Unit B Planning and Preparing to Manage a Small Business

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Presentation transcript:

Unit B Planning and Preparing to Manage a Small Business Competency 5.00 Understand pricing, promotion, and market planning.

5.06 Employ marketing information to develop a marketing plan. Market Planning 5.06 Employ marketing information to develop a marketing plan.

The Basics of a Marketing Plan Marketing Objectives Marketing Budget Marketing Metrics Sales Forecasting

The Marketing Objectives Increase in sales What you want to achieve Keeps the business focused on the goals. Specific: Example: Increase profit by 6% next year.

How to set SMART goals

The Marketing Budget Develop AFTER determining objectives. Helps to control spending. What is cost of marketing activities? Use the percentage-of-sales method = Allocate a certain amount based on goods and services sold the previous year.

Marketing Metrics A measurement tool… Statistical measurements by which companies judge effectiveness Gauge market’s buying habits and attitudes…compared to profitability Must relate to objectives of Marketing Plan

Marketing Metrics Businesses select tools that will help compare current market share to market potential. Must relate to objectives of Marketing Plan

Sales Forecasting Used as a standard of measurement. What is competitor’s market share?

External Factors Affecting Forecast Inflation? Lower forecast. (quantitative) Increase in population in area. (quantitative)

Strategies for Forecasting Ask experienced sales people. (qualitative) Opinions of industry experts. (qualitative)