A marketing performance report is illustrated as a declaration of information and data, which scrutinizes certain kind of activities for a particular time period. Moreover, the activity of an overall branch of a firm can be scrutinized or that of a manager who works on a particular project (Krush et al. 2016). In addition to this, the time frame can also get varied. Thus, the performance report might also include the reports of the projects of the last months or even of last years and all these reports are complied together in order to analyze the performance of the particular firm in detail. In general, the key portion of the marketing performance report is to compare. Therefore, the objective of the market performance report is to contrast the outcomes of the project with what the particular project was accomplished. In this report, a marketing performance report of a company named ‘Lamberts Consulting’ has been prepared in order to analyze the present condition of the firm and also to predict its future prospect.
It has been found that the firm ‘Lamberts Consulting’ serves with a market performance report of the sector ‘home-wares’ in Brisbane. As per the latest estimation, the market for the sector home-wares increased in comparison to the earlier year. This implies that the particular firm has positive or enhancing marketing outcomes. Moreover, according to Lamberts Consulting, the huge raise in the interstate immigration also increases the activity of building. As a result, the sector of home-wares also enhanced with the passage of time. Therefore, based on the marketing outputs, it can be said that the progressing trend will continue spontaneously for a minimum of next 5 years. In addition to these, it has been found that the market share of the particular sector as well as the sales of the firm also grow constantly.
It has been found that the particular company changed its marketing strategies and thus as per the particular case study, the specified firm started to invest a larger amount of money in the promotional methods of advertising, in-store promotions and internet marketing. Based on detailed study, it has been found that in present days, the particular organization arranged for newer marketing strategies for increasing its sales revenue and also to increase and enrich its customer or target base (Frösén et al. 2016). According to the case study provided, it has been noted that the specified organization invested an amount of $ 250000 for arrangement of the advertising strategy. In addition to this, it has been found that the specified firm invested an amount of $ 60000 for the in-store promotions. Moreover, the particular corporation invested an amount of $ 30000 for PR and finally, it has been found that for internet marketing or electronic commerce marketing, the specified organization invested a fund of $ 100000. Depending on these monetary figures of investment, it can be said that the firm changed its strategies for promotion or marketing its products i.e. through huge investment and implementation of various marketing strategies.
According to Farris et al. (2015), the quantitative measurements of a particular market of securities are termed as marketing metrics. In general, this marketing metrics are utilized and implemented by the marketing analysts for tracking the performance of the firm. On the other hand, Grewal et al. (2016) argued that the metrics are the main indicators of measuring performance of an organization and the statistics of the organizational operations. In this report, in order to measure the operating statistics and the performance measure of the particular organization, two particular marketing metrics have been implemented here. These marketing metrics include – market share and ROMI (Return on Marketing Investment). As per the case study, it has been found that the particular firm targeted its market share to be 12 %. This marketing metric helps the marketing manager to understand the demand of the products in the current target market of the company. In addition to this, the ROMI also helps to calculate and understand the value of the marketing investment by the assistance of the formula, uplift divided by cost (Sharma, Davcik and Pillai 2016). This particular ratio implies that the annual sales of the home-wares in the market of Brisbane increased from $ 175 million to $ 199 million in present year and the expected growth rate was 10 % for the present year. It has been found that earlier the weekly sales for 15 Brisbane stores on an average was $ 24680 per week per store but recently it increased to $ 28200 per week per store. Therefore, it can be said that the uplift took place of $ (28200 – 24680) i.e. $ 3520. On the other hand, the total cost for each shop for each week is $ 1222 (as, advertising cost for each shop for each week is $ 694, PR cost for each shop for each week is $ 83, in-store promotions cost for each shop for each week is $ 167 and internet marketing cost for each shop for each week is $ 278). Therefore, the ratio has been calculated and the value is 2.9. As, the particular ratio value is high and it implies that in relation to the total cost of the company, the uplift in the sales of the firm is more, the specified firm should implement the new strategies of higher investment for the growth of the firm (De Mooij 2013).
However, it has been found that in order to run the firm more profitably, the management should further reduce its costs and for this, the cost of advertisement, PR and in-store promotions should be reduced more. Nonetheless, the high expense of internet marketing is justified for the firm, as the present world mainly focuses on electronic commerce marketing (Bell, Ledoit and Wolf 2014).
The main gap regarding performance of the firm that has been noted based on the case study is its high expense or high investment for the marketing and promotional strategies. The increased expense has found to reduce the performance metric of the firm. Therefore, the ratio of profitability of the particular organization has been found to reduce in comparison to the estimated report (Richey et al. 2014). Based on detail analysis, it has been found that the specified firm will run successfully, but in order to earn more profit, it should reduce its total costs by reducing its advertising, in-store promotions and PR costs.
It has been found that in Brisbane, the demand of home-wares increases with time and thus the particular firm opened 15 stores in Brisbane only. However, this can be identified as against targets or over-performance act, as opening of 15 stores in a single place will lead to concentration of the target. Thus, in order to widen the target market of the particular company, the marketing management of the firm should suggest for opening its shops in various parts of Australia, where there is a high demand for home-wares (Babin and Zikmund 2015). This expansion strategy will help the organization to expand its business across the country and this will ultimately help in increasing the customer base of the company (Hollensen 2015). Therefore, it can be said that for the next 12 to 18 months, the specified firm should set New South Wales, Victoria and Tasmania as the new targets. In addition to these, various other cities of Queensland like – Gold Coast, Mackay, Gladstone and Rockhampton should also be included within the new target of the firm.
Conclusion
Therefore, it can be concluded that the preparation of marketing performance report is a crucial factor. This helps the firm Lamberts Consulting to forecast about the business condition in future and also suggested the strategies by which the existing gaps in marketing can be reduced and overcame. Moreover, the marketing metrics also guided in preparing the report as this helps in portraying the present and future condition of the organization.
References
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Bell, D.R., Ledoit, O. and Wolf, M., 2014. A new portfolio formation approach to mispricing of marketing performance indicators: An application to customer satisfaction. Customer Needs and Solutions, 1(4), pp.263-276.
De Mooij, M., 2013. Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.
Farris, P., Bendle, N., Pfeifer, P. and Reibstein, D., 2015. Marketing Metrics: The Manager’s Guide to Measuring Marketing Performance. FT Press.
Frösén, J., Luoma, J., Jaakkola, M., Tikkanen, H. and Aspara, J., 2016. What counts versus what can be counted: The complex interplay of market orientation and marketing performance measurement. Journal of Marketing, 80(3), pp.60-78.
Grewal, D., Iyer, G.R., Kamakura, W.A., Mehrotra, A. and Sharma, A., 2016. Evaluation of Subsidiary Marketing Performance: Combining Process and Outcome Performance Metrics. In Data Envelopment Analysis (pp. 491-513). Springer US.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Krush, M.T., Trainor, K.J., Malshe, A. and Agnihotri, R., 2016. What Marketing Strategy Matters? Examining a Contingency Model of the Relationship Between Marketing Performance Management and Business Unit Performance. In Marketing Challenges in a Turbulent Business Environment (pp. 321-322). Springer International Publishing.
Richey, R.G., Musgrove, C.F., Gillison, S.T. and Gabler, C.B., 2014. The effects of environmental focus and program timing on green marketing performance and the moderating role of resource commitment. Industrial Marketing Management, 43(7), pp.1246-1257.
Sharma, P., Davcik, N.S. and Pillai, K.G., 2016. Product innovation as a mediator in the impact of R&D expenditure and brand equity on marketing performance. Journal of Business Research, 69(12), pp.5662-5669.
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