Friends, here is the 5th lesson of Marketing for upcoming IBPS Marketing Officers Study Materials. You can read remaining marketing lessons from here. In this lesson we shall discuss about Marketing Plan in detail. Marketing planning involves the development of a logical process to establish marketing goals and plans to achieve these goals. It involves allocating budgets for different marketing activities and evaluating the target market segments. Marketing planning may be informal in small organizations while it may be formal process in large organizations. Now lets have a look at the functions of Marketing Plan.
Functions of Marketing Plan :
1 Contents : The contents of a business firm involves several functions namely, a chart specifying the contents, opportunity and issue analysis, marketing strategy, action programme, projected and control measures.
2 Executive Summary : The executive summary is a brief description of the entire report, which contains as introduction and a description of the highlights of the marketing plan. It also includes information about the expenditure that will be incurred for implementing the plan. However, the executive summary should merely provide a brief overview of the marketing plan and its implementation process.
3 Opportunity and Issues Analysis : In opportunity and issues analysis, the marketing management analyses the opportunities available to the company in the market and the threats to the company. in the issue analysis the manager determines the issues related to the strengths and weaknesses of the company and highlights the areas which the marketing plan has to focus upon.
4 Marketing Strategy : After the opportunity and issue analysis, the marketing manager formulates a strategy to achieve the objectives of the marketing plan. This involves setting strategies to effectively and efficiently development activities.
5 Action Programs : The action programme of the marketing plan must specify the details of the strategies adopted to achieve the objectives of the firm. it should also answer the following questions.
Projected Profit and Loss Statement : The projected profit and loss statement will have the details regarding the budget to be allocated to each of the activities mentioned in the action programme. The difference between the revenue and the expense is the projected profit for the organization. It accepts or modifies it and then approves the budget for the implementation of the marketing plan.
Controls : The final stage in the marketing plan is the process of controlling the activities that are deviating from the planned track. The top management, from time to time, reviews the activities to see whether they are being carried out according to the plan. Necessary steps are taken to control those activities which are going off the track.
That's all for now friends. In our next post we shall discuss about the steps involved in the Marketing Planning process in detail. Happy Reading :)
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Marketing Research is just one part of an ongoing Marketing Information System. Marketing Research is used to obtain information on a particular marketing issues.
Marketing Research involves systematically gathering, recording and analyzing information about specific issues related to marketing of goods, services, organization, people, places and ideas.
Marketing Research is the systematic and objective identification, collection, analysis, dissemination and use of information for the purpose of improving decision making related to the identification and solution of problems (or opportunities) in marketing.
The Board of Directors of the American Marketing Association has approved the following as the new definition of Marketing Research.
Marketing Research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
Marketing Research specifies the information required to address these issues :
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IMPORTANCE OF MARKETING RESEARCH
Gap Filling : The present day marketing environment clearly indicates the increased distance between the producers and the ultimate consumers. Due to increased distance between the producers and consumers, the producers fail to get the right information with the existing source of information. The marketing research fills the gap and provides right information to the producers and also the the consumers.
Effective Competition tool : Modern marketing is consumer driven. Without considering the competitors, there is no scope to survive in the market. It is the marketing research that tries to understand the nature of and provide information to the organization to develop suitable strategies to meet the competitors and survive. Marketing research is vital to maintain and improve company's overall competitiveness. Many organizations continually collect and evaluate environmental information to identify future market opportunities and threats.
Strategic Information Tool : Marketing Research can helpful in answering the basic questions the marketers face. An increasing number of firms routinely use Marketing research to generate relevant information for developing effective strategies.
Decision Making Tool : By emphasizing the need to gain a good understanding of customers, the marketing concept also stresses the importance of conducting marketing research in the early stages. Many firms have had major new product failures because they neglected to research market opportunities and constraints before deciding to introduce the products.
Updating the Organization : In the changed environment, it is the marketing research that tries to understand the changes that are coming up in the marketing and helps the organization to bring the necessary changes in the organization to come up to the expectations of the changed environment.
Marketing Orientation : Marketing research is the one which tries to understand the market and the consumer thoroughly. The information generated by the research will act as panacea to the organization to bring market oriented approach at organization level.
Impact Assessment Tool : Impact of new developments in the science and technology field will be assessed by the marketing research and facilitate the decision makers to take suitable step keeping the impact of it in mind.
Marketing Mix : Good marketing research will identify whether or not the marketing mix is effective enough to maximize the benefits to the firm (in terms of sales, profits, customer satisfaction and value) from available opportunities.
Marketing Strategies : To benefit fully from the opportunities uncovered in the market place a firm must develop an effective marketing strategy with effective marketing mix. Extensive marketing research helps in developing suitable elements of marketing strategies.
Control Technique : Marketing research facilitates the organizations to generate feedback of information from the market place to plan the activities and suggest corrective action to control the same.
That's all for now friends. In our next post we shall discuss about the Scope and Applications of Marketing Research.
Functions of Marketing Plan :
1 Contents : The contents of a business firm involves several functions namely, a chart specifying the contents, opportunity and issue analysis, marketing strategy, action programme, projected and control measures.
2 Executive Summary : The executive summary is a brief description of the entire report, which contains as introduction and a description of the highlights of the marketing plan. It also includes information about the expenditure that will be incurred for implementing the plan. However, the executive summary should merely provide a brief overview of the marketing plan and its implementation process.
3 Opportunity and Issues Analysis : In opportunity and issues analysis, the marketing management analyses the opportunities available to the company in the market and the threats to the company. in the issue analysis the manager determines the issues related to the strengths and weaknesses of the company and highlights the areas which the marketing plan has to focus upon.
4 Marketing Strategy : After the opportunity and issue analysis, the marketing manager formulates a strategy to achieve the objectives of the marketing plan. This involves setting strategies to effectively and efficiently development activities.
5 Action Programs : The action programme of the marketing plan must specify the details of the strategies adopted to achieve the objectives of the firm. it should also answer the following questions.
- What will be the cost of performing the activity ?
- What actions are taken to do the specific activity ?
- When is it doing to be done ? and
- Who is going to do it?
Projected Profit and Loss Statement : The projected profit and loss statement will have the details regarding the budget to be allocated to each of the activities mentioned in the action programme. The difference between the revenue and the expense is the projected profit for the organization. It accepts or modifies it and then approves the budget for the implementation of the marketing plan.
Controls : The final stage in the marketing plan is the process of controlling the activities that are deviating from the planned track. The top management, from time to time, reviews the activities to see whether they are being carried out according to the plan. Necessary steps are taken to control those activities which are going off the track.
That's all for now friends. In our next post we shall discuss about the steps involved in the Marketing Planning process in detail. Happy Reading :)
===============================================================
Marketing Research is just one part of an ongoing Marketing Information System. Marketing Research is used to obtain information on a particular marketing issues.
Marketing Research involves systematically gathering, recording and analyzing information about specific issues related to marketing of goods, services, organization, people, places and ideas.
Marketing Research is the systematic and objective identification, collection, analysis, dissemination and use of information for the purpose of improving decision making related to the identification and solution of problems (or opportunities) in marketing.
The Board of Directors of the American Marketing Association has approved the following as the new definition of Marketing Research.
Marketing Research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
Marketing Research specifies the information required to address these issues :
- Design the methods for collecting information
- Manages and implements the data collection process
- Analyzes the results
- Communicates the findings and their implications
========================================================
IMPORTANCE OF MARKETING RESEARCH
Gap Filling : The present day marketing environment clearly indicates the increased distance between the producers and the ultimate consumers. Due to increased distance between the producers and consumers, the producers fail to get the right information with the existing source of information. The marketing research fills the gap and provides right information to the producers and also the the consumers.
Effective Competition tool : Modern marketing is consumer driven. Without considering the competitors, there is no scope to survive in the market. It is the marketing research that tries to understand the nature of and provide information to the organization to develop suitable strategies to meet the competitors and survive. Marketing research is vital to maintain and improve company's overall competitiveness. Many organizations continually collect and evaluate environmental information to identify future market opportunities and threats.
Strategic Information Tool : Marketing Research can helpful in answering the basic questions the marketers face. An increasing number of firms routinely use Marketing research to generate relevant information for developing effective strategies.
Decision Making Tool : By emphasizing the need to gain a good understanding of customers, the marketing concept also stresses the importance of conducting marketing research in the early stages. Many firms have had major new product failures because they neglected to research market opportunities and constraints before deciding to introduce the products.
Updating the Organization : In the changed environment, it is the marketing research that tries to understand the changes that are coming up in the marketing and helps the organization to bring the necessary changes in the organization to come up to the expectations of the changed environment.
Marketing Orientation : Marketing research is the one which tries to understand the market and the consumer thoroughly. The information generated by the research will act as panacea to the organization to bring market oriented approach at organization level.
Impact Assessment Tool : Impact of new developments in the science and technology field will be assessed by the marketing research and facilitate the decision makers to take suitable step keeping the impact of it in mind.
Marketing Mix : Good marketing research will identify whether or not the marketing mix is effective enough to maximize the benefits to the firm (in terms of sales, profits, customer satisfaction and value) from available opportunities.
Marketing Strategies : To benefit fully from the opportunities uncovered in the market place a firm must develop an effective marketing strategy with effective marketing mix. Extensive marketing research helps in developing suitable elements of marketing strategies.
Control Technique : Marketing research facilitates the organizations to generate feedback of information from the market place to plan the activities and suggest corrective action to control the same.
That's all for now friends. In our next post we shall discuss about the Scope and Applications of Marketing Research.
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