Chapter 2 Marketing Plan 29 Copyright Goodheart-Willcox Co., Inc. Sales Analysis The sales analysis section will help determine future sales goals. Before sales goals can be created, however, it is necessary to analyze sales history, make sales fore- casts, and evaluate the best sales opportunities. Sales History and Projections To create a marketing plan for a specific product or product line, the previous sales by year, up to five years, will be reviewed. The market share is also noted. These numbers are analyzed and future sales projections are made. Sales projec- tions, or forecasts, are the dollars and units of product the company wants to achieve. The sales and executive teams create these forecasts. Sales forecasts are typically made for a minimum of one year and from three to five years in the future. Best Opportunities The best opportunities for making new and repeat sales should be clearly defined. This informa- tion comes from market research and sales team feedback. The marketing team works with the sales team by assisting them to identify opportunities, such as identifying the top ten sales opportunities that will be pursued in the upcoming year. Oppor- tunities to take business away from competitors, expand in new geographic areas, and other potential sales sources are also identified. Sales Goals Sales goals are written based on sales history, sales projections, and best opportunities. The goals identify where new and repeat sales can be generated and at what levels. Customer targets or geographic regions are defined. For goals to be as effective as possible, they should be written as SMART goals. A SMART goal is one that is specific, measurable, attainable, real- istic, and timely, as shown in Figure 2-5. • Specific. A goal should be specific and straightforward. • Measurable. Progress toward a goal should be measurable. • Attainable. A goal needs to be attainable. • Realistic. A goal must be realistic. • Timely. A goal should have a starting point and an ending point. LO 2.2-3 Marketing Strategies Section Marketing strategies are the decisions made s to execute the marketing plan and meet the goals of Social Media as a Marketing Tool for social networking i and microblogging) through which users create online communities to share information, ideas, personal messages, and other content, such as videos.” Social media plays an important part in your life every day of the week. You use social media to build your personal s brand, develop a community, and communicate with others. Businesses have also learned the many advantages s that social media can provide. Social o media is one tool that can complement a company’s marketing g strategies when used wisely. One of the things social me- dia can add to the marketing plan is helping the business be e visible. By communicating regular r updates on products, events, or customer e feedback, a company c n help keep e its brand in front of customers. Social Media Goodheart-Willcox Publisher Figure 2-5 SMART goals are specific, measurable, attainable, realistic, and timely. SMART Goals S Are the short- and long-term goals specific? Exactly what do we want to achieve? M Are the goals measurable? How will we know when a goal is achieved? A Are the goals attainable? Can the goals be achieved? R Are the goals realistic? Are the goals practical? T Are the goals timely? Are the dates for achieving the goals appropriate?