Got a tricky question? Receive an answer from students like you! Try us!

Effective marketing planning requires full research of the marketing environment. Discuss what needs to be considered when under - Essay Example

Only on StudentShare
Author : ocummerata

Summary

Effective Marketing Planning Requires a Full Research of the Marketing Environment Name: Institution: Introduction The efficacy of a marketing plan depends on how well the marketer has researched information, as well as the ability to create indicators that offer feedback with regards to the success achieved…

Extract of sample
Effective marketing planning requires full research of the marketing environment. Discuss what needs to be considered when under

An effective marketing plan requires a research on the drivers of demand in the business environment. This may entail secondary research or primary research, or both in order to investigate consumer behavior and motivation. Some of the aspects contained in an effective marketing plan are demographic and social changes that may affect sales of the company’s product, for instance a change in the lifestyles and the age structure. New technologies that may open up some markets while at the same time closing some. Economic trends that have an impact on the consumer purchase decision, as well as political environment that alters public spending due to aspects like taxation. By conducting a marketing audit, a firm is able to explore its internal capabilities (Alison, 2011, p 23). Effective marketing planning also calls for an examination of the external environment to a firm, which entails focusing on the existing marketing strategies; the company’s marketing mix, and market segmentation and segmentation, as well. Scanning and interpreting all these areas of market changes calls for knowledge and experience, and might be the source of competitive advantage. Much of the marketing planning also varies on anticipating the response of competitors. ...
Download paper

Related Essays

Marketing planning for Starbucks
People enjoy coffee while reading books, listening music or just gossip with friends and family. Specifically matching the regional culture and taste, the company strategically placed their products. It was one amongst the Fortune 100 top companies in the year 2005 to work for . …
13 pages (3263 words)
Marketing Planning: Mc Donald’s Case
The intention of this study is Mc Donald’s as one of the leading retailers in food service and serves around 64million customers globally in 119 countries. Mc Donald’s entered UK in the year 1974. As of 2009 it has 1900 units all over UK. In 2011 its UK sales increased by a whopping 11% serving around 25 million customers. Their mission is to improve their service as well as the environment and build operations that are sustainable for the future market. The current leaders at the helm of the company are: Jim Skinner - CEO Vice Chairman and Chief Executive Officer, Don Thompson-President…
14 pages (3514 words)
Marketing planning
In order to attain the above mentioned objectives, Tesco would have to implement certain significant tactics that include the broad conception of marketing mix which fundamentally comprises the 7 P’s, market segmentation, positioning as well as targeting tactics. Furthermore, Tesco should majorly focus upon the rise in its industrial network portfolio along with universal market expansion in future. In this context, Tesco can initiate the tactic of offering cheaper products for the customers along with possessing powerful brand image, especially to cope up with the fierce competition in the…
10 pages (2510 words)
Marketing Planning on Portakabin
Currently, it is employing more than thousands of people and expanding its operations in European countries. Although construction industry relies on the same traditional methods of first designing building architecture and then moving ahead with the project; Portakabin changed the entire industry by introducing innovative products in the market. The management of company realized that it will have to apply Piercy (2010) going to market concept which states that everyone within the firm will have to work together to achieve the desired goals. The key elements of this concept are represented in…
20 pages (5020 words)
Marketing Planning
HSBC has a network of 6,600 offices in all these regions. It is a public limited company headquartered in England (HSBC, 2013a). This bank was originally established with the aim of facilitating trade between two most important trade partners in the world during the mid 19th century; China and the countries in Europe. The Chinese economy had been progressing for all these 150 years, due to which, since the 19th century the bank has occupied a good position to reap real benefits from the rapid GDP growth of the Chinese economy. However, the financial break down that occurred in the last decade,…
20 pages (5020 words)
Marketing planning
In the recent past, the notion of marketing planning has changed from various perspectives (Hatton 12). Companies nowadays put in strong efforts to identify the problems of market and formulate a strategy only on that basis. In the similar way, the technique of promotion has undergone drastic changes. There have been evident changes in the strategies of selling as well. Considering the scenario of the market, aggressive and push selling are being are being actively pursued by the companies. P&G created an artificial demand in the market for their product Surf Excel, which clearly exemplifies…
10 pages (2510 words)