Marketing success can be measured on several non-financial market metrics. These
ID: 349811 • Letter: M
Question
Marketing success can be measured on several non-financial market metrics. These measures are important since these often shed light on underlying conditions and circumstances facing the company that are not easily seen within financial measures. For instance, a company may report strong sales for a product but market share information may suggest the product is losing ground to competitors. The marketing objectives section will indicate targets to be achieved across several marketing decision areas. To add additional strength to this section include marketing metrics where possible. (Page length: less than 1 page)
1. Target Market Objectives
market share
- total
- by segments
-by channel
customers
-total
-number/percentage new
-number/percentage retained
purchases
-rate of purchases
-size/volume of purchases
2. Promotional Objectives
level of brand/company awareness
traffic building
-(e.g., store traffic, website traffic)
product trials
-(e.g. sales promotions, product demonstrations)
sales force
-(e.g. cycle time, cost per call, closing rate, customer visits, etc.)
3. Channel Objectives
dealers
-total
-number/percentage new
-number/percentage retained
order processing and delivery
-on-time rate
-shrinkage rate
-correct order rate
4, Market Research Objectives
studies initiated
studies completed
5. R&D Objectives
product development
6. Other Objectives
partnerships developed
Working on a marketing plan and just need some help figuring this section out. Our book doesn't really go into detail about it and having a hard time looking up examples online. Any help would greatly be appreciated. Thank you! This is for my marketing class.
Explanation / Answer
A Marketing Plan basically is a road map made for a brand/service which needs to include all the key variables like market size,growth study and estimation including competitor mapping.
Based on the raw market data received,the detailed analysis is done to arrive at the brand objectives in short,medium and long term periods.The brand aspiration/plan also has to evaluate the full supply chain of the product from start to finish and to anticipate the value added cost at each step.
The R&D objective is equally important to ensure that product quality is always maintained and improved/new product development measures are planned optimally.
The Channel objectives,partnerships developed are all critical and linked steps in the overall cycle of timely and effective Product Delivery to the end customers.
A good marketing plan must have a periodic review to ensure updations and corrections as any market/segment is dynamic and the plan must be optimised to face any challenges/tactics from competitors.