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The report will discuss about the different components and steps of marketing planning, its importance in our organization, its implementation and the possible difficulties that could be faced while implementation of the plan. …
Market planning can be defined as “all rational, incremental and intuitive processes that guide a firm’s marketing to its future.” (RAO. 2007) When we talk about marketing planning it may seem as an easy process, however in reality it’s a complicated multifaceted process that involves every aspect of an organization. Marketing planning can be referred to activities that are undertaken by the managers to achieve marketing objectives. In other words it’s a process to identify range of options that are available to the manager in order to achieve marketing objectives and then evaluate those options and plan accordingly. The outcomes of marketing planning process are the marketing strategies to achieve marketing objectives. Marketing planning involves a systematic process of reviewing the situation, assumption formulation, setting objectives about whom to sell and how to, decisions regarding the achievement of objectives and scheduling and costing out activities required for implementation. (MCDONALD & WILSON. 2011)
The market planning comprises of four basic components, these include marketing objectives, marketing audit, marketing strategies and resource allocation and monitoring. All these components are interlinked and are extremely important for marketing planning. I shall discuss these components in detail further. ...
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