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What is a marketing plan?
Internal influences on the marketing plan
External Influences on the marketing mix
PESTLE
Advantages of the marketing plan
Disadvantages of the marketing plan
Marketing Budget
Methods of setting budgets
Influencing factors on the budget
Benefits of budget
Drawbacks of budgets
ANSOFF MATRIX
What is Ansoff Matrix?
Market Led Strategies
Asset Led Strategies
Michael Porter
Benefits of market research
Drawbacks of market research
Test Marekting
Moving averages + Extrapolation
Extrapolating into the future using
average sales increase
Steps in calculating moving
averages.
Moving Average Example
What causes variations in the sales
data?
What is a correlation?
Qualitative Sales Forecasting -
The Delphi Technique
Qualitative Sales Forecasting -
Brainstorming
Qualitative Sales Forecasting -
Intuition
Price Elasticity of Demand
Revenue
Formulas for Price Elasticity of Demand
1. £500 - £450 = £50
(£50 / £500) x 100 = £10
2. 200 - 215 = -15 (ignore the negative)
(15/ 200) x 100 = 7.5
3. 7.5 / 10 = 0.75
INELASTIC
What does price elasticity of demand figures actually mean?
Re-working the formula
Income Elasticity of Demand
The demand for some products will change significantly with the change in income, for other products the demand will not change significantly with income.
E.g The demand for bread will not change significantly with income unlike luxury holidays that will.
Income Elasticity of Demand:
-Answer greater than 1 = income elastic (DEMAND CHANGE IS GREATER THAN INCOME CHANGE)
-Answer less than 1 = income inelastic (DEMAND CHANGE IS LESS THAN THE CHANGE IN INCOME)
Interpreting Income Elasticity of Demand
