Measurement and Evaluation Planning
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Define/explain high-level program success factors for a marketing plan by evaluating stakeholder expectations.
Define the specific key metrics that are commonly used to measure the success of activities within a marketing plan.
Identify the specific metrics that are used to measure internal marketing project implementation across cross-functional groups, departments, and suppliers (delivery, timing, etc.).
Establish processes to maintain contact with customers, and to collect and analyze their feedback.
Establish an evaluation process for the above measures/feedback, including timing, participants, acceptable margin of deviation for each measure, and general plans for corrective action when measures fall outside of this range of acceptability.
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STEP 1
On high-level program success factors for a marketing plan:
High-level program success factors for a marketing plan are the achievement of the marketing goals, the timeliness of the achievement of the goals and the achieving the goals within the budgetary limits. For, example if the objective of a company is to enter the European market and achieve the sales of 15 M dollars in the first year. The program success factors will be that the designated sales in Europe have been achieved, if the sales have been achieved within the given time frame as delineated in the plan and if the budgetary constraints have been adhered to. From the perspective of the stakeholders, it would be satisfactory for the shareholders if the market share were increased as it increases the income of the company. This is however possible only if the budgetary constraints are adhered to. Let us consider the sales employees of the company, the sales/ marketing managers will be satisfied if the sales and the market share of the company increases, however, this increase should be achieved in the designated territory and should be timely. Finally, let us consider the employees, from their perspective; the marketing plan brings more opportunities for promotions as well as more recruitment if the marketing objectives are achieved within the planned time and budget. So, these success factors are critical to the expectations of the stakeholders.
STEP 2
Specific key metrics:
We have already mentioned three specific key metrics that is sales goals in the designated territory, achieving them in the given time frame and within the given budget. This apart the specific key metrics that are used are financial measures like the margins on sales, ...
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