Required Reading for this week:
Chapter 16 https://ng.cengage.com/static/nb/ui/evo/index.html?eISBN=9780357165539&snapshotId=899247&id=350243196&
Chapter 17 https://ng.cengage.com/static/nb/ui/evo/index.html?eISBN=9780357165539&snapshotId=899247&id=350243197&
8 Lecture 1 “Setting the Bar”
Setting the Bar
For this week’s lecture, please listen to the podcast and/or read the transcript below.
This week you will synthesize the course material by looking at the overall business. You will review some concepts and look at more formulas to success. Be sure to look back at previous weeks if you need to review a little deeper. These concepts should sound familiar to you at this point and you are likely seeing many real life examples now that you are more aware of marketing in business.
Running a business takes a lot of math and a lot of research.
To have a higher profit you have to reduce costs or raise the price – remember that the laws of supply and demand plus the influence of competition will impact your pricing decisions. You need to set goals, the goals need to be measurable and attainable. You then plan your advertising plan, consider the cost of making your product and develop an all-encompassing marketing strategy. This strategy will guide you through your current products and in the Research and Development areas for new products. You will have surveys and focus groups to be sure that you get and keep happy customers.
Strategic Planning is just that – business leaders review data (tons of it if it is available) and make decisions on this data. Some companies will take the leadership team off site to decrease interruptions and allow for focused evaluation and planning. You will conclude this chapter with a more in depth look at the process of a SWOT analysis. Be sure to look back at your previous assignment using SWOT and review feedback from your instructor.
One new topic to mention is the dashboard – this is a common term in business software, it is a high level look at data that has been processed and turned into more meaningful information. Often these dashboards are used to communicate with senior managers in a company because they are focused on the bigger picture and not focusing on minute details. Many dashboards include charts or graphs, some software will allow managers to ‘drill down’ on dashboard information that allows them to click on something to get deeper into the data.
W8 Discussion “Marketing Promotional Budget Decisions”
Marketing Promotional Budget Decisions
Remember, one of the most difficult marketing decision facing companies is how much to spend on promotion. Thus, it is not surprising that industries and companies vary considerably in how much they spend on promotion. Promotional expenditures might amount to 30 to 50% of sales in the cosmetics industry and from less than 5% in the industrial sector. There are four common methods that companies use to decide their promotion budgets. They are the affordable method, the percentage-of-sales method, the competitive-parity method and the objective-and-task method. Find a scholarly, peer-reviewed journal article (published within the last 5 years) on a topic of promotion budgets. Cite and summarize the article in your initial post.
Follow up posts… After your initial post, read over the responses posted by your peers and your instructor. Select at least two different posts, and address the following in your responses: Is there a common theme in your peer’s responses?
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