A market evaluation is a useful analysis of a company‟s success. It is a big undertaking but is invaluable. To conduct the analysis consideration needs to be given to a range of areas including sales figures, marketing goals, advertising content and the media mix being utilized.
All sales figures need to be compared and analyzed referring to a specific time frame or before and after an event. The figures have to be analyzed and it needs to be determined whether the failed, met or exceeded expectations.
Any increase in sales should be analyzed to ascertain if they are from old or new customers or a combination of both. Consideration needs to be given to the reasons for increased revenue not associated with any advertising such as a strong economy.
An evaluation needs to be done of the marketing goals. Firstly the original marketing goals need to be examined and it has to be ascertained whether the business is taking that market.
Thought has to be given to decide if that is the most profitable market for the company. An analysis has to be made to show an increase or otherwise in the market share and by how much.
A check of advertising should be undertaken to work out what the advertising was communicating to the public and to ensure that the advertisements fulfilled their purpose.
It is necessary to find out if the target market understood and responded to the message of the advertisements. By evaluating the media mix used and its efficiency and checking on the creation process it can be ascertained how cost effective such a program was and which sections of media proved the most effective in attracting more market share.
Following the market evaluation it would be necessary for a section to be added to include ideas for future improvement.