SITUATIONAL ANALYSIS

This week, we’ve all been working pretty hard on our Situational Analysis and so I wanted to speak a little about some of the Metrics that I think should be used to evaluate team performance in PharmaSim.

 

Each of these Metrics help the marketing manager assess the health of the product / service.

1.  Unit Sales:  Unit sales seems to be a bench mark metric that is commonly used to guage how well ad company is doing.  If unit sales are high, but the company is not doing well, then that brings management and pricing into question.  If unit sales are low, the marketing must take action to determine the reasoning.  Unit sales drive the train.

2. Customer Satisfaction – Buyer dissonance. Do they regret purchasing our product?  How likely are they to buy again?  Customer satisfaction is the backbone of a successful business.  A high customer satisfaction might cause us to continue our steady course.  A low customer satisfaction will cause the company to go through every step of buyer dissonance and modify our approach until our customers have complete utility with our products.

3. Market Share -  knowing our level of control may be more valuable than knowing simply how many units we sold.  Market share let’s us know how much breathing room we have from the competition.  If our product controls the market, and yet we’re experiencing a loss, then we know that it may be a down market and out of our marketing controls.

4. Brand Awareness – Brand awareness is one of my favorite metrics.  I appreciate it contribution to the decision making process because this tool allows us gauge the popularity and reach of our product.   If future customers are aware of our product now, it could possible lead to future sales/growth.

5. STOCK PRICE – Don’t judge me for using this Metric. I understand that stock price isn’t a good measurement of how well the marketing strategy is doing, but share price is the metric that gets marketing managers fired! Or job security. So, we must always be aware of it.