Market response time as a new approach for more effective marketing planning in business-to-business sales

Abstract

The ability to increase turnover in a short time is determined by industry characteristics. These characteristics need to be taken into account during forecasting and planning. The correlation. which can be described among others by the Market Response Time (MRT) has an impact upon the whole marketing planning. MRT is defined as the time between increased marketing efforts (stimuli) and the time when the market starts to react in terms of increased purchasing (response). It is expected that different industries have different MRTs which influence the analyzed planning in different ways. Thus sales planning must be adapted to MRT, which will most probably increase planning efficiency.