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Running head: IT TODAY’S MARKETING METRICS1IT Today’s Marketing MetricsMatthew A. IngallsColumbia Southern University
IT TODAY’S MARKETING METRICS2Marketing Metrics DefinedMaking changes to marketing techniques as required is all do largely in part to marketing control. Kotler & Keller (2012) define marketing control as the process by which firms assess the effects of their marketing activities and programs and make necessary changes and adjustments. This control is utilized throughout any successful business. Many objectives are reached from setting goals and providing incentives to reach such goals. The controls put in place follow four different controls. These controls are listed as management setting monthly or quarterly goals, then management monitors performance in the marketplace, third, management determines the causes of serious performance deviations, and lastly management will take corrective actions to close gaps between goals and performance (Kotler & Keller, 2012). Performances and goals achieved can be measured using marketing metrics. These metrics are used to measure the effectiveness and performance of various marketing plans. Kotler & Keller (2012) break these metrics down into five categories. These categories include: Sales Metrics, which analyzes sales growth, market shares, and sales from new products. Customer Readiness to Buy Metrics measures consumer awareness, preferences, purchase intentions, trial rates, and repurchase rates. Customer Metrics has many categories, it includes customer complaints, satisfactions, acquisition costs, gains and losses, retention rates, lifetime values, profitability and return on customers to name just a few. Distribution Metrics evaluates the number of outlets, shops handling products, weighted distribution, distribution gains, stock volume, stock cover, out of stock frequency, and average sales per point of sale. The last metric mentioned is Communications Metrics, which assesses brand awareness, advertising awareness, effective reach, frequency, gross rating points and response times.