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 Product Life Cycle.
Marketing planning process incorporate the stages in which a company plan and discuss different question for the success of its product like
- Determines its current position
- Determine the place where it want to see itself by making analysis and using different marketing mix
- The way and the roadmap by following which can gain its position
- From different alternatives screening and choosing that which is the best strategy to adopt
- This process also allows you to maintain yourself at the time peak in the market.
Need of Marketing Planning Process
The marketing planning process is intended to decide where you want to see your business in future. It decides how you want to target your consumer and its segmentation. It involves the rational and absolute thinking about the marketing strategies of your business. Making proper documentation of your strategies is an integral part of planning process. It is the need of the time to properly plan your marketing activities and implement it in the right direction for the survival of your product in the market. In today’s market of intense competition, without proper extended and solid planning process you can’t take success in the market. Marketing planning process makes it essential for the managers to contribute some of their time towards thinking about the company’s resources and the opportunities that may gain by utilizing those resources in an effective way. In today’s era of rapid digital marketing, it is necessary to focus on proper marketing planning process to cover the maximum of the market. By applying a proper plan, we can avoid the risk of failure of product and can satisfy and fulfill the needs of the target consumers easily.
You can upgrade your sales volume and growth by choosing right marketing plan for your business. This planning process involves the specifications that how marketing objectives are to be attained. The marketing planning process structure discussed above can further be elaborated.
Marketing Planning Process Steps
The steps of marketing planning process we are going to discuss almost remains the same for each kind of business with a little amendments according to the scenario,
1. The first step involves develop the action plan
- Make vision and set your goals
- According to mission statement
- Company objectives
Before moving towards the other steps of planning strategy and implementing it, the first and for most need to make your product successful, is to make a keen observation of the company’s objective. So the most prior stage of marketing planning process is to set your goals that where you want to reach. You should know your ultimate destination, your company’s vision for your product that who you are and where you expect to reach. In the first step of planning process you should carefully understand the company’s mission.
2. Analyze your present situation by
- By analyzing and auditing market
- SWOT Analysis
The second step of marketing planning process includes the overview and examination of your present condition. It is a part of strategic and long term planning process to see your current position, your resources and view the market in which you are moving. Layout your resources, evaluate them along with evaluating other external and internal factors. Determine the environmental risks and favors attach with the launching of your product. Audit the market, target it and make their segments with the help of your resources to better penetrate your product.
Do SWOT Analysis of your business in which there are different internal and external factors considered. This is the best approach for viewing and analyzing your current situation. Make an inner look of your strengths and weaknesses and the other aspects affecting them.
Make an inside view of your company that whether you understand your consumer’s need, know whom you are targeting, make the market research to know about your competitors and to know about the fact that what consumer needs are fulfilled and what are the depreciation in them and how these needs changes with the passage of time.
In the Marketing planning process while analyzing your present situation you have to consider few external factors that have a direct link with the internal contingencies and the performance of the company. These external components that directly influence the internal components and the position of the business, which are the political scenario, legal aspects, and the competition of market in which you are moving, the culture, economy and the other demographics.
3. Developing Marketing Strategy
- Marketing mix
- Creating marketing strategy and objectives
- Communication means & vehicles
- Analyze alternative methods and procedures for marketing available
This stage of Marketing Planning process involves making of marketing objectives and marketing strategies to accomplish the overall company’s objective. This step includes analyzing all the marketing tactics available for the best promotion of the product.
This phase will help you to make selection of different marketing strategies and will help you to identify what tactics you can apply to approach your target market. This part of planning will guide you towards the market segment you opt to reach, will also direct you that how you have to reach your desired segment by opting the right communication mode and how you want to position your product. So by properly incorporating the marketing efforts of all the prominent marketers like Kotler (focusing marketing mix) Porter (five forces model) and Ansoff (matrix worksheet for reducing the risk of failure) you can make a single marketing report in which you can analyze that how you have to market your product and which vehicle to use for its promotion. How you can nourish you target customers?
Using the components of the marketing mix is the inclusive part of the formulation of the marketing strategy to gain the successful competitive advantage. Depending on the core competencies of the firm you decide whether you want to get the first mover advantage or have to adopt some other strategy and how to direct your marketing efforts to approach your target consumers.
4. Employing, Executing and Evaluating the Planning Process
- Make budget
- Allocate resources & implement
- Monitoring & Overview
This is the milestone of any planning process because it includes the operational level activities. In this stage you have to allocate your resources, make budget for the implementation of the above discussed strategies and make the action plans. You have to consistently monitor and overview you marketing plan based upon the customer’s opinion and feedback. So make regular review of your promotional plan.
Macdonald is the best example of generating the right marketing planning process for its product which helps business to be on the prosperous track. So the marketing planning process is the key towards the accomplishment of the other policies and procedures of your business and should be considered of utmost importance.
Hence by appropriate formulation and analyzing your marketing short term strategies, you can overcome your fruitless marketing expenditure and the waste of time. The right promotion also reduces the risk of failure of your product. Meanwhile the marketing planning process involves the strategies that are elastic and adjustable. Therefore whatever kind of business you are dealing, it is necessary for you to utilize and devote some of your time for properly making the marketing planning process of your business.