Marketing performance measurement and management (MPM) is a term used by marketing professionals to describe the analysis and improvement of the efficiency and effectiveness of marketing. This is accomplished by focus on the alignment of marketing activities, strategies, and metrics with business goals. It involves the creation of a metrics framework to monitor marketing performance, and then develop and utilize marketing dashboards to manage marketing performance.
Performance management is one of the key processes applied to business operations such as manufacturing, logistics, and product development. The goals of performance management are to achieve key outcomes and objectives to optimize individual, group, or organizational performance. MPM however, is more specific. It focuses on measuring, managing, and analyzing marketing performance to maximize effectiveness and optimize the return of investment (ROI) of marketing. Three elements play a critical role in managing marketing performance—data, analytics, and metrics.
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Famous quotes containing the words management, measurement and/or performance:
“This we take it is the grand characteristic of our age. By our skill in Mechanism, it has come to pass, that in the management of external things we excel all other ages; while in whatever respects the pure moral nature, in true dignity of soul and character, we are perhaps inferior to most civilised ages.”
—Thomas Carlyle (17951881)
“Thats the great danger of sectarian opinions, they always accept the formulas of past events as useful for the measurement of future events and they never are, if you have high standards of accuracy.”
—John Dos Passos (18961970)
“When a book, any sort of book, reaches a certain intensity of artistic performance it becomes literature. That intensity may be a matter of style, situation, character, emotional tone, or idea, or half a dozen other things. It may also be a perfection of control over the movement of a story similar to the control a great pitcher has over the ball.”
—Raymond Chandler (18881959)