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Importance, Benefits and Characteristics Article shared by: Importance, Benefits and Characteristics! A business firm has to make various marketing decisions. These decisions actually emerge from the complex interaction of a large number of persons carrying out diverse responsibilities in the marketing organisation.
Being part and parcel of the over-all management, the marketing executives are deeply involved in the process of planning.
Marketing planning defines the role and responsibilities of marketing executives in such a way as to achieve the goals of the firm. It lays emphasis on the allocation of marketing resources in the best and most economical way. It gives an intelligent direction of marketing operations.
Marketing planning involves the preparation of policies, programmes, budgets etc. It governs survival, growth and prosperity of any enterprise in a competitive and ever-changing environment.
The connecting link of markets to marketing is the process and the function of marketing management. Marketing management is the blending factor of markets and marketing. Today the consumer is a complicated, emotional and confused individual. His buying is based on subjectivity and not often backed by objectivity.
The introduction of innumerable brands of toilet soaps, talcum powders is examples. Planning precedes activity in any purposeful endeavour. Business firms naturally undertake a good deal of planning. Business firms have to master the environment and score over their competitors.
Thus in the case of a business firm, planning is always strategic in character. A firm cannot afford to travel in a haphazard manner, it has to travel with the support of a route map. Every company must look ahead and determine where it wants to go and how to get there.
Its future should not be left to chance. To meet this need, companies use two systems a strategic planning system and marketing planning system. Strategic planning provides the route-map for the firm.
Strategic planning serves as the hedge against risk and uncertainty. Strategic planning is a stream of decisions and actions which lead to effective strategies and which in turn help the firm to achieve its objectives.
The requirements are excellent insight to understand changing consumer needs, clear planning to focus our efforts on meeting those needs, and flexibility, because change is the only constant. Most important, we must always offer consumers-products of quality and value, for this is the one need that will not change.
Marketing planning is the interface between the enterprise and its market. We had explained that marketing places the consumer at both the beginning and the end of the business process.
Any firm practising marketing in the proper sense has to identify correctly the needs of the consumer, translate the needs into suitable products and services, deliver those products and services to the total satisfaction of the consumer and through the process generate profits for the firm.
Importance of Marketing Planning: Marketing planning is a systematic and disciplined exercise to formulate marketing strategies.Dewatering – its Meaning, Importance and Consequences if Uncontrolled. Definition of Terms. Dewatering is the artificial means of removing excess groundwater from the soil for favourable condition of any construction.
It aims at lowering the groundwater level. A marketing plan is a business document outlining your marketing strategy and tactics. It's often focused on a specific period of time (i.e.
over the next 12 months) and covers a variety of marketing-related details, such as costs, goals, and action steps.
Dewatering – its Meaning, Importance and Consequences if Uncontrolled. Definition of Terms. Dewatering is the artificial means of removing excess groundwater from the soil for favourable condition of any construction. It aims at lowering the groundwater level. Mr. Gail is a year veteran of the global automotive industry having served in a variety of executive and senior leadership roles within a vast array of management and investment groups. A marketing plan is a business document outlining your marketing strategy and tactics. It's often focused on a specific period of time (i.e. over the next 12 months) and covers a variety of marketing-related details, such as costs, goals, and action steps.
The above business plan startegy will rellay help me to enhance my business more. As, I am a starter to my new business. I can learn some of the key value points from this article.
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More than two decades and dozens of bestselling books have proven that guerrilla marketing is the number one low-cost method for marketing a business. If you’re abusiness owner who wants to take advantage of its powerful. Importance of Marketing Planning: Marketing planning is a systematic and disciplined exercise to formulate marketing strategies.
Marketing planning can be related to the organisation as a whole or to strategic business units (SBU).