Marketing mix is the way by which the various tasks performed in marketing are checked for their level of competence. These tasks may include market share, direct marketing, advertising and response rates of the people after advertising. It is the way of measuring the success of marketing methods that are been used by an organization.
No business can be successful without the use of effective marketing techniques. Today, the marketing techniques that are used mainly involve marketing research, pricing, product development, promotion and the management of the channels of distribution. There are basically two aims of marketing today; first one is to retain the existing customers of the organization and to create new customers for future growth. Thus, the effectiveness of marketing can be easily measured by the number of customers that are present with the organization. Some other things that measure the effectiveness of marketing are the status of the organization and its ability to stay ahead in the market.
Thus, measuring performance is very important keeping in mind the future goals and to monitor the progress of the organization. There are many ways through which the different marketers make marketing effective. They make use of the data that are available to recommend, evaluate, measure initiatives and implement the various measures that have been chosen. With the help of all these marketing techniques the marketers aim at propelling the business towards future growth.
The success of the marketing techniques is measured by various performance metrics. There are some contributions from the internal framework also. These contributions are in the form of aligning the activities according to the goals and the strategies and linking these marketing performance with that to the financial performance of the business. These internal factors also help in establishing accountability of the marketing team and improving the efficiency of the marketing activities. It is a matter of argument as to how to measure the performance of marketing. Experts say that without the use of an efficient and well defined metric the marketing performance cannot be calculated.
These metrics for the measurement of the marketing performance keep on changing and depend upon its use i.e. if it is to be used to know the performance of the marketing team and the benefits to the consumers or to compare organization with another one. To boost the performance of the marketing communication some of the metrics that can be used are customer satisfaction tracking, media effects analysis and integrated marketing communications. Other metric that can be used is customer equity analysis and brand equity analysis.
The choice of the metrics solely depends upon the decision of the particular organization. The executive metric aims at determining the cost of the various campaigns and various projects that are undertaken by the executives. Program metric on the other hand try employing the various methods that will compare the costs that are incurred with the results and the brand metric is the way by which the organization measures the attitudes of the people relating to the various products by measures like surveys.