Marketing Notes - Marketing Planning
Question - What do you mean by marketing planning?
Answer
Introduction
Marketing is a process of developing and implementing plans to identify and satisfy customer needs and wants with the objective of customer satisfaction and profits making. The main elements of marketing planning are - market research to identify and anticipate customer needs and wants; and planning of appropriate marketing mix to meet market requirements/demands.
Definition of Marketing Planning
"Marketing Planning is the process of developing marketing plan incorporating overall marketing objectives, strategies, and programs of actions designed to achieve these objectives."
Marketing Planning involves setting objectives and targets, and communicating these targets to people responsible to achieve them. It also involves careful examination of all strategic issues, including the business environment, the market itself, the corporate mission statement, competitors, and organisational capabilities.
"Marketing Plan is a comprehensive blue print which outlines an organisation's overall marketing efforts."
Marketing Plan is a written document that describes an organisation's advertising and marketing efforts for a coming period of time. It includes description of target markets, marketing situation, organisation position, competition, and description of marketing mix the organisation intend to use to reach their marketing goals.
