Marketing evaluation is an effective analysis about the real estate market in order to understand the value of subject property. As stated by Aghdaie, Zolfani and Zavadskas (2013), marketing metrics is one of the major tools of marketing evaluation. With the help of marketing metrics procedure, various organizations or enterprises are able to understand and enumerate various marketing performances. Why marketing metrics is important in market place? By applying marketing metrics technique managers of a particular organization get to know how their brands or products are able to create a demand in the market (Fregonara et al. 2013).
The concept of marketing metrics helps the marketing managers to understand how their brand is performing to fulfill the needs of customers. As per the performance of their brand, the managers like to make some of the effective plans and procedures to improve the quality of brand and the product. As per the reaction of the customers, the market evaluators like to plan and process their brand strategies.
Walmart after launching a retail brand in the market tries to keep a market survey to collect the customers’ feedback. Fight and spark change is one of the campaign that they promoted for the poor. Now Walmart is primarily concerned for the kids’ food. While launching this particular recipe in the market, the organization intended to follow metrics procedure (Krebs and Scheffel 2013). As a result, the marketing managers were able to collect a necessary feedback from the customers about the ingredient quality of their brands and products.
Walmart is a global company. Walmart opened their first store in Arkansas. It gained his fame in market place as the most innovative store of the world. Healthy kids are the innovative branch they launched keeping in mind the health benefits of the kids. Several reasons are there based on which a marketing managers need marketing metrics for running their business successfully. They have accumulated around $ 299.3 billion this year and have become the leading company of the world.
In order to launch a new product in the market, to increase the price rate, to add some additional ingredients for enhancing the brand quality this particular procedure like marketing metrics is highly necessary (Lechner 2012). Marketing metrics is constituted with several types that include behavioral metrics, memory metrics, financial metrics, customer profile metrics, marketing activity metrics, memory metrics and physical availability metrics. Financial metrics has been defined as per the profits contribution of a brand. Profit contribution has been calculated based on sales revenue minus direct cost. Customer lifetime value indicates the net profit that is attributed to the future relationship with the customers (Pouraghajan and Emamgholipourarchi 2012). Based on the customer lifetime value the marketing managers are able to identify the future needs and demands of the customers from the particular organization.
For an example, in order to enhance the market growth of Walmart, the marketing managers have to concentrate primarily on two factors. Market urgency and market size is one of the most important reasons to deal with the customers’ needs and demands. In order to create market urgency Walmart has launched healthy kid products to draw the attention of the parents. Walmart’s market evaluation report says that this particular company is successful enough to create a market demand on healthy kid product. As a result, within few years more than twenty million people have become their daily customers (Saha and Zaman 2013). The service providers have to deal with almost thirty million people daily in order to fulfill their demands.
Behavioral metrics indicate that sales, market share, market penetration and share and category requirement. The aspects of sales indicate how many units or products an organization has to sell in order to create a market demand. Based on the market share the company would be able to understand the proportion of marketing which tends to use the organizational brand. Market penetration indicates the actual proportion of products that is sold in the market. Finally purchase frequency indicates how frequently one particular customer tends to use the product of an organization. All the efforts that were made by the company for children increase the purchase frequency and also help the company to succeed in the memory metrics as well.
Submitted by: Sarath Sanka(215182704)
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