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Lecture 14

MARK301 Lecture Notes - Lecture 14: Root Mean Square, Loyalty Program, Mro People


Department
Marketing
Course Code
MARK301
Professor
Utku Akkoc
Lecture
14

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Monitoring and Evaluation
Why is this Important?
to not get sued
to justify your spending
to know it anything needs to be adjusted
Marketing Control
the process of measuring and evaluating the results of marketing strategies and plans and
taking corrective actions to ensure that objectives are achieved
four steps
1. set specific marketing goals
2. measure performance in the marketplace
3. evaluate performance
4. take corrective action to gaps between goals and performance
Who is Accountable?
the manager should only be accountable for the revenues, expenses and profits that they can
control
e.g. sales, sales associate productivity, and energy costs
decisions and expenses that affect several levels should not be arbitrarily assigned to lower
levels
e.g. labour, capital expenses at headquarters
e.g. if corporate lowers prices and profits suffer, then it would be unfair to blame the store
manager
market forces may affect profits
e.g. recession
assess whether reaction was appropriate
Monitoring vs. Evaluation
monitoring
measurements that are conducted sometime after you launched your plan but before it is
completed
purpose is to determine whether you need to take midterm, corrective action
e.g. do people know your brand? are families being supportive?
evaluation
the final report on what happened
answers the bottom line question: did you reach your goals for changes in behaviours,
knowledge, and attitudes?
e.g. what percentage of target market bought product? were you on budget? which promotional
efforts worked? what will you do differently?
Questions You’ll Want to Ask Yourself
why are you conducting this measurement?
what will you measure?
how will you conduct these measures?
when will these measures be taken?
how much will it cost?
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