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Design a Marketing Metrics system for a commercial organisation of the group's choice. - Essay Example
Author : wbradtke
Pages 12 (3012 words)
Design a Marketing Metrics system for a commercial organisation Executive Summary Marketing is the nucleus of any business and the acquisition of customers becomes the focus of the business. If there is no marketing, then all logistics and operations are of no use as the revenue needs to flow…
The authors have aptly summarized the difference between yesteryears and the current day marketing where it has become a science rather than an art. Art and skills are definitely required but the scientific factor is a much needed factor. Here comes the metrics portion of the marketing activity. “A metric is a measuring system that quantifies a trend, dynamic, or characteristic. In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events” (Farris et al., 2006). The executive summary gives a comprehensive and compact picture of the importance of Marketing Metrics in today’s business world. If the marketers are unable to quantify their projections they would not even know what they are looking forward and then all planning and marketing activity becomes vague. By quantifying it is meant that marketing requires numbers like percentage of customers requiring their products, judge the change in market conditions, explain customer habits and purchase trends. All the quantitative measures can be put in the form of metrics which will define the future course of marketing activity in an organization. This marketing metrics is being done for Coca Cola who needs no introduction in the beverage market where they have a huge presence for decades. ...
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