Marketing planning process
Sunday 23 September, 2012 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.
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 f marketing in the business – the products, resources, distribution methods, market shares, competitors etc Market analysis marketing planning
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