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MARKETS AND NEW BUSINESS (MASTERS DEGREE) … CONTINUED
❖ ESTABLISHING GOALS AND OBJECTIVES
➢ MARKETING GOALS AND OBJECTIVES – are essentially STATEMENTs of
PERFOMAMCE and OUT-COMES desired by the business venture.
❖ These Marketing Goals and Objectives respond to the question “WHERE DO WE
WANT TO GO?” OR WHERE DO WE WANT TO GO? OR WHERE DO WE WANT TO
GO?
❖ and should clearly specify things such as.
⎯ MARKET SHARE
⎯ PROFITABILITY
⎯ SALES ( TERRITORY)
⎯ MARKET PENETRATION
⎯ NUMBER OF DISTRIBUTORS
⎯ AWARENESS LEVEL ETC
And be MARKET specific
⎯ MEASURABLE / QUANTIFIABLE
⎯ ACHIEVABLE
⎯ REALISTIC AND
⎯ TIME – BOUND
Ideally the number of goals / objectives should be limited to between six
and eight as too many make control, monitoring and management difficult.
defining marketing strategy and action programs
- Once GOALS and OBJECTIVES have been defined the Entrepreneur can
proceed to develop the MARKETING STRATEGY and ACTION PLAN to achieve
them.
- The foregoing plan elements respond to the question “how do we get there”
- As digressed earlier these decisions reflect on the MARKETING VARIABLES – the
STRATEGIC VARIABLES of the DEMAND FUNCITION the CONTROLLABLES.
- The 7ps = 4 ps for physical products 30s for non – physical services
❖ PRODUCT
❖ PRICE
❖ PLACE (DISTRIBUTION)
❖ PROMOTION
❖ PEOPLE-Conduct/Appearance / Expertise
❖ PROCESSES – E.g Systems/Automation
❖ PHYSICAL EVIDENCE – i.e Ambience
PRODUCT /SERVICE
GO TO THE MARKETING – PLANNING
MODULE NOTES
❖ PRICING PLANS
GO TO MARKETING PLANNING
MODULE NOTED 38 TO 52
❖ DISTRIBUTION PLAN
GO TO MARKETING PLANNING
MODULE NOTED 53 TO 110
❖ PROMOTION PLAN
GO TO MARKETING PLANNING
MODULE NOTED 7 TO 18
➢ FINANCIAL PERFOMAMCE EVALUATION
-Financial Condition/Performance is considered one of the best measures of
COMPETITITVE POSTION and ATTRACTIVENESS of the firm to investors.
- Determining and promoting an organisations performance becomes part of
STRATEGIC PLANNING AND MANAGEMENT PROCESS
- The point is FINANCIAL STANDING of an organisation will bear on its
COMPETITIVENESS or ability to formulate STRATEGIES that are EFFECTIVE.
- This traditionally done through financial ratio analysis and computation using
information from two sources.
a. The INCOME STATEMENT and
b. The BALANCE SHEET
❖ RATIO ANALYSIS
- COMPANIES at GENERAL ELECTRIC ( a large AMERICAN conglomerate)
effectively managed for years simply through ensuring ratios relevant to their
business kept within acceptable limits and only intervened when the were off
the limits (bands) – ie MANAGEMENT by EXCEPTION
-
❖ THE BALANCE SHEET
- Comes from the INCOME STATEMENT
- It represents a SNAP-SHOT of the FINANCIAL position of a business at a point in
time
- It will have a schedule/inventory of ASSETS and LIABILITIES.
❖ ORGANISATIONAL PLAN
o LEARNING OUTCOMES/OBJECTIVES
- To understand ADVANTAGES and DISADVANTAGES of legal forms of organizing
a new venture
- To understand the importance of the management team to explain and
compare corporation and limited liability company as options for
incorporation
- To learn of both the formal and informal organisations
- To illustrate how the boards of directors or board advisors can be used to
support the management of a new venture.
❖ DEVELOPING THE MANAGEMENT TEAM
- important to differentiate
a. OWNERSHIP AND
b. MANAGEMENT
