MKT 300 Chapter Notes - Chapter 1: Operational Definition
10 Sep 2016
School
Department
Course
Professor
Document Summary
Metric: a measuring system that describes a trend, dynamic, or characteristic. Used to explain phenomena, causes, and make projections of the future. Managers must know how to use metrics in decision-making. Marketing used to be a form of art, now it is a form of science. Since metrics require data that may be approximate, incomplete, or unavailable, no single metric is perfect. That is why we use multiple metrics at the same time. Using multiple metrics can get solutions from various perspectives. Using multiple metrics can also increase accuracy since one metric can be a check for another. Another challenge in metrics is the variation in data availability between different industries and geographies. Marketers must figure out what exactly they are measuring by providing an operational definition. In other words, marketers must translate concepts (ex: loyalty) into metrics. We should know the difference between data, information, and knowledge. Data: in raw form and doesn"t tell us much.
