Marketing and measurement

Abstract

Marketing and marketing management has often been described as an art, often shrouded in considerable mystery. Indeed. hearing some managers talk you would almost think that it rests on some secret recipe to which few are privy. Much of this mystery is the result of black holes in our knowledge of what precisely works. Perhaps one of the best known quotes that underline this is that by a successful early mass retailer. John Wanamaker, who said: "I know half my advertising is wasted-I just don't know which half." It underlines the point that we are dealing with a fairly inexact social science. However given the considerable sums spent on marketing activities it is not surprising that more managers are demanding more accountability.