What tools can a company use to monitor and improve their marketing activities?
A company can do several things to monitor and improve their marketing activities. Let me list several points.
First, a company can hire an advertising firm to come up with a marketing plan to improve image, sales, and market shares. This might be an important step, because successful advertising iscentral in growing a company.
Second, in order to evaluate whether advertising is going well, a company can take informal polls to see whether the public knows their company or brand. Brand recognition is key. More importantly, the proof will be how much money the company makes.
Third, a company should always be monitoring what advertising areas are most successful and important. In this way, they can allocate more resources to the important areas. For example, if a company believes their Internet presence is weak but important to grow to get to the next level, then they can spend more money on that area.
Fourth, a company should seek to learn from other companies, even rival ones to know what works. The mentality of the ancient Greek can be helpful here. They stated that they did not invent anything; they just made everything better. In short, great companies must see what is working and adapt.