What Is the Marketing Planning Process?
The marketing planning process is a road map that analyzes the business environment, investigates potential problems, identifies threats and opportunities for growth in the industry and forecasts financial projections and returns on investment and sets budgets. The marketing planning process essentially acts as a planning tool.
The planning process sets forth company objects and specifies how they will be accomplished in a series of five basic steps. Plans begin with a determination of organizational goals and objectives. These goals are the starting point for marketing planning and serve as platforms to build marketing plans and goats.
Plans should assess organizational resources next. Planning and growth strategies are influenced by internal and external factors, and evaluating existing resources like finance, technology and personnel lets companies see what areas need improvement.
Next, the process should evaluate risks and opportunities by considering environmental factors (competitors, political, legal and economic hurdles) and predict which areas of the market might be best for selling products.
Then, the process should establish a marketing strategy to establish the ways in which a company expects to achieve its organizational objectives, considering resources, adaptability and target markets in the process. Lastly, the process requires putting words to action by implementing and monitoring marketing plans.