Marketing planning process outlines the specific actions you intend to carry out to impress potential customers and clients of your product and / or service and persuade them to buy the product and / or services you offer .
Marketing planning may be developed as a stand alone document or a apart of a business plan . Either way , the marketing plan is a blueprint for communicating the value of your products and / or services to your customers .
An effective marketing planning defines how and why the company is in business , what markets are good target for it’s products . With a marketing plan in place , a company uses the plan to measure how effectively corporate goals have been meet.
It is important to carry out research before completing your marketing plan , by doing so will help you to be organized , so that you can be able to achieve your goals . A thorough marketing plan will provide details on what you want to accomplish with your marketing strategy and it will assist you in achieving your goals .
A marketing plan will achieve the following objectives :-
* It will enable companies to look internally in order to fully understand the impact and the results of past marketing decisions.
* Equips companies to look externally in order to fully understand it’s target markets and the competition available in those market.
* Set future goals and provide direction for future Marketing initiatives . The goals should be understood and supported by everyone Within the company.
* Focuses on issues and putting them into written form can be useful for business owner in that it forces them to analyze their business . It can be good for employees , as the marketing plan can provide them with essential orientation and be a source of motivation.
Creating a solid marketing plan can be the difference between a successful marketing campaign and failed one. As most people have already experienced , marketing can be an expensive and complicated endeavour . A marketing plan will help you determine your marketing strategy by specifying your objectives , defining your goals , and targeting your market in an effective , time and cost – efficient manner .
In today’s economy , it is crucial to get most of your money back after investment. A marketing plan will define what works for you and what does not , where you should allocate funds and resources , and where you should not, etc. But before you develop your marketing plan , you should state your marketing plan objective.
Your marketing plan objective is simply a statement defining the purpose of your marketing campaign.
Quick Tip : Your marketing plan objective should be realistic , measurable, and time specific .
Key Element In Marketing planning
* Situation Analysis : This introductory sections contains an overview of your situation as it exists today and provide a useful benchmark as you adapt and refine your plan in the Coming months. Begin with a short description of your current product or service offering , the marketing advantages and challenges you face , and a look at the threats posed by your competitors.
Describe any outside forces that will affect your business in the coming year. This can be anything from diminished traffic level due to construction.
If you are a retailer , a change in law that could affect new product can affect you financially and otherwise.
* Target Audience : All that is needed here is simple, bulleted description of your target audience. If you are marketing to customers , write a target – audience profile based on demographics , including age , gender and any other Important characteristics. Marketers should list their target audience by category ( such as lawyers , doctors , shopping malls ) and include any qualifying criteria for each .
* Goals : In one page or less ,list your company’s marketing goals . The key is to make your goals realistic and measurable , so that you can easily evaluate your performance. ” Increase sales of peripherals ” is an example of an ineffective goal. You should be in a better position to gauge your marketing progress with a goal such as ” Increase sales of peripherals 10 percent in the first quarters, 15 percent in the second quarter, 15 percent in the third quarter and 10 percent in the Fourth quarter.”
* Strategies and tactics : This section will make up the bulk of your plan , and you should take as much space as you need to give an overview of your marketing strategies and list each of the corresponding tactics you will employ to execute them . Here is an example : A marketing client of mine market videotape and equipment . One of her goals is to increase sales to large ministries in three states by 20 percent. Together we have developed a strategy that includes making a special offer each month to this prospect group, and one of her tactics is to use monthly e-mails to market to an in-house list.
Your tactics section should include all the actionable steps you plan to take for advertising , public relations , direct mail , trade shows and special promotions. You can use a paper calendar to schedule your tactics or use a contact manager or spreadsheet program. What matters most is that you stick to your schedule and follow through. A plan on paper is only useful if it is put into action .
* Budget Breakdown : The final section of you plan includes a brief breakdown of the cost associated with each of your tactics. So if you plan to exhibit at three trade shows per year, for example , you will include the cost to participate in the shows and prepare your booth and marketing materials . Of you find out that the tactics you have selected are too costly , you can go back and make revisions before you arrive at a final budget.
Importance of marketing Plans
– Provides direction for all your marketing effort.
– Help defines specific tasks .
– Helps to identify prerequisites to planned activities.
– If more than one person is involved it helps you to define areas of responsibility.
– Can give you insight into new markets that may have previously been overlooked.
– Enables you to create clear guidelines for evaluating the effectiveness of different marketing methods.
– Can help raise finance for capital expenditure.
– Prevent time wasting on ineffectual marketing activities.
– Saves money by helping to ensure that the marketing budget is spent effectively.
– Will generate more clients by communicating effectively
Marketing Research
Managers need information in order to introduce products and services that create value in the mind of customer. But the perception of value is a subjective one , and what customers value this year may be quite different from what they will value next year. As such , the attributes that create value cannot simply be deduced from common knowledge , rather data must be collected and analyzed . The goal of marketing research is to provide that facts and direction that managers need to make their more important marketing decisions.
Marketing research is therefore the systematic gathering , recording , analyzing of data about problem relating to marketing of goods and services.
Research vs . Market Research
These terms are often used interchangeably , but technically there is a difference .
Market research deals specifically with the gathering of information about markets size and trends. Marketing Research on the other hand covers a wider range of activities . While it may involve market research , marketing research is a more general systematic process that can be applied to a variety of marketing problems .
Marketing Research Comprises :
* Market research : Identification of a specific market and measurement of its size and other characteristics.
* Product Research : Identification of a need or want and the characteristics of the goods or services that will satisfy it.
* Consumer Research : Identification of the preferences, motivations , and buying behaviour of the targeted customers. Information for marketing research is collected from direct observation of the consumers ( such as in retail stores. ) , mail surveys , telephone or face – to – face interviews, and published sources ( such as demographics ).
Reasons for marketing Research
There are so many reasons for carrying out marketing research . These are
– Introduction of new product or service
– Customer Development
– Competition Analysis
– Marketing / Advertising Development
– Customer Satisfaction
However conducting a comprehensive marketing planning process and research is very vital for any business .