MAIN CONCERNS OF MARKETING PLANNING
Marketing strategy formulation is the prime concern of marketing planning. Marketing planning engages itself in shaping the future of a particular business unit. Meeting competition, protecting market share and achieving profits at the business unit level are its concerns The task here is to spot the needs of various segments of consumers in a given businesses, translate the needs into suitable products and make the required profits at the unit level. Marketing planning and marketing strategy accomplish this purpose..
Tasks Involved in Marketing Planning
Ã˜ Analyzing the marketing environment and spotting the opportunities and threats.
Ã˜ Internal appraisal.
Ã˜ Setting the marketing objectives of the unit.
Ã˜ Formulating the marketing strategy of the unit.
Ã˜ Developing detailed marketing plans and programs
Ã˜ Formulating the marketing budget
In the marketing planning process too, by and large, the same tasks are involved, but at a different level. Like the corporate planner, the marketing planner too scans the relevant environment. He too does an internal appraisal of his unit and its strengths and weakness, and assesses to what extent his unit is equipped to pursue the various opportunities emerging in the environment. And, like the corporate planner, he also sets objectives and formulates strategy.
The only difference is Marketing planner has his business unit as his domain, while the entire corporation forms the domain of the corporate-level planner. The main tasks involved in marketing planning are listed above.
Analyzing the Marketing Environment
As the first step, the marketing planner surveys his marketing environment. The main purpose of this exercise is to find out:
1. The favorable and unfavorable factors prevailing / emerging in the environment; and
2. The specific business opportunities available to the business unit and their relative attractiveness.
The marketing planner analyses the mega environment as well as the environment closer to his business unit. The latter includes the market, the customer, the industry and the competition.
We are not elaborating on the subject of environment analysis here. Through detailed environmental analysis, the marketing planner develops an Opportunity Threat Profile (O-T Profile). Marketing research and marketing information system provide much of the input needed in this regard.