The market analyst must fully understand the general marketing theories and principles and be able to combine personal experience to create a marketing plan efficiently. Below we outline the marketing planning process and provide a real-world example to illustrate how the process works.
What, When, and How to Plan
When planning marketing strategies, a company relates its resources (strengths and weaknesses) to the opportunities and threats of the market environment (especially demand and competition) and tries to find customers (business partners) whose needs are most relevant to the company’s offers (products and services). . Marketing strategy combining elements of marketing strategy results. It is important to remember the logic of how the elements of a strategy are combined. The following steps include the planning of marketing structure and function. Strategy, structure, and function together create a strategic marketing plan. The next step in planning, the marketing action plan, assists in the implementation of a strategic marketing plan on an annual basis. Marketing action plans are often referred to as annual plans, operational plans, or simply budgets.
A full-scale strategic marketing plan, combined with an investment plan, is needed from the outset when new products, new customers, or new customers are needed. Alternatively, changes within the company (e.g., acquisitions), changes in customer demand (special or custom-made products), or changes in technology (product innovation) may require deeper development of existing marketing plans. It may simply be that the current marketing plan doesn’t work, and a strategic planning project needs to be started to determine what’s wrong.
Although major changes to strategic marketing plans rarely occur, they are often reviewed annually with the annual plan. In the annual marketing plan, quantitative market and customer targets are defined and marketing measures are specified for the next planning period. It must be emphasized that all outlines of the annual plan come from the strategic marketing plan.
The Information Environment Model (Figure 7-1) implies that information is present and always influences marketing and marketing planning. The environment is changing and it must be constantly monitored. A company’s information and intelligence systems follow all aspects of the environment that can influence strategies. It is especially important to observe the weak (vague) signs of strategically important issues. This makes it possible for the company to work actively in situations where responsiveness means falling behind competitors.
Revealing the Planning Gap
It can sometimes be difficult for a marketing planner to recognize and justify when, how, or why a marketing practice (structure or function) should be developed. Marketing theory can help in this process. Identifying the need for further development of marketing strategies and practices can be done using an “ideal model” of marketing as a benchmark. Marketing theory is the most common form of the marketing model. The Integrated Model of Marketing Planning (IMMP) is an example of an “ideal model” that can be used when identifying requirements for further development. Figure 2 shows how the accuracy of marketing strategy, structure, and function is evaluated in contrast to marketing theory.
Analysis of market opportunities and threats and strengths and weaknesses of the company helps to identify appropriate strategies in the current situation of the company. In theory, marketing structures and functions should flow logically from selected strategies. Thus, when we know the strategies of a company, we should also know what kind of marketing structure and marketing functions it should use. Based on SWOT analysis and theoretical reasoning, we have theoretically concluded what strategy, structure, and function a company should have. Comparing “must be” with actual marketing strategies, structures and functions reveal the need for development in this field.
Initial Marketing Planning
In industrial marketing, the different markets and end-use areas are so wide, and the number of individual users is so large that it is almost impossible (and very expensive) to create detailed information about all possible markets. Even if an attempt is made to study all the potential market and end-use areas, it will probably provide a description that is very common for a detailed strategic marketing plan. On the other hand, a partial, more detailed analysis may exclude some potential customer groups. One solution to this problem is to analyze the market in two steps. The first stage can be referred to as the initial marketing plan and refers to the use of existing knowledge and secondary information to create the initial or proposed marketing strategies.
The first step in the marketing planning process is market analysis, which is conducted as desk research with secondary data. This can be done at a reasonable level of expense and effort. Market analysis data is structured according to environmental models. Only secondary information is used to create a marketing strategy. Marketing theory and planning experience provide insights into which criteria apply to assess the attractiveness of different industry sectors.