Step 10 Decide how to learn for the next round of decisions Data analysis Tests

Step 10 decide how to learn for the next round of

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Step 10: Decide how to learn for the next round of decisions - Data analysis, Tests assumptions, Flags changes or market shifts analysis; - Identifies opportunities to improve; - Track Performance; - Redefine strategy if necessary. 3. Name 5 Marketing Plan Measures of Performance. 5 examples of performance measures that concern marketers are, Total sales (Dollar or unit volume), Sales per costumer (Dollars of unit per costumer), Market Share (% of the company’s total sales relative to sales relative to sales of all competitors in this category in a specific market area), Costumer Profitability (average dollar profit per costumer) and Awareness (% of the target market that we aware of your brand). 4. What are the 4 components of a PEST analysis? - Political factors relate to how the government intervenes in the economy. Specifically, political factors have areas including tax policy, labor law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government aims to provide or be provided (merit goods) and those that the government does not want to be provided (demerit goods or merit bads).
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Furthermore, governments have a high impact on the health, education, and infrastructure of a nation. - Economic factors include economic growth, exchange rates, inflation rate, and interest rates. These factors greatly affect how businesses operate and make decisions. For example, interest rates affect a firm's cost of capital and therefore to what extent a business grows and expands. Exchange rates can affect the costs of exporting goods and the supply and price of imported goods in an economy. - Social factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. High trends in social factors affect the demand for a company's products and how that company operates. For example, the ageing population may imply a smaller and less-willing workforce (thus increasing the cost of labor). Furthermore, companies may change various management strategies to adapt to social trends caused from this (such as recruiting older workers). - Technological factors include technological aspects like R&D activity, automation, technology incentives and the rate of technological change. These can determine barriers to entry, minimum efficient production level and influence the outsourcing decisions. Furthermore, technological shifts would affect costs, quality, and lead to innovation. 5. Undertake research and prepare a PEST Analysis of McDonalds. Political - The political context of McDonald’s environment is important as this can provide it with both opportunities and threats to its success. Government policies towards issues such as trade or public health can increase costs or impact on the operations of the organization. Trade agreements can make it easier or harder for organisations to undertake business activities in certain areas, such as when there are differences in food
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