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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

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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