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