Marketing planning process - Essay Example

Macdonald (1995) suggests that several stages have to be completed in order to arrive at a strategic marketing plan. These are summarized In the diagram below: Marketing Planning Process The extent to which each part of the above process needs to be carried out depends on the size and complexity of the business. In a small or understudied business, where senior management have a strong knowledge and detailed understanding of the overall business, it may not be necessary to formalism the marketing planning process.

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By contrast, in a highly diversified business, top level management will not have knowledge and expertise that matches subordinate management. In this situation, It makes sense to put formal marketing planning procedures In place throughout the organization. From the diagram, the main components of a marketing plan can be summarized as: Component of the plan Description Mission statement A meaningful statement of the purpose and direction of the business Corporate objectives The overall business objectives that shape the marketing plan Marketing audit The way the Information for marketing planning Is organized.

Assesses the situation of marketing In the business – the products, resources, distribution methods, market shares, competitors etc Market analysis SOOT analysts An assessment of the firm’s current position, showing the strengths & weaknesses (internal factors) and opportunities and threats (external factors) Marketing objectives and strategies What the marketing function wants to achieve (consistent with corporate objectives) and how it intends to do it (e. G. Anions, Porter) Marketing budget Usually a detailed budget for the next year and an outline budget for the next 2-3 years.