Financial Information Regarding Cellular Carlock Marketing Plan

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Cellular Carlock's Financial Information

The introduction or launch of a new product in the market requires preparation of financial information and establishing evaluation and control metrics for measuring performance. The financial information for Cellular Carlock includes forecasting demand, promotional budget, break-even, marketing expense, and sales. Forecasting demand is important for this company since it helps in decision making relating to future production capacity, human resource planning, marketing budgets, and research development (Jahanbin, Goodwin & Meeran, 2013). Therefore, forecasting demand is an important element in managerial decisions for the launch of a new product into the market.

Since the automotive lock industry is a relatively new market, the demand for this product is expected to grow within the first three months by about 10% and more than 20% thereafter. The expected growth in the demand for Cellular Carlock is influenced by the steady growth in the production of automotive locks because of the rapid development of the automobile market. The increased demand for Cellular Carlock will also be influenced by the development and growth of the electric car industry. Actually, automotive central locking has become the standard configuration for automotive lock. Moreover, increased demand for Cellular Carlock within the first three months of its launch will be brought by the extensive marketing campaign for promoting the product.

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In light of the increased demand for the product within three months of its launch, the company is expected to generate considerable sales. The company will make significant sales as demand increases, especially because of the growth of this industry. These sales will be crucial in achieving break-even, which is crucial to achieve because of the relatively high costs of production (Rainey, 2005, p.237). Achieving break-even will be important for the company since development and sale of the product includes upfront costs i.e. those incurred in the development process and ongoing operating costs relating to product delivery and management. Break-even will be achieved within the first 6 months of the product's launch since Cellular Carlock will be provided at high costs to quickly recover production costs. The promotional budget will account for a significant portion of ongoing operating costs because of the use of high marketing costs to advertise the product and extensive distribution channels. In this case, promotional budget will account for between 25% and 30% of the total costs of ongoing operations. In addition, the company will spend an additional 20% of….....

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"Financial Information Regarding Cellular Carlock" (2015, September 21) Retrieved May 18, 2024, from
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"Financial Information Regarding Cellular Carlock", 21 September 2015, Accessed.18 May. 2024,
https://www.aceyourpaper.com/essays/financial-information-regarding-cellular-2154747
   

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