Marketing Planning: A Mandatory Process for Company Survival - Part 5

Article Abstract:

Marketing planning is a process that creates new customers. To be effective, it must be implemented properly. Accurate sales forecasting requires gathering, analyzing and organizing a wide range of data from both internal and external sources. A formal marketing plan should integrate product marketing and pricing strategies. Once a marketing plan is drafted and its plan implemented, controls are vital. Controls should identify expected results for each aspect of the marketing plan. The actual results should be compared to the forecasted results. The marketing audit should examine the companies marketing assets. It should also evaluate the performance as compared to the results of the marketing plan. Finally, the company's performance should be compared to its competitor's performance.

Marketing, Statistics (Mathematics), Mathematical statistics

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Budgeting: An Essential Process for Planning and Control

Article Abstract:

Three functions of budgeting are stated, all necessary for proper planning and control. Some preliminary steps to budgeting are described. Concepts that make budgeting more meaningful are examined. Managers should inform subordinates as to how a budget affects their areas. There are suggested questions to be answered pertaining to employee involvement in the budget. A budget should reflect overall objectives and not a rigid objective in itself.

Methods, Management, Budget, Budgeting, Budgets, Corporations

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Market Planning

Article Abstract:

Market planning is a procedure that creates new customers. It is a cohesive and harmonious process. Market research determines the appropriate selling methods for a company's product or service. Selling channels are described. They include salespersons, direct mail and trade shows. Among other topics discussed are exporting, advertising, and promotion.

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