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Management is a set of activities including planning and decision making, leading and controlling directed at organisations resources: human, financial, physical and information, with the aim of achieving organisational goals in an efficient and effective manner ( R.W. Griffin -2005)
Of the five management functions planning, organizing, staffing, leading and controlling , planning is the most fundamental. All other functions stem from planning. Therefore planning is a major component of management. However, planning doesn't always get the attention that it deserves.
The word planning in context of management, incorporates determining the organization's goals and defining the means for achieving them. It is said that if you fail to plan you are planning to fail Therefore, planning is an essential strategic activity and it is an intrinsic part of efficient and effective management. When it relates to marketing, purpose of planning is to achieve marketing goals in an efficient and effective manner.
Situational Analysis
Where we are now? ( Also known as Situational Analysis and Marketing Audit) Internal Analysis( Internal Audit) Environmental Analysis( External Audit)
PESTEEL Analysis Competitor Analysis Market Analysis
SWOT Analysis
SWOT
It is a good snap shot of the firm SWOT Analysis is taken from the Internal and External Analysis. Strengths (Firm need to Consolidate) Weaknesses ( Firm need to Minimize) Opportunities( Firm need to Exploit) Threats ( Firm need to Overcome)
Sales Objectives
Proper sales forecast has to be made before sales objectives are made. There are many methods available to forecast sales. Eg. Sales Composite method, Jury method, exponential
smoothing, moving average other mathematical methods etc.
E.g. Sales objective of a firm of branded luxury clothing could be To increase sales by 10% from Rs. 500 million within twelve months Sales objectives lead to set marketing objectives.
Marketing Objectives
It describes the expected behavior of the target market ( customers) required to reach sales objectives. One could even use the Ansoffs Matrix to develop marketing objectives to grow sales. It could be retention of current customers It could be increasing purchases of current customers It could be trail purchases from new customers It could be repeat purchases from new customers It could even be blocking competition, developing a new market.
Setting marketing objectives are important since they often shed light on underlying conditions and circumstances facing the firm that are not easily seen within financial measures The marketing objectives will indicate targets to be achieved across several marketing decision areas.
Marketing Strategies:
A marketing strategy entails how an individual marketing objective will be reached. While the Sales and marketing objectives are SMART, marketing strategies are descriptive. They go into detail how objectives are achieved.
Distribution- Distribution strategy, Distribution methods, Distribution Channels, Channel motivators, return policy, Channel support etc. Promotion- Promotion Strategy, Promotion methods, Media Channel selection, Media Plan, Media Schedules, Publicity Programs, Public relations, press conference, Press articles, Sales Promotions, Cost analysis,
e. Physical evidence- Buildings, Interior dcor, visiting cards, letter heads, music, technology in office and factory f. Process- order placing, order taking,, quality controls, packing process, storing of materials and finished products distribution etc. g. People- Dress, Courtesy, Personal Selling, Physical appearance, Compliant handling,
BUDGETS
Different budgetary allocations to be made on different headings of expenses that would incur in the process of achieving forecasted sales and other objectives
Description Quarter 1 Quarter 2 Quarter 3
Sales Units
Sales amount LessManufacturing cost LessAdministrative Cost Distribution Cost Financial Cost Other Cost
Net Profit
Tax ROI Pay back period
Set Performance indicators Corrective action yes Collect Performance details Deviation Compare performances continue No