Evaluation Of A Performance Metrics

1157 WordsNov 17, 20155 Pages
Introduction Performance metrics enable the company to analyze their growth. It provides concrete evidence regarding the company’s goals. Performance metrics allows the company to determine the factors of the marketing mix need to be adjusted to improve productivity and performance (Crawford & Di Benedetto, 2011). The selection process of the metrics to be used is a challenging one because it takes into consideration all department functions. This paper will examine 5 metrics used to measure innovation and marketing strategy. The paper will conclude with recommendations that can be used by Alexander Mann Solutions. Importance of metrics Epstein & Shelton (2013), state that metrics are integral to the success of the company. In fact,…show more content…
Challenges to performance metrics Managers encounter a few challenges or barriers when creating performance metrics. If not properly addressed, these challenges can hinder the metric’s success. Below are 3 challenges that performance metrics can encounter: 1. Inconsistency in the business model causes confusion among managers as to what factor to measure. As a result, the wrong metric is developed, providing incorrect information. 2. Information technology not being used to its full potential can be costly to the company. Better use technology increases data and information sharing. Technology also decreased cost and time associated with communication (Epstein & Shelton, 2013). 3. Misuse of the implemented management system is also an issue. Managers should monitor their employees to a certain extent, to ensure high productivity. However, focusing effort on monitoring rather than lessons learned from the data does not encourage innovation. Therefore, management must strike a balance when using management systems. Senior management must thus work diligently to ensure that the mentioned challenges as well as other that may occur are properly addressed. According to Epstein & Shelton, (2013) one way to address these challenges is to ensure that the business model and the innovation strategy are aligned. Senior
Open Document