The marketing planning process involves the development of objectives and specifications for how they will be accomplished. There five steps in the process.
1. Determination of organisational objectives
The basic objectives or goals, are the organisational starting point for marketing planning. These objectives provide direction for all phases of the organisation and serve as standards in evaluating performance. Goals vary among organisations, corporate objectives often emphasise profitability, Market share and shareholder value- for example Coca-Cola Company defines its goal as being to increase shareholder value.
2 and 3. Assessment of organisational resources and evaluation of environmental risks.
The second and third steps of the marketing process occur at about the same time and involve the assessment of strength, risks and available opportunities. Planning strategies are influenced by a number of factors both within and outside the organisation. Marketing opportunities are affected by organisational resources and environmental factors.
Organisational resources include capabilities involving production, marketing, finance, technology and employees. By evaluating these resources organisations can pinpoint their strengths and weaknesses. …show more content…
An appropriate match is vital to the firm’s market success. There are three alternative strategies for achieving consumer satisfaction, undifferentiated marketing, differentiated marketing, Concentrated marketing, For example Coca-Cola company is adopting the undifferentiated marketing or mass marketing for all Coca cola brands globally or Reebok practises differentiated marketing because it offers various walking shoes to satisfy the needs of different type of walkers because no one shoe will satisfy all walkers needs so its strategy is to segment the walking
1. Determination of organisational objectives
The basic objectives or goals, are the organisational starting point for marketing planning. These objectives provide direction for all phases of the organisation and serve as standards in evaluating performance. Goals vary among organisations, corporate objectives often emphasise profitability, Market share and shareholder value- for example Coca-Cola Company defines its goal as being to increase shareholder value.
2 and 3. Assessment of organisational resources and evaluation of environmental risks.
The second and third steps of the marketing process occur at about the same time and involve the assessment of strength, risks and available opportunities. Planning strategies are influenced by a number of factors both within and outside the organisation. Marketing opportunities are affected by organisational resources and environmental factors.
Organisational resources include capabilities involving production, marketing, finance, technology and employees. By evaluating these resources organisations can pinpoint their strengths and weaknesses. …show more content…
An appropriate match is vital to the firm’s market success. There are three alternative strategies for achieving consumer satisfaction, undifferentiated marketing, differentiated marketing, Concentrated marketing, For example Coca-Cola company is adopting the undifferentiated marketing or mass marketing for all Coca cola brands globally or Reebok practises differentiated marketing because it offers various walking shoes to satisfy the needs of different type of walkers because no one shoe will satisfy all walkers needs so its strategy is to segment the walking