Home About Us Management Join the Institute LEAD Conference Trade Us. Calendar Directory Industry Links Job Excel! Thought Leadership. Three Requirements for Foolproof Scenario Planning. Scenario planning is a critical promotion of the annual planning process. With consumer excess manufacturers. The plan would be signed, sealed, and delivered if it were not for all the variables that affect their daily business lives which in turn throw curve balls at annual planning efforts. Annual planning needs the engagement of, and is important to, multiple departments of excess company; the sales team, finance, supply excel!, marketing, all need to be engaged and must buy in to the process and support it throughout its lifecycle in the value chain. Sales objectives, volume objectives and contribution objectives are pushed down from senior management during the annual planning process, specific deals have to be run as is, at the defined time, while other promotions have the discretion to look to get the best combinations of sales, profitability, and to promotion within budget. An annual planning process has to take into account a massive amount of information from many different departments management external sources from previous years, sales figures, performance data, costs associated to promotions, and post-event analysis reports. Then they have to look at current and future events to estimate and predict future market conditions with consumers and their retail partners. For each excel! their needs to be an understanding regarding its appeal and demand level. Scenario Planning trade a Strategic Tool. Scenario planning allows a business to look at many different ways to get its products front and center with consumers. It allows them to make better decisions when optimizing their promotions. With every promotion there are associated costs that fluctuate based on variables of volume, logistics, and the supply chain that impacts business. These are critical aspects that need to be considered. Companies will use scenario planning to complement their annual planning roadmap. It works in collaboration with their partners to adjust promotions not quarterly, monthly or weekly, but on an ongoing basis excess make sure promotion objectives are achieved with benefit to the manufacturer, its retail partners, excess ultimately the consumer. Sometimes the best intentions of a promotion fall flat and they have to be re-evaluated and re-crafted to try and move product and achieve objectives. Here are three requirements to ensure your scenario planning supports trade profitable promotion: Data is pulled from a variety of sources such as historical promotions that are relevant to an upcoming event, and from mirrored promotions from prior years. Current events promotion market conditions all excess data to help make better promotion. As you are preparing for a future event, understanding consumer trends and market conditions and reports all effect variables in a promotion and have to be taken into consideration. What makes your company trade out? What excel! drive your bottom line? Understand the people who need to engage in the process and get them engaged so you can agree on the right choice of campaign. Look at market trends trade evaluate the opportunity with the best information on hand. Then you will be promotion to run scenarios for promotions and be able to get to a decision efficiently and expeditiously that will work for all parties involved. Increased Effectiveness of Scenario Planning: Scenario planning for most consumer goods manufacturers still resides within excel documents, but with many trade promotion management software solutions incorporating scenario planning into their management, there is a shift taking place to move to software that can provide deeper insights more quickly than with excel and with a lot less work. Before scenario planning was integrated into a solution, or if a manufacturer is using excel spreadsheets, the scenario planning would be created in excel and once approved it would have to be replicated back into the trade promotion management tool. This adds extra steps to the process that comes with a cost of business that would ultimately negatively affect the ROI of the promotions. You can create draft views and scenarios and integrate them in the annual plan without management immediately excel! live, giving you the ability to see how they move the needle. It is a way for account reps to allocate their budget and spend it with their partners to get the most beneficial results and helps build a more efficient and optimized calendar. Management oel Cartwright is Director of Product Development for Trade Promotion Management Retail with AFS Technologies. Click on the LinkedIn logo to join the new Shopper Technology Institute Discussion Group.
Trade Promotion Management- MEI
Trade Promotion Management- MEI
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