Understanding managerial judgement of marketing performance is vital based on both content and consequences. Managers can give good subjective estimates of specific financial measures because it is subject to managerial interpretation. Therefore, in order to determine whether or not the new product plan for managerial marketing is a success, one should measure the overall performance. This will help to capture the wider conceptions of performance than financial outcomes. The use of subjective and objective measures of performance can have a powerful effect on strategy and decision making because they drive managerial behavior ( Clark, 2000). Understanding what will make the executive judge marketing performance as successful or unsuccessful should be helpful in designing and implementing managerial marketing. For instance, poor understanding of how performance will be judged may lead to incorrect strategic plan.
The effectiveness measures will help to measure marketing effectiveness because it is vital for the future plans. Therefore, maintaining track of the outcomes is the key way to improve the managerial marketing efforts. The efficiency strategy will examine how best to allocate marketing activities to produce the most output. Similarly, efficiency measures are extremely vital in measuring performance of the managerial marketing
The adaptability measures will demonstrate how well the new product plan will adapt to the external environment (Clark, 2000). This is so because the external environment of the company is vital to any evaluation of marketing performance. The success of the product will occur when a plan fits the environment because it is a main determinant of success. The effectiveness of the product is another measure because it incorporates the objective of the decision maker.
Michelle should have a contingency plan that will reflect the steps she should take to achieve the goals in the case of the failure of her plan. She should frame how to complete the goals in the most efficient manner possible. Thus, she should have various contingency plan to tackle the emergency situation that may occur in the implementation process.
In case the managerial marketing fails to deliver the expected results, is vital to define goals in order to determine whether or not the new product plan for managerial marketing is a success. The goals should be challenging, but assessable and achievable (Martin, 2011). They should help in improving market share, penetrate a new market segment and change the consumer behavior. Comparing the product to that of the competitor will help to position the new product in the market. Developing methods to collect and organize information will help in tracking the performance of the product.
It is vital to understand the strength and weakness of introducing new product. Therefore, rating the product in comparison to the competitors will give a competitive advantage in the managerial marketing. Conducting both qualitative and quantitative research will help to understand the customer behavior toward the product (Stengel,2003). Meanwhile, focusing on customer retention will determine the success of the product in the market because getting a new customer is more costly than retaining a current one.
Michelle is obligated to feel like she has the weight of the company on her shoulders because she is a manager. This is so because her performance should meet or exceeds the organizational goals in order to be effective. It is reasonable to feel that because managers should decide how satisfied they are with the performance of their managerial marketing. Just as customers compare their experience in consuming a product with their expectations and make satisfaction judgement, she should compare the result of the plan with her expectations and make satisfaction judgement.
References
Clark, B. (2000). Managerial Perceptions Of Marketing Performance: Efficiency, Adaptability, Effectiveness And Satisfaction. Journal Of Strategic Marketing, 8(2), 3-32.
Martin, M. (2011). Tactical and Contingency Planning | Chron.com. Retrieved from http://smallbusiness.chron.com/tactical-contingency-planning-30527.html
Stengel, G. (2003). Tips: Ten Tips for Measuring & Improving Performance. Retrieved from http://www.stengelsolutions.com/tips14.htm
