Measuring and Evaluating Marketing Effectiveness

Abstract

The article presents marketing as a philosophy of entrepreneurship and a tool that is actively implemented and used in the process of the formation of tangible and intangible assets of market structures. At the same time, marketing is considered by the author to be the main factor in gaining the advantage of consumers, because, according to them, it acts as an effective means of increasing competitiveness and creating capital for commercial entities, as well as a source of cash flow. The paper notes that value creation, which involves marketing, is closely related to the rational search and use of material resources of energy and information. To manage the process of value creation, it is necessary to measure it, which can be considered the process of interaction of the measuring system with the object to be measured in a certain period. The article points out that everything that goes into creating added value is subject to measurement. It is not only financial, but also logistics, material, energy, information, marketing, and other flows, which is the first system of commercial structure. Marketing flows are also integrated into this structure, as it opens the door to identifying ways to improve market efficiency and explore new opportunities. The methodology of measuring and developing metrics of indicators of the economic effectiveness of marketing activity is based on the role and importance of marketing in the production process and meeting human needs. The measurement of marketing characteristics and the formation of marketing metrics should be based on the theory of economic measurements, the process of building relationships between the subjects of the marketing system in connection with the exchange of values. Marketing metrics act as a form of communication in the marketing performance management system and are a means of justifying critical success factors of marketing decisions, as well as a basis for a reasonable choice of criteria for economic evaluation of marketing expenses. Keywords: effectiveness, interaction marketing, measurement, metrics.