Definition of Marketing Research and Strategic Planning
Marketing research and strategic planning is the process of estimation and directions for creating new customers. We all know that today business are facing competition. If we have to win competition, we have to take many decisions about future marketing. All decision are called marketing research and strategic planning.
Steps of marketing planning
Ist Step
To Identify company's Strength and Weakness
It is the first step of marketing planning in which company estimates his strength, opportunities and powers in marketing. It also estimates its weak points. This step can be done with marketing environment scanning. In this marketing scanning data and compare with our competitors. After this our strength and weakness can be estimated.
2nd Step
To Identify Marketing Objectives:
There are many objectives of marketing. It is the second step of marketing that we should identify these objectives. There are main objective of marketing planning
a) Financial objectives
It is the objective of marketing planning that we have to increase our return on investment.
b) To increase the share in market.
3rd Step
Making Marketing Policies
This is the third step of marketing planning in which company makes his marketing policies according to the marketing objectives.
4th Step
Development of Good Marketing Mix
After making the marketing policies, we have to make good marketing mix.
1. Product
2. Price
3. Promotion
4. Place
5th Step
Sub Plans
We also have to make sub plans which is helpful for obtaining main plan of the marketing.
6th Step
Monitoring
We have to check our main plan under monitoring
Importance of marketing planning and strategy
1. It is helpful for determination of future marketing decisions.
2. To know the opportunities and weakness of the company.
3. Management by Objectives
4. Effective use of financial resources.
5. Good co-ordination
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