Planning in Market

Jul 19 • General • 963 Views • No Comments on Planning in Market

A marketing plan is something which contains the guidelines for creating an effective marketing plan for the company and allocations over the period of planning.The marketing plan is designed to obtain some of the important objectives. The objectives of the marketing plan are listed below : –

  • To describe the current scenario in which the product is developed
  • To create objectives of the firm
  • To create strategies to achieve the desired objective
  • To assign responsibilities required to achieve the objective of the product
  • To initiate innovative thinking process
  • To create orientation between customer and competitor

Some frequent mistakes done by the marketers while creating a marketing plan

  • The pace in which process is performed
  • The quantity of the data collected
  • By whom is the planning done
  • Framework of the plan
  • Size of the plan
  • Number of times the planning is done
  • Who is responsible for checking the plan
  • Lack of leadership from senior management

Steps involved in planning process               Planning in Market

  • Updation of the data collected in past
  • Collection of the required data which includes the knowledge about the current situation
  • Analyzing the past and the current data to predict the actions of the competitor, judge the behavior of the customers and keeping the record of threats and opportunities for the business
  • Defining the objective and strategies of the business, that is deciding on the objectives of the product, creating strategies to achieve the objective, creating programs in respect to the policies and constraints of the company and selecting the best suited strategy for the development of marketing actions.
    • Establish a proper financial statement which would include the budget and profit and loss statements.
    • The next step is to negotiate with the top managers since they would decide on the proper allocation of the resources for the marketing plan that needs to be
    • Measure the performance of the plan implemented, monitoring the objectives of the plan and measuring the accuracy of the data that has been collected.
    • After the proper plan is created the difference between the planned and the obtained result is measured, audit provides a proper diagnostic to the current and future planning efforts.

Components of a marketing plan

  • Brief summary about the marketing plan
  • Analyzing the current situation
    • Identifying the competitors
    • Category analysis
    • Analysis of the firm
    • Understanding the customers
    • Assumptions of planning
  • Planning objective
  • Creating product strategy
  • Initiating the marketing programme
  • Managing the financial statements
  • Controlling and monitoring the plan created

 

 

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