Explore BrainMass

Explore BrainMass

    Benchmarking Regarding Integrated Marketing

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I am having difficulty locating information on Benchmarking techniques as related to business and marketing. Can someone help me locate some useful information?

    © BrainMass Inc. brainmass.com June 3, 2020, 7:40 pm ad1c9bdddf

    Solution Preview

    I will first explain what benchmarking is. It is a way to assess what is currently going on in the market, so if and when things are implemented, you will be able to see how things improved or got worse. If you do research, you always need to know the starting numbers or else the end values wont mean a thing. If you say that you implemented a new tool, and the final sale numbers are 54,000 and you have no benchmark tool, then you are not able to make any recommendations or conclusions based on this tool.

    The first and most common bench marking tool is historical data analysis. What you would do is examine internal data produced by sales, marketing, operations... and use that as a basis. You would need to know: market share, revenues, expenses, target audience... any possible information which would be relevant to your study. If you want to implement a new communications tool, you would want to know everything about the current process.

    If this information is not available for an internal basis, you would then need to actually collect and measure the data yourself. This would involve a qualitative market research study. This is usually done when you want to benchmark your target audience. You would be able to find out who is interested in your product, how much are they willing to pay, what is their salary, what industry do they work in, what are ...

    Solution Summary

    This in-depth solution defines and explains the concept of benchmarking and provides examples of common benchmarking tools used by companies. It uses real-life examples and step-by-step explanation for carrying out the benchmarking process.