The Marketing Planning Process: How to plan your marketing strategy
The marketing planning process is a systematic and methodological approach for planning, forecasting and coordinating all marketing needs and objectives. It is a structured and systematic approach for developing, implementing, executing and evaluating marketing strategies.
The marketing planning process
The marketing planning process starts by defining the company’s business environment and competitive positioning. From there, it moves on to identifying what is needed in terms of market research, target markets, and marketing objectives. This is followed by a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. Finally, a strategy is developed based on the findings from the SWOT analysis with a plan for implementation.
A marketing plan is a systematic process that includes an assessment of marketing opportunities and resources, the determination of marketing objectives, and the development of a plan for implementation and control.
Thus, the objective of the marketing plan is to provide detailed information about the company’s marketing activities for the future. This may include:
♦ An organization can follow this pathway to reach its ultimate destination.
♦ Within the plan are a number of deadlines for marketing activities, such as 6 months, 12 months, etc.
♦ High levels of performance can be achieved by allocating resources efficiently and effectively.
♦ Besides identifying strengths, weaknesses, opportunities and threats, it also suggests ways to address, exploit and improve these factors.
♦ Ideally, it ensures that the business is marketing-driven and customer-focused, striving to meet customer needs, wants, and expectations.
♦ To achieve corporate objectives and marketing objectives, the organization structure may be shaped.
The marketing strategy is implemented and controlled by it.
Planning is crucial to the successful implementation of strategy and achievement of objectives.