Marketing Dashboards and Marketing Metrics
Primary and Secondary Data
Primary data is data that is collected by the researcher himself as a first-time researcher. This information is gathered for the first time and for a specific reason, but the information is not published. Once this data is collected it is saved for someone else to use as secondary data. Although the information used might not be for the same specific reason this data can be used for other questions where this data is necessary for use by another researcher.
When you collect your own data you are aware of how the data was collected and is collected for the specific reason that you are looking for. When you have secondary data you may have to make some adjustments to the data as you do not know exactly how it was collected or why.
Reference:
How do primary and secondary data compare?(2018). Retrieved from https://www.quora.com/
#5 The product is for everyone – or is it? (Professor)
There are a lot of products in the market place that seem to enjoy a wide range of consumers. It could certainly appear that the product seems to be for everyone. However, is that a strategy a company should follow?
For the class, discuss why a company that says its product is for everyone may be setting itself up for failure, or at least limited success.
#6 Marketing Dashboards and Marketing Metrics A marketing dashboard is a brief, detailed compilation of all of the pertinent data about a company’s marketing efforts. In the past, companies had to compile this information by hand, but now all of the useful information can be included on a single computer page. The page that contains a marketing dashboard may also include links which can show the user all of the data on a specific marketing area. All of this information about past performance ideally will show marketers how to proceed with future marketing campaigns. Marketing metrics are statistical measurements by which companies judge the effectiveness of their individual marketing efforts. These metrics vary depending upon the size and type of marketing campaign initiated and the goals of the company for the specific campaign. In terms of financial information, marketing metrics focus on the return on investment of campaigns by comparing their cost to the amount of business that they return.
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