It is often argued that there is a no need for having a formalized marketing department which can prepare the marketing plans for the firms however, as the complexity of the business grow, it becomes necessary that the marketing a process is managed properly with special emphasis on the alignment of marketing process with the overall strategy of the firm. It is because of this fact that firms are often required to prepare effective and practical marketing plans.
The formation of marketing plans however, requires that the firms should follow typical process that enables firms to prepare marketing plans that are implementable and flexible enough to allow firms to achieve their strategic objectives.
This is one of the most important stages for the formation of an effective marketing plan. At this stage, the overall mission and corporate objectives and values are decided and all the subsequent steps therefore correspond with the overall goals set for the firm. Mission Statement and Corporate Objectives set the long term vision for the firm and how it is going to achieve its objectives over the period of time. Marketing plan therefore shall be prepared keeping in view the overall objectives and mission of the firm.
Analysis of the current situation involves performing marketing audit. The Marketing audit is another important step that is taken by the firm and also involves SWOT, PEST; Five Forces are some of the tools which are used for assessing the external environment t so that a better understanding of the environment within which the firm is operating can be understood. A detailed SWOT analysis allows firm to evaluate its different strength and weaknesses besides indentifying the core competencies of the firm. SWOT analysis also allow firms to match its strengths with its overall strategic objectives i.e. whether the firm has enough core competencies to achieve its