Using Likert Scale in Surveys When designing a survey you always start with the goal in mind – the purpose of the survey. Next is creating a list of questions (designing survey questionnaire) and deciding how the respondents will answer your survey questions. What answering options should you give to the survey respondents and how […]
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A market research survey is one of the most simple and direct avenues that your business can take to obtain information from your current and prospective customers. The purpose of this technique is to obtain data from a segment of your target market so that you will be better informed regarding what they want and […]
Read MoreMarketing Audit: Organizational Marketing Assessment Marketing Audit is an organizational marketing assessment approach with the purpose of analyzing the marketing approach. Marketing Audit is very useful exercise for any organization because it can reveal weaknesses and identify opportunities for improving the current marketing activities taken by the organization. Marketing Audit is strategic marketing assessment and […]
Read MoreThe marketing mix model is a process for planning and strategy development that involves four elements within your control. These are: Product Price Place Promotion
Read MoreMarketing Performance Management The success of our marketing performance just like any performance management system depends on the metrics that drive the measurements and decision making as we manage our businesses on a daily basis. Our perception and actions depend on how we decide about the ways moving forward. What is good performance? What is […]
Read MoreExamples of Frequently Used Marketing Metrics: Customer Acquisition Cost Average marketing and sales cost associated with acquiring new customer. Example: total marketing investment divided by number of new customers. Customer Retention Percent of our customers who keep doing business with us. Customer retention rate is calculated per period, for example, annual customer retention rate.
Read MoreDeveloping Successful and Effective Marketing Plan The following is a list of most frequently considered issues by marketing and sales managers. Developing marketing plan is a process of creating a roadmap for building success in the marketplace. It’s about exploring the market trends and opportunities and outperforming competitors while building long-term competitive advantage.
Read MoreThe outline and format of marketing reports Marketing report is an extremely detailed approach of how you would like to promote the organization’s services or products. Learn how to create marketing dashboard reports in Excel:
Read MoreRFM is a database marketing technique originally developed and used in direct marketing and retail industry. This approach can be used in any industry to support marketing and sales decisions for developing marketing and sales strategies and tactics. RFM tool is used for analyzing customer behavior and identifying customer groups with similar behaviors.
Read MoreThe most crucial portion of the marketing plan is definitely the situation analysis. This is actually the portion of your own marketing strategy which demonstrates your own marketing goals and objectives for your business. Having the ability to discover your own target segment will help you strengthen your own marketing and advertising tactics and strategies. […]
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