Market Forecasting
Module FDBU 2011
FDBU Year 2 MARKETING IN PRACTICE 2012-2013
Friday 10th May 2013 Wordcount-report-2210
Introduction
This report discusses the marketing budget of a small suburban bar(Bar X) and the forecasting techniques in which the organisation may use in negotiating the marketing budget, taking into consideration the implications of the marketing budget upon the marketing mix in relation to the organisation.
“Marketing is often thought to be only selling and advertising. However, marketing consists of many other functions that can be seen far more important than just the exchange of goods.” (Kotler & Amrstrong 2004: 5)
Methods of setting Marketing Budgets
“A budget is defined as a detailed plan concerning the allocation of physical resources, expressed in monetary terms”
Schmidt & Wright (1996)
Budgets are used in marketing to support with the marketing planning by assessing the needs for the company to generate goals for the marketing department to attain. These goals will also look contribute to the company’s foremost goals. What is a Marketing Budgets for?
The marketing budget is a plan for the forthcoming year for the marketing department, outlining what it hopes to achieve in terms of sales volume, sales revenue, expenditure and profit.
A marketing budget is used to assist a company to achieve their major goals, by the marketing department creating their own goals. The goals that the marketing department will be based on issues such as new opportunities, up-and-coming threats, competitor activity and the resources that is accessible to them. An additional factor is that the marketing department will
FDBU Year 2 MARKETING IN PRACTICE 2012-2013
Friday 10th May 2013 Wordcount-report-2210
Introduction
This report discusses the marketing budget of a small suburban bar(Bar X) and the forecasting techniques in which the organisation may use in negotiating the marketing budget, taking into consideration the implications of the marketing budget upon the marketing mix in relation to the organisation.
“Marketing is often thought to be only selling and advertising. However, marketing consists of many other functions that can be seen far more important than just the exchange of goods.” (Kotler & Amrstrong 2004: 5)
Methods of setting Marketing Budgets
“A budget is defined as a detailed plan concerning the allocation of physical resources, expressed in monetary terms”
Schmidt & Wright (1996)
Budgets are used in marketing to support with the marketing planning by assessing the needs for the company to generate goals for the marketing department to attain. These goals will also look contribute to the company’s foremost goals. What is a Marketing Budgets for?
The marketing budget is a plan for the forthcoming year for the marketing department, outlining what it hopes to achieve in terms of sales volume, sales revenue, expenditure and profit.
A marketing budget is used to assist a company to achieve their major goals, by the marketing department creating their own goals. The goals that the marketing department will be based on issues such as new opportunities, up-and-coming threats, competitor activity and the resources that is accessible to them. An additional factor is that the marketing department will
Bibliography: Blaxter, L., Hughes, C. and Tight, M. (2010) How to research. 4th edition. Maidenhead, Open University Press. Blythe, J Denscombe, M. (2010) The good research guide.4th edition. Maidenhead, Open University Press. Hooley, G. J., Saunders, J.A. and Nicolaud, N.F. (2008) Marketing strategy and competitive positioning. 4th edition. [e-book] London, Pearson Education. http://lib.myilibrary.com/Browse/open.asp?ID=155249. Sherratt, A., Nicholson, F. and Meek, R. (2009) Managing marketing. [e- book] Oxford, Butterworth Heinemann. Available from: http://lib.myilibrary.com?ID=225772.