Marketing Planning Process
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The document outlines the 10 step marketing planning process. It begins with defining the company mission and corporate objectives. Then a marketing audit and SWOT analysis are conducted. Marketing assumptions and objectives/strategies are developed. Forecasts of expected results are made. Alternative plans are created. A marketing budget is set. Finally, the plan is implemented and evaluated on a regular basis. The planning process helps bridge the gap between the company's current state and desired goals.
Marketing Planning Process
- 1. Council of Education’s D. R. K. College of Commerce, Kolhapur. Session Presented By, Dr. Tahir S. Zari Asst. Prof. D.R.K.College of Commerce, Kolhapur
- 3. Planning is deciding in advance what to do, how to do it, when to do it and who is to do it. Planning is simply a rational approach to accomplish an objective. It bridges the gap from where we are and where we want to go. A Marketing Plan is a comprehensive document that outlines a company's overall marketing effort. It is a blueprint that outlines how a company will implement its marketing strategy, and use a combination of resources to achieve business objectives including sales targets or customer acquisition.
- 4. Marketing Planning is the process of developing marketing plan incorporating overall marketing objectives, strategies, and programs of actions designed to achieve these objectives. Marketing planning process is a series of stages that are usually followed in a sequence. Following are the steps involved in Marketing Planning Process-
- 6. 1. Mission It is the reason for which an organization exists. Mission statement is a straightforward statement that shows why an organization is in business, provides basic guidelines for further planning, and establishes broad parameters for the future. Organizations can adapt their marketing plan to suit the mission, circumstances and their requirements.
- 7. 2.Corporate Objectives Corporate objectives are most important goals the organization as a whole wish to achieve within a specified period of time, say one or five years. Marketing department must appreciate the corporate objectives and ensure its actions and decisions support the overall objectives of the organization.
- 8. 3.Marketing Audit Marketing audit helps in analyzing and evaluating the marketing strategies, activities, problems, goals, and results. The marketing audit clarifies opportunities and threats, so that required alterations can be done to the plan if necessary.
- 9. 4. SWOT Analysis It is a look at organization's marketing efforts, and its strengths, weaknesses, opportunities, and threats related to marketing functions. Strengths and Weaknesses are factors of organization that can be controlled by the organization. Opportunities and Threats are factors outside the organization which are beyond the direct control of an organization.
- 10. 5.Marketing Assumptions A good marketing plan is based on deep customer understanding and knowledge, but it is not possible to know everything about the customer, so lot of different things are assumed about customer. Strategic planning is a stream of decisions and actions which lead to effective strategies and which in term help the firm to achieve its objectives.
- 11. 6.Marketing Objectives and Strategies Marketing objective reflects what an organization can accomplish through marketing in the coming years. Objective identify the end point to achieve. Marketing strategies are formed to achieve the marketing objectives.
- 12. 7.Forecast the Expected Results Marketing managers have to forecast the response that the average customers will have to marketing efforts. To accurately forecast the market, marketing managers have to gain an intimate understanding of customers, their buying behavior, and tendencies.
- 13. 8.Create Alternative Plan An alternate marketing plan is created and kept ready to be implement at the place of primary marketing plan if the whole or some part of the primary marketing plan is dropped. Alternate marketing plan incorporating overall marketing objectives, strategies, and programs of actions designed to achieve these objectives."
- 14. 9.Marketing Budget The marketing budget is the process of documenting the expected costs of the proposed marketing plan. Marketing budget allows the organization for optimum use of available financial resources.
- 15. 10.Implementation and Evaluation At this stage the marketing team is ready to actually start putting their plans into action. This may involve spending money on advertising, launching new products, interacting with potential new customers, opening new retail outlets etc. The marketing planning process is required to be evaluated and updated regular. Regular evaluation of marketing efforts helps in achieving marketing goals.