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Marketing Metrics for UK-based SME - Essay Example

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This paper talks about marketing metrics which are the established measurements within business enterprises in regard to marketing. The importance of these measurements is to determine the performance effectiveness and efficiency of the business enterprise marketing strategy framework…
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Marketing Metrics for UK-based SME

Download file to see previous pages... As the essay declares The metric can evaluate marketing effectiveness at a strategic level. It involves assessment on the key strategies that a company has adopted and measuring individual performances in achieving marketing objectives. An example is whether the company has adopted effective price strategy and effective distribution channels.
This paper declares that the metric measurement assesses and evaluates the levels of customer’s perceptions on the goods and products of the company. This is determined by the quality of the service that a company offers to its clients and customers. Brand awareness will indicate how effective the marketing program in reaching out the larger mass audience in the long run. This metric provides the dominance and the market share that a company holds. This measure is vital in achieving the marketing objective goals therefore its assessment will enable the company to know if the applied approach can deliver the objective. Evoked set of model comprises of a pool of alternatives that consumer has when making decisions also known as consideration set. With the knowledge of available large number of products and brands consumers considers only a few to acquire at any given time. It is important for any marketing communication campaign to target determine the products and brands within evoked set before it is carried out. Consumers include brands in an evoked model through recognition in the marketing environment thus marketing communications can determine the evoked sets through brand awareness campaigns. Secondly is recalling of a product which is memory based which depend on consumer’s ability to recall brands marketing communication messages. The two can be summarized as stimulus-based attributed by brand recognition familiarity and in memory-based which is attributed by brand recall, all leading into inclusion in an evoked set model of a consumer where all are key important aspects in advertising and communication campaigns Brand familiarity and recognition Marketing communication campaigns mainly involves brand awareness and recognition to influence and induce consumers to purchase the brand. This implies that marketing communication campaign may influence a consumer in considering a brand in the evoked set. This depends on the marketing communication encoded information thus resulting into a consumer discriminating on brand over the other. Brand recall This is important in considering a product in an evoked model where a marketing communication campaign conveys a promotional message which encodes in consumers mind. This is recalled during the consideration of brands to include in an evoked model. ...Download file to see next pagesRead More
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