MKT 300 Chapter 1: Summary Notes

• School: Ryerson University
• Department: Marketing
• Course: MKT 300
• Professor: Armand Gervais

Document Summary

Metric: a measuring system that quantifies a trend, dynamic, or characteristic: allows to explain phenomena, diagnose causes, share findings, and project results of future events. When you can measure what you are speaking about, and express it in numbers, you know something about it . Must be able to select, calculate, and explain key business metrics and understand how it is constructed and how to use it in decision making. Marketing no longer viewed as more of an art than a science. Must be able to quantify the value of different variables in several pricing and promotional scenarios. Marketers are held accountable for the financial ramifications of their. Many metrics require data that may be approximate, incomplete, or: a portfolio of metrics is recommended, view market dynamics from various perspectives and arrive at, maximizes the accuracy of their knowledge.