which is free from error or bias Use of subjective data, which involves human judgement McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  11. The Bureaucratic Control Process (continued) Identifying Gaps Compare standards with performance measures Upper and lower control limits establish: acceptable variations normal variations unacceptable variations Corrective Action What should management do? Nothing Take action Change standards McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  12. Types of Bureaucratic Control Feedforward Control Concurrent Control Feedback Control McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  13. Types of Bureaucratic Control (cont.) Feedforward control Designed to prevent problems before they occur Concurrent control Takes place as the work process is being carried out Feedback control Occurs after a process has been completed McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  14. The Balanced Scorecard A balanced scorecard is a technique designed to control and improve: customer service learning and growth finance internal business processes Links strategy to action Is more broad than bureaucratic control Focus on: priorities the work process how things are done McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  15. A General Balance Scorecard Format Objectives Measures Targets Initiatives Financial - what we need to do to succeed financially Customer - what we need to do to excel at customer service Internal Business Processes - what we need to do to have world class processes Learning and Growth - how to change and increase our potential and effectiveness McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  16. Formal and Outcome-Focused Control The regulation of performance by applying the standards or guidelines to the outcomes of a process through: Market control - the use of indicators of market values as standards for regulating performance Financial controls - the use of various monetary measures to regulate performance McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  17. Types of Financial Controls Budgetary Control Financial Statements Activity-Based Financial Ratios Costing McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  18. Types of Financial Controls (cont.) Budgetary control - used to specify amounts to be expended for various activities or events Can help managers control and predict costs Financial Statements - tools that are used to assess and control the financial health of an organization Balance sheets Profit and loss (income) statements McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  19. Types of Financial Controls (cont.) Financial Ratios - provide an overall check of performance Liquidity ratios - an organization’s ability to pay short-term debt Leverage ratios - the amount of funds available in an organization from shareholders and creditors Profitability ratios - indicate the amount of financial return from an investment Activity-Based Costing - associates costs with tasks calculated for: receiving and processing sales orders expediting supplies and production distribution resolving errors and problems McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  20. Informal and Process-Focused Control Emphasizes an implicit sense and common understanding of how things should be done Does not rely on explicit guidelines and standards Assumes that people have an internal set of standards that will guide how they perform McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
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