Develop Budgeting Strategy and Evaluation Strategy, Business Plan Example

Executive Summary

The marketing budget plan creates a clear guide for the outlined market strategies, costs and the projected results within the prefer organization. In combination with the forecasted budget, the marketing plan is used in ensuring that the marketing team focuses on the set goals to attain several goals that have been set (Yoshida & Pan, 2017). The budget remains to limit the actions of the marketing team to work under several set constraints during the marketing activities and helps in the creation of meaningful output to the market in terms of sales and revenue. A marketing budget plan is important because; it helps in the justification of cash flows that the marketing team needs to spend, it creates growth for the company that helps in the creation of clear product line as well as the provision for the allotment of budgets in determining the levels of investment.

The Challenge

For a successful venture of the products in the market, the product must attain specific characteristics. These products must be unique in the market, meaning that they can not be easily substituted by the competitors, they should also attain high-quality standards in ensuring that they get their first customer approach. The goals of the new venture are to expand the company’s market and diversification of goods and other products (Abdullah Saif, 2015). A market for a specific product is attained to be maximum when the customer’s flow is consistent and that there are no poor feedbacks about the market. With the attaining of this market, the companies will be able to improve their sales and a direct proportion t the revenues return.

Situational analysis

It involves the key players in the market such as the customers, competitors, companies and collaborators analysis on the specific deliverables within a market. Below is such an analysis.

Competitors Analysis

At the current market, the company is at the top of the great influences within the market. The sales of the current common stock in the stock market has gained value to and therefore it is expected to gain enough value to challenge its competitors. The decree of substitution with other new products is limited by the government’s regulations within this industry to favour perfect competition and enhance an efficient market. The position of this company is as illustrated by the SWOT analysis below;

7the improvements in the level of inflation within this period have deterred the prices of stocks in the market. This means that the company’s shares prices increased and the Earnings per share are estimated to adjust according to the market (Gordano et al., 2019). Though the performances of the company in the prior years have not been swift, the market share has always maintained a premium value.

Company Analysis

A company is typically a product of the culture that is been practised within its boundaries by the employees, customers and other stakeholders. The norms and values that it displays to the outside world are typically at the company is made of and how it treats its stakeholders. This creates an attribution of the strengths and the weaknesses associated with the company’s product line and the industry.

The goals of the company in the marketing are mainly to create brand awareness to the customers. Besides, the company is involved in the promotion of any new products in the market and creating networks all through viable ventures (Yoshida & Pan, 2017). All these practices are done in the attainment of a maximum revenue structure and creation of the company’s value in the market.

This product is expected to create value to the organizational market and improve the value; of the copy by a great margin. This improvement means an increase in the prices of the companies shares. Moreover, the investors are motivated by the level of innovation within the organization and the introduction of new product lines with new market ventures in the market (Yoshida & Pan, 2017).

Collaborators

There has been increased merges and joints of business in the same market which has made some of the company’s product superior in the market. Therefore, the merges are a great adaptation that increases the value of the business in the market. This company is hoping to franchise some of the products to the leading enterprises within the market. The management estimates that more improvements can be evident within the organization.

Macro-Economic Factors

These are the factors that the business has no control over and the___14 major contributors are the external environments that the business operates (Kalach Eva, 2017). These factors have an influence on the entire economy within the business and the market. They are as discussed below;

1. Political Factors; they are mostly about the government and consist of the taxes, government levels of stability as well as the legislative bills in the market (Kalach Eva, 2017). These factors are meant in aligning the businesses with the laws, policies and the regulations within the state.
2. Economic Factors – these are the factors that dictate the levels of inflation rates, interest rates, the levels of unemployment as well as the economic recessions.
3. Social factors – these are the relationships between the consumers and the larger people in the economy. Some of the products are based in the line of social mobilities of these consumers within the economy (Abdullah Saif, 2015). These factors are not limited to; the ethic backgrounds, the social status, lifestyles as well as the locations of the demographics.
4. Technological factors – these are the changes within the technology that impacts the business or other enterprises within the economy. These factors affect the lines of productions and the manufacturing of consumer goods.
5. Environmental factors – the factors are in line with the environment in which a business operates (Jiménez-Marín, 2018). They involve the laws in the protection go environment against adverse influences as well as the international laws that are affected in the protection of n environment.
6. Legal – they are related to the political factors but they influence the participants of the economy at different spheres (Cox, 2012). These factors are not limited to consumer rights, the implementation of the laws in an ethical manner as well as the standards that must be kept in the regulation of organizations.

Market Segmentations

The different markets are segmented using different measures of the market influences that include; the demographics, geographical positionings, behaviours of the___14 consumers, psychographics as well as the firmographic measures (Jiménez-Marín, 2018). Acc0ordig t the analysis above, the product being a consumer product, the segmentation will follow the demographic influences in the market place. These [products will be distributed to this market that will enable it to reach the customers in time and of the right quality. The prices will be set in considerations of all the costs in the production and distribution of the product to different demographics.

Selected Marketing strategy/ Mix

The analysis of the budget includes the analysis of these marketing mix strategy which include;

1. Product; the products will be produced based on the quality compared to other products within the market. The price sensitivity must consider the other prices in the market.
2. Prices – these are the values at which a product is offered in the market. The prices at the initial stages include the discounts offered to attract the consumers, the payments in terms of financing a well d the leasing requirement of the same product (Abdullah Saif, 2015).
3. Promotion – this is the real activities in the marketing of the product; they incur several costs during these activities; they include; advertising, public relations, the budgets for each activity, promotional programs amongst the other.

Conclusion

The budget created in the marketing mix for the product considers al the deliverables. This means that the costs are impactive characteristics in the determination of the selling prices of these products (Cox, 2012). Therefore, for the product to be well established in the market, they must attain the limited constraints in the market. More research should be conducted to understand the strategic management of the marketing budget.

References

Abdullah Saif, N. (2015). How does Marketing Strategy Influence Firm Performance? Implementation of Marketing Strategy for Firm Success. International Journal of Innovation and Economic Development, 1(3), 7-15. https://doi.org/10.18775/ijied.1849-7551-7020.2015.13.2001

Cox, V. (2012). Leadership Plan Addendum – Relationship Marketing. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2050416

Gordano, V., Shevchenko, N., & Shevchenko, D. (2019). SWOT-Analysis of the Prospects for Agricultural Development in Ukraine. Scientific Opinion: Economics and Management, (1(63). https://doi.org/10.32836/2521-666x/2019-1-63-3

Jiménez-Marín, G. (2018). Shopping as a selling strategy for tourism: a combination of marketing mix tools. IROCAMM-International Review of Communication and Marketing Mix, (1), 67-87. https://doi.org/10.12795/irocamm.2018.i1.05

Kalach Eva, D. (2017). Operational models for the analysis of functional quality the rocket and space technology. Informacionno-Technologicheskij Vestnik, 12(2), 3-11. https://doi.org/10.21499/2409-1650-2017-2-3-11

Yoshida, S., & Pan, C. (2017). Unilateral Technology Sharing among Competitors in Markets with Heterogeneous Consumers. The B.E. Journal of Economic Analysis & Policy, 17(4). https://doi.org/10.1515/bejeap-2016-0173