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Chapter 20: Marketing Planning - Coggle Diagram
Chapter 20: Marketing Planning
Marketing plan
Benefits
Be more aware of market conditions as business will conduct situational analysis
1.provide sense of purpose and direction
3.reduce risk of failure (allocate sufficient resources/budget)
Elements/stages
4.
maketing tactics
5.marketing objectives
3.
marketing strategy
6.
marketing budgets
2.
situational analysis
Purpose/mission
Stages of new product development
analysis
product testing
concept development
test marketing
screening ideas
commercialisation
generate new ideas
Elasticity
Promotional - change in demand for the product/ change in promotional spending
Cross-elasticity - change in demand for good X/ change in demand for good Y
Income
change in demand/change in income
Research & development
Government support
Provide legal security to investors and designers by allowing them to patent or register a design.
financial assistance ex: grants, tax reduction incentives
Factors influencing level of R&D
Spending plans of competitors
Business expectations
Nature of the industry
Risk/culture of the business
Government policy (Grants)
Pros
Helps firms produce products that consumers actually want
Results in higher returns if R&D is successful
3.
Avoid products from becoming obsolete
Cons
1.
expensive
2.time consuming
There is still a chance that the product fails
fast change of technology, business might lose opportunity
Sales forecast
Benefits
efficient resouces planning
determine the suitable product to produce
Gain insights from external sources
allow to estimate costs and revenue
Qualitative forecasting
Panel of experts
Sales force composite
Delphi method
Survey
Quantitative forecasting