Marketing Planning - Meaning & Definition

What is Marketing Planning?

The marketing planning process involves analyzing a market place in order to develop a strategy for the firm to enter and compete in a marketplace. Marketing planning mainly involves

• setting objectives:setting and communicating targets for people to achieve

• developing strategies to meet the objectives

The marketing planning process can be defined as a series of five steps:

The main content in a marketing plan include the following:

• Executive summary:summary of the entire marketing plan

• Situational analysis:analysis of the firm’s external environment (macro environment such as economic, social, technological etc), analysis of the markets in which the company is operating i.e market size, segmentation, extent of competition; an understanding of the consumers i.e their needs, extent of loyalty, their motivation to buy the product etc.; an understanding of the internal company resources available for use – both financial and non-financial.

• Marketing strategy:the various elements of marketing namely the product mix, pricing policies, Promotion and distribution strategy

• Implementation:the action plan with regard to implementation

• Financial forecaston the performance of the plan

• Control mechanism

This article has been researched & authored by theBusiness Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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