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Outline of Chapter 21

Outline of Chapter 21 - Outline of Chapter 21 DEVELOPING...

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Outline of Chapter 21 DEVELOPING INNOVATIVE MARKETING PLANS INTRODUCTION MARKETING PLANNING PROCESS IS MORE THAN ASSEMBLING THE FOUR Ps BLENDING THE FOUR PS TAKES UNDERSTANDING OF A TARGET MARKET Marketing strategy planning process brings focus to efforts S.W.O.T. ANALYSIS-identifies and lists the firm's strengths and weaknesses and its opportunities and threats. Transparency 22 (Exhibit 21-1) "Overview of Marketing Strategy Planning Process" Overhead 226 "Factors that Affect Marketing Mix Planning" Marketing mix flows from target market dimensions Product classes suggest typical marketing mixes Typical is not necessarily right Superior mixes may be breakthrough opportunities Inferior mixes are easy to reject Marketing manager must blend the four Ps Transparency 15 (Exhibit 21-2) "Strategy Decision Areas Organized by the Four Ps" Product life cycle guides planning Overhead 227 "Typical Changes in Marketing Variables over the Product Life Cycle" Transparency 71 (Exhibit
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21-3) "Typical Changes in Marketing Variables over the Product Life Cycle" FORECASTING TARGET MARKET POTENTIAL AND SALES Overhead 228 "Market Potential and Sales Forecast" MARKET POTENTIAL--what a whole market segment might buy. SALES FORECAST--an estimate of how much an industry or firm hopes to sell to a market segment. Three levels of forecast are useful Two approaches to forecasting Overhead 229 "Approaches to Forecasting" Extending past behavior can miss important turning points TREND EXTENSION--extends past experience to predict the future. Transparency 139 (Exhibit 21-4) "Straight-Line Trend Projection--Extends Past Sales into the Future" Transparency 140 "Trend May Change If Conditions Change" Predicting future behavior takes judgment FORECASTING COMPANY AND PRODUCT SALES BY EXTENDING PAST BEHAVIOR Past sales can be extended Factor method includes more than time
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FACTOR METHOD--an approach to forecast sales by finding a relation between the company's sales and some other factor (or factors). FACTOR--a variable that shows the relation of some other variable to the item being forecast. A bread producer example Overhead 230 (Exhibit 21-5) "Sample of Page from Sales & Marketing Management's Survey of Buying Power Factor method can use several factors Producers of business products can use several factors too Overhead 231 (Exhibit 21-6) "Estimated Market for Corrugated and Solid Fiber Boxes by Industry Groups, Phoenix, Arizona, Metropolitan Statistical Area" Times series and leading series may help estimate a fluctuating future TIME SERIES--historical records of the fluctuations in economic variables. LEADING SERIES--a time series that changes in the same direction but ahead of the series to be forecast. INDICES--statistical combinations of several time series used to find some time series that will lead the series to be forecast.
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