Improving accountability: Where marketing and finance working together
Pam Forbus, Scott Davis and Meg Blair
PepsiCo/Frito-Lay and MASB
Background - The boardroom project
In 2004, responding to mounting pressure from corporate boardrooms for accountability in the marketing function, a cross-industry/cross-discipline body of marketing practitioners and academics initiated The Boardroom Project.
Members recognized that measurement standards (tied to financial performance) are essential for the efficient and effective functioning of a marketing driven business, because decisions about the allocation of resources and assessment of results rely heavily on credible, valid, transparent and understandable information.
After a three year comprehensive review of current practices, needs and accountability initiatives sponsored by industry organizations, it was determined that while marketing was not ignoring the issues surrounding metrics and accountability, the practices and initiatives underway were narrow in focus, lacking integration and generally not tied to financial performance in predictable ways.