Related Research Articles
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name. The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.
In marketing, customer lifetime value, lifetime customer value (LCV), or life-time value (LTV) is a prognostication of the net profit contributed to the whole future relationship with a customer. The prediction model can have varying levels of sophistication and accuracy, ranging from a crude heuristic to the use of complex predictive analytics techniques.
Broadly, retention rate is a statistical measurement of the number of people that remain involved with some kind of entity, such as a company or research group.
In advertising, a gross rating point (GRP) measures impact. GRPs help answer how often "must someone see it before they can readily recall it" and "how many times" does it take before the desired outcome occurs.
Customer satisfaction is a term frequently used in marketing to evaluate customer experience. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." Enhancing customer satisfaction and fostering customer loyalty are pivotal for businesses, given the significant importance of improving the balance between customer attitudes before and after the consumption process.
The brand development index or BDI quantifies how well a brand performs in a market, compared with its average performance among all markets. That is, it measures the relative sales strength of a brand within a specific market.
The category development index (CDI) measures the sales performance of a category of goods or services in a specific group, compared with its average performance among all consumers. By definition, CDI measures the sales strength of a particular product category within a specific market.
The following outline is provided as an overview of and topical guide to marketing:
Copy testing is a specialized field of marketing research, that determines an advertisement's effectiveness based on consumer responses, feedback, and behavior. Also known as pre-testing, it might address all media channels including television, print, radio, outdoor signage, internet, and social media.
Return on marketing investment (ROMI) is the contribution to profit attributable to marketing, divided by the marketing 'invested' or risked. ROMI is not like the other 'return-on-investment' (ROI) metrics because marketing is not the same kind of investment. Instead of money that is 'tied' up in plants and inventories, marketing funds are typically 'risked'. Marketing spending is typically expensed in the current period.
Customer engagement is an interaction between an external consumer/customer and an organization through various online or offline channels. According to Hollebeek, Srivastava and Chen S-D logic-Definition of customer engagement is "a customer’s motivationally driven, volitional investment of operant resources, and operand resources into brand interactions," which applies to online and offline engagement.
Brand awareness is the extent to which customers are able to recall or recognize a brand under different conditions. Brand awareness is one of two dimensions from brand knowledge, an associative network memory model. Brand awareness is a key consideration in consumer behavior, advertising management, and brand management. The consumer's ability to recognize or recall a brand is central to purchasing decision-making. Purchasing cannot proceed unless a consumer is first aware of a product category and a brand within that category. Awareness does not necessarily mean that the consumer must be able to recall a specific brand name, but they must be able to recall enough distinguishing features for purchasing to proceed. Creating brand awareness is the main step in advertising a new product or bringing back the older brand in light.
Sales effectiveness refers to the ability of a company's sales professionals to “win” at each stage of the customer's buying process, and ultimately earn the business on the right terms and in the right timeframe. Improving sales effectiveness is not just a sales function issue; it's a company issue, as it requires deep collaboration between sales and marketing to understand what is working and not working, and continuous improvement of the knowledge, messages, skills, and strategies that sales people apply as they work sales opportunities.
Marketing accountability is a term that signifies management with data that is understandable to the management of the enterprise. "Accountable Marketing" is another name that can be given to this process.
The Marketing Accountability Standards Board (MASB), authorized by the Marketing Accountability Foundation, is an independent, private sector, self-governing group of academics and practitioners that establishes marketing measurement and accountability standards intended for continuous improvement in financial performance, and for the guidance and education of users of performance and financial information.
The marketing metric audit protocol (MMAP) is the Marketing Accountability Standards Board's formal process for connecting marketing activities to the financial performance of the firm.
Willingness to recommend is a metric related to customer satisfaction. When a customer is satisfied with a product, he or she might recommend it to friends, relatives and colleagues. This willingness to recommend can be a powerful marketing advantage. In a survey of nearly 200 senior marketing managers, 57 percent responded that they found the "willingness to recommend" metric very useful.
Cost per order, also called cost per purchase, is the cost of internet advertising divided by the number of orders. Cost per order, along with cost per impression and cost per click, is the starting point for assessing the effectiveness of a company's internet advertising and can be used for comparison across advertising media and vehicles and as an indicator of the profitability of a firm's internet marketing.
Numeric distribution is based on the number of outlets that carry a product. It is defined as the percentage of stores that stock a given brand or SKU, within the universe of stores in the relevant market.
References
- ↑ Blair, Margaret H., and Allan R. Kuse. "Better Practices in Advertising Can Change a Cost of Doing Business to Wise Investments in the Business." Journal of Advertising Research. March 2004.
- ↑ Shepard, Barry. "Developing and Managing Advertising for StarKist Tuna in a Pouch." Quirk's Marketing Research Review. March 2003.
- 1 2 Shirley, Dan. "From Copy Testing and Diagnostics to Process-driven Improvement." The Advertiser (ANA). April/May 1999.
- ↑ Stewart, David W. "Advertising Wearout: What and How You Measure Matters." Journal of Advertising Research. September/October 1999.
- ↑ Masterson, Peggy. "The Wearout Phenomenon: Advertising's Selling Power Declines Predictably, Based on the Underused 'Wearout' Finding." Marketing Research. Fall 1999.
- ↑ Ashley, Susan R. "How to Effectively Compete Against Private-Label Brands." Journal of Advertising Research. January/February 1998.
- ↑ Blair, Margaret Henderson, and Michael J. Rabuck. "Advertising Wearin and Wearout: Ten Years Later. More Empirical Evidence and Successful Practice." Journal of Advertising Research. September/October 1998.
- ↑ Jones, John Philip. "Advertising Pretesting; Will Europe Follow America's Lead?" Commercial Communications. June 1997.
- ↑ Adams, Anthony. "Advertising Research" in Dartnell's Advertising Manager's Handbook: 4th Edition. Ed. David Bushko, 1997.
- ↑ Mondello, Mike. "Turning Research Into Return-on-Investment." Journal of Advertising Research. July/August 1996.
- ↑ Adams, Anthony J., and Margaret Henderson Blair. "Persuasive Advertising and Sales Accountability: Past Experience and Forward Validation." Journal of Advertising Research. March/April 1992.
- 1 2 MASB. Practices & Processes Underlying the Development & Management of an “Ideal Metric”. October 2010. [cited 7 February 2011]
- ↑ comScore ARSgroup. comScore Announces Acquisition of ARSgroup. Archived 9 February 2011 at the Wayback Machine 10 February 2010. [cited 7 February 2011]
- ↑ MASB. Measuring and Improving the Return from TV Advertising (An Example). April 2008. [cited 7 February 2011]
- ↑ MASB. MMAP. [cited 7 February 2011]