Sales Marketing & Communication

The Australian Institute of Marketing and Deloitte (2013) identifies that a ‘board’s oversight of marketing as a driver of growth, central thread of corporate strategy, and major factor in talent attraction and retention is critical’. Having a documented marketing plan identifies key opportunities, threats, weaknesses and strengths, sets objectives and develops an action plan to achieve marketing goals. While the importance of customer relationships that reward companies financially and the flow-on effect for a organisation’s reputation and brand recognition are generally well understood, according to the Australian Institute of Marketing and Deloitte (2013), the importance of the board’s role in effective oversight of these activities, such as key marketing activities and programs, requires greater understanding. It is vital that the organisation is well connected to strategic messaging, ensuring that internal and external communications are aligned, and that the delivery is effective, impactful and actionable. In leading their organisations, Boards play an important role in setting the organisational tone and oversight to marketing, sales and communication practices so they are conducted legally therefore preventing practices such as: false or misleading advertising; non-receipt of products and/or services; cartel behaviour, etc. Under the Australian Consumer Law (ACL) engaging in such practices can attract penalties of up to $1.1 million for body corporates and $220,000 for individuals.