MKT 300 Chapter 1-10: CMKT300 Notes
Document Summary
A metric is a measuring system that quantifies a trend, dynamic, or characteristic: phenomena, diagnose causes, share findings, and project the results of future events, compare observations across regions and time periods. Managers must quantify market opportunities and competitive threats. Must justify the financial risks and benefits of their decisions. Evaluate plans, explain variances, judge performance, and identify leverage points for improvement all in numeric terms. Managers must select, calculate, and explain key business metrics: how each is constructed and how to use it in decision making. 1. 3 marketing metrics: opportunities, performance, and accountability. Marketers are by no means immune to the drive toward quantitative planning and evaluation. Must measure the new opportunities and the investment needed. Marketers must quantify the value of products, customers, and distribution channels all under various pricing and promotional scenarios. Metrics can help a firm maintain a productive focus on customers and markets: help managers identify the strengths and weaknesses in both strategies and execution.