Student Q and as for Marketing Plan & P & L.
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Student Q and As for Marketing Plan & P & LStudent Questions in Black font. Answers in Red. I have a question regarding the profit and loss statement section of the assessment. I know we have to provide justification for the advertising and marketing budget figure. However, do we need to do this for all of the figures that are in the profit and loss statement? It is only the Adv and Marketing element that needs justifications. However, all other figures needs referencing but not justifications.I am writing because I want to ask you about competitive review, market segment part.In this part can I do market segmentation and describe demographic, geographic, psychographic and behaviouristic variables for a particular age group ?Yes you are right. In the competitive review you can define the market segment and the targeted customers in details.To justify for example our chosen marketing and advertising choice. E.g. TV ad or Social media. Would this go within the SWOT, if not where should we write our justification of choices? Which section?A1- This needs to be done in to the P&L section. As they will be using valid referencing to all elements in the profit and loss and they only need to justify the Adv, Marketing, or PR costs. However, it would be ideal if they picked something in relation to their method in the SWOT analysis. For example if the SWOT identified that one of the weaknesses is that the company is not big on social media and online adv then it might be ideal that they suggest the use of online platforms for their marketing expenses. 2. The word count is 2,500. Does this include the template and P&L which adds up to around 400 words? Answers2- Regarding the word count. The form already has some summary or explanation next to each section to guide them on what to do in each section. However they have to simply delete it. It is just a guidance for them. Please also note – that your P&L, should be for a 3 or 6 month period, as opposed to the one month practice one, we used within the seminar. Please note – students, should work out the two formulas for their P& Ls. As requested within the ‘Plan’ template. With an explanation using support from a quality resource. Guidance for the formulas can be found within the seminar activity sheet. Remember / means divide and * means to times by. Seminar – 12 Feb
Q Do I need to identify a particular brand of trainers and find a profit and loss account from Mintel, or do you supply these details and I have to put these into a Profit and Loss statement? A. You would not find a profit and loss account in Mintel. You work for a brand of your choice e.g. Nike and you use the business plan template (in Moodle) to introduce a new style of trainer to your chosen brand. You need to support your PEST & SWOT with appropriate resources. E.g. vegan trainer. Veganism is on an upward trend (Harvard Ref date). You might find some useful info in Mintel for these.You use the profit and loss template in Moodle and research for the figures yourself. Then you need to input the figures into the template. You work out the two requested formulas. See last week’s handout for guidance. You need to undertake your research for your P& L account. E.g. utility bill. Research British Gas. How much do they charge for 3 months of gas and electricity? Then next to your figure in a separate box you write British Gas.Q In the profit and loss sheet it states wages and insurance. What kinds of wages is it? Is it for the producers of the trainers/staff/managers? How in depth do we have to go? It’s kind of the same question for insurance, is it for the whole company or staff insurance as well? They do not have to go in depth at all. Just realistic numbers. I do not think they can state the production costs, so it might be enough to identify one or two staff costs such as consumer services 1 person and or marketing stand sellers (if this is their marketing method), etc.