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METRICS (Choosing the right metrics in order to quantify marketing…
METRICS
Choosing the right metrics in order to quantify marketing activities is complex and difficult
(Farris, et al., 2006: 3).
In Finance
Metrics are either monetary based, based on financial ratios, or readily converted to monetary outcomes such as net profit, ROI, target volume.
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For Practitioners
It is a way of identifying your trends within your business, it's a way of benchmarking yourselves against your competitor. They must be SMART.
In Management
A metric is described as “a measuring system that quantifies a trend, dynamic or characteristic”
Ambler (2000 p.61)
“C performance measure that top management should review”, that “matters to the whole business” and that “implies regularity”.
Academically
The term metrics is more related to mathematics,
where metrics defines the notion of distance.
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Serves to increase marketing accountability
within the firm and to justify spending valuable
firm resources on marketing initiatives to top managers.
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Measure
A "measure" is a number that is derived from taking a measurement (height, weight or temperature).
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