For effective implementation and control, the marketing plan should define how progress toward objectives will be measured. Managers typically use budgets, schedules, and performance standards for monitoring and evaluating results. With budgets, they can compare planned expenditures with actual expenditures for a given week, month, or other period. Schedules allow management to see when tasks were supposed to be completed—and when they were actually completed.
Verb vodka will set quarterly milestones centered around nightlife buzz on a social standard and actual amount of units being distributed and sold for a more tangible standard. All standards will be approximations and social and economical issues that can hinder sales will be taken into account. The president of the company will make all decisions and he will be expected to do everything in his power to keep these standards high yet feasibly maintainable.
Performance standards track the outcomes of marketing programs to see whether the company is moving toward its objectives. Some examples of performance standards are: market share, sales volume, product profitability, and customer satisfaction.
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