According to AMA in 2007, it defined marketing as “the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large” (Dann, 2008). It is evident that the mission of the marketing is to “create, communicate, deliver and exchange offerings that have value for the consumers, clients, partners and the whole society” as it is defined by the AMA (Dann, 2008).
Marketing planning process relates to the definition of marketing because of the process through producing a marketing plan aims to provide the same value as the definition. Overall, organization shares the same values as the definition even if the they are in different target markets. This is also because it provides the best opportunity to satisfy consumers’ needs and bring products or service to the markets that satisfy the demands. Planning ahead helps the company to be prepared for the future events and choose the best strategies for achieving the goal in the future (Lamb, et al., 2015). The first step in the marketing planning should be identifying opportunities for the organization and creates a strategic plan that aids in creating valuable products to the consumers. Decisions should be determined based on the strategies used and the plan needs to be implemented monitored.
The process of planning is able to help the organization to analyze, identify, research the market, create the products, communicating such as through survey or feedbacks from customers, delivering the demands to the society who is willing to exchange for the value proposition. The marketing orientation evolution has drastically changed in the industry throughout the decades. It was mainly production oriented in the early days but it is more focused on market orientation in the current modern industry. Since business is more market oriented, it is important for the organizations to realize it is necessary to respond to the needs of the consumers in different ways, such as face-to-face or through internet. This indicates that final decisions of the organization must be taken based on the information gathered about consumers’ needs.
Strategizing a marketing planning process is able to help the organization that aims to establish a position in the market and consolidate objectives for all marketing production. the The importance of planning is significant because it provides a path to the organization, such as opportunities are created for the company to be ready to control it instead of responding it, activities in the organization can be linked and work together effectively, identifying and understanding the wants and needs of the market, hence activities can be compared to the plan to ensure the consistency and goal is on target (Lamb, et al., 2015). The organization can compare the plan with actual results and make changes where necessary to gain a more relevant outcome (Lamb, et al., 2015).
There are 5 stages in marketing planning. One of the stages is determining the organizational objective, because it is served as the base from which the marketing objectives and plans are built. It provides a direction for all of the phases of the company and served as the standard when evaluating performance. The objective should be specific, measurable, achievable, realistic and timed, which is also known as S.M.A.R.T. It is important for the organization to be specific about their goals and planned it in a timely manner because it helps to produce an efficient plan for marketing campaigns. The second stage is assessing the resources, because organizational resources show the capabilities of producing, marketing, financing, technologies and human resources in the organization. When the organization has the capability, they could exchange offerings that has value to the consumers, which could be a product or service. Thirdly, it is equally important for the company to evaluate risks as well as opportunities. This is because environmental factors that are political, economic, socio-cultural and technological could influence marketing opportunities. For instance, since technology is constantly changing, new technologies are more advanced hence there might be new market which indicates new opportunity for the organization. The strategy implemented in marketing is significant as well because it helps to achieve the organizational goal and developing a marketing plan. By using an efficient marketing strategy, it could help in reaching the target and satisfy the customers’ needs. It is necessary for the company to monitor the marketing plans as well because the management could use the feedback to monitor and adapt strategies when it is not up to the expectations.
The principles of marketing consist of 4 distinct factors which the organization is recommended to abide for a successful marketing planning. It is known as the 4P’s, which is Product, Price, Place/Distribution and Promotion. It plays a significant role in the process of marketing planning because the 4 factors will help the company to analyze the current market situation. If no product is created, there will be no market, which indicates no profit flowing into the organization. The product must be created based on the wants and needs of the consumers. Price should be set up moderately to where the consumers are willing to pay the product for. The organization also needs to consider the distribution of the product, because if the placement causes inconvenience for the consumers, the sales might be affected due to the reason of inconvenience since consumers might find it is too troublesome to just get the particular product. Promotion is another great method for the organization. This is because promotion could raise the product awareness to the consumers, which earned the consumers’ attention, hence more consumers would be aware of it.
The situation analysis helps the organization to evaluate its position in the market and the industry. It is also referred as SWOT analysis, which examines the organization internally such as strengths, weaknesses and external examination of opportunities and threats. This analysis is important because it helps the organization to shape its business and marketing strategies. Adopting a strategic business unit is a great way for larger organizations with different product lines in the market as it specializes strategies separately for each target that would meet the consumers’ wants. Hence the unit has the ability to make decisions more efficiently with specialized market research. It also provides flexibility and better approach for organizational changes when it relates to the industries that the organization is involved.
Moreover, developing growth strategies would assist in marketing planning because it could help the organization to build a strong reputation and make realistic goals. For example, through market penetration, some customers might find a value if they are offered with buy two get one free promotion, which attracts and encourages customers to purchase its products. Market development could result in higher sales because there will be some customers who value the products or services offered by the organization. Hence, it would help in organizing the plan better and aids in organizational expansion as well.