One of the major barriers to better cooperation between marketing and finance departments is they speak different languages. The Marketing Accountability Standards Board (MASB) has just launched an open-source, curated library of advertising and marketing terms. It is a broad effort of marketing and finance academics, industry associations and practitioners from business as well as the consulting world to codify the language of business.
The objectives of the "Common Language In Marketing" project are to:
- Eliminate the ambiguity and definitional differences between functions within and across firms and their partners
- Encourage trust and collaboration within and across functional areas in organizations, the marketing industry and the broader business community
- Enhance marketing measurement and accountability through a commonly understood language of marketing
If you look under “Brand equity” you will see that CoreBrand is the ONLY firm to open our black box to the scrutiny of the validation review team at MASB. We are quite proud of this and invite all of our competitors to step up to this audit for the purpose of identifying acceptable standards for everyone in this space.
This common language project is part of MASB’s effort to standardize the linkage between marketing and financial performance. MASB is supported in this project by all the major associations including: Association of National Advertisers, American Marketing Association, Marketing Sciences Institute, and The American Association of Advertising Agencies, among others. CoreBrand is not only proud to support MASB as a member but I’m especially pleased to be the co-chair of the Improving Financial Reporting committee of MASB.blog comments powered by Disqus