MARKETING MANAGEMENT 4.0 Financials Businesses in this modern day and age, ought to strive to grow their records and data relating to financial practices, assets or wealth portfolio. This happens so that a business would be able to safely gauge the progress and improvement it would be making with the progress of time. At the very least, financial records of a company encompasses the balance sheets, inventory records and how financial assets such as money is earned and spent. Thus, businesses in the modern day and age, ought to be vigilant and proactive to ensure that their financials are in order. 4.1 Break even Analysis In brief, this is the point where a business is able to cover all the costs or expenses incurred and be able to make profit.
Conventionally, it refers to the point where the income or revenue received equals the costs incurred, thus, above break-even point it is wise to do business and below it the firm would make losses. A business must determine accurately and device ways for the business to operate above the break-even point where the business would be sustainable. 4.2 Sales forecast Refers to the predication on how products, goods or services would be sold, the specific market where they would be sold and at what cost.
In principle, it covers any eventuality on selling the widgets of a business. It also analyzes the specific market where a business seeks to maximize its returns. For instance, if it is the youth market, then at what price would the widgets be sold and how many units or widgets of a product would be presented to the market for selling. 4.3 Expense forecast This is a program and articulation of how the revenue earned would be distributed in terms of expenditure.
Specifically, it focuses on who would be paid what amount and how the expenditure would be covered. It also stipulates how the departments would be paid and the bills that would be paid. Operational costs are also covered in this section and aspect 5.0 Controls These are the strategies put in place to cushion the business against any unforeseen eventualities or possibilities. Naturally, it is proper to anticipate any shock and fails on the plans of the business in case the business projection does not follow due course. 5.1 Implementation This calls for an effective way of actualizing al the action plans and thought processes.
It also stipulates the relevant people to actualize the plans and put them into reality. 5.2 Marketing organization This aspect refers to the techniques of structuring the modes and programs of appealing to the masses. It also calls for the business to organize its products and how to reach the market effectively. This stems from the fact that company or organisation I would start is an online website which would depend on revenue from online traffic, called Learnfree. edu.
Thus, it would be proper to tag people in social sites the links of the websites to allow them to use the website. I would tag them from social media such as Facebook, twitter amongst others. 5.3 Contingency Planning This is the plan to cover the business in case of a failure or structural defect within the organisation or business. It is to mention that if there is any failure or a loophole in the business environment the business would be cushioned and covered (Honig, 2004).
For instance, if the marketing plan or sales does not work, then a backup plan would follow. If the original plan of allowing free academic content does not work out, then we would engage other avenues and means. As a backup plan, we would advertise physically in schools and colleges by putting posters on the schools. Secondly, we could also use the clubs and organisation in the schools to market the website and interest more people or customers. Reference Honig, B.
(2004). Entrepreneurship education: Toward a model of contingency-based business planning. Academy of Management Learning & Education, 3(3), 258-273.