About This Chapter
Evaluating Retail Innovation - Chapter Summary
Ensure you have a quality understanding of ways to evaluate retail innovation by exploring this self-paced chapter. Our expert instructors have developed bite-sized lessons you can study at your convenience to gain greater insight into marketing analytics and metrics, performance goals, profitability ratio and much more. Enjoy around-the-clock access to these lessons via any computer or mobile device with an Internet connection. This flexibility enables you to study whenever and wherever your schedule permits. If you have questions or want to test your knowledge of key concepts, feel free to reach out to subject-matter experts and take our multiple-choice lesson quizzes. After completing this chapter, you will be able to:
- Exhibit an understanding of marketing metrics and analytics
- Describe the use of digital analytics in marketing
- Define and share examples of performance goals
- Share the definition of and use the formula for return on investment
- Explain the meaning of and formula for profitability ratio
- Provide a description of customer relationship management and marketing technology
- List and discuss methods for measuring customer satisfaction
- Detail the process of measuring innovative performance
1. Marketing Analytics & Metrics
In this lesson, we'll describe marketing analytics and metrics as well as predictive analytics and how these are used in today's marketing environment.
2. Using Digital Analytics in Marketing
In this lesson, we'll illustrate how different types of digital analytics can be used to fit the overall marketing strategy that supports an organization's goals. After the lesson, try your hand at the quiz questions.
3. What are Performance Goals? - Definition & Examples
Learn what performance goals are and how they are vital to your job success. Find out the keys to setting effective SMART goals, and see a few examples of how these goals can be written.
4. Return on Investment: Definition, Formula & Example
Return on investment is a crucial analytical tool used by both businesses and investors. In this lesson, you'll learn the basic formula, discover a variant used for shareholders, and be provided examples.
5. Profitability Ratio: Definition, Formula, Analysis & Example
How do you know if a company is performing well? In this lesson, you'll learn about various profitability ratios, including what they mean, their formulas and examples illustrating them. A short quiz follows the lesson.
6. Customer Relationship Management and Marketing Technology
Customer relationship management helps companies retain customers and boost the effectiveness of their marketing strategies. Watch this video to see how customer relationship management is guided by technology to provide the most appropriate level of customer service.
7. Methods for Measuring Customer Satisfaction
Customers are the bread and butter of any business. This is why businesses need to make sure they are measuring customer satisfaction. This lesson will discuss methods for measuring customer satisfaction.
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Other chapters within the Business 328: Retail Innovation course
- Introduction to Retail Innovation
- Strategic Retail Perspectives
- Identifying Long-Term Trends in Retail
- Intrapreneurship in Retail Management
- Product & Process Innovation
- Innovation & the Customer Experience
- Innovation through Greentailing
- Gaining a Competitive Retail Advantage
- Retail Innovation: Opportunities & Threats