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MARKETING PLANNING - Coggle Diagram

- - - - Brief summary
      - Key features + USP
      - New development of product explained
      - Branding, Packaging, Labelling details
    - - Considered the cost, price elasticity, competitor price, market condition
      - Outline the most important factors behind the pricing decision
    - - Major areas: advertising, sales promotion, public relations, personal selling
      - Timescale for promotional activities
      - The scale and types of advertising campaign
    - - Details of channels to be used
      - Range and number of outlets
- - - - Quick and cheap to administer
      - Sales representatives may not aware of macro-economic developments or competitive actions
      - Number of products may be overestimated
      - Ask all sales representatives for individual future sales' predictions and adds together
    - - Use expert not directly employed, their judgements and predictions will be asked. This may takes several rounds of questionaires
      - This technique is more accurate that unstructured group expert giving their opinions and forecasts
      - A long-range qualitative forecasting technique that obtain forecasts from a panel of experts
    - - For greater accuracy, sample must be large enough
      - Surveys can be conducted by business itself, but requires detailed awareness of research technique, questionaire construction and results analysis
      - A form of market research, and the questions can be qualitative or quantitative
      - Can hire agency for more accurate demand forecast, however this can be expensive
    - - Quicker and cheaper than the Delphi technique
      - Lack the external view of market conditions and consumer trends
      - Uses specialists within a business to make forecasts for the future
  - - - Links might exist between sales and other factors: price, competitor activities, levels of disposable income ...
      - 'A line of best fit' can be added for extended sales forecast
      - Attemps to explain the most important factors causing changes in sales data
      - Limitation
        
        Fails to consider other factors, such as seasonal and other variations
        
        Mathematical method can be undertaken without the graph
        
        Correlation doesn't prove there is a cause an effect
    - - After actual results have been plotted, the line can be extended to assume that sales pattern are stable
      - Least certain method
      - Base on past results for future predictions
    - - Seasonal fluctuations: regular and repeated variations occur in sales data within 12 months
      - Cyclical fluctuations: variations in sales occur more than a year and are due to business cycle
      - The trend: the underlying movement in a time series
      - Random fluctuations: can occur anytime and cause unusual, unpredictable sales figures
      - Benefits:
        
        Useful for identifying and applying the seasonal variation to predictions
        
        Can be reasonably accurate for short-term forecasts
        
        Identifies the average seasonal variations for each time period
      - Drawbacks:
        
        Complex calculation
        
        Forecast further can become less accurate, since external factors can change
        
        Forecasting for longer term may require the use of more qualitative methods, less dependent on past results
      - Forecasting:
        
        Extrapolate this into the future
        
        Read off the forecast trend result from the graph for the period under review
        
        Adjust this by the average seasonal variation
        
        Plot the trend on time series graph