According to the marketing planning process (see Chapter 2 inthe textbook), the implementation of specific marketing mix (4Ps) strategies and tactics should be followed by marketing control...

According to the marketing planning process (see Chapter 2 inthe textbook), the implementation of specific marketing mix (4Ps) strategies and tactics should be followed by marketing control activities, which includes measuring the results of such strategies/tactics in order to assess to what degree the plan is on track and the strategies --particularly promotional activities-- contribute to the marketing objectives. For this discussion forum, you need to watch the video located athttps://www.youtube.com/watch?v=i07HlxY0Wlo, which is a short explanation on the implications of using Return on Marketing Investments (ROMI) to evaluate marketing programs presented by UCLA’s Dr. Dominique M. Hanssens for theMASB-Marketing Accountability Standards Board’sYouTube channel (by the way, for those of you interested to learn more about the application of financial principles and metrics to marketing activities, in that YouTube channel you can find other videos related to these topics).Discuss how Dr. Hanssens’ video added to your understanding of strategic marketing planning (in Chapter 2) in regards to the relevance of using marketing metrics for evaluating the impact of marketing programs and activities.What are the reasons and consequences of using inappropriate ROMI measurements?Do you think businesses currently understand the importance of measuring the effectiveness of marketing investments? Do you consider it is a common, routine practice in firms and companies? Are there differences in the type of businesses that use ROMI metrics and those that do not? Why or why not? If so, which types? Please useblack
boldfontto identify the differences in thetype of businessesthat use and don't use ROMI metrics (e.g., firm size, industry, years in business, customer segments, etc.)