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What is Marketing Research and Strategic Planning in Marketing Management? What are the Steps in Marketing Planning? What are its importance?

Definition of Marketing Research and Strategic Planning

Marketing research and strategic planning is the process of estimation and directions for creating new customers. We all know that today business are facing competition. If we have to win competition, we have to take many decisions about future marketing. All decision are called marketing research and strategic planning.

Steps of marketing planning

Ist Step

To Identify company's Strength and Weakness

It is the first step of marketing planning in which company estimates his strength, opportunities and powers in marketing. It also estimates its weak points. This step can be done with marketing environment scanning. In this marketing scanning data and compare with our competitors. After this our strength and weakness can be estimated.

2nd Step

To Identify Marketing Objectives:

There are many objectives of marketing. It is the second step of marketing that we should identify these objectives. There are main objective of marketing planning

a) Financial objectives

It is the objective of marketing planning that we have to increase our return on investment.

b) To increase the share in market.

3rd Step

Making Marketing Policies

This is the third step of marketing planning in which company makes his marketing policies according to the marketing objectives.

4th Step

Development of Good Marketing Mix

After making the marketing policies, we have to make good marketing mix.

1. Product
2. Price
3. Promotion
4. Place

5th Step

Sub Plans

We also have to make sub plans which is helpful for obtaining main plan of the marketing.

6th Step

Monitoring

We have to check our main plan under monitoring

Importance of marketing planning and strategy

1. It is helpful for determination of future marketing decisions.

2. To know the opportunities and weakness of the company.

3. Management by Objectives

4. Effective use of financial resources.

5. Good co-ordination

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Objective of Business Environment

Following are main objectives of business environment:
1. Knowledge of Information 
By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 
2. Basis of Decisions 
One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 
3. Helpful in making of Policies 
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Limitation of Business Environment Analysis

Following are main limitation of business environment analysis:

1. Unexpected and Unanticipated Events 

We can not tell unexpected and unanticipated events in business environment analysis. Sometime, business has to face unexpected happenings. So, there will no benefit of business environment in these cases.

2. No sufficient Guarantee

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3. Uncritical Faith 

Sometime data may be incorrect. So, decisions on basis of these analysis may be risky for business.

4. To much information

Sometime too much information relating to business environment analysis will create the doubt in businessmen.

Technological Environment

Definition of Technological Environment :-


“Technological Environment means the development in the field of technology which affects business by new inventions of productions and other improvements in techniques to perform the business
 work. "