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The purpose of Marketing Planning – 03 important factors

The purpose of Marketing Planning

Marketing is one of the main components in the success of any organization as it helps the organization to place its product or service to the correct customer base. The purpose of marketing planning is to create a brand that can make the product reach the correct customer base and in the correct time period. The Marketing concept emphasizes that the organization should place the customer in the center of the marketing planning process and reaching the correct customer base decides the success of the product. In a business environment where the competition is high and the circumstances are volatile, it is important to create a marketing plan that is practical and realistic.

Marketing planning helps organizations to budget their resources such as manpower, money equipment, intellectual property, and premises against the expectations and the goals of the organization. Although this may seem like an unnecessary task, it is important to have a correct marketing plan to focus on the correct marketing segment and its requirements.

The importance of a marketing plan has increased throughout the time period due to the developments in the business industry. One main importance of the marketing plan is to face growing competition.  There are many reasons that have been identified for the increasing competition that can be listed belo

  1. Globalization- the world is getting together and creating close connections with each other as a globalized industry creates many opportunities for businesses to explore international markets.  even though there are many advantages of globalization it creates an adverse impact on businesses due to the increase in competition. Apart from that, the possibility of accessing labor for lower cost and reduced cost of raw material has created both positive and negative impact on the businesses.
  2. Market access –  The competition allows organizations to identify new potential markets and access those markers where the competition is low. Apart from that, the increase of government intervention for the businesses and the increasing entrepreneurial political environment in many economies allow the businesses to promote their products to a wider range of markets.
  3. Technological innovations-  increasing technology in the modern world and the new innovations happening every day create opportunities for businesses to access a wider range of market segments and reach to the customers in an innovative and creative way.

Based on the marketing plan can be identified as a majorly important task in the entire marketing process as it helps to place the product in the correct marketing segment.

The importance of marketing planning is creating a structured process by conducting many researchers and analyzing the market situations and developing the objectives and strategies to implement, evaluate and control the marketing activities to achieve the set objectives through the marketing plan.

The purpose of marketing planning can be summarized as follows.

  1. To provide consistent instructions for the marketing team about the best fit of the marketing plan to the corporate plan of the organization. This will include the aim of marketing planning as well as the departments involved to complete the marketing planning.  having a marketing plan will minimize the risk of unforeseen problems that may occur when implementing the strategic marketing plan.
  2. It is also identified that the purpose of marketing planning is to indicate and instruct the people what exactly their responsibilities are, and when they are expected to complete their responsibilities. Ideal events implementing a marketing plan marketing managers are declaring several objectives that they are planning to achieve through the marketing plan and ways of measuring the objective achievement.
  3. Apart from their responsibilities,  the purpose of marketing planning is also considered as enabling the paper to identify and understand why they are doing things.  it is necessary to identify by the marketing team how their individual role fits into the overall marketing plan.  This will help them to perform better as well as for the organization to launch the marketing plan smoothly.

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