What is Marketing Evaluation
The marketing evaluation is an important and necessary process that involves careful market research and analysis. This is generally conducted by the marketing team assembled by the company. This evaluation is done to determine whether the product will meet the expectations of the customer market. This is an effective way to assess the fate of the product or service that the company is planning to release. The evaluation sees how far the product may be successful in creating an impact in the market and reap in profits for the company. The evaluation needs to be done carefully where all aspects and factors of the market should be taken into account. The product’s launch is dependent on the marketing evaluation and reviews received.
The marketing evaluation is a precautionary measure that every company must take into account while planning to launch a new service or product. This helps in negating huge losses that might be faced if there is no evaluation. It should take into account the current market trends and the possibility of future trends as well. This is a complex procedure; so it must be conducted by experts and properly customized for the company to understand and determine the product launch.
- The marketing evaluation should at first determine the target market. The questions formulated should be relevant to the determined market.
- The customer feedback should be incorporated in the evaluation. It should also include other factors like pricing, packaging and even advertising campaigns that might be suitable for the product.
- The evaluation must be compared to the previously set expectations and this will help in understanding whether the product or service will be profitable for the company.
- There should be no margin for errors. The language needs to be simple yet professional and should be able to convey the necessary details.
Category: Evaluation Questions