Definition of Marketing Planning
" Marketing planning is the process of developing the marketing plan incorporating the overall marketing objectives , strategies and programs of action to achieve these goals. "Marketing Planning involves setting goals and objectives, and communicate these goals to the people responsible for achieving them. It also involves a careful review of all strategic issues , including the business environment , the market itself , the mission statement of the company , competitors , and capabilities of the organization.
Marketing Planning Process
Marketing planning process is a series of steps that are followed in a sequence. Organizations can adapt your marketing plan to suit the circumstances and needs. Marketing planning process involves both the development of the objectives and specifications on how to achieve objectives. The following are the steps in a marketing plan .1) Mission
The mission is the reason that there is an organization . Mission statement is a simple statement that shows why an organization that is in business , provides basic guidelines for future planning , and sets general parameters for the future. Many of the useful mission statements motivates staff and customers.2 ) Corporate Objectives
The objectives are the set of goals to be achieved within a specified period of time. Corporate Objectives are the most important objectives of the organization as a whole to be achieved within a specified period of time , eg one to five years.All departments of an organization, including the marketing department works together to achieve the organization's business objectives . Marketing department must assess the objectives of the company and ensure that their actions and decisions that support the overall goals of the organization.
Mission statement and objectives of the company are determined by the senior management ( including the Board of Directors) of the organization. The rest of the steps in the marketing planning process carried out by the marketing department . All actions and decisions of the marketing department should be directed to achieve the mission of the organization and its corporate objectives.
3 ) Marketing Audit
Marketing audit helps in the analysis and evaluation of marketing strategies , activities, problems , goals and results. Marketing audit is done to check all aspects of business directly related to the marketing department . It takes place not only in the beginning of the marketing planning process , but also to a number of points during the execution of the plan. The marketing audit clarifies opportunities and threats, so that the necessary changes can be made to the plan if necessary.4) SWOT Analysis
The information collected through the marketing audit process used in developing the SWOT analysis . It's a look at the efforts of the marketing organization and their strengths , weaknesses, opportunities and threats related to marketing functions .• Strengths and weaknesses are factors within the organization that can be controlled by the organization. USP of a product can be an example of strength, while the lack of innovation can be the example of weakness.
• Opportunities and threats are external factors to the organization that are beyond the direct control of an organization. Holidays can be an example of the opportunity to make maximum sales , while the increase of FDI in a country can be an example of the threat to national players in the country.
5 ) Assumptions of Marketing
A good marketing plan is based on deep customer understanding and knowledge, but it is not possible to know all about the customer , so many different things assumed about customers.For example : -
• Objective buyer Assumptions - assumptions about who the potential buyers are .
• Messaging / Offer - Assumptions assumptions about what customers think are the most important features of the product offered .
6) Marketing Objectives and Strategies
After identification of opportunities and challenges , the next step is the development of marketing objectives that indicate the final state to achieve. Marketing Objective reflects what an organization can be accomplished through marketing in the coming years .Objective To identify the point of achieving an end . Marketing strategies are formed to achieve marketing objectives . Marketing strategies are formed to determine how to achieve these endpoints. The strategies are general statements of the activities to be performed to achieve the endpoints.
7) Forecast of expected results
Marketing managers need to anticipate the expected results. They have to project future numbers , characteristics and trends in your target market . Without proper forecasting , marketing plan can have unrealistic goals or fall short of what is promised to deliver .• Customer Response Prediction - Marketing managers have to predict the response that the average customer will marketing efforts . Without an idea of how it will be marketing, managers can not accurately plan promotions .
Is required to make the strongest marketing plan , accurate forecasting of marketing costs to do - • Marketing Cost Forecasting.
• Predict the Market - To accurately predict the market, marketing managers must have a deep understanding of customers, their buying behavior and trends.
• Forecasting Competition - competition Forecast as - what the market , how the market, what incentives they use in your marketing can help counteract what they are doing .
8) Create Alternative Plan
An alternative marketing plan is created and remains ready to implement on-site primary marketing plan if all or a portion of the primary marketing plan fall .9) Marketing Budget
The marketing budget is the process of documenting the expected costs of the proposed marketing plan . A common method to allocate marketing budgets is based on a percentage of revenue . Other methods are - comparative , all you can afford, and the working method .10) Implementation and Evaluation
At this stage, the marketing team is ready to start to have to put their plans into action. This may involve spending money on advertising , launching new products , interact with potential new customers , opening new stores , etc.It requires the marketing planning process for assessment and regular updating . Periodic evaluation of marketing efforts helps to achieve marketing objectives .
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