Most marketing scholars and professionals believe that the marketing function in a company has been steadily declining in importance and impact. In other words, marketing is becoming marginalized at a time when it is most needed, as the world is increasingly becoming market driven and globally competitive. This presentation will highlight several approaches to revitalizing the importance and the impact of marketing in practice through reorganization and reengineering the reward system. Marketing should be reorganized as a corporate staff function analogous to finance and information technology, and it ought to be treated and measured as a balance sheet investment instead of an expense in the income statement.