The Marketing Planning Process deals with guidelines regarding the launching of a product and making it the best seller in a specific period of time. This planning actually deals with all the strategies and policies adopted by management to sell their product in the market and achieving sales targets within the assigned time frame.
Nowadays, it is a must for every business to make it successful. The marketing process deals with strategies like the selection of the target market and how to enter that market with your product. Besides all this, the management must foresee the market trends and try to achieve assigned targets in the given time frame.
The Marketing Planning process outlines the plan of a company as to how they will make their product successful. Some of the important points are mentioned below:
- The company checks the market condition.
- Define targets where they want to see their product by making analysis and adopting different marketing techniques.
- How to create a road map for the product becoming popular in the market?
- To select the best options through extensive brainstorming
- This process also helps you to stay in the market even in peak business time.
The Need For The Marketing Planning Process
The marketing planning process was introduced as “to provide the companies with strategies as to where they want to see their business in future“. It gives you an overview of the target market and market segmentation. The most important part of this process is to maintain proper documentation of your strategies.
If you want your product to survive in the market, you need to plan your marketing strategies and its strict compliance is implemented. Since the competition in the market has become so tough, it will not be possible for you to survive without proper planning.
The planning process of Marketing makes it important for the management to invest some of their time in attaining the opportunities for the firm by utilizing the resources in a productive way. Currently, the trend of digital marketing is at a pace so it is important to emphasize the proper planning of marketing in order to cover the major market. But implementing a proper plan, the risk of failure can also be avoided and the target market can easily be satisfied.
Steps For Market Planning Process
The steps of the planning process are usually similar for every business with minor changes according to the conditions:
1. Developing the action plan
- Setting up the goals and vision
- Setting up the mission statement
- Objectives of the firm
The first and foremost step towards making a product successful is to make a careful observation of the objective of the firm. Hence the first stage of the planning process of marketing is to set the goal which you like to accomplish. One should be aware of your final goal, the vision of the company regarding the product depicts what the company is for and where they want to reach.
2. Monitor your current position
- Through marketing audit and monitoring
- SWOT analysis
The second step entails the observation of the current situation. This is a subset of long term and strategic planning processes in order to observe the current situation, the resources company holds depict the direction in which the company is moving.
Draw the layout of the resources; assess the in addition to assessing the internal and external factors. Identify the risk and favors associate with introducing the product. Review the market, target the appropriate one and divide it into different segments through resources so that you can penetrate the product in the market more clearly.
Conduct a SWOT analysis of the business which involves different internal and external facets involved. Through this, you can analyze and improve the current situation. Design the inner view of the firm which will define that you understand the need of your customer; you know whom you are targeting.
Perform market research to understand your competitor and understand the fact that which needs of the consumer are necessary to be fulfilled, what depreciation is connected to it and how much needs will change with the passage of time.
While implementing the planning process you have to observe the current situation in order to consider certain external facets that are directly linked to the internal possibilities and performance of the firm. Such external facets are directly connected to the internal facets and the level of the business which are legal aspects, political scenario and competition in the market while we are moving, economy, culture and various demographics.
3. Developing a strategy for Marketing
- Marketing Mix
- Designing objectives and strategy for marketing
- Vehicles and sources of communication
- Observe the alternative strategies and processes for marketing available
This involves making the marketing strategies and objectives in order to gain the overall objective of the firm. This involves observing the marketing tactics which fit the best for the promotion of the business. This step will be useful in making the selection of various strategies that will be helpful in approaching the target market.
This will help you in guiding you towards the segment of the market which you have selected to reach. This will also guide you to how you will reach the desired market by selecting the most appropriate type of communication means and way of positioning your product.
Hence through properly involving the marketing efforts of all the known marketers such as Kotler, Porter, Ansoff one can design a single market report in which they have monitored how they will introduce the product and the vehicle they will be utilizing.
With the help of the components of the marketing mix, one can design the marketing strategy in order to gain a successful competitive advantage. Relying on the core competencies of the company one decides their needs to be the first-mover advantage or incorporate any strategy and how you will implement your marketing efforts in order to target the desired customer.
4. Employing, executing and evaluating the planning process
- Make the budget
- Define the resources and implement
- Analyzing and overviewing
This is the milestone of every planning process which involves the operational level activities. In this, you will allocate the resources, design the budget for implementation of the discussed processes and design some action plans. One has to monitor the process consistently and observe the plan based on the opinion and feedback of the customer. Hence make a regular review of the promotional plan.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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