Marketing management indicator 1 03
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Marketing Management Indicator 1.03. Employ marketing-information to develop a marketing plan. Benefits associated with having a marketing plan. Understand past marketing decisions and outcomes better Allows the opportunity to look back and see what strategies worked well—and didn’t

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Marketing Management Indicator 1.03

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Marketing management indicator 1 03

Marketing Management Indicator 1.03

Employ marketing-information to develop a marketing plan


Benefits associated with having a marketing plan

Benefits associated with having a marketing plan

  • Understand past marketing decisions and outcomes better

    • Allows the opportunity to look back and see what strategies worked well—and didn’t

  • Understand target market(s) better

    • No success unless the customers’ needs and wants are met.

  • Setting goals

    • Set goals are easier to remember, stick to, measure, and achieve.

  • Planning marketing strategies with more precision

    • Provides clear guidance on what strategies will be used and when.

  • Obtain funding

    • Potential investors will want to see a plan before putting money into a business.

  • Provide direction in organization

    • Clear direction is provided for everyone

  • Tracking progress more effectively

    • Can track progress in a measurable way


Components of a marketing plan

Components of a marketing plan

  • Executive summary

  • Situation/SWOT analysis

  • Desired target market

  • Marketing objectives

  • Marketing strategies and programs

  • Financial plans

  • Performance and implementation

  • Appendix


Purpose of marketing plan components

Purpose of marketing plan components

  • Executive summary

    • Serves as an introduction to the marketing plan

    • Allows the reader to understand the purpose of the marketing plan

  • Situation/SWOT analysis

    • Determines firm’s current marketing situation

    • Answers the basic question of “How are things now?”

    • Serves as a snapshot of the business’s current state of affairs as related to marketing

  • Desired target market

    • Information on the target market the company desired to reach

    • If NOT for a new target market/product, may be skipped

  • Marketing objectives

    • Outlines the specific marketing objectives that the company wants to achieve

    • Serve as a foundation for achieving sales and overall financial objectives


Purpose of marketing plan components1

Purpose of marketing plan components

  • Marketing strategies and programs

    • Heart of the marketing plan

    • Identifies the general marketing strategy (growth, stability, market exit)

  • Financial plans

    • Provides details on the expected expenses and profits of a plan’s program

  • Performance and implementation

    • Give expected results and indicates how the plans’ progress will be measured

  • Appendix

    • Holds charts, graphs, or miscellaneous materials related to the plan


Items factors that use sales forecasts

Items/Factors that use Sales Forecasts

  • New product decisions

  • Product scheduling

  • Financial planning

  • Inventory planning and procurement

  • Distribution

  • Human resource planning


The time frame of sales forecasts

The Time Frame of Sales Forecasts

  • Short-range forecasts

    • Last fewer than three months

  • Intermediate forecasts

    • Last three months to two years

  • Long-range forecasts

    • Last more than two years


Factors which affect how far ahead a business should predict sales

Factors which affect how far ahead a business should predict sales

  • Continual decisions in planning, scheduling, inventory and staffing in production, procurement and logistics activities are short range

  • Budgetary planning, cost control, marketing new products, sales force compensation plans, facility planning, capacity planning and process selection and distribution planning are intermediate

  • Whether to enter new markets, develop new products or services, expand or create new facilities, or arrange long-term procurement contractsare long-range


Qualitative vs quantitative forecasting methods

Qualitative vs. Quantitative Forecasting Methods

Qualitative

  • Relies on subjective data that reports opinions rather than historical data

Quantitative

  • Uses statistical computations such as trend extensions based on past data, computer simulations, and economic models.


Factors affecting sales forecasts

Factors affecting Sales Forecasts

  • Sales Fluctuations

    • Who are customers?

    • Number of customers?

    • Diversity of customers?

  • New Products

    • Very new?

    • Not similar to other items or services?

  • Market Conditions

    • Change for NUMEROUS reasons

      • Ex: Quick jump in fuel prices

        • People stop driving unnecessarily

        • People buy less gas

      • Ex: Release of new technology

        • Makes previous technology obsolete (Smart Phones replaced Palm Pilots and cell phones)


Business activities which use sales forecast information as a planning tool

Business Activities which use Sales Forecast Information as a Planning Tool

  • Volume of attainable sales

  • Material costs

  • Labor costs

  • Equipment costs

  • Markets for products

  • Plans corporate strategy

  • Develops sales quotas

  • Determines the number and allocation of salespeople

  • Decide distribution channels

  • Prices products or services

  • Analyzes products and product potential in different markets

  • Decides on product features

  • Determines profit and sales potential for different products

  • Constructs advertising budgets

  • Determines the potential benefits of sales promotion programs

  • Decides on the use of various elements of the marketing mix

  • Sets production volume and standards

  • Chooses suppliers

  • Defines financing needs

  • Determines inventory standards


Why not all businesses use sales forecasts

Why not all businesses use sales forecasts

  • Forces decisions to be based on facts rather than hunches.

    • Don’t want to look for historical information (there are no past sales)

  • It is a difficult and hard process

    • Some do not want to put forth the effort and energy

    • Doing it correctly is the key to understanding your business’s future.


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