Bank of Baroda Clinches the Prestigious SPJIMR Marketing Impact Award 2007

Bank of Baroda Clinches the Prestigious SPJIMR Marketing Impact Award 2007

The point that emerged from the enlightening discussion was that the metric should be used is the lifetime value to the customer. The marketing department is just a trustee of customer and not the target achiever, as the customer has become more informed and marketers don't really have a choice.

The pertinent question is whether the stakeholders are given enough metrics to judge how efficiently the companies are using the money for marketing. Market share and customer satisfaction are the two metrics that are being used, and others include employee satisfaction, CSR and Strategic review of every aspect of marketing exercise.

There is a greater need for accountability and transparency in organizations. The kind of tools available makes it possible to deal with the complexity of the task at hand. Since it is at large scale hence it cannot be done manually. Marketers should try to reduce the elephant tusk syndrome, ensuring that there is no discrepancy between what they say and what they do to inculcate faith and trust. It is important to be honest and upfront and that there are trade offs that have to be considered.

Concluded.

Contributed by -
Meghana Kedar (Campus Associate),
PGDBM, Batch of 2006-08,
S. P. Jain Institute of Management & Research, Mumbai.

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