Activity How can you approach your analysis of marketing outcomes Once your

Activity how can you approach your analysis of

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ActivityHow can you approach your analysis of marketing outcomes?Once your business is established and running well, you may be inclined tolet things continue to run as they are.However, it's actually time to plan again. After the crucial early stages, youshould regularly review your progress, identify how you can make the mostof the market position you've established and decide where to take yourbusiness next. You will need to revisit and update your business plan withyour new strategy in mind and make sure you introduce the developmentsyou've noted.When you started your business, you probably devised a marketing plan aspart of your overall business plan. This would have defined the market inwhich you intended to sell and targeted the nature and geographicaldistribution of your customers.From that strategy you would have been able to produce a marketing planto help you meet your objectives. When you're reviewing your business'performance, you'll need to assess your customer base and marketpositioning as a key part of the process. You should update your marketingplan at least as often as your business plan.Revisiting your marketsA business review offers you the opportunity to stand back from the activityoutlined in your plan and look again at factors such as:changes in your marketnew and emerging serviceschanges in your customers' needsexternal factors such as the economy, imports and new technologychanges in competitive activityAsking your customers for feedback on your business' performance willhelp to identify where improvements can be made to your products orservices, your staffing levels or your business procedures.At the same time, it is important to remember that while reviews of this kindcan be very effective - they can give your business the flexibility it needs tobeat off stiff competition at short notice - it is important to think through theimplications of any changes. In the new phase of your business you'll needto plan your finances and resourcing carefully at all times.
P a g e | 50How would you review these marketing objectives?Return on InvestmentReturn on investment is always a major concern when it comes tomarketing or any other business expense. The idea is to check whether themoney you put into your marketing plan has resulted in a profit. You mustmeasure the amount spent on each campaign, versus the amount of saleseach campaign brought in specifically. You can calculate an overallmeasurement, but a more specific breakdown by each marketing initiativewill tell you exactly which campaigns worked and which fell short.Sales NumbersReading the numbers can be the fastest and most basic way to determinewhether your plan is working. For example, if your overall sales for lastyear from June 1 to September 1 totaled $100,000 and your total sales forthis year totaled $150,000, you can deduce that your current marketingplan is having some sort of positive effect. Take into account any rise inprices or expansion of the business, but when all is said and done, in raw

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