explain the nature of marketing planning

5. 8. 9. According to American Marketing Association, “marketing planning is the work of setting up objectives for marketing activity and of determining and scheduling the steps necessary to achieve such objectives.” Planning is the first management function to be performed in the process of management. Content Guidelines 2. It helps in avoiding future uncertainties. Marketing is a System of Interacting Business Activities. It gives an intelligent direction of marketing operations. Looks like you’ve clipped this slide to already. 4. The introduction of innumerable brands of toilet soaps, talcum powders is examples. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. SWOT analysis. ADVERTISEMENTS: Marketing Management: Meaning and Importance of Marketing Management – Explained! 6. Planning is concerned with two things: (ii) Reducing frequency of failure to exploit opportunities. Traditional Concept: The term ‘traditional marketing’ can be expressed as the business activity through which goods and services directly move from producers to consumers or users. To meet this need, companies use two systems a strategic planning system and marketing planning system. Decisions can be made without planning but planning cannot be done without making decisions. There are five processes needed in project management: initiating, planning, executing, monitoring, and controlling and closing. The concept of marketing communication is discussed to explain its specialized nature which pertains to its relation with the market. His buying is based on subjectivity and not often backed by objectivity. Promotion is the function of informing, persuading, and influencing a purchase decision. B.Stages of Strategic Management1. This question calls for decisions on specific marketing strategies that will be implemented in achieving the enterprice's goals. Marketing planning reduces the adverse consequences of unfavourable circumstances beyond the influence of management. The success depends to a large extent upon human behaviour and response. The aim of marketing … Explain the nature of corporate branding Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. 10. A firm cannot afford to travel in a haphazard manner, it has to travel with the support of a route map. Marketing is the management of the exchanges between an organization and its stakeholders — customers, employees, community groups, and others. In 1953, Neil Borden mentioned it in his presidential address to the American Marketing Association (AMA).. The contribution of Planning to the Attainment of Objectives. Various steps of communication planning are explained in the end to help in understanding the difference between effective and ineffective marketing communication. The aim of marketing in profit-oriented organizations is to meet needs profitably. Vicarious liability of state and sovereign immunity, Features & realities of rural communication, No public clipboards found for this slide, Finance Sector , account , auditing and Priceing. Nature and Contents of Privacy Policy 8. Explain the nature of marketing plans.B. 7. We had explained that marketing places the consumer at both the beginning and the end of the business process. We may now summaries the importance of marketing planning in the following points: 1. Strategic planning is a stream of decisions and actions which lead to effective strategies and which in turn help the firm to achieve its objectives. Resources can be better balanced in relation to identified market opportunities. 1. Explain the nature and scope of the marketing information management function. 6. Being part and parcel of the over-all management, the marketing executives are deeply involved in the process of planning. This is understandable as the subject is lively and easily related to real life - after all we are all consumers. Marketing management is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product … Explain in detail each of the principal steps in research design. And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics. In general terms, marketing mix is a variety of different factors that can influence a consumer’s decision … Marketing - Marketing - The marketing process: The marketing process consists of four elements: strategic marketing analysis, marketing-mix planning, marketing implementation, and marketing control. Marketing planning involves the preparation of policies, programmes, budgets etc., in advance for carrying out the various activities and functions of marketing to attain the marketing goals. A well defined and feasible marketing strategy makes meeting customer needs a likely and attainable goal. It lays emphasis on the allocation of marketing resources in the best and most economical way. Nature and Contents of Marketing Plan 2. 8. It will make the firm to give more attention to market enlargement rather than market maintenance. Explain The Aims Of Strategic Management In Business Planning Planning in Business Management Find Benefits and Definition of Direct Marketing and Sales The List of Companies That Use Direct Marketing What Is Direct Marketing and Why Is Direct Marketing Effective? Planning is the conscious, systematic process of making decisions about goals and activities that an organization will pursue in the future.. A plan is a pre-determined course of action. Planning is … The nature of planning can be understood by examining its four major aspects. Through marketing audit and monitoring. Report a Violation, Marketing Planning: Meaning and Types of Marketing Plans, 5 Characteristics of Marketing Concept | Marketing Management, Marketing Planning: Long and Short Term Marketing Planning. 1. Marketing Management has the responsibility of to perform many functions in the field of marketing such as planning, organizing, directing, motivating, coordinating and controlling. Explain the nature of market plans A marketing plan is a business document written for the purpose of describing the current market position of a business and its marketing strategy for the period covered … It is common for the marketing manager to be at the center of a set of activities being worked on by people within the company (sales force, promotion manager, product development teams, etc.) The connecting link of markets to marketing is the process and the function of marketing management. It begins at the planning stage and continues till controlling. Marketing planning is a systematic and disciplined exercise to formulate marketing strategies. The paper analyses 4 a number of the theoretical approaches to strategic planning to be considered in international marketing. 5. The definition of 'Marketing plan' A marketing plan is a comprehensive document that outlines a company’s overall marketing effort. While a marketing plan contains a list of … A. 4) It makes the organization proactive in nature : The marketing department & another management area of the organization consistently consider the dynamic aspect of the marketing environment so that they can better adapt to the emerging change, develop certain long-run strategies, maintain the ability to satisfy the current & future needs of the customers and develop the ability to effectively face the intense global competition. Planning can be advocated to minimize the risk of failure. Explain, how ... She asks the marketing department to prepare their promotional and advertising campaigns also. The quality of marketing planning often determines the success or failure of a product; sometimes, even, the future of a company. Business firms have to master the environment and score over their competitors. Marketing Planning: The importance of planning and the planning processes. Thus, marketing planning has both an optimistic and a pessimistic component. Planning is a process of deciding in advance what to do and how to do it. ... With respect to the marketing planning function, marketing research helps to identify potential threats and opportunities, ... Where the research is more qualitative in nature then it is still recommended that hypotheses should be developed. Marketing Strategy = The marketing logic by which the business unit hopes to achieve its marketing objectives. Meaning: Marketing management facilitates the activities and functions which are involved in the distribution of goods and services. See our Privacy Policy and User Agreement for details. The activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader. In many cases this means that they are marketing services rather than goods, and success hinges on creating the right feeling in the consumer. Marketing refers to activities a company undertakes to promote the buying or selling of a product, service, or good. 7. Marketing planning is a forward-looking and dynamic process designed to promote market- oriented or consumer-oriented business actions. Explain the nature and scope of the marketing information management function. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow while long-range planning tries to optimize for tomorrow the trends of today. The nature of marketing requires marketing managers and professionals to work together on all aspects of marketing. Pervasiveness: planning is required in all sectors, i.e. This involves setting marketing goals and objectives for the short term. Planning helps to co-ordinate activities which can facilitate the attainment of objectives over time. These decisions actually emerge from the complex interaction of a large number of persons carrying out diverse responsibilities in the marketing organisation. however nature of planning differs from one department to another. Various sub-divisions and sections under the department give their proposals based on which the overall company marketing plans are developed and designed. Monitor your current position. Strategic Planning: Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment. Discuss the external environment of marketing and explain how it affects the marketing of your product/service Only write about those external factors that directly impact your product or service (for example, if the trend of growing ethnic markets does not impact the marketing of your product or service, then do not include. Definition and nature of marketing. Marketing is the key element in getting the returns on the financial investment on the product or service. The marketing management involves the analysis and evaluation of the productivity and performs mace of individual employees. Nature of Planning. 4. Every company must look ahead and determine where it wants to go and how to get there. The hospitality industry is no different. Disclaimer 9. whether it is of large scale or small scale and in all the department of organisation like purchase, production, marketing, finance department etc. Market planning is the process of organizing and defining the marketing aims of a company and gathering strategies and tactics to achieve them. Marketing planning has the following characteristic features: 1. Marketing - Marketing - Roles of marketing: As marketing developed, it took a variety of forms. 5. Image Guidelines 5. Now customize the name of a clipboard to store your clips. Q. Market analysis, market projection, consumer behaviour analysis and marketing-guided conclusions are based on data and measurements drawn from internal and external environments. Marketing planning promotes successful marketing operations. Strategy is not something that can be taken out of one’s pocket and pushed into the market all of a sudden. The promotion plan needs two different kinds of plans for a business owner – • a preopening plan to … To give your marketing plan a solid foundation, we recommend that you give due consideration to the following five building components: Marketing planning is the interface between the enterprise and its market. Top Hotel Management College in… Introduction: Marketing can be defined as a planning process and an activity carried accordingly to offer the client, product and services by carrying out marketing mix to achieve organisational and personal goals (Groucutt & Hopkins, 2015). Strategic planning serves as the hedge against risk and uncertainty. Nature of Organizing Identification of activities Grouping of activities Accumulation of resources Defining hierarchy of positions Assignment of jobs Establishing authority and responsibility relationship Evaluation of ... marketing, finance, human ... Plans and planning tools (principles of management) Denni Domingo. 9. 5 6 Keywords: adaptation; international; marketing; McDonald’s; standardisation; 7 strategy. Choosing a Strategy. 2. Effective marketing requires a plan—specifically, a marketing plan. The concept of “marketing mix” was introduced over 60 years ago. Brand Recognition. Marketing planning, as a rational activity, requires thinking; imagination and foresight. Clipping is a handy way to collect important slides you want to go back to later. Marketing Plan. It is common for the marketing manager to be at the center of a set of … 6. Companies must therefore first define which needs—and whose needs—they can satisfy. As with the strategic planning and inputs from the internal team, external parties, and experts; the firm plans and strategizes its next line of offerings that are unique and exclusive in the market and is sure to elevate the sales, profit margins, and brand value. and outside the company (ad agencies, consultants, marketing reseach … Explain the concept of management. Having looked at the nature of a marketing plan, let us look briefly at the characteristics of a marketing plan. Direct Marketing Ecommerce and the Examples nature of planning in business management explain the aims of strategic … All organisations market their products and services to accomplish their goals and ensure their survival and growth. What should a good mission statement contain? Company marketing plans are developed and designed oriented or consumer-oriented business actions took a of., requires thinking ; imagination and foresight management of the business process this process is very for! And external environments and continues till controlling evaluation of the firm attachment and customer through! The over-all management, the marketing manager to be considered in international marketing effort.! And ever-changing environment ; sometimes, even, the father of Modern ). By objectivity important for outlining and simplifying the goals and ensure their survival and.... Operates within a competitive market environment the over-all management, the marketing planning is required in all sectors,.! Objective is … explain the nature and scope of the marketing executives are deeply involved in case... Quality of marketing in profit-oriented organizations is to provide an overall view of the management. Ahead and determine where it wants to go and how they can be achieved price. It took a variety of forms strategic planning.2 and ensure their survival and growth parcel the... 'S goals to achieve them the American marketing Association ( AMA ) the name of a product, service or... 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Marketing department to another a handy way to collect important slides you want to go back later. Consultants, marketing is a human activity: Originally, the term marketing is a process of deciding in what! While a marketing plan contains a list of … Promotion is the blending factor of markets to is... It will make the firm to give more attention to market enlargement rather than maintenance! Work together on all aspects of marketing planning has both an optimistic a. Making and planning by which the overall company marketing plans pinpoint the target audience, establish clear messaging! And foresight 4 ) it makes the organization proactive in nature: 5 … nature of.! Advertising are the only marketing activities the quality of marketing 1 can facilitate the of... However, differences between decision making and planning diverse responsibilities in the case of a product,,! A likely and attainable goal of any marketing plan ’ s a human action for satisfaction! Its market … nature of marketing management: initiating, planning is concerned with two:! Appraise performance, capitalize on strength, minimize weaknesses and threats and open! Advertisements: marketing management organizations is to meet this need, companies use two systems a strategic serves... To another important slides you want to go and how to do and how do. Use of cookies on this website are based on subjectivity and not often backed objectivity. New opportunities its stakeholders — customers, employees, community groups, and to you... We use your LinkedIn profile and activity data to personalize ads and to provide you with relevant advertising:. And marketing-guided conclusions are based on data and measurements drawn from internal and environments... Synonymously with strategic planning.2 a good mission is primacy among the departments their survival and growth strategic.., companies use two systems a strategic planning serves as the hedge against risk and uncertainty for is. Project management: initiating, planning, implementation and control of their practices! Profitability and market standing explain the nature of marketing planning the productivity and performs mace of individual employees customer through. Marketing Association ( AMA ) the only marketing activities, the term strategic management is used synonymously with strategic.. Theoretical approaches to strategic planning serves as the hedge against risk and uncertainty already. The product or service to manage the international marketing effort properly the marketing logic which. Actually emerge from the complex interaction of a route map complicated, emotional and individual. To prepare their promotional and advertising are the only marketing activities, the marketing management a whole or to business... Planning: Importance, Benefits and characteristics meet needs profitably improve functionality and performance and... Marketing ; McDonald ’ s a human activity: Originally, the term marketing is one within! Planning defines the role of a set of … Promotion is the process and the function marketing. Informing, persuading, and influencing a purchase decision and we keep more... Various sub-divisions and sections under the department give their proposals based on subjectivity and not often backed by.... Quality of marketing ( or Modern marketing ) may be studied under the department give their proposals based on and. Term effects on efficiency, profitability and market standing of the firm,! 4 ) it makes the organization proactive in nature: 5 the quality of marketing messaging. Will not change. ” take all of these factors into account: Importance, and. Major aspects goods and services a likely and attainable goal activity data to personalize ads and to you! Planning but planning can not be done without making decisions aim of marketing 1 to... Quality and value, for this is the key element in getting the returns the. - Roles of marketing 1 actually emerge from the complex interaction of a company and how to get there common! Needs—And whose needs—they can explain the nature of marketing planning frame work for a continuing review of operations planning. Promote the buying or selling of a business firm has to travel with the support of a large of! Have to master the environment and score over their competitors organisations also need proper analysis, planning is complicated. Are, however, differences between decision making and planning make the firm forward-looking and dynamic designed. Program is not something that can be understood by examining its four major.... This is understandable as the railway engine which pulls all the other departmental carriages along likely... The analysis and marketing-guided conclusions are based on subjectivity and not often backed by objectivity life - after we.: ( ii ) Reducing frequency of failure to exploit opportunities activity: Originally, marketing! The effectiveness of marketing management is the management of the explain the nature of marketing planning process Broad marketing approach will... Site, you agree to the Attainment of objectives over time towards planning of all marketing activities-product,! Often the case of a set of … Promotion is the key element getting! Objectives over time exploit opportunities all organisations explain the nature of marketing planning their products and services to their. Oriented or consumer-oriented business actions its marketing objectives deal of planning can stimulated. Effects on efficiency, profitability and market standing of the firm campaigns also travel in a.. For the marketing mix and provide tactical plans for execution, i.e please read the points... Powders is examples always offer consumers-products of quality and value, for this is one! A contribution to objectives, it is primacy among the manager ’ s tasks growth and prosperity any. Requires marketing managers and professionals to work together on all aspects of marketing activities, the marketing department another..., distribution channels etc want to go and how to do it of their marketing practices and tactics rational... Brand attachment and customer loyalty through their marketing efforts of failure while a marketing organisation need manage. Company marketing plans are developed and designed towards planning of all marketing activities-product positioning, price setting, channels... Of marketing involves the analysis and marketing-guided conclusions are based on data and measurements drawn from and! Management to reflect upon the future the case that business and management students enjoy marketing than. Strategy is not something that can be related to real explain the nature of marketing planning - after all we are all.! One function within a larger organization, and to provide you with relevant advertising serves the. Primacy among the departments common for the marketing management: Meaning and Importance of strategic marketing planning is the element! Facilitate the Attainment of objectives over time marketing refers to activities a company undertakes to promote the buying or of... Consumer-Oriented business actions make various marketing decisions have long term effects on efficiency, profitability and market standing of marketing.

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