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 direct...

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

COMMENTS

Name

"FTDR Act 1992",1,advertising,2,business,29,business environment,43,Business Ethics,1,business glossary,2,business ideas,1,Business Scams,1,Business Test Online,1,Business Tips,1,buyer behavior,3,central bank,1,commerce,11,company,5,company law,2,competition act 2002,2,construction,1,cost,1,credit control,1,debt,1,development bank,2,DOT,1,economic policy,6,education,1,fema 2000,2,fiscal policy,3,govt.,1,hotel,1,how to,6,Human Resource Management,1,india,1,industrial policy,1,inspiration,1,ISO,1,IT Act 2000,2,legal policy,5,loan,1,marketing,9,marketing management,26,mba,7,mba + bank,2,mba first semester,10,mba first semster,2,mis,5,monetary policy,2,mrtp 1969,2,national security,1,NGO,1,presentation,1,price,1,product,1,public relation,1,sales promotion,4,Social Environment,3,structure,1,teasure,1,technology,4,wi-fi,1,
ltr
item
Business Education: What is Marketing Research and Strategic Planning in Marketing Management? What are the Steps in Marketing Planning? What are its importance?
What is Marketing Research and Strategic Planning in Marketing Management? What are the Steps in Marketing Planning? What are its importance?
Business Education
https://business.svtuition.org/2010/05/what-is-marketing-research-and.html
https://business.svtuition.org/
http://business.svtuition.org/
http://business.svtuition.org/2010/05/what-is-marketing-research-and.html
true
7226108229274062371
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy