Marketing planning process is one of the most important elements for a comprehensive marketing plan. To achieve the desired results, businesses need to plan and execute marketing strategies effectively. Let’s find out the detailed process for marketing planning and apply it within your business with Viindoo Enterprise Management Software
What is Marketing Planning Process?
The marketing planning process is a series of steps that businesses take to create and implement a successful marketing strategy. It involves conducting market research, defining target audiences, setting marketing objectives, developing marketing tactics, implementing campaigns, and analyzing and adjusting the plan as necessary. This process helps businesses to better understand their customers, identify opportunities in the market, and achieve their marketing goals.
What is Marketing Planning Process?
The marketing planning process is a step-by-step guide to creating a comprehensive marketing plan that aligns with the business's goals and objectives. The process ensures that businesses allocate their resources effectively, and the marketing strategy is in line with the company's overall vision.
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Detailed Guide for Marketing Planning Process
The marketing planning process is a crucial element of any successful business strategy. Let's take a look at the steps involved in the marketing planning process.
Step 1: Conduct a Situation Analysis
The first step in the marketing planning process is to conduct a situation analysis. This involves reviewing the business's current position in the market, including the company's strengths, weaknesses, opportunities, and threats. A SWOT analysis is a useful tool for this step.
Situation Analysis for marketing planning process
The business should also analyze the external environment, including the competition, economic conditions, and technological trends that may impact the market. This analysis helps to identify any gaps or opportunities that the business can exploit.
Step 2: Collect market research
The next stage in the marketing planning procedure is to carry out market research. Examining external trends and the general market environment can provide insight into your company's present state. It helps to identify your position in comparison to your competitors and whether you have experienced improvements or declines in performance and market share. There are four primary external data points to investigate:
- Economic trends
- Geopolitical issues
- The competition
- Customer intelligence (surveys)
Step 3: Define Marketing Objectives
After making the decision to market your practice, it is important to establish achievable and quantifiable objectives to strive for within the next 18 to 24 months. This duration enables you to organize events that align with your marketing goals, such as sponsoring a yearly breast cancer walkathon or presenting at your community's annual health fair.
One approach to defining your goals is to categorize them into immediate objectives, to be accomplished within one to six months; short-term goals, to be achieved within six to 12 months; and long-term targets, to be completed within 12 to 24 months.
Once the situation analysis is complete, the next step is to define the marketing objectives. These objectives should be specific, measurable, attainable, relevant, and time-bound (SMART). The objectives should align with the company's overall goals and be based on the gaps and opportunities identified in the situation analysis.
For example, a business that wants to increase its market share may set a SMART objective of increasing sales by 15% within the next six months.
Step 4: Identify Target Audience
The next step in the marketing campaign planning process is to identify the target audience. This involves segmenting the market and selecting the segment that the business intends to target with its marketing efforts. The target audience should be defined based on factors such as demographics, psychographics, and behavior.
Identify Target Audience
For example, a business that sells luxury goods may target high-income earners who value quality and exclusivity.
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Step 5: Develop Marketing Strategies
With the target audience identified, the next step is to develop marketing strategies. These strategies should be designed to meet the marketing objectives and appeal to the target audience. The marketing mix - product, price, place, and promotion - should be considered in developing the strategies.
Develop Marketing Strategies
- Product: This refers to the goods or services a company offers to its customers. It includes factors such as product design, quality, features, packaging, and branding.
- Price: This refers to the amount customers are charged for a product or service. It includes factors such as pricing strategy, discounts, and payment terms.
- Promotion: This refers to the methods used to communicate with customers and promote a product or service. It includes advertising, sales promotions, personal selling, and public relations.
- Place: This refers to the channels through which a product or service is distributed to customers. It includes factors such as distribution channels, logistics, and inventory management.
For example, a business that wants to increase its market share may develop a strategy to offer discounts to customers who purchase more than one product.
Step 6: Determine your budget
It's crucial for marketing executives and team members to inquire about the amount of funds necessary to meet or exceed their objectives, aka the marketing budget. The initial step is to establish your goals and create a strategy to accomplish them. Your marketing plan, which comprises your campaigns and channels, will determine your financial needs.
It's recommended that you construct your marketing plan first and then communicate your resource requirements to finance. Waiting for finance to provide your budget at the beginning of the year may result in a shortage of financial resources to execute your plan.
Step 7: Create an Action Plan
The next step is to create an action plan that outlines the specific actions that will be taken to implement the marketing strategies. The action plan should include timelines, budgets, and responsibilities for each action. The plan should be reviewed regularly to ensure that the marketing strategies are being executed as planned.
Create an Action Plan
For example, if the marketing strategy is to offer discounts to customers who purchase more than one product, the action plan may include creating a promotional campaign and training sales staff to offer the discounts.
Step 8: Implement marketing tactics and strategies
With the action plan in place, the next step is to implement the plan. This involves executing the marketing strategies and monitoring their effectiveness. The business should track its progress towards achieving its marketing objectives and make adjustments to the plan as needed.
Step 9: Evaluate and Adjust the Plan
The final step in the marketing planning process is to evaluate the plan's effectiveness and make adjustments as necessary. The business should review the marketing plan regularly and assess whether it is achieving its marketing objectives. The evaluation should also consider any changes in the external environment that may impact the plan.
Evaluate and Adjust the Plan
A sound marketing planning process sets realistic marketing goals, strategies, and actions based on reliable information and research about your business and target market. However, the effectiveness of the plan is only as good as the commitment and resources dedicated to its implementation.
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