Market Planning
Marketers are bombarded with several factors when making marketing decisions which primarily affects the way customers and distribution partners respond to marketing schemes. Some factors, however, are not necessarily directly customer-related as in the case of lowering price which may place pressure on other organisation departments like production. Therefore, marketing decisions affect both the external and internal environment of the organisation. Hence, it is important to perform sound planning and implementation of marketing strategies. A marketing plan is a formal written document detailing the organisation’s marketing objectives. It covers marketing plans, strategies and actions that an organisation will execute for the next one to five years, at the least.
Planning operation
The main contents of a marketing plan are executive summary, situational analysis, SWOT (strengths, weakness, opportunities and threats) analysis, objectives, strategy, action programme, financial forecast and controls. It can be a part of an overall business plan. Both plans are amendable. A good marketing strategy is founded on a well-written marketing plan that contains concepts, strategies and actions that are according to the S.M.A.R.T. acronym. S.M.A.R.T. means S - specific, significant, stretching; M - measurable, meaningful, motivational; A - agreed upon, attainable, achievable, acceptable, action-oriented; R - realistic, relevant, reasonable, rewarding, results-oriented; and
T - time-based, timely, tangible, traceable.
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