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Homework: Demonstrate Your Key Performance Indicator (KPI) Knowledge
Background
Although there are many key performance indicators, this homework aims to focus on KPIs that would benefit and support new product launch strategies. For this homework, you will identify KPIs for pricing, promotions, and overall success.
Instructions
An essential role for marketing managers is communicating how to measure the success of innovative product launches and creative marketing strategies. Your CMO has asked your team developing the new product to explain the KPIs used to measure success in a monthly meeting.
1) For the two pricing strategies you discussed, identify two performance metrics, one for each strategy. 2) Consider your promotional strategy. What is a performance metric that will be applicable to the strategy? 3) What metric will you use to measure overall success?
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