Explain the importance of market metrics, and name and describe the two types of market metrics, providing examples of specific metrics for each
What will be an ideal response?
Primarily, market metrics are ongoing measures of market performance. Because many market metrics precede financial performance, using them is critical to strategy implementation and financial performance. The two broad categories of marketing performance metrics are: forward-looking marketing performance metrics and backward-looking marketing performance metrics.
The whole purpose of forward-looking marketing metrics is to track customer perceptions and attitudes that precede actual changes in customer behavior and a business's financial performance. Customer awareness, customer interest, product trial, and customer satisfaction, along with perceptions of relative product quality, service quality, and customer value, are all forward-looking marketing performance metrics. Changes in each, positive or negative, precede actual changes in customer behavior.
Backward-looking marketing metrics correspond closely to internal financial metrics that measure past performance. Examples of backward-looking market metrics include market share, customer retention, and revenue per customer. Each of these metrics is applied simultaneously with financial performance metrics; however, each provides a different set of performance diagnostic insights.
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