Design a Marketing Metrics system for a commercial organisation of the Essay

Design a Marketing Metrics system for a commercial organisation of the group's choice - Essay Example The authors have aptly summarized the difference between yesteryears and the current day marketing where it has become a science rather than an art. Art and skills are definitely required but the scientific factor is a much needed factor. Here comes the metrics portion of the marketing activity. â€Å"A metric is a measuring system that quantifies a trend, dynamic, or characteristic. In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events† (Farris et al., 2006). The executive summary gives a comprehensive and compact picture of the importance of Marketing Metrics in today’s business world. If the marketers are unable to quantify their projections they would not even know what they are looking forward and then all planning and marketing activity becomes vague. By quantifying it is meant that marketing requires numbers like percentage of customers requiring their products, judg e the change in market conditions, explain customer habits and purchase trends. All the quantitative measures can be put in the form of metrics which will define the future course of marketing activity in an organization. This marketing metrics is being done for Coca Cola who needs no introduction in the beverage market where they have a huge presence for decades. Even though Coca Cola has established its brand over the years but still it requires a dynamic marketing team to work round the clock to ensure that it reaches out to its customers in a market which is volatile and can change in a matter of no time. Therefore marketing metrics is required to constantly analyze the changes in trend, the purchasing habitat of people, customer tastes, and inclination to reward systems or accumulation of points on coca cola consumption. The report also emphasizes the background of the company, its non financial resources and its financial resources. The non financial resources include market s hare, customer relationship management, awareness, competitor analysis, product lifecycle and customer satisfaction. The financial resources include Sales and Revenue as well as the Return on Investment (ROI). A lot of planned marketing metrics is done by Coca Cola Company so that it can stay competitive in the market. Marketing metrics involves quantitative analysis based on which important business judgments are made and the marketing managers needs to be spot on and accurate in this analysis to use it to the good effect of the organization as a whole. Introduction Marketing metrics is a complex phenomenon and corporate like Coca Cola needs a range of metric to come to a definite and logical analysis. To achieve the marketing metrics a range of parameters and phenomenon needs to be derived and appropriate data input and analysis needs to be done. Customer satisfaction survey is one of the key input areas where customers quantify their satisfaction level. Similarly trend analysis i s done with customer survey which gives an insight to the company as to the market trends and habits of the consumers. This section gives a comprehensive insight into the method and manner of producing a marketing metric which would serve the purpose of getting quality and quantitative information of the market situation which will enable the marketing department to come to marketing decisions based on analysis. â€Å"The challenge, of course is knowing what to measure and exactly how to measure it. That is where Marketing