The second part of the salient questions about the essence of planning in marketing continues: - … (B) What are the steps in the application of planning for marketing process?
Steps in the application of the planning process (continues):
(b) Developing Marketing Strategies
{A plan for selecting and analyzing a target market, creating and maintaining a marketing mix}.
- Positioning
- Product Development
- Testing
- Launching
- Control tools
- Strategy should be reflective of the company’s position in the market (If
a market leader, challenger, follower or nicher).
(c) Marketing Programmes
{Those sets of marketing strategies which are implemented and used at the same time}.
- While planning for the programme, consideration should be given to:
(i) Marketing Expenditures (e.g. %age of sales; allocation of budget to various tools of the marketing mix; allocation to various products,
channels, promotion media, sales area).
(ii) Marketing Mix
- Product: Quality, design, features, branding, packaging, etc.
- Price: Wholesale/retail prices, discounts, credit terms, perceived value
of pricing.
- Place: What’s in place to make offering accessible and available to
customers/consumers?
- Promotion: What’s on to communicate product/offering to the target
market?
… More next week
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...Previous Tips on Biz Fix Tips
The essence of planning in marketing is no doubt paramount. Two salient questions can constitute fallouts of this – (A) What does planning for marketing help your business achieve? (B) What are the steps in the application of planning for marketing process?
A marketing plan can help to:
- Identify sources of competitive advantage.
- Gain commitment to a strategy.
- Get resources needed to invest in and build the business.
- Inform stakeholders in the business.
- Set objectives and strategies.
- Measure performance.
Steps in the application of the planning process:
(a) Analyzing Market Opportunities
- Assessing wants, behaviour, and market size.
- Information about micro and macro environment.
- Who buys, why, what are the features, where do they shop, etc.
- Select market, after ascertaining the above.
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