discussion weeek 8 and responses

follow attached instructions. This is a 2 part assignment first a discussion post and then 2 responses to 2 other students.
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This is a 2 part assignment first write a discussion post and second write a
response to 2 other students discussions
Part 1
Write a discussion post answering the below questions with 300 words min and
APA style. Just FYI my company for the marketing plan is Hewlett-Packard
A century ago, John Wanamaker was attributed on saying the famous axioum, “Half the money I spend
on advertising is wasted; the trouble is I don’t know which half”. Today it is easier to track the
marketing spending and results. A Seattle company, Tableau, is one of the company’s providing tools to
graphically show the data. An important part of a marketing plan is to forecast measurable results and
the ability to audit those results.
One of the differences in having your MBA when addressing marketing is to increase your ability to
quantify and measure. Research a marketing reporting tool or cite an article about marketing
forecasting and measurement. Describe how it could be used in the marketing plan assignment.
Reference:
Wanamaker, J. Retrieved from http://www.quotationspage.com/quote/1992.html
Part2
Write a response (directly to them not 3rd Person) with 100 words min each.
The below student responses are also examples on how part 1 should be done
Student #1 Shannon
DQ1. Research a marketing reporting tool or cite an article about marketing forecasting and
measurement. Describe how it could be used in the marketing plan assignment. You may
use this discussion in your Integrated Communications and Measures Assignment. Please
respond to at least one student’s posting by explaining how you could use the tool or article
that they found.
To sustain long-term wealth, businesses need to be able to successfully introduce their products and
services to the market. However, prior to the product or service launch, marketing managers need to
develop reliable estimates as to how sales will respond to a wide variety of marketing approaches (Luan
& Sudhir, 2010). Marshall and Johnston state that marketing forecasting “is one of the most important
information tools used by marketing managers and lies at the heart of most firms’ marketing planning
efforts” (Marshall & Johnston, 2015). Additionally, forecasting is necessary in that it helps companies
decipher which ventures to pursue and which ones to leave behind (Lang, 2013). Further,
comprehensive forecasts help build marketing strategies. With this being the case, it’s crucial that those
strategies are supported by solid forecasts, so businesses don’t invest in ventures that won’t pay off in
the end. However, the challenge with developing an accurate forecast is that you are trying to predict
the future, which is never exact. To combat this, Constantin states that you can develop sound forecasts
by analyzing and utilizing solid historical data to anticipate trends, as well as by incorporating current
activities in the industry (Constantin, 2016). Lang also discusses a technique called prediction markets,
which is a form of collective intelligence that helps predict the winning product, promotional concepts
and the impact on sales. He states, that prediction markets “have a track record of predicting future
outcomes with better accuracy than traditional methods with more accurate point estimates and
reduced variance” (Lang, 2013). With that said, in most cases, “the best approach is for marketing
managers to utilize multiple methods of forecasting, including a combination of subjective and objective
methods, compare the results, and then make a decision on what the actual final forecast will be”
(Marshall & Johnston, 2015).
Reference:
Constantin, C. (2016). The importance of sales forecasting in establishing marketing strategies. Bulletin
of the Transilvania University of Brasov.Economic Sciences.Series V, 9(1), 3-8. Retrieved from
http://proxy.cityu.edu/login?url=https://search-proquestcom.proxy.cityu.edu/docview/1833103620?accountid=1230
Lang, M. F. (2013). Improving marketing forecasting through collective market intelligence (Order No.
3552338). Available from ProQuest Central; ProQuest Dissertations & Theses Global. (1294934617).
Retrieved from http://proxy.cityu.edu/login?url=https://search-proquestcom.proxy.cityu.edu/docview/1294934617?accountid=1230
Luan, Y. J., & Sudhir, K. (2010). Forecasting Marketing-Mix Responsiveness for New Products. Journal Of
Marketing Research (JMR), 47(3), 444-457. doi:10.1509/jmkr.47.3.444
Marshall, G. & Johnston, M. (2015). Marketing Management (2nd ed.) New York, New York: McGraw-Hill
Education
Student #2 Robert
Marketing forecasting measurement (MFM), or marketing performance management, is the systematic
management of marketing resources and processes to achieve measurable gain in return on investment
and efficiency, while maintaining quality in customer experience. Marketing performance management
is a central responsibility of the marketing operations function within marketing departments.
Marketing performance management relies on a set of measurable performance standards, and clear
lines of accountability (i.e. roles and consequences). Measurement management is based on six success
factors: 1) alignment, 2) accountability, 3) analytics, 4) automation, 5) alliances, and 6) assessment.
One major reason for undertaking marketing research is to identify market opportunities. once the
research is complete, the company must measure and forecast the size, growth, and profit potential of
each market opportunity. Sales forecast are used by many organizations for different needs; finance to
raise the needed cash for investment and operations, manufacturing to establish capacity and output
levels, purchasing to acquire the right amount for supplies, and by human recourse to hire the needed
numbers of workers. Marketing is responsible for preparing the forecast, if its forecast is far off the
mark, the company will face excess or inadequate inventory, supplies, or people.
The measures of Market demand
Each demand measure serves as a specific purpose, a company might forecast short-run demand for a
particular product for the purpose of ordering raw materials, planning production, and borrowing cash.
the size of the market hinges on the number of buyers who might exist for a particular market offer.
Here are a few ways to break down the market:
•The Potential Market
•The available market
•Target market
•Penetrated market
Some common terms used in market demand forecasting:
Market potential- Is a quantitative estimate of the total possible sales by all firms selling the same
product in a given market. It gives an indication of the ultimate potential for the product for the industry
as a whole, assuming that the ideal marketing effort is made. (Berry 2016)
Company potential- Refers to a part of the market potential; what an individual firm can achieve at the
maximum in a given market; again, under ideal conditions and on the assumption that the ideal
marketing effort is made. (Berry 2016)
Market demand and company demand- Refer to those portions that are achievable under existing
conditions.
Market forecast- Is narrower in scope in comparison to market demand. It refers to that part of the
market demand that will materialize with the level of marketing effort the industry will put in during the
period of the forecast. (Berry 2016)
Company Forecast- Means the sales forecast of the company. It refers to that portion of the company
demand, which the company expects to capture with the chosen marketing effort. (Berry 2016)
References:
Berry, T. (2016). What Is a Market Forecast? Bplans. “Starting a business made easy.” Retrieved from:

What Is a Market Forecast?



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