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. I’ve been emphasizing that the aim of the marketing planning is to achieve marketing objective, marketing objectives are something that the marketing function strives to achieve as a part of business strategic plan which usually includes increase in sales, awareness about products, creation of brand, increase in market share etc, then these goals are converted to objectives which are measurable, like increasing sales and market share by 15% within one year, this could be measured by analyzing annual sales data and industry data and other publications. (LEVENS. 2012) Marketing Objectives and Strategies In order to achieve these marketing objectives the company has to make marketing strategies. The marketing objectives identified must be in accordance with company’s overall objectives. Marketing objectives can be easily identified on the basis of marketing mix objectives which simplifies the objectives setting process which later on lays basis for marketing strategies to achieve those objectives. A marketing strategy is a series of action statements which are also known as tactics. Effective marketing strategy is critical to successful marketing plan; therefore these would be given extra importance when a marketing plan is being set up. (LANCASTER & MASSINGHAM. 2010) The Integration of Marketing Planning into Objectives and Strategies Planning itself includes goal setting and development of strategies to achieve those goals. The objective or goals and strategies to achieve these will be the outcome of marketing planning process. The marketing strategies tell what should be done and the strategic and operational plans guide how the strategies should ...
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“Marketing Audit Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.net/marketing/7410-marketing-audit.
, headquartered at Oak Brook, Illinois, United States (Yahoo Finance, 2012). McDonald’s being a global organisation which operates its business activities worldwide and its operations have been segmented into four different areas namely, a) Asia Pacific, Middle East, and Africa (APMEA), b) Latin America and Canada, c) Europe, and d) United States.
This marketing audit entails a detailed, structured, independent, and terminal evaluation of an organizational unit’s; marketing environment, goals, approaches, and processes, purposely to establish areas of defect and opportunities and suggesting an action plan to enhance the company’s performance in regard to marketing processes.
Marketing audit is comprised of six parts: marketing environment which examines the macroenvironment and task environment; marketing strategy audit; marketing organization audit; marketing systems audit; marketing productivity audit; and marketing function audit (Kotler 2003).
In food and beverages, Sara lee has a strong hold in the market, it provides packaged meat, coffee, tea and also baked goods, they are having strong market position at various points in Europe and specially U.K. In frozen food, the company is at the top in U.S with fair market positions in Europe and Brazil, while it is one of the largest producers of tea and coffee.
In other words, it is a systematic examination of each element of the firm's current marketing activity. It aims to determine how efficiently and cost-effectively each element aids the organization in meeting its overall marketing objectives.
With today's marketplace emphasis on customer relationships-i.e.
Besides, uncovering the reasons behind the popularity and prominence of Wal-Mart as a customer-oriented super-shop has also taken a significant place in the present study. The study also attempts to erect an entire organogram of Wal-Mart concerning its transaction process dealt between the Stakeholders in the Wal-Mart business Shareholders, Suppliers, Distributors, Dealers, transportation, Bankers, Advertising/Marketing/Market research agencies and impact upon them arising out of its business.
ed first quarter 2005 net income of $987 million, or $1.33 per diluted share, compared with $598 million, or $0.79 per diluted share, for the first quarter of 2004 (www.forbes.com).
A survey was being conducted to derive the satisfaction level of employees working in MetLife.
The emergence of new processes and spaces is increasingly becoming a major determinant of the characterization of today’s society. Although the daily interactions of individuals continue to take place at a level that is local, the flows of money, information, images