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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