Developing Strategic KPIs Assignment

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Developing Strategic KPIs Assignment: The Key to Successful Marketing Metrics

 

MSM Program 2020

 

 

For strong, successful marketing, you need to connect your goals with the outcomes of various marketing activities so that you can measure your degree of success on a regular basis. To accomplish this, you need to design measurable objectives and specific key performance indicators (KPIs) that will help you to (1) stay on track with your marketing plans and (2) inform you if you are achieving your goals in the timeframe you desire.

 

Assignment – Part A – Developing KPIs

 

For a company in your area of expertise or interest (it could be your current employer), consider several business/marketing needs, problems, and/or pain-points. (NOTE: The scenario for this assignment cannot be associated to your Marketing Plan assignment.) Develop a set of interconnected goals, objectives, and KPIs that will help the company achieve success. Specifically, please deliver the following:

· Write a short description (1-2 paragraphs) of the industry, the company, and some pertinent marketing needs, problems, and/or pain-points.

· List and explain 2 or more higher-level conceptual goals (and how the achievement of these goals would help the company be successful). To mirror what we often find in the marketplace, these goals should be somewhat ambiguous.

· List and detail 2 or more SMART objectives for each goal that help to define that goal.

· List and detail 2 or more KPIs for each objective that you list (some KPIs may be direct measurements and others may be indirect measurements).

· Create a visual that illustrates how the KPIs, objectives, and goals are interrelated.

· Create a timeline (weekly for 2 months; monthly or quarterly for 12 months) showing periodic performance expectations for each objective and KPI, as well as when particular KPIs will be measured, observed, and assessed. (Consider whether and how your KPIs need to change each period to meet the final objectives.)

 

Assignment – Part B – Testing KPI Integrity

 

One potential problem with “managing by KPIs” is that some KPIs can be manipulated in a way that KPI targets are achieved even though the ultimate objectives and goals are not. Consider all of your KPIs, objectives, and goals and then come up with at least one scenario in which employees or outsourced staff could reach a particular KPI target in a way that does not reach the objectives and/or goals. Write a several paragraphs explaining how this could occur and what you might be able to do to prevent it.

 

 

Assignment – Part C – Reflection Questions

 

Answer each of the following questions in a separate paragraph and use numbers or headings to identify them.

1. How did the exercise of connecting KPIs to objectives, objectives to goals, and goals to success influence how you think about marketing planning?

2. How would you determine the balance between measuring a multitude of performance details versus allowing your management teams to have flexibility in reaching objectives and goals?

3. How can this exercise help you with reaching your own personal and professional goals? (Give at least two detailed examples.)

 
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