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PROCESS OF PREPARING A MARKETING PLAN

PROCESS OF PREPARING A MARKETING PLAN

        The formulation of a marketing plan involves various steps. These steps are interrelated, interdependent, interactive in nature. For the preparation of a marketing plan the following process may be adopted:

(1) Situation Analysis:   The first step in the planning process is situation analysis. At this stage the management makes a thorough analysis of the company’s existing situation with regard to its market, competition, product, distribution channel and promotional programmes. The basic purpose of situational analysis is a correct assessment of marketing opportunities and problems of a marketing company. At this stage the management of a company scans the business environment, both internal and external profile; corporate profile market profile and makes assumption about economy, government policies, impact of new technology, performance of industry and its future prospects. With the help of sales forecasting, measurement of potential demand is also made.

(2) Determination of Marketing Objectives: After situation analysis when marketing opportunities and problems become clear to management of the company, the next stage in planning process is determination of marketing objective. As already mentioned marketing objectives are composed of the basic objectives, goals and targets. A close interaction between top management and the marketing manager may lead to effective formulation of basic marketing objectives.

(3) Formulation on Marketing Policies and Strategies: The next step in the preparation of a marketing plan is the formulation of marketing policies and strategies. Policies are broad guidelines and statements to govern the marketing activities of a company. The marketing objective provide essential inputs for the formulation of policies and strategies for the company. Thus, policies are largely affected by the basic marketing objectives.

(4) Programming the Operations: Market policies and strategies provide the input for the programming of the marketing operations. Marketing programmes are time-bound series of actions encompassing budget, procedure, method and rules. Marketing programmes are designed to achieve functional objectives within the framework of the marketing objectives, policies and strategies of the company.

(5) Resources Mobilisation: The effective implementation of marketing programmes requires adequate resource mobilisation. The resource required for the effective implementation of a marketing plan may be categorized under three head – Human Resource, physical resource and financial resource. The human resource refers to personnel needed to implement marketing programme.

(6) Control and Feedback: Planning has no meaning control. Implementation of marketing plan is assessed at this stage. Control includes four steps setting of performance standard, measurement of actual performance, evaluation of performance against standards and lesson corrective action. It is a forward looking activity. The company can draw important lessons and conclusion with regard to implementation of marketing plan through feedback.

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