Planning in Market

Jul 19 • General • 1198 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

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