Answer to Question #10225 in Other Marketing for Martha
three factors firms should use as marketing metrics to plan for and measure IMC
Integrated Marketing Communication (IMC) is a cross-functional process for planning, executing, and monitoring brand communications designed to profitable acquire, retain, and grow customers. IMC strategy starts with a thorough understanding of the target stakeholders, the brand, its competition, and many other internal and external factors. Three factors firms should use as marketing metrics to plan for and measure IMC are: 1. Brand awareness that enables marketers to quantify levels and trends in consumer knowledge and awareness of a brand's existence. 2. Buyer Metrics includes the frequency of purchases, or the retention rates of customers that can be rolled up to overall market share, brand equity and/or customer lifetime value. The most quoted Buyer Metric is typically the Average Order Value, or the AOV, which is used to understand and compare different groups of buyers. 3. Return on Sales – Net profit as a percentage of sales revenue.