Class Notes (806,587)
Canada (492,339)
Business (3,216)
BU121 (464)
Laura Allan (258)

BU121- feb 5th.docx

5 Pages
Unlock Document

Wilfrid Laurier University
Laura Allan

BU121- Feb 5 2013 Justify your target, and be sure it makes sense- something a group wants and you can somehow be unique Be at the marketing session at BA102 Monday 5:30 Positioning:  Finding a distinct position for your product in the customer’s mind  One that communicates that the product provides a unique benefit  The objective is to position the product as close to the ideal as possible  Consumer Approach- identifying what the customer is going to get  Competitive Approach o We are providing the benefit, the competition is not (Vista vs Mac ad)  Be truthful or a lawsuit may arise (slander) Forecasting Demand:  No formula- projections based on research and logic = educated guess you can defend  Market potential DOES NOT EQUAL sales forecast o Forecast depends on plan- sales force, distribution, operations  Sales force and HR worked out, but shortage of workers = discerns investors  Distribution- be realistic of how many units you can sell/produce  Have a plan that can back up a forecast  Top-down forecasting o Market potential not just households (ie solar lawn mowers) o Household data: realize that not everyone lives in a house, is willing to mow a lawn, cares about the benefits o Still doesn’t equal sales forecast  Ready to buy? (lawn mowers/yr/capita- target buy in same proportion? Do they NEED a new one? Time to adopt/switching costs?) Only a small % of population lives to own “new” goods o Be able to research numbers for market sizes  Bottom-up forecasting o What you can do given capacity and marketing plan o What can I produce given physical capacity and what can I realistically sell?  # of stores selling mowers, #they will carry, #each must sell to meet target- make sense?  Don’t aim to stock your product on just one retailer (i.e. Wal-Mart)  How many stores can we get to carry it? o What must be done to break even?  Sensitivity analysis and contingency plan? o What if things do not go as planned? o Assumptions to base sensitivity on  Breakeven  Largest/smallest/average competitor  Similar product launch  Capacity o Milestones- points that increase valuation of business- when does the investor start to receive returns?  Contingency Plan Top Down vs Bottom Up Forecast (COPY THE SLIDE)  “we have projected a 1% share of the market….yet our sales forecast is still huge!”  Top down: how are the investments used? In terms of building installation facilities…. o Shows that forecasts much match; rather than coming up with a conservative number you should pair it down Key Chapter Concepts- Creating marketing strategies  Classifying consumer products vs classifying business products  Stages of the life cycle- resembles a bell curve- could take 8 months or 80 years- you need to know how to move through that o Indicators of stage o Industry/product-your INDUSTRY has a life cycle as well! o Altering the speed of the cycle  Planned obsolescence- it’s about slowing it down, not speeding it up! Counterintuitive, but you want REPEAT customers  To speed one product through to get you to replace with another…clothing styles, cars, sporting goods, etc  Sometimes obsolescence is not planned- hybrid cars, BluRay, Xbox360  How do you survive intense price competition in the peak? It dictates your strategy. Be able t
More Less

Related notes for BU121

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.