Asked by Shelia Marcano on Jul 08, 2024
Verified
Businesses use metrics in order to
A) lower production costs.
B) eliminate inventory costs.
C) evaluate a strategy and quantify a trend.
D) recognize a market and develop a new product.
E) implement personal selling strategies.
Metrics
Metrics are quantifiable measures used to track and assess the status of a specific process.
Evaluate a Strategy
The process of systematically assessing the efficiency and effectiveness of a plan or method to achieve business objectives.
Production Costs
Expenses incurred in the process of manufacturing goods, including raw materials, labor, and overhead.
- Appreciate the significance of evaluating marketing performance using metrics.
Verified Answer
TQ
Thomas QuacoJul 10, 2024
Final Answer :
C
Explanation :
Metrics are used to evaluate the effectiveness of a strategy and quantify trends. They can help businesses make data-driven decisions and identify areas for improvement. While metrics may indirectly contribute to lowering production costs or eliminating inventory costs, these are not the primary purposes of using metrics. Similarly, metrics may be used in developing new products or implementing personal selling strategies, but these are not the main reasons why businesses use metrics.
Learning Objectives
- Appreciate the significance of evaluating marketing performance using metrics.
Related questions
Which Statement Regarding Marketing Metrics Is True ...
As It Pertains to the Marketing Plan, Understanding the Causes ...
Customer-Oriented Metrics Would Most Likely Be Used to ________ ...
Define Marketing Dashboard and Marketing Metric and Explain How These ...
Explain What a Gantt Chart Is and How It Is ...