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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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