Importance of Measuring Returns in Marketing

Importance of Measuring Returns in Marketing Marketing Metrics Background Organizations have rapidly moved into an era of focused marketing spending. Cost cutting is no longer considered the best possible revenue generation vehicle because of its limitations. Tougher economy has put screws to marketing and sales department budgets. It has made marketing to prove it’s spend or at least justify the value of its investment. Ahuja et al., (2001) highlight that cost cutting alone is not enough in increasing a firm’s revenue, nor does it dramatically improve the bottom line over the long term. However, finding the â€Å"lost† money that isn’t being wisely invested and reallocating it to more strategic marketing programs helps to increase a firm’s revenue and profits year after year after year (Kokkinaki Stefano, 2004). This has given rise to the marketing metrics, marketing mathematics, measurement marketing. Marketing spending is continually been questioned as marketing budgets get slimmer. There is an increasing accountability of marketing spending in the current market climate (Barwise Farley, 2003). The marketing industry has reached an era where the firms are increasingly been forced to spend on profitable activities. The allowance to spend on things that don’t directly support the firm’s strategic plan, vision, and mission is reducing by each passing day. Leaders and higher managers are trying to continuously trying to motivate their firms to identify spending that isn’t tied to investment in the firm’s future (Clark, 1999). This is done to free up the money to reallocate it more strategically to more profitable propositions. The time of overspending with little or no control is drawing to a close. The rise of internet marketing has also increased the relevance and importance of measuring as results can easily be measured online. Online marketers measure things such as ‘Click-through rate’ (measures the relevancy of e-mail offerings by tracking the  number of unique click-through). One of the other online measures used by organizations like Amazon is the ‘Goal conversion rate’ (integrates web analytics with e-mail marketing tool to track the metric that matters) . The rise of performance measurement Performance measurement has been touted as an improvement for organizations for decades. Marketing managers and policymakers now have measurement tools to help carry out their responsibilities to deliver and improve services. Performance measurement can provide the link between whats (objectives, targets and performance standards) and hows (behaviors, competencies and processes) of personnel performance (Deery et al., 2002; pg 471). The measurement process involves setting of corporate, department, team and individual objectives. Researchers have recommended that a performance measurement framework should start with an organizational analysis. A decision to implement the performance measurement system should be made according to the organizational principles and model of the organization following the identification of the existing structure and functioning of the organization and the evaluation of the structural problems (Ambler, 2001). The most innovative companies and organization s, do not simply execute one good program, rather, they integrate advanced management techniques into a comprehensive approach to productivity improvement. They use performance measurement and evaluation to help establish goals and measure results, estimate and justify resource requirements, reallocate resources, develop organization improvement strategies and motivate personnel to improve performance (Schaufeli Buunk, 2003; pg 383). While some organizations do not believe in assembling data for measuring, others find marketing metrics hard to assemble. Lack of IT systems can be partly blamed as many organizations find different metrics scattered across the organization for different time periods, different customer and stakeholder segments, and a multitude of purposes. Aims Objectives Aim To identify and demonstrate the importance of measuring returns in marketing The Purpose of this research is to gain fresh insights into the concept of marketing measurement, analyze the significance and relevance of measurement in the current marketing climate. All relevant measurement variables used by organizations to measure marketing effectiveness will be demonstrated. Their affect on strategic decision making will also be looked into. Objectives To analyze the importance of measuring marketing activities The research demonstrates the importance of measuring and the problems that might arise when marketing activities are not measured. Increased competition and lack of capital is making the marketing budget shrink which has meant more intelligent use of marketing money. This has greatly increased the importance of measurement within the marketing community as they want to know areas of higher return and focus their spend on these areas. To assess the benefits of measurement activities The study not only highlights the benefits of measurement but also demonstrates the loss by not measuring marketing activities. In the process, it also considers the extra cost which the organization may incur while measuring these activities (cost in the form of technology, people and other fixed and variables cost) To illustrate and depict the relationship between marketing measurements and strategic decision making. The research does not study the marketing measurement activities in isolation. It relates the impact of these measurements on strategic decision making. It takes the case of various medium and large organizations to justify the importance of measuring. It discusses the use of marketing measures by other organizations and the impact they have on strategic and tactical decisions. To examine the difficulties faced by organizations looking to measure marketing activities. Marketing activities are not easy to measure and organizations can face technical and process difficulties in trying to measure its marketing returns. Smaller and medium sized organizations may have to make investments in technology and human expertise in order to measure their activities. It can also change the way data is stored in the data bases and other technical issues. The research will analyze these factors and make conclusions after doing a cost benefit analysis of marketing measurements. To make appropriate recommendations regarding marketing measurements. The research will recommend specific metrics and the way they should be measured to give accurate and timely information to the organizations. It will discuss the use of these metrics under different marketing situations and budget constraints. Scope The scope of the research is limited to secondary research. There is limited field research done for the purpose of this research. Also, there are a huge number of different metrics used by organizations across the globe, the study looks at the most common and appropriate measures. There might be other marketing measures which are equally suitable. Also, the research is generic in nature which means that a particular measure discussed might not be suitable for a particular organization at a particular time. The measures and metrics suggested does not relate to the nature, structure and culture of the organization. The study does mention the relevance of discussed measures under varying circumstances. Rationale The interesting perceptions with contradictory thinking with regards to marketing measurements is what aroused sufficient interest in the author to go in for a research into the concept which has become a part of the marketing decision making and corporate strategy. Although, conventional wisdom dictates that measuring marketing activities will give an organization a good indication of their effectiveness, in reality, marketing measurement is still not practiced by most organizations. It has also been inefficient for others because of the use of irrelevant measures. This makes the topic even more interesting because it is not just the use of measures that leads to effectiveness but its the use of relevant and appropriate measure. This tricky concept of marketing measurements was what made the author go in for a research as no existing literature gave a clear-cut judgment on the subject. Get help with your essay from our expert essay writers Layout and structure of the dissertation The dissertation is laid out in five chapters, sub-divided logically on the basis of their relative importance to the study. Each chapter looks at the research problem in a different perspective though there is noticeable degree of inter-relationship amongst them. The actual study begins from chapter two with Review of Literature analyzing different marketing measures used across the industry and assessing its relevance to organizational decision making. The contents in the research report can be elaborated briefly as shown under the following headings. Chapter One Introduction As the name suggests, this chapter introduces the study of the primary focus of the area of research. It clearly marks out the purpose, aim and objectives of the research giving a reader a guideline as to what to expect. It also gives out the scope of the research and spells out the rationale behind the study. Chapter Two Literature Review This chapter primarily prepares the study for empirical work by looking at evaluations and conclusions drawn on certain theories and concepts to check for similarities and difference made by past writers on similar or related studies. It’s on this basis, that later stages in the research are developed. It is therefore, purely a representation of secondary data with various notions. In particular, academic journals, websites and textbooks that articulate models and related theories are used as a reference. Chapter Three Analysis of Research Findings This chapter is devoted to the presentation and analysis of the information collected and the theories studied as a part of this dissertation. Marketing measures are examined in detail. Illustrations are also given to highlight the relevance of these measures under different marketing climate and organizational structure. The learning from the review of literature are linked to metrics used by different organizations. The chapter also discusses various cases and illustrates the importance of using the ‘right’ metrics and measures. Chapter Four Conclusions After careful examination, evaluation, assessment and analysis of data, in this chapter, the study points out how the aims and objectives of the research are met. It points out how the respective objectives are realized and tries to give an answer to the research question. It also discusses the problems faced by organizations in implementing marketing measures and the associated systems. Chapter Five – Recommendations The last and final chapter of the study gives generic recommendations based on the study undertaken. From the various cases studied, it was felt that some metrics are absolutely vital to the business and gives a good indication of marketing performance. These measures along with other suitable metrics are recommended. The chapter also discusses the limitations of the study and areas where further research may be carried out. Summary This chapter provided us with a basic guideline of the things to come. It gave a detailed description of the aim, purpose and objectives of the study and what the study seeks to achieve. It clearly mentioned the scope of the research and areas where the study will not throw much light on. The study now moves forward to discuss the existing theories and concepts, to explore the concepts of marketing metrics and how metric s are measured. It will also examine the different metrics used by organizations and the relevance of those metrics and measurements to the organization.

Greek Mythology and Greek Goddess Aphrodite Essay

The Greek Goddess Aphrodite is known as the Goddess of beauty, love, and pleasure. Aphrodite is equivalent to the Roman form Venus. She is a major goddess that was known to be youthful and the most appealing. As the god of love and affection, she has been involved in many affairs which also resulted in many children. The Goddess is believed to have been born from Ourano’s damaged genital thrown into the sea by Kronos after a fight. From the damaged part, she was born and arose with a foam in the sea. According to the Greek poet Homer, she was born from the God Zeus and the Goddess Dione. Because she was beautiful, many Gods wanted her for their wife. All of them argued over her along with Zeus. The arguments over Aphrodite continued; Zeus was rejected by Aphrodite. In punishment for rejection and for the good of ending all arguments, Zeus forced her to marry Hephaestus, an ugly god of blacksmiths. She was not faithful in her relationship with the God of Blacksmiths and had affairs with other gods such as Poseidon, Hermes, Dionysos, Phaethon, and others. her most famous affair was with Ares, the god of war. Hephaestus was suspicious of her and set up a trap to catch her while she was with Ares. He chained them and dragged them to Olympus to show their shame. They did not take it seriously, resulting in the two being freed and Ares paying a fine. Aphrodite had no children with Hephaestus; her children with Poseidon are Rhodos and Herophilos. Harmonia, Deimos, Phobos, The Erotes, and Anteros was with Ares. Hermes’s children are Tyche, Peitho, Eunomia, and Hermaproditos. The Charites and Priapus and children of Dionysos. Children from various others are Beroe, Astynoos, Aeneas, Lyrus, Lyrus, and Meligounis. Aphrodite played a major role in causing the Trojan War. She was involved in a disagreement with Athena and Hera that resulted in the Trojan War. Aphrodite promised the Helen of Troy to Paris while she was already married to King Menelaus of Sparta. Outraged by event and abduction of his wife, the King sent his army to fight in the city of Troy. The Trojan War resulted in the destruction of Troy.

Media Influence On Nursing Image

?The media and especially Hollywood have been one of the most influential factors on how the public view nursing as a profession. As nurses we need to recognize both the negative and positive images the media have on nursing and try in our day to day interactions with the general public to change these perceptions. Negative stereotypes are everywhere and involve almost everyone no matter what profession or business you are in. A nurse has long been stereotyped as â€Å"helper† and still is in today’s world.Many patients I work with now still feel that, when they are admitted to the hospital the nurse is to do everything for them including catering to their activities of daily living, although they can do it themselves. For example, I assist a patient out of bed to the wash basin to wash their face and brush their teeth and they sit waiting for the nurse to come in and perform these tasks as’ it is their duty’. Here I have to redirect and encourage them to do as much as the can and staff will assist to take of the rest. It is safe to say the media and especially television seem to get a’ kick’ out of portraying nurses negatively.Almost all TV shows I can think of portray nurses in a negative way. Although there may be a positive as seen in ‘Mercy’ where the doctor told the interns, ‘these are the nurses, they should be your be your best friend, they most times know more than you do’ holds so much truth in that statement and should be seen as a positive. The same show over shadows this positive with numerous negative behaviors of the same nurses. I am not a big fan of television but happened to see one episode of’ Nurse Jackie’ that made me very upset. I can just imagine the negative image of the uneducated public watching such a television show.At Halloween the nurse is portrayed as a sex symbol in tight, short and skimpy costumes, when in fact nurses are neatly attired and depict professionalism on and off the job. It is our duty as nurses to practice professionalism at all times so that the public can differentiate the Hollywood portrayed TV nurse as opposed to the professional nurse they will meet in the healthcare system. We can talk to the public at health fairs, church, schools etc. about the nurse’s roles and scope in nursing practice so they will have informed impressions of nurses. Media Influence On Nursing Image The media and especially Hollywood have been one of the most influential factors on how the public view nursing as a profession. As nurses we need to recognize both the negative and positive images the media have on nursing and try in our day to day interactions with the general public to change these perceptions. Negative stereotypes are everywhere and involve almost everyone no matter what profession or business you are in. A nurse has long been stereotyped as â€Å"helper† and still is in today’s world.Many patients I work with now still feel that, when they are admitted to the hospital the nurse is to do everything for them including catering to their activities of daily living, although they can do it themselves. For example, I assist a patient out of bed to the wash basin to wash their face and brush their teeth and they sit waiting for the nurse to come in and perform these tasks as’ it is their duty’. Here I have to redirect and encourage them to d o as much as the can and staff will assist to take of the rest. It is safe to say the media and especially television seem to get a’ kick’ out of portraying nurses negatively.Almost all TV shows I can think of portray nurses in a negative way. Although there may be a positive as seen in ‘Mercy’ where the doctor told the interns, ‘these are the nurses, they should be your be your best friend, they most times know more than you do’ holds so much truth in that statement and should be seen as a positive. The same show over shadows this positive with numerous negative behaviors of the same nurses. I am not a big fan of television but happened to see one episode of’ Nurse Jackie’ that made me very upset. I can just imagine the negative image of the uneducated public watching such a television show.At Halloween the nurse is portrayed as a sex symbol in tight, short and skimpy costumes, when in fact nurses are neatly attired and depict p rofessionalism on and off the job. It is our duty as nurses to practice professionalism at all times so that the public can differentiate the Hollywood portrayed TV nurse as opposed to the professional nurse they will meet in the healthcare system. We can talk to the public at health fairs, church, schools etc. about the nurse’s roles and scope in nursing practice so they will have informed impressions of nurses.

Spanish Expressions Using Ir

Like its English counterpart to go, the Spanish verb ir can be used with an incredible variety of meanings. The meanings of phrases using ir cant always be determined logically merely by knowing the meanings of the individual words, so they are best learned through actual use or memorization. Using ‘Ir A’ as a Type of Future Tense By far the most common expression using ir is ir a followed by an infinitive. For most purposes, it is the equivalent of the English to go to followed by a verb. Thus voy a estudiar means I am going to study. This use of ir a is extremely common in Spanish, so much so that in some parts of Latin America it is the de facto future tense. It even has a name—the periphrastic future. (Something periphrastic uses more than one word.) Where it is in common use, it all but replaces the standard or conjugated future tense in standard speech. In other words, a sentence such as Vamos a comprar la casa can be translated as either We are going to buy the house or We will buy the house. Other Phrases Using ‘Ir’ Many of the other expressions using ir are formed by following ir with a prepositional phrase. Following are some of the most common. Keep in mind that some of the expressions here can also be translated literally. For example, while ir de has two idiomatic definitions given here, it can also be translated literally. For example: Mi tà ­a va de trabajo a trabajo. (My aunt goes from job to job.) ir a (or, less commonly, ir para) destination: to go to (a place). Fuimos a la playa. (We went to the beach.)Quienes fueron a Espaà ±a? (Who went to Spain?) ir en vehicle: to travel by (type of vehicle). Less commonly, the preposition por can be used instead. Voy en autobà ºs. (I am traveling by bus.)Nos iremos en taxi, porque no quisiera depender de nadie. (Well go away by taxi, because we dont want to depend on anybody.) ir para infinitive: to go to verb, to go in order to verb, to go for the purpose of verb. Vamos para conocer a mis padres. (We are going in order to meet my parents.)Quiero ir para aprender espaà ±ol. (I want to go in order to learn Spanish.) ir para type of job or career: to go to become someone with the stated type of job. Pablo va para mà ©dico. (Pablo is going to become a doctor.)Debe ir para el candidato presidencial. (She should go become a presidential candidate.) ir gerund: to be doing something, usually with the connotation of doing so gradually or laboriously. Voy aprendiendo la leccià ³n. (I am slowly learning the lesson.)Él va construyendo la casa. (He is gradually building the house.) ir tirando: to manage or get by. Vamos tirando por mucha ayuda. (Were getting by with a lot of help.)Ahora con la crisis las cosas està ¡n malas, pero vamos tirando. (Things are bad with the crisis now, but well manage.) ir andando, ir corriendo: to walk, to run. Va andando a la escuela. (He is walking to the school.)Fue corriendo a la escuela. (He ran to the school.) ir de: to be about or be the subject of (when said of a book, movie, speech, etc.) El seà ±or de los anillos va de un hobbit. (The Lord of the Rings is about a hobbit.)Romeo y Julieta va de amor. (Romeo and Juliet is about love.) ir de: to think of oneself as. Roberto va de inteligente. (Roberto thinks hes smart.)Los jovenes de esa escuela siempre van de invencibles. (The teens at that school always think theyre invincible.) ir de, ir con: to be dressed in. Él va con camisa blanca. (He is wearing a white shirt.)Ella va de azul. (She is dressed in blue.) ir de compras: to go shopping. Fuimos de compras. (We went shopping.)Es imprescendible que vaya de compras antes. (It is vital that he has gone shopping earlier.) ir por: to search for, to go in search of, to go for. Vamos por una casa nueva. (Were off in search of a new house.)Mis hijos iban por un regalo para mà ­ y ya no regresaron. (My children went to get a gift for me and still havent come back.)  ¿Cà ³mo indirect object pronoun ir?: How goes it (for you, him, her, etc.)? This concept can be expressed colloquially in many ways.  ¿Cà ³mo te va? (Hows it going?) ¿Cà ³mo le va a à ©l? (Hows it going for him?) irse por las ramas: to beat around the bush, to get sidetracked. El testigo se fue por las ramas. (The witness beat around the bush.)Ella solà ­a siempre irse por las ramas y nunca llegar al grano. (She would always ramble on and never get to the point.)