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MARKETING PLANNING AND SALES FORECASTING


MARKETING PLANNING AND SALES FORECASTING

       Marketing planning is a part of total business planning of the company. Marketing planning has a vital role in formulating overall objective and goals. With the help of marketing planning a company can design suitable policies, programmes and strategies for the effective achievement of pre-determined objectives and goals. Use of planning in marketing can be of immense help to management.

Before discussing marketing planning it would be appropriate to understand planning. According to Newman, “Planning is deciding in advance what is to be done; that is a plan is projected course of action.” Haiman has described it as “Planning is deciding in advance what is to be done.” In the words of Terry, “Planning is the selection and relating of facts and the making and using of assumption regarding the future in the visualization and formulation of proposed activities believed necessary to achieve desired results.” As far as marketing planning is concerned it is planning of marketing activities and marketing. The American Marketing Association has described marketing planning as, “The work of setting up objective for marketing activities and of determining and scheduling the steps necessary to achieve such objectives.” Thus, marketing planning is managerial task of determining the future course of marketing operations and activities by analyzing the past and projecting the future goals and objectives. The meaning of marketing planning can be understand by its following Characteristics:

(1) Marketing planning is a managerial function.

(2) Planning is in essence the exercise of foresight.

(3) It involves an analysis of past events and projection of future events.

(4) Marketing planning is determination of the future course of marketing operation and activities.

(5) Marketing planning is a goal-directed activity.

(6) Marketing planning has a specific dimension of time.

(7) Marketing planning is continuous process.

(8) The main objective of marketing planning is optimum use of company’s resource to achieve better result.

(9) The aim of marketing planning is to facilitate executive actions.

(10) A marketing plan contains various elements. These elements are objectives, goals and targets; programmes; strategies; methods; rules; procedure and budget.

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