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Principles of Marketing - Essay Example

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This work called "Principles of Marketing" focuses on the keys to marketing success. The author takes into account different rankings in terms of evaluation of its progress through the metrics formula. From this work, it is clear what makes metrics an absolutely essential component of the organization. …
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Download file to see previous pages Metrics make it probable to compare observations through various regions and times. In fact, metrics facilitate collaboration and understanding and from different disciplines.
From the perspective view of marketing, metrics offers a platform in which marketers evaluate the performance of the business through analysis and informed decision making to ensure efficacy for the progress of the venture. The viability of a project is calculated on the basis of the metric from the most applicable metrics system to a particular initiative on the vital aspects of its advantages and limitations in actual results derivation.
Marketing metrics further are statistical measurements on which businesses justify the effectiveness of their respective individual efforts. The metrics are governed in the line of the objective of the business and the kind of marketing campaign to be executed.
A business develops satisfactory knowledge in being in the position to measure its undertakings and express them in the form of numbers. This makes metrics an absolutely essential component of the organization by forming the basis through which effective decision making are laid from the deduced behavior influence and future strategies evaluation.
Brand rejection/negative associations.  When your brand is associated with something negative, people will purposely avoid the product. This happens easily nowadays with just one negative review or social media post, among many other factors that impact on the performance in the market like accidents, product defects that can turn public attitude against your product. Brand visibility becomes the pivot of business progress and therefore it’s vital to fess up and make a move on strategy immediately to resolve the situation.
The strategy of avoiding non-recognition would mean making sure your name and brand are differentiated sufficiently not to be generic, hence it stands out among other brands (Sterne, 2010). This is achieved through the identification of the differences in value exhibited between your product and the products of your competitors and concentrate on that difference mercilessly (p. 89). ...Download file to see next pages Read More
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