Marketing Planning Process: Stages, Strategies, and Implementation

This report delves into the critical role of marketing in today's competitive business environment, emphasizing the significance of a well-defined marketing planning process. It meticulously outlines the key stages involved, starting with a comprehensive marketing audit that evaluates internal and external factors, including resources, market structure, and competitor analysis. The report then explores SWOT analysis as a tool for identifying strengths, weaknesses, opportunities, and threats. It further discusses the importance of setting clear marketing objectives to achieve sales targets, core strategy, and competitive advantage through quality, pricing, and promotional tools. The report also highlights the critical decisions regarding the marketing mix elements (product, price, place, and promotion) and the importance of effective organization and implementation to capitalize on market opportunities and enhance business performance. References from academic journals and books are included to support the analysis.

MARKETING

QUESTION 1
Marketing plays most important role in the present era as every organization carries out
operations in the market where competition level is quite high. Further, marketing plans are
being prepared with the help of which business can easily operate in the market (Roberts and
Berg, 2012). Each stage of marketing planning process is crucial and it supports in
accomplishing overall aim along with objectives of the business. At business level marketing
planning consists of various stages which are:
Marketing audit: It is one of the major stage where critical review of total marketing operations
takes place. Further, it supports in evaluating marketing activities of firm and marketing plan of
business are compared with actual marketing performance of enterprise. This stage is crucial for
business and supports in enhancing overall performance of company in the market where large
number of opportunities can be grabbed easily (Rosenbloom, 2011). Marketing audit takes into
consideration internal along with external marketing environment of business where internal one
involves resources such as human, technological etc, state of new product development,
marketing mix, customer relationship management etc. On the other hand, external marketing
environment consider range of factors such as competitors, suppliers, distributors, market
structure etc.
SWOT analysis: It is also one of the key stage where business carries out SWOT analysis in
order to identify its major strength, weakness which are internal along with opportunities and
threats present in the external environment are identified so that company can easily survive in
the market for longer period. Through this tool overall strengths of business can be known along
with weaknesses which may prevent firm from accomplishing overall objectives. Further,
opportunities present in external environment can be known easily along with threats which can
hamper business productivity.
Marketing objectives: To achieve sales target every business enterprise sets marketing objective.
It takes into consideration strategies objectives along with thrust. Accomplishing overall aims
has become necessary for enterprise and it is regarded as important part of fundamental planning.
This factor considers the targets set such as to raise awareness in the market, increasing sales
volume, strengthening customer base etc.
Marketing planning at product level

Core strategy: This factor takes into consideration targets set by competitor along with target
market of the company (Sodhi, 2011). Further, in the fundamental planning of business
enterprise targets set by main competitors of business are considered and due to this basic reason
marketing planning process is directly associated with fundamental planning. Core strategy of
business involves competitor’s target, competitive advantage, target market of business,
marketing plan etc.
Competitive advantage: It is one of the ultimate objectives of every business to determine the
ways through which it is possible to gain competitive advantage. Further, in fundamental
planning ways are identified through which company can gain advantage such as raising quality,
reducing price, promotional tools etc (Helgesen, Nesset and Voldsund, 2009). This factor
supports in identifying the effective way through which competitive advantage can be gained
such as offering superior quality product, setting moderate prices, differentiating products,
employing effective promotional tools etc.
Marketing mix decisions: Organization has to take effective decisions regarding elements of
marketing mix such as product, price, place and promotion. Further, it is also undertaken in
fundamental planning where appropriate marketing mix can support in accomplishing main
marketing objectives of the business. This box contains the key elements on the basis of which
sales volume of product can be enhanced easily. Further, product is the main element which is
offered to target market so decision linked with quality and other aspect has to be taken.
Organization and implementation: It is regarded as one of the major stage where business has to
organize each and every activity through proper planning so that overall operations can be
carried out in appropriate manner (Hennig-Thurau, Gwinner and Gremler, 2002). This box
contains all the plans prepared such as at fundamental level or those associated with marketing
can be implemented which can be fruitful for organization. In short it allows business to grab
large number of opportunities being present in the market and enhances overall performance.
Effective implementation leads to rise in sales volume of the business and in turn it becomes
easy to sustain in the market for longer period of time.
Therefore, in this way it can be said that each stage of marketing planning process is
linked with fundamental planning of business and is crucial.

REFERENCES
Books and Journals
Helgesen, Ø., Nesset, E. and Voldsund, T., 2009. Marketing perceptions and business
performance: implications for marketing education?. Marketing Intelligence & Planning.
27(1). pp.25-47.
Hennig-Thurau, T., Gwinner, K. P. and Gremler, D. D., 2002. Understanding relationship
marketing outcomes an integration of relational benefits and relationship quality. Journal of
service research. 4(3). pp.230-247
Roberts, B. and Berg, N., 2012. Walmart: Key Insights and Practical Lessons from the World's
Largest Retailer. Kogan Page Publishers.
Rosenbloom, B., 2011. Marketing channels. Cengage Learning.
Sodhi, K., 2011. Has marketing come full circle? Demarketing for sustainability. Business
Strategy Series. 12(4). pp. 177-185.