Category: Brand Marketing Companies

Developing an Annual Marketing Plan and Marketing Strategy | shop To shop sales strategy For pune

Developing an Annual Marketing Plan and Marketing Strategy

Brand Marketing Companies Kalyani Nagar Pune

Fulcrum Marketing is a strategic Brand Marketing Companies Kalyani Nagar Pune. Our team of marketing consultants also specialise in marketing planning and Brand Marketing for all types of business of any size.

MARKETING STRATEGY

Effective marketing organisations must be driven through sound business strategy. Fulcrum produce marketing strategy that is always well embodied by your business strategy.

The best marketing strategy does not start with creative, it starts with a marketing process.

The Fulcrum Marketing Strategy Development Process is a thorough problem solving and marketing strategy development program that focusses on solving your growth challenges and maximising the return from your company’s marketing operations.  It is particularly useful for innovating within a market or creating a position of market leadership.

Overview

Indentifying key sources of growth, challenging the current business operations and identifying key growth creating activities are crucial for businesses which want to grow.

The process looks at your whole business with the aim to maximise the potential by focussing on:

  • reviewing your market conditions
  • reviewing your current market challenges and capabilities
  • identifying and maximising competitive advantage
  • creating and amplifying market positioning
  • developing new revenue sources
  • maximising market communication techniques

Action Orientated

Fulcrum works alongside senior management to develop achievable and actionable strategies and build the company plans around them. Real results are achieved when your management team have consistent and ongoing interaction with the Fulcrum team. At the end of the process, you must own the strategy and be able work the plan yourself. You are left with a growth system which is repeatable over time to achieve consistent growth. Companies effectively implementing this program often achieve more than 25% ongoing growth per annum.

Your Challenges

Business owners, senior executives and managers are frequently facing growth related issues such as: – Turning around a declining sales trend – Identifying and entering new markets – Launching new business and product lines – Identifying emerging growth opportunities – Managing the risks of growth If you have any of the above issues, then the Fulcrum Marketing Strategy Development Process is for you.

Approach

The process considers what could be rather than only what is. Whereas, a regular marketing strategy process might simply consider what a customer tells you and respond, Fulcrum considers how a customer might react when given a slightly or radically different proposition to the one currently in the market.

Benefits

Each strategy generates actionable tasks to achieve medium and long-term revenue and growth targets. Brief but highly strategic plans are created that drill down into action items. You are then lead through specific actions to implement, or the Fulcrum team implement them for you.

Development Process

Experience the Fulcrum Marketing Strategy Development Process. It is a tailored program designed to provide companies with the highly-focussed strategy development and implementation resources necessary to address specific growth challenges and opportunities.

1. Seek and learn.

Information Gathering – The first step is to gain an understanding of the market in which you are participating; target audiences, competitor offerings, current pricing and more. Review the business realities – Gain an understanding and commitment to potential resources available to make it all happen. Review the market realities – What limitations might we be dealing with and how far can we push the market potential?

2. Set the hypothesis.

Hypothesis development – Develop the potential strategic alternatives and understand what would need to happen for them to become reality. Reality test – Review the strategies for practical application, decide which are practical now and which could be left for a future date and understand what resources are necessary to make these alternatives. Solidify strategy – Make some strategic decisions to understand which alternatives provide the growth desired, build an understanding of the risks involved, ensure all strategies can work together and consider the reality of them working within the business.

3. Set the course.

Key strategies – Articulate the strategies and provide means for measurement and communication. Plan action – Develop broad and specific actions stemming from the strategies.

4. Build a foundation.

This stage involves developing a compelling ‘marketing tool box’ that clearly defines your value to the target audience and creates appropriate messages and triggers to sale.

5. Implement and educate.

The stage after the plan development involves completing agreed actions and driving deep engagement and understanding throughout the company, whilst developing the ongoing implementation activities, including allocation of resources.

Business-to-Business Marketing Strategies

What do business professionals think about marketing in the business-to-business (B2B) environment? We examined survey results and reports* that compiled data on the topic, and created a list of eight B2B marketing strategies commonly recognised as successful regardless of industry.

  • Referral Programs
  • Word of Mouth Plus
  • Trade Shows
  • Online Advertising
  • Remarketing
  • Search Engine Optimisation (SEO)
  • Content Marketing
  • Inbound Marketing

Choosing the Right Marketing Agency: Marketing Execution Vs Marketing Strategy

If you pretty much know what marketing you need to do and how it is going to be accomplished then most likely you need some type of marketing agencyto do it for you. Depending on what the activities are, you will choose a different type of agency. For example, if you are more likely to be doing TV, radio or magazine advertising you will likely need a traditional advertising agency. If it sits more in the digital realm, with a lot of Google AdWords or YouTube commercials, then a digital advertising agency is probably for you. Alternatively, you may simply need a graphic designer to bring your ideas to life.

Making Marketing Plans Happen

A marketing plan is paramount for achieving business growth. The purpose of a marketing plan is to assess the current market position of your business and develop marketing strategies and actions to undertake to meet your business objectives. Putting together a strategic plan that develops your business around your competitive advantage, and ensures that you are in a position to take advantage of your strengths, is a key to continued business prosperity. Of course, once you have the plan, making it work is the next step.

Developing an Annual Marketing Plan and Marketing Strategy

Make your business New Year resolution to start the year with an integrated marketing plan that clearly outlines your business objectives and the marketing strategies and tactics you plan to use to achieve them

An annual marketing plan helps keep businesses on track with goals and objectives for the year and ensures that marketing opportunities and budgets are maximized. Developing a marketing plan that you revisit every year is the key to success year after year.

A solid annual marketing plan should be structured with a disciplined approach to reaching your business goals and objectives, yet flexible enough to adapt to changing market conditions and business opportunities throughout the year.

Start Annual Marketing Planning by Reviewing Previous Year Marketing Performance

Before you begin the annual planning process for the coming year’s marketing efforts, you’ll want to take a close look at how you performed over the current year. Even if you did not have a structured marketing plan in place previously, you should be able to review past marketing activities and results.

Here are some questions to ask when evaluating the performance of a previous annual marketing plan or year’s activities:

  • Did you achieve desired results from your marketing efforts (such as improved brand recognition, X number of leads generated or sales/revenue figures)?
  • Which specific marketing activities were effective?
  • Which specific marketing activities were not effective?
  • Should you reallocate resources to better performing targets, markets or marketing tactics?
  • Has your target market, audience or geographic area changed over the year?
  • Were you able to stay within a marketing budget at the end of the year?
  • What areas of your marketing budget do you need to cut costs in for the coming year?
  • What areas of your marketing budget do you want to invest more in for the coming year?

The answers to questions about your previous year’s marketing plan will play a big part in building an annual marketing plan for the coming year. Each year adjustments should be made to your marketing planning efforts that incorporate learning from the past – what works or what doesn’t work.

Develop Essential Components of an Annual Marketing Plan

A marketing plan is a written document that contains a business’ marketing strategies and tactics. The first step in developing an annual marketing plan is getting organized. Make a list of all the marketing components or categories that are important for your business.

Typical components in a marketing plan include:

  • Advertising (print and/or online)
  • Branding and Graphics (promotional giveaway items, photography, video production, graphic development)
  • Collateral (sell sheets, brochures, business cards)
  • Events (trade shows, webinars)
  • Direct Marketing (email, direct mail, list generation, promotional incentives/contests)
  • Public Relations (press release distribution, PR agency)
  • Research (focus groups, surveys, marketing reference books)
  • Social Media (social media networks)
  • Website (search engine optimization, web development/hosting)

Of course the actual components for your business may vary depending on your business, industry and marketing budget. The important thing is to identify all the potential components in your annual marketing plan so you can decide how you plan to address those components for your business. Even if you do not plan to allocate budget for a category – like social media – it should be included if you have any marketing efforts planned for the category so strategies and tactics can be outlined in an integrated planning approach.

Define Marketing Plan Strategies, Tactics and Budget

Once marketing components are outlined for the business, all potential strategies and tactics should be defined per category or component.

Here is an example of defining strategies and tactics for the “advertising” category:

Marketing Category: Advertising
Strategy #1 – Drive traffic to website via online advertising
Tactic # 1 – Google Adwords
Tactic #2 – Banner ads on industry association website
Tactic #3 – Internet yellow pages ads

Each tactic will also need to have an allocated budget, if applicable. The marketing plan should include fields to capture your allocated budget, actual spend and budget variance so that you can track throughout the year and make any adjustments needed. For example, if you are tracking under budget in one category you can shift funds to another category where you may be tracking over budget.

Flexibility to adapt an annual marketing plan throughout the year is important to adapt to a changing business environment and be “opportunistic” in marketing efforts. Be sure to take advantage of tracking mechanisms for marketing efforts whenever possible – such as unique 800 numbers or website analytic reports – so that you can make adjustments to maximize performance of campaigns (or dump marketing efforts that are not producing desired results). Goals should also be set for all areas of a marketing plan so that you can measure the performance of marketing tactics against business objectives.

SALES METHODOLOGIES

Personal selling is a promotional method in which one party uses skills and techniques for building personal relationships with another party that results in both parties obtaining value. Personal selling occurs whenever an individual salesperson sells a product, service or solution to a client.

Sales methods

There are many different sales methods that can be used to complete a sale and form the required relationships. Determining which sales method is more effective depends on what you are selling, who you are selling to and when you are selling it.

AIDA Method

AIDA is an acronym that stands for Attention, Interest, Desire and Action. This is a method that looks at the steps a client will undertake from when they first becomes aware of the product or service, to when they are making a purchase decision.

Attention – Get the other person’s interest
Interest – Spark their curiosity
Desire – Create the need
Action – Get them to commit to something

Need satisfaction

The need satisfaction technique is a question and answer technique to make the client to recognise the need for your offering. This then leads to the client agreeing that they have a need to be fulfilled, which leads to you showing them how your offer can satisfy their needs. This method is based on a win-win approach for both the sales person and the client.

Depth Theory

Depth Theory is when a creation of trust occurs between the buyer and seller. The seller uses expertise in their product, service or industry to create trust between themselves and the buyer. The client will see the salesperson as an expert in that area and will trust them to solve the issues that they have.

 Step process

The 7 step process is a plan of action that starts at the planning and preparation to make the sale and leads to after sale follow ups. The 7 steps are:
1.   Planning and preparation
2.   Introduction or opening
3.   Questioning
4.   Presentation
5.   Overcoming objections/negotiating
6.   Closing
7.   After-sales follow-up

communication and Brand Marketing management

Effective communication and advertising management is important to not only correctly identify a target audience, but also to reach this audience efficiently through different information channels. There are many benefits of successfully managing these marketing communications, including, but not limited to:

  • A higher Return on Investment  (ROI)
  • Reaching more of your target audience
  • Reduced costs for Brand Marketing
  • Types of market segmentation:
    • Demographic segmentation: gender, age, income, education, occupation
    • Geographic segmentation: city, state, country
    • Psychographic segmentation: attitudes, values, attitudes, lifestyle
    • Behavioural segmentation: purchasing patterns, loyalty status

Implementing a Brand Marketing Strategy

 

Implementing a Marketing Strategy Execution Plan, known to Fulcrum and our clients as a “Sprint Plan” is the most effective way to prevent this highway-less journey , Brand Marketing Companies Kalyani Nagar Pune. A Marketing Strategy is a set of strategic goal-focused plans for a certain period of time.

Brand Marketing Strategy and Planning

Implement your marketing plan

Your marketing plan must do more than just say what you want to happen. It must describe each step required to make sure that it happens.

Schedule
The plan should include a schedule of key tasks. This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload.

Team And Resources
It should also assess what resources you need. For example, you might need to think about what brochures you need, and whether they need to be available for distribution. You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople.

Cost
The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account. Don’t spread your marketing activities too thinly – it is better to concentrate your resources to make the most of your budget. You may also want to link your marketing budget to your sales forecast.

Control
As well as setting out the schedule, the plan needs to say how it will be controlled. You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly.

 

Marketing Execution – Plan, Execute, Track, Measure

Everyone likes to talk about creating a marketing plan. It’s the fun part of marketing, the creative aspect of your planning process and Brand Marketing Companies Kalyani Nagar Pune. But strategy without execution won’t help your business succeed. In fact, marketing execution is how you achieve results.

Create your marketing strategy

Decide how to market your product or service to potential customers by developing a marketing strategy that positions your product to particular customers

Write a marketing execution plan

How to identify your objectives and write a plan that will help your marketing generate sales, including tactics and objectives

Marketing on a tight budget

How to get the most out of a small or limited marketing budget using cost-effective marketing methods such as Public Relations and online marketing

Marketing your business in Pune

How to market your business effectively in pune including researching your target audience and establishing new contacts

Kalyani Nagar Pune

Brand Marketing Companies Kalyani Nagar Pune

Get in touch with us, we would love to discuss your marketing needs.

We love a good coffee and a challenge, so would behappy to meet up with you face to face.

Marketing Company in Pune

Call Us :-08433772261
Email:- info@fulcrumresources.in

Kalyani Nagar Pune

 

B2B Marketing: 

Fulcrum is a magnet for businesses with well-defined goals and a desire to harness the latest advantages that marketing and technology can offer.

Face To Face Marketing : 

face to face field marketing is also called personal selling or door to door marketing, customers are met directly in order to sell their products, using this method of field marketing.

Product Sampling :

Fulcrum are a highly recommended provider of product sampling staff. We specialise in the implementation of sampling campaigns using our in house sampling team and logistical know-how.

Dealer Marketing: 

Dealer marketing is of utmost importance for the success of any brand. For most brands, dealers, distributors and resellers are critical links to success.

Direct Marketing:  

we can help with everything from planning and design to production and delivery ensuring your direct marketing campaigns are delivered on time to the highest quality.

Guerrilla Marketing:

When it comes to guerrilla marketing the gloves are off. They are usually low budget campaigns but with the right imagination and ideas they offer up some unprecedented results

Retail Marketing:

Fulcrum is a dynamic-retail marketing agency born in tradition, fueled by innovation, and living at the intersection of commerce and imagination.

Direct Selling : 

Much like product demonstrations these campaigns have brand reps or ambassadors at the center of them. The difference is it’s more about the selling of the product

Retail Audits & Merchandising:

Auditing takes the reps out off the front line and away from the consumer. Auditing teams are used by marketers to monitor traditional marketing strategies that they put in place across retail.

Door To Door Marketing :

Nothing beats the reality that one gets when you can interact with potential clients face to face physically moving from door to door within a community or household to household,

Product Demonstrations:

As mentioned already, demo days are a popular tool of field marketing. These campaigns can stretch from as little as one week to 6 months however some are continuous and full time.

Street Marketing: 

We will still need to spend time interacting with people, face-to-face, Street Marketing. Personal interaction is what makes the world go around

Brand Marketing 

Brand Marketing Companies Kalyani Nagar Pune

The team at Fulcrum has delivering successful Shopping Centre Marketing Campaigns across a wide range of shopping centres and retail complexes. From major  retail locations to local community focused shopping centres; we have secured real, measurable results across the board.

Marketing Plan and Marketing Strategy

Brand Marketing | Brand Marketing Companies Kalyani Nagar Pune

Kalyani Nagar ,  Pune

Kalyani Nagar has emerged as one of the most prominent and established commercial and residential real estate destinations on the Eastern Corridor of Pune. It comes under the jurisdiction of Pune Municipal Corporation. Though it was a residential area but rapid development and improved approachability over the years has seen the development of many new buildings, shopping Malls and big name companies like HSBC, Capgemini and Cybage set up their offices here. Over the past decade, with the IT boom, this area transformed into a central suburb with a host of basic and luxury amenities at stone’s throw distances. Another main attraction in this area is the Gold Big Cinemas Multiplex, definitely a great weekend fun outing for families and friends similarly. Yerwada Village, Kashmiri Colony, Gandhi Nagar, Sankalp Nagari, Ramwadi, Adarsh Nagar are its neighboring localities. It also encompasses areas of Vishrantwadi, Viman Nagar and Nagar Road that leads to the Pune Airport. This area houses the famous Aga Khan Palace. Varieties of residential properties from luxury to affordable are available in Kalyani Nagar.

Kalyani Nagar has emerged as one of the most prominent and established commercial and residential real estate destinations on the Eastern Corridor of Pune. It comes under the jurisdiction of Pune Municipal Corporation. Though it was a residential area but rapid development and improved approachability over the years has seen the development of many new buildings, shopping Malls and big name companies like HSBC, Capgemini and Cybage set up their offices here. Over the past decade, with the IT boom, this area transformed into a central suburb with a host of basic and luxury amenities at stone’s throw distances. Another main attraction in this area is the Gold Big Cinemas Multiplex, definitely a great weekend fun outing for families and friends similarly. Yerwada Village, Kashmiri Colony, Gandhi Nagar, Sankalp Nagari, Ramwadi, Adarsh Nagar are its neighboring localities. It also encompasses areas of Vishrantwadi, Viman Nagar and Nagar Road that leads to the Pune Airport. This area houses the famous Aga Khan Palace. Varieties of residential properties from luxury to affordable are available in Kalyani Nagar.

Connectivity

A wide network of roads provides excellent connectivity in Kalyani Nagar, and also to areas beyond. The Pune Nagar Road, East Avenue, North Avenue, Holy Cross Road, Vithalrao Vandekar Road, and Central Avenue are the major roads that pass through Kalyani Nagar, linking a number of crossroads across the area.

It’s connectivity to Pune-Mumbai Expressway has another major contributing factor. Ghorpadi, Hadapsar, Pune Junction, Shivajinagar Railway Station and Khadki Railway Station are nearby railway stations. However, Pune Junction Railway Station is the nearest station to Kalyani Nagar.

The area enjoys excellent connectivity and is well linked to other parts of the city through a strong network of roads. Locality of Kalyani Nagar is surrounded by Pune Nagar Road and East Avenue Road which further connects it to the New Airport Road and Samrat Ashoka Road.
It enjoys excellent connectivity to Pune Airport which is located at a distance of 5.6 km via New Airport Road.
A number of buses ease the lives of commuters by providing them better avenues for transportation. Major bus stops in the locality are Jail Post Office, Yerwada Jail, Yerwada Press, Mental Hospital and Phule Nagar.

Factors for past growth
Its strategic location between Koregaon Park and Viman Nagar and proximity to the Pune Airport, Pune Junction railway station and close connection to Kharadi and Hadapsar makes it an ideal destination for IT/ITES companies. And it has given job opportunities to migrants. This makes it easier for working people to reside close to their workplace, thereby saving time and money on commuting. As a result, rentals demands for 1 BHK flats have increased in the recent past.
The Maharashtra Government responded to its potential by beginning construction of the Kalyani Nagar-Koregaon Park connecting bridge by linking two of the most progressive and vibrant localities. The ease of transport and commuting has resulted in even higher industrial and retail activity, and has given a major boost to the residential property sector, as well.

Factors for future growth
With an increase in the city’s population, the IT boom and a resulting large migrant population, the region has seen considerable residential activity. Kalyani Nagar has potential for growth in the future largely due to the two large IT parks located in the region. This will help to improve the existing infrastructure in Kalyani Nagar. Some of the best residential projects in Kalyani Nagar are Kumar Palaash A, Bramhacorp F Residences Ph-1 & 2, and Verde Residences among others.

Infrastructural Development (Social & Physical)
The Lexicon International School-Kalyani Nagar, Orange Ivy Play School, Primrose Nursery School, Poona School and Home For Blind, Don Bosco High School, St. Arnold’s Central School and CP Goenka International Schools are some good quality schools in the vicinity.
Some of the renowned hospitals providing health care facilities to the resident of Kalyani Nagar are Cloudnine Hospital-Kalyani Nagar, Katariya Hospital, Shah Accident Hospital, Sahyadri Speciality Hospital-Nagar Road and Inlaks and Budhrani Hospital to name a few.
Major malls in the neighborhoods which fulfills the daily needs of the resident of Kalyani Nucleus Mall and Seasons Mall.

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Brand Marketing Companies Kalyani Nagar Pune

Brand Marketing Companies Kalyani Nagar Pune

Pune

Pimpri-Chinchwad

Aurangabad

Kolhapur

Nashik

Nagpur

Ahmednagar

Akola

Amravati

KOTHRUD
Koregaon Park
Kondhwa
Kondhwa Budruk
Kharadi
Katraj
Kalyani Nagar
Kalewadi
Hinjewadi
Dhayari
Dhanori
Deccan Gymkhana
Chikhali
Camp
Bavdhan
Undri
Pimpri Chinchwad
Aundh
Wakad
Wagholi
Talegaon Dabhade
Sinhagad Road
Shivajinagar
Pimpri
Pimple Saudagar
Pimple Nilakh
Pashan
NIBM
NIBM Annexe
Mundhwa
Magarpatta
Hadapsar
Balewadi

 

Brand Marketing, Brand Marketing Companies, Brand Marketing Companies Kalyani Nagar, Brand Marketing Companies Kalyani Nagar Pune, Kalyani Nagar, Pune

Brand Marketing Companies | Product marketing Program kolhapur

Fulcrum Marketing is a creative promotions marketing agency with over 10 years’ combined experience in the FMCG, Insurance, Automotive, Banking, Telecoms, White Goods and Retail sectors.

We create innovative marketing strategies using free-to-consumer rewards that engage and excite – whether that’s tactical promotional activity to boost acquisition or retention or long-term loyalty and engagement programmes.

We offer the widest range of established promotional offers, together with the skills and experience necessary to produce a bespoke solution to drive sales and offer great ROI, whilst using our own loyalty and reward platforms gives us a competitive edge in terms of both costings and response time.

MARKETING SOLUTIONS THAT LOCK BRANDS & CONSUMERS TOGETHER

Fulcrum Marketing is a creative promotions marketing agency where consumer incentive ideas fill our hearts, minds and souls.

We love thinking, learning and driving innovative campaigns for your brand.

We love a challenge.

MARKETING SOLUTIONS THAT LOCK CONSUMERS & BRANDS TOGETHER

Fulcrum Marketing was founded in 2007 to offer innovative marketing strategies that engage and excite consumers. At FulcrumMarketing we understand it is difficult for brands to get stand-out and engage with consumers on an emotional level.

Our role is to continually develop new, innovative promotional solutions that offer high value incentives at a fraction of retail cost. This is as an alternative to heavily discounting.

We offer Marketing solutions that work!

Because we have the widest range of established promotional offers, along with a skilled and experienced team, which is necessary to produce a best marketing solution to drive sales and offer unrivaled ROI.

About Us

Fulcrum is a dynamic, creative agency that partners with leading consumer brands across a spectrum of industries, supporting both their domestic marketing strategies through a wide variety of creative brand solutions and value-added services.

We specialise in developing and delivering engaging solutions for a whole host of global brands, from creative, branded merchandise with inspiring packaging and POS options to tailored print management services.

Our Values

Our growth and continued success is built on core company values such as quality, value, service, passion and innovation.

Our Ethics

Every factory we use is personally assessed by our staff for quality, working conditions and the ethical treatment of workers.

Supply Chain Management

We project manage your product from concept to completion. Relax in the knowledge that your brand is in safe hands.

Accreditations

We are a responsible organisation that implements good processes with a focus on environmental sustainability.

Our Values

Our core values are what guide us as a company and individuals. These values are at the heart of everything we do:

Quality

Deliver excellent standards consistently.

Value

Ensure exceptional value for our customers.

Service

Provide the highest standard of service to our customers.

Innovation

Remain at the forefront of innovation in both design and manufacturing.

Trust

We are the most trusted supplier. The integrity of your brand is in safe hands.

Passion

We are passionate about what we do and strive to exceed customer expectations.

Brand Marketing Companies | Product marketing Program kolhapur

Marketing

Feet On Street
Door To Door Marketing
Face to Face Marketing
Street Marketing
Field Marketing
Direct To Retailer Sales
Strategic Field Marketing
Marketing Strategy
Trade Marketing
Marketing Team
Sales & merchandising
Shopper  & Retail Marketing 
Direct sales 
Sales promotion
Consumer sales promotions
Trade sales promotions
Promotions team
Handbill distribution
Leaflet distribution
Flyer distribution
Telemarketing
Database Marketing
Direct marketing

Brand Activation

Brand Strategy

Brand Activation
BTL Activation 
In-Shop Activation
Mall & Market Activities
In-shop Activities
Kiosk Activities
Product Launch Activities
Corporate Image Building
Product launches
Product sampling
Rural Area Activities
Free Sampling Activities
Demonstration Activities
Society Activities
Data Collection Activity
Retail Branding 
News Paper leaflet insert
Merchandising
Lead Generation Activities

Steps Required to Forecast

Steps Required to Forecast

Steps of forecast include problem definition, cash flow forecast, profit forecast, balance sheet forecast and profit determination.

LEARNING OBJECTIVES

Describe the process for performing a forecast

KEY TAKEAWAYS

Key Points

  • It is important to note those earlier identified ‘threats’ to your business to ensure that as you forecast you can see the deviation of the best and worst models.
  • Three key forecasts include problem definition, cash flow forecast, profit forecast, and balance sheet forecast.
  • By completing these scenarios you gain an insight into the various risks that a business faces.

Key Terms

  • taxable income: Taxable income refers to the base upon which an income tax system imposes tax.

Problem definition

It is important to note those earlier identified ‘threats’ to your business to ensure that, as you forecast, you can see the deviation of the best and worst models. For example, if a business has previously identified the threat of a diminishing cheap labor force, then its forecast needs to reflect that the price of labor (or any other resource, such as power) is going to go up.

George Cowling presented the first in-vision forecast on January 11, 1954 for the BBC.

Forecast: Just like a weather forecast, businesses use different types of forecasts to analyze and prepare for their futures.

Three key forecasts

Cash flow forecast

This seeks to forecast a bank balance after a period – typically 12 months. This forecast shows the sources and application of funds.

Profit forecast

This modifies the cash flow in an attempt to calculate taxable income and, in the process, forecast a businesses income tax liability. There are two differences between a cash flow and a profit forecast. The cash flow forecast includes all expenditure in the period, whereas the profit forecast looks to match revenue with the costs associated with generating that revenue. To achieve this, one uses non-cash expenses to estimate some of the costs associated with running a business.

These two forecasts are reconciled with a forecast balance sheet.

Balance sheet forecast

While we have based this example on a smaller business and, while forecasting balance sheets demonstrates completeness and a high level of technical integrity in forecasting, we feel the process is complex and better left to a professional. We also feel that the additional benefit is outweighed by the costs for a small business.

It is always easier to forecast the future performance of a business if your business is already up and running as there are past trading results to look at. When a completely new venture is being planned, a certain amount of imagination is required. However, this is in no way a license to be overly optimistic.

Basic Steps

By completing these scenarios you gain an insight into the various risks that a business faces. Spreadsheet programs make this quite easy if they are well set up.

1. The 
sales
forecast

This is the dominant influence on the performance of your business. Also, many expenses have a link to the level of activity in a business.

For existing businesses, past sales are the best predictor of future sales, for new businesses it is less simple. However, once the business is established, you will find you have a better understanding between the business’s products and its markets.

The most important thing is to keep detailed records of sales as it is these that will provide you with the growing ability to forecast income accurately.

  • Forecast the number of units you expect to sell
  • Begin with an analysis of current performance
  • Divide sales into appropriate categories
  • Consider factors that affect each category
  • Internal factors might include staffing changes (for service industries)
  • External factors might include the impact of inflation – current relevance
  • Now attempt to forecast unit sales in cash category

2. Multiply by unit price

3. Determine market price

4. Cost plus

  • Expected mark-up
  • Expected revenue per unit sold
  • Statistical review of the market
  • Determination of units sold
  • Seasonal sales pattern
  • Cash flow
  • Every business needs cash (sometimes called liquidity ) to keep going.
  • Forecasting cash flow lets us anticipate liquidity problems and helps identify solutions.

5. Profit determination

The essential difference between cash flow and profit is that cash flow includes all items of income and expense, whereas profit seeks to match income and costs related to the generation of the income in a period of time; usually 12 months.

To facilitate the calculation of profit (and hence, the income tax due) the cash flow statements were split into four sections. We now take the total of income and the operational costs into a Profit Statement. We add depreciation to the operational costs and subtract our adjusted operational costs from income. This difference will indicate a profit (where the difference is positive) or a loss (where the difference is negative).

Where there is profit, we need to then calculate income tax. This calculation depends on the legal structure adopted for the business. Where a business is registered for Goods and Services Tax, we take only the net payments and receipts into account.

It should be noted there is always a risk in new product development. Despite the time and effort put into planning the new product may not earn a significant return on investment.

Inputs

The main inputs of forecasting include time series, cross-sectional and longitudinal data, or using judgmental methods.

LEARNING OBJECTIVES

Describe the different forecasting methods

KEY TAKEAWAYS

Key Points

  • Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed.
  • Time series is a sequence of data points, measured typically at successive time instants spaced at uniform time intervals.
  • Cross-sectional data refers to data collected by observing many subjects at the same point of time, or without regard to differences in time.
  • A longitudinal data involves repeated observations of the same variables over long periods of time — often many decades.
  • Judgmental forecasting methods incorporate intuitive judgements, opinions and subjective probability estimates.

Key Terms

  • probability sample: a technique of studying a population subset in which the liklihood of getting any particular subset may be calculated
  • Dow Jones index: It is an index that shows how 30 large publicly-owned companies based in the United States have traded during a standard trading session in the stock market.
  • nonprobability sample: a subset of the population in which the probability of getting any particular sample may be calculated, and therefore cannot be used to represent the whole population

Forecasting in Accounting

In corporate finance, investment banking, and the accounting profession, financial modeling is largely synonymous with cash flow forecasting.

This usually involves the preparation of detailed company specific models used for decision making purposes and financial analysis.

A financial forecast is an estimate of future financial outcomes for a company or country (for futures and currency markets). Using historical internal accounting and sales data, in addition to external market and economic indicators, a financial forecast is an economist’s best guess of what will happen to a company in financial terms over a given time period—usually one year.

Challenges

Arguably, the most difficult aspect of preparing a financial forecast is predicting revenue. Future costs can be estimated by using historical accounting data; variable costs are also a function of sales.

Forecasting vs. Financial Plans and Budgets

Unlike a financial plan or a budget, a financial forecast doesn’t have to be used as a planning document. Outside analysts can use a financial forecast to estimate a company’s success in the coming year.

Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be the estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or less formal judgmental methods.

Time Series Data

Time series is a sequence of data points, measured typically at successive time instants and spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the Nile River at Aswan. Time series analysis comprises methods for analyzing time series data in order to extract meaningful statistics and other characteristics of the data. Time series forecasting is the use of a model to predict future values based on previously observed values. Time series are very frequently plotted via line charts.

A picture of the front of the New York Stock Exchange.

Time Series Data: Wall Street uses time series data to monitor the stock market.

Cross-sectional data

Cross-sectional data refers to data collected by observing many subjects (such as individuals, firms or countries/regions) at the same point in time, or without regard to differences in time. Analysis of cross-sectional data usually consists of comparing the differences among the subjects.

For example, if we want to measure current obesity levels in a population, we could randomly draw a sample of 1,000 people from the population (also known as a cross section of that population), measure their weight and height, and calculate what percentage of that sample is categorized as obese. For example, 30% of our sample may be categorized as obese based on our measures. This cross-sectional sample provides us with a snapshot of that population, at that one point in time. Note that we do not know based on one cross-sectional sample if obesity is increasing or decreasing; we can only describe the current proportion. Cross-sectional data differs from time series data also known as longitudinal data, which follows one subject’s changes over the course of time. Another variant, panel data (or time-series cross-sectional (TSCS) data), combines both and looks at multiple subjects and how they change over the course of time. Panel analysis uses panel data to examine changes in variables over time and differences in variables between subjects.

Longitudinal Data

A longitudinal study is a correlational research study that involves repeated observations of the same variables over long periods of time — often many decades. It is a type of observational study. Longitudinal studies are often used in psychology to study developmental trends across the life span, and in sociology to study life events throughout lifetimes or generations. The reason for this is that unlike cross-sectional studies, in which different individuals with same characteristics are compared, longitudinal studies track the same people, and therefore the differences observed in those people are less likely to be the result of cultural differences across generations. Because of this benefit, longitudinal studies make observing changes more accurate, and they are applied in various other fields. In medicine, the design is used to uncover predictors of certain diseases. In advertising, the design is used to identify the changes that adverts have produced in the attitudes and behaviors of those within the target audience who have seen the advertising campaign.

Judgmental methods

Judgmental forecasting methods incorporate intuitive judgements, opinions and subjective probability estimates, such as Composite forecasts, Delphi method, Forecast by analogy, Scenario building, Statistical surveys and Technology forecasting.

Usage of forecasting can differ between areas of application: for example, in hydrology, the terms “forecast” and “forecasting” are sometimes reserved for estimates of values at certain specific future times, while the term “prediction” is used for more general estimates, such as the number of times floods will occur over a long period.

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