Principles of Marketing
Marketing planning is the process by which a business would analyses the environment and its capabilities, decide upon courses of action and implement those decisions.
The marketing planning process is part of a broader strategic planning process in a business/organization. Rhea fundamental marketing planning questions provides a framework for understanding the analysis and decision making involved in marketing planning.
The stages of the marketing planning process links with the key fundamental planning questions to substantiate the analysis and decision making involved. The links are as follows: a. Where are now and how did we get here? Rhea stages of the Business mission, Marketing Audit, SOOT Analysis focus on the business mission which explains the reason for its existence, an audit/examination of the marketing environments, including competition, customer and target markets, and the strengths and weaknesses of the products and/or organization. .
Where are we headed? Rhea stage of Marketing Audit and SOOT analysis provide insights by examining racketing environments, objectives, strategies and activities to identify key strategic Issues/problem areas. This is further complemented by the SOOT Analysis which will Identify the strengths, weaknesses, opportunities and threats to the business and its c. Where would we like to be? Environment. Rhea results from the above lead to the stage of defining the marketing objectives. This serves as a roadman for the business.
There are 2 types of objectives that need to be considered I. E. The strategic thrust and strategic objectives and together they define where the business and TTS products intend to go. D. How do we get there? Now that the business has the objectives articulated, the process of the achieving them must be determined.
This is referred to as the core strategy. The core strategy process focuses on how the objectives can be accomplished and consists of 3 elements biz. Argue markets, competitor targets and establishing a competitive advantage. Marketing Mix Decisions – applying the marketing mix to implement the core strategy Organization and Implementation – design of the business organization that has the capability of implementing the plan. E. Are we on course? This stage serves as a sanity check/stage review of the results of the marketing plan so that corrective actions can be taken if performance does not meet objectives.
This review is done at regular intervals to ensure that the business and the plan are delivering to expectations. A mission statement explains the business’s reason for existence. It includes statements of the customer groups, customer needs, and the process by which a customer need can be satisfied.
It also differentiates the business from another of its type, also setting out the competitive domain.. Marketing loaners use it as a guide in planning as it answer 2 critical questions I. E. ” what justness are we in? And “what business do we want to be in? ” It also defines the boundaries of the environmental scan for the marketing audit planning team.
Once objectives have been set, a means to achieving them must be determined. This is referred to as the Core Strategy. These objectives include marketing objectives. It addresses 3 key elements I. E.
Target markets, competitor targets and establishes a competitive advantage. It is a link and a translation of the business planning done at the business level to that of the product level.