The paper "Social Media's Emerging Importance in Market Research" is a wonderful example of a Marketing Assignment. Effective planning and implementation of marketing strategies are imperative in the attainment of organizational success. With most profit organizations aiming at optimizing benefits against the production costs by significantly improving the return on investments, market activity and performance evaluation are necessary for controlling marketing strategies (Davis, 2012). The Australian Marketing Institute emphasizes the significance of marketing evaluation in marketing reporting, further, playing a major role in encouraging and helping its members in practical use (Heerde et al, 2013).
Additionally, marketing evaluation would be controlled by various marketing metrics that are different and dynamic depending on the market positions, marketing strategies and organizational financial positions. With a wide range of scholarly research and explanations attempting to provide insights into the marketing metrics' practical use, understanding the metrics and their implications on organizational market performance has been made clearer (Mooradia, Matzler & Ring, 2012). In improving market performance, high levels of brand marketing are strategized with the aim of increasing the target market’ s brand awareness. Furthermore, superior brands and products are used with the aim of attracting customer preferences and customer loyalties with the aim of increasing competitive advantage.
Arguably, the superiority of brands and products increases the market’ s access to the brand's information; hence market awareness (Guffey & Loewy, 2012). As such, it provides an effective analysis tool in marketing evaluation. This retrospect paper discusses general marketing metrics, their use contexts and voice share in relation to brands or products. Marketing Metrics Davis (2012) defines marketing metrics as statistical evaluation measurements used by companies in judging their organizational marketing strategies' effectiveness.
Smith & Madden (2015), on the other hand, explain it as a set of marketing numeric data through which marketers are able to conduct market performance evaluation against their organizational goals. In effect, therefore, marketing metrics involve the usage of reliable market information and data to conduct a detailed analysis of organizations’ market performance and the reliability of the market strategies affected by the organization. The metrics may considerably vary depending on some factors such as company size, initiated marketing campaign type and size and the company goals for the initiated marketing campaigns (Guffey & Loewy, 2012).
With financial information regards, marketing metrics direct attention to the campaign’ s return on investment by comparing the costs of the campaign to the business amount returned. Furthermore, other metrics target the marketing campaign’ s effectiveness in creating a company’ s brand and product awareness, the new customers attracted numbers and the old customers retained numbers (Kanagal, 2014). In marketing efforts, companies spend large budgets amounts. This is in response to the understanding that business effectiveness and good business performance could be boosted by the customer’ s product and service awareness (Brooks & Simkin, 2012).
Since money and time are spent in marketing campaigns, Peters et al (2013) observe, the campaigns’ ineffectiveness and inefficiency may cripple the company’ s fortunes. Thus, it is imperative for organizations to strategically design evaluation standards through which the marketing strategies' effectiveness is judged (Mooradia, Matzler & Ring, 2012). In this case, marketing metrics provide solutions. The designing of most of these metrics is based on specific campaign goals. Imagining a software company aiming to boost 30% sales on particular software and initiates an advertising campaign to this effect.
On completion of the stipulated campaign period, in the evaluation of the effectiveness, the company would analyze the sales records figures to observe whether the goal was achieved.
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