MARKETING PLANNING AND STRATEGY
DEFINITION OF MARKETING PLANNING:The process of analyzing one or more potentially interesting marketplaces in order to determine how a business can optimally compete in them. The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.
Marketing planning process is basically a set of steps that provide guideline about how to market and sell your product in the market within a specific period of time. It involves which promotional strategies to be adopted to make your product best seller in the future. Marketing planning process consist of the tactics and marketing techniques that you have to assume for achieving your marketing goals within the required time period.
It is the requirement of every business to make it successful. Marketing planning process basically involves the selection of the target market and then developing a plan that how you have to market your product in that specific target market to penetrate. It is the intense need of every business to make a good market plan for the success of its.
Marketing planning is the preface to any business enterprise. Planning is deciding at present as to what we are going to do in the future. It involves not only anticipating the consequences of decisions but also predict the events that are likely to affect the business.
Marketing planning is to direct the company marketing efforts and resources towards present marketing objectives like growth, survival, minimizing risks, maintain status-quo, profit maximization, service to customers, diversification, and image building and so on.
TYPES OF MARKETING PLANNING
There have been increasing talks about marketing meaning and marketing plans as companies systems evolves. Unfortunately no common usage attaches these terms as some big companies use the term marketing plan synonymous with the over-all business plan. Others use marketing plan that deals specifically with marketing issues and strategies.in contrast financial and manufacturing season marketing goals such as a new produce is launched. According to Philip Kotler, & John Saunders (1999) at least there are seven (7) different plans that require marketing input. They are:
i. Corporation plan
ii. Divisional plan
iii. Product line plan
iv. The brand plan
v. Product marketing plan
vi. Functional plan
vii. Product plan
1. Corporate plan: Simply describes the overall business plan for the company. It might be intermediate or long range plan. This plan corporate is concerned or deals with company mission growth strategies, portfolio decision, investigation design and the current objective and goals. Note that this plan does not contain details on the activities of the individual business unit.
2. Divisional plan: This describes the decision for growth and productivity. It describes financial manufacturing and strategies. It is to the corporate plan and may have similar plan range too.
3. Product line plan: On the other hand, describes the objectives, goals, strategies and tactics for a specific product line management.
4. Product plan: It describes the objectives, goals, strategies and fact is for a particular produce.
5. Produce marketing plan: This is prepared by marketing manager and it is concerned with developing and serving of a particular market.
6. Functional plan: This is meant for the organization major function (marketing, finance, production etc.). It also describes the plan subfunction with a major function.
7. The brand plan: Is prepared by a brand manager and the brand itself describes the objective, strategies and tact is for a specific brand within the produce category. For example in marketing, we have safe, free plan, advertising etc. note that it is not only marketing essential, it is usually false priority as the plans development. The marketing plan is also seen as the foundation for the planning of other activities of the company.
NEED FOR MARKETING PLANNING
It takes careful planning and a comprehensive understanding of the marketplace order to develop a business strategy that will ensure success. The most successful businesses have undoubtedly started with a marketing plan.
Marketing fulfills a vital function. A business owner must be familiar with the business's customer base, as well as the strengths and weaknesses of the business's competitors. These factors, and others, should be identified in a well-prepared marketing plan.
A good plan will outline how a business can attract and retain customers, how it will compete against its competitors, and the budget needed to attain positive results. It should include market research, business location, the target customer group, competition, the product or service being sold, budget, and advertising and promotion.
Market Research
An effective marketing plan begins with conducting market research. This will provide relevant data that will help you solve any potential marketing problems. Often, the three most pragmatic ways to conduct market research are by using a direct mail survey, a telephone survey, or by conducting a focus group.
If using a direct mail survey, be sure to keep your questions short, with a total length of no more than two pages. A consumer probably won't voluntarily fill out and mail back a long questionnaire without an incentive. In addition, you should include a postage-paid envelope, so that the respondents don't have to pay for the privilege of helping you.If your budget is sufficient, send a reminder about two weeks after the initial mailing. Keep in mind that direct mail is probably the most costly form of research, with the printing of direct mail pieces, envelopes, postage, and any incentives used, and usually have the least favorable response rate.
Phone surveys are usually the most cost-effective manner in which to conduct a survey, in that you don't have print or mailing costs, and have a better chance of getting an individual to respond than if you simply mail a survey. The main costs are the interviewer's fee, phone charges, and preparation of the questionnaire.
Focus Groups are another way to gather specific data of your target audience. Your main costs are the interviewer's fees, expenses in recruiting and assembling the groups, renting a room if necessary, research time, any incentives used, and the cost of recording the interviews, if necessary.
Secondary data is also imperative to a successful market plan. Reports and studies done by government agencies, trade associations, or other businesses within your industry can give you important statistics on the area of research.
No matter what type of market research you do, your focus should be on gathering enough information to determine who your potential customers are, if there is a demand for your product or service, if there are competitors in your area and, if so, how successful they are in the marketplace.