Conceptualizing objective setting and metrics in marketing strategy

Abstract

The study proposes to examine aspects of the process of objective setting and outline the usage of metrics to achieve the objectives of improved business marketing performance, delivery of superior customer value and derivation of superior customer meaning. The research examines marketing metrics and the higher order constructs to marketing metrics, the nature of objective setting in marketing strategy, distinguishes the elements of business marketing that include benefit, performance, managerial effectiveness, managerial efficiencies, impact, monitor, results, functionality and ROMI (return on marketing investment). The study builds a discussion on the usage of metrics in marketing strategy that includes: linkages of marketing investments with financial outcomes – ROMI; key performance indicators; measurement; marketing operations and tracking. The study outlines the implications for marketing strategists.