Market Planning

Strategic Planning Process

            The following eight steps should normally be followed in the marketing planning process:

1. Planning and Organising the Marketing Planning Effort: This step requires:
1. Defining specifically what the marketing planning, effort is expected to achieve, and to what use the marketing plans will be put;
2. Developing an approach to carrying out the marketing planning function (including policies that will guide the planning effort);, and
3. Determining a time-table for developing the marketing plans.
2. Defining the Marketing Planning Premises: This step involves:
1. Determining the key marketing factors (for example quality, price, customer, place, etc.) which will have a major influence on planning through a study of environmental factors (such as society, economy. government policy, industry, market) related to the market plan being developed as well as the company resources, operations and profitability; and
2. Developing the bases upon which specific marketing plans are to be built, whenever possible assumptions about the future should be quantified and given in the form of forecasts.
3. Determining the Company Objective: In the light of the marketing planning premises, this step involves:
1. Developing and evaluating alternative directions that the company might follow;
2. Selecting the marketing objectives that will most profitably exploit the opportunities identified during the premising stage of planning; and
3. In addition, stating the marketing-guided principles of action, general philosophy, and overall strategy that will guide and control all phases of marketing planning.


4. Developing Marketing Policies or Guidelines for Action: After developing and evaluating alternatives that will achieve the marketing objectives, this step selects the marketing policies that best fulfill the company objective and still meet the market, the industry and other allied criteria.
5. Developing Implementation Plans for Marketing: After developing and evaluating alternatives, this step involves:
1. Selecting the marketing plan (including subsidiary objectives for all other functional areas) that is consistent and attainable;
2. Quantifying the marketing plan in clear terms (the sales forecast plays a dominant role at this stage); and
3. Specifying the needed derivative policies, and procedures in the planning areas.
6. Coordinating and Controlling the Marketing Planning: After the marketing plans for implementation are completed, these are reviewed and coordinated in the form of budgets. At this stage, management information systems and other scientific decision-making tools are extensively used for control purposes.
7. Marketing Organisation Planning: At this stage, a suitable marketing organisation is developed, and administrative procedures to implement the marketing plan are established.
8. Reviewing the Marketing Plan: The marketing plan is subjected to review and refinement periodically by means of SWOT (strengths/weaknesses/ opportunities/threats) analysis. The marketing manager must bear in mind that his operating plans are an integral part of the overall company planning process and affected by environmental and resource limitations and that his policies in large part are dictated by overall company directions.

            The marketing manager must bear in mind that his operating plans are an integral part of the overall company planning process and affected by environmental and resource limitations and that his policies in large part are dictated by overall company directions.