What Is Marketing Planning?
What is Marketing Planning? Marketing planning is an essential element for any business, regardless of its size. A solid marketing strategy is often the cornerstone of any well written marketing strategy so that objectives can be reached. However, while a good marketing strategy contains a list of steps, without a strong strategic basis, it’s of little use to an enterprise. That is why a marketing plan is required at the inception of any venture, and often form the cornerstone of ongoing strategic planning. Without a marketing strategy, a company runs the risk of being largely irrelevant in its market.
A company needs to have clearly defined objectives before it can develop its marketing strategies. These objectives must be both measurable and relevant to the company’s business model. A marketing strategy therefore needs to take into consideration both the company’s short term objectives and long term objectives. There are many approaches that can be used when developing a strategy for what is marketing planning. One approach is to use a functional approach, which focuses on what the business does, what it sells and how it provides for its customers.
Another approach to what is marketing planning is to use an action system, which lays out steps that must be taken in order to realize the business goals. This method is particularly useful for firms with clear, set, and concise short and long-term business goals. These firms usually have a series of activities, each relating to a particular goal, and these activities must be performed in an order in which they will lead to the achievement of that goal. Examples of these activities include product development, customer relations, advertising, selling, and promotion.
In addition to having clearly defined objectives and plans, another essential component of what is marketing planning is the selection of the right strategies to execute the plans. The execution part of the strategy refers to the manner in which the plans are to be implemented. For some firms, this can involve complex planning and implementation processes, whereas for others it may just involve gathering together the appropriate information and materials, and determining what works best for them. When a firm has a good understanding of what is marketing planning, however, they are able to determine what strategies would work best for their organization. The reasons why certain strategies may not work for a company include the company’s resources, the nature of its products and services, the preferences of its customers, and the nature of its competition.
Marketing planning is not just about selecting the right strategies and methods, although this is an important part of what is marketing planning. Marketing planning must also address issues such as funding. A good marketing plan can only be implemented if sufficient resources are available for its execution. This means that if the company’s financial situation cannot support a large-scale marketing effort, such as launching a television advertising campaign, budget restraints will likely prevent it from going forward with such a plan. Thus, before making any major marketing decisions, a company must make sure that adequate funds can be obtained.
It is also necessary to consider whether or not the marketing planning process itself should be changed. Sometimes, changing what is marketing planning process actually makes sense. For instance, in the early days of television advertising, companies tended to use a one-size-fits-all strategy: the same format, the same message, the same techniques were used over again, regardless of how differently people thought they would react. Eventually, a “swipe file” of customer responses was collected, and it was necessary to adjust the format, message, and techniques to get differing reactions. Similarly, when software is developed to target certain types of consumers, adjustments need to be made in the marketing planning process in order to make sure that the new software is attractive to potential buyers.
When what is marketing planning is being conducted for an existing product line, rather than a new product line, the process becomes even more important. In this case, adjustments may have to be made in the marketing plan to reflect what has already been developed, rather than what is new at this point. For example, if the company already has a successful product line, then it may make sense to maintain some of the features of that product line, and simply introduce new products that reinforce its strengths. Likewise, if the company has recently introduced a new line of goods, it will be necessary to evaluate how those products are performing. If they are not meeting customer expectations, for example, then they may need to be reviewed to make changes that do not decrease customer satisfaction. Likewise, if the product line just began, and is still being evaluated, then it is necessary to examine what the company has developed so far, and determine what is still missing.
There are many different factors that need to be considered when formulating what is marketing planning, and once the document is written, it must be shared with key personnel in the business so that they can make the necessary adjustments. This allows the company to move towards its marketing objectives, while simultaneously ensuring that the personnel in charge of executing the plan understand what is required of them. It also gives the marketer time to think about what else might be important to the company in terms of changes in direction. Without a written document, making such changes often requires more research than any one person is capable of doing.