Quantifiable Elements for Evaluating, Monitoring, and Controlling Marketing Plan
The effectiveness of marketing plan can be controlled, evaluated, and monitored via various quantifiable elements within the market scenario. Despite the fact that such quantifiable elements differ from one product to another and from one firm to another, there are those that are universally applied in achieving the objective. The following discussion identifies some of the quantifiable elements that can be used in monitoring, evaluating, and controlling the effectiveness of marketing plan.
Market Share: There is need for one to study the market share of the compare before the introduction of Apple Vision as well as after the introduction of the product. Market share measures the number of customers that buy and use a particular product. In this case, the number of consumers of Apple Vision will represent the market share of Apple, Inc (Kotler & Keller, 2009). Nonetheless, since Apple Vision is a new product there is a serious need to identify previous market share of Apple, Inc (Kerin, et al., 2009). The figure should be measured against the market share after introduction of Apple Vision. If there is a positive change in the market share as portrayed by the two figures then there is enough evidence to believe that Apple Vision has attracted more customers into the business. Therefore, this is one of the quantifiable elements that can be used in measuring, evaluating, controlling, and monitoring whether the marketing plan is effective.
Revenue: Another quantifiable method of measuring, evaluating, monitoring, and controlling the effectiveness of the marketing plan is through revenue. ...