Answer to Question #317947 in Management for cessy

Question

• The revenue forecast takes all the assumptions of the marketing program

and establishes a financial goal (comparison between existing revenue

versus forecasted revenue upon implementation of marketing programs).

• Detail the allocation of resources for the strategies such as Salaries, Capital

investments, packaging, shipping, advertising, public relations, sales

promotions, etc.

• Can you describe how the company will measure and monitor that strategies are

on-track, what is working or not, and whether any changes or new

directions are needed. This includes reportage, tracking systems and other

control measures and procedures.

• Provide a positioning statement of how the product intends to differentiate

or position itself in the marketplace.

Answer 1

Have the right prioritiesNot everything in your business has the same priority or the same sense of urgency. As leaders, you and your leadership team need to establish the most important activities and indicators for the success of your building. Key performance indicators (KPIs) are a good way to monitor your success—or your shortcomings. There may be other things you want to pay attention to, but make sure the ones absolutely imperative to your success are at the top of your list. Here’s a look at why KPIs can be so helpful — and why they’re not enough by themselves

Have the Right Information

You may remember the old saying: “Garbage in, garbage out.” It’s still valid today. If you’re not tracking the right information it’s really not going to help you. It’s important that the information you’re monitoring is accurate, current, and valid. It’s also important that you avoid “silo” thinking when reviewing data. As an example: It really doesn’t help you to know that sales are up 15 percent if you ignore the fact that you’re losing money on each sale. Make sure you get the full picture.

Differentiation and positioning are two consecutive and highly related elements that occupy a prime importance in a company’s marketing strategy. Despite the differences between them, they both have the same objective and are closely related to each other because product or service is positioned on the basis of its distinct features or qualities. Differentiation is considered effective only when it creates enough position for the product offered for sale within the target market.

The concept of differentiation and positioning is applicable to all industries but is of special importance in a market with heavy competition. The purpose is to make the customers aware and realize what we can deliver that others can’t and how and why the unique capability of our product has value for them. To know whether the product is differentiated and well positioned, keep an eye on sales numbers and customers’ engagement with your product. Finally, if the numbers are not satisfactory, doing a little bit more research and changing or adding one or more new features might work.