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Market Planning, Strategic Planning, Marketing Assignment Help
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>> Market Planning, Strategic Planning
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Market planning is a process in which the organizations believes to do the strategic planning and they provide the better value to their customers in terms of other organizations or other competitors. Market plan includes the activities where there is uniqueness in terms of the market trends or market demand. It talks about the needs and wants of the customer as well it also expresses the fact about the decision making and planning. It is basically related with the people of sales and marketing.
Market planning is basically planned by a marketer or by an organization to achieve their goals and objectives to understand about the company’s benefits and to talk about the desired outcome which helps in the strategy of building the market plan.
Market planning is based upon 7 P’s which are as follows:
1.) Product: Product defines the needs and requirements of the consumer and it fulfills the satisfaction and rate of happiness of the consumer. It helps in measuring the real needs which gets fulfilled by that product like if you are in a need to write a letter to the editor you will require a pen and a paper thus these two products are your primary and major concern for your job at this moment of time.
2.) Price: Price is defined as per the features of the product. The features of the product includes quality, preference, taste, design, looks, materials which have been used in the product manufacture, the budget that have been used in the successful completion of the product and many more thing. Suppose a company have designed and launched a new mobile phone then it will look for all these features and then will define the exact and affordable price which will suit its target customer.
3.) Place: place has been defined that in which place you will get your target customer and in which place you will get your dream satisfaction.
4.) Promotion: it is the most important tool for marketing and creating the awareness of the product and the brand. It helps in the most important technique like measuring the level of brands.
5.) People: People are also the important key asset for marketing who makes the concepts and strategies of marketing and research of the company successful.
6.) Process: This is helpful in knowing the planning, decision making, and understanding about the customer and there level of requirements and also this helps in creating the market.
7.) Physical Evidence: for making a thing or planning successful, physical evidence is asked by a customer just for a belief which helps in the success of marketing concepts.
These 7 P’s helps in market planning of the product, services and many other tools and techniques. They try to reach the customer by these innovative strategies. People in the organization sometimes ask why is marketing needs planning? Why organization does needs to do marketing?
So I have one answer to it and that is an organization requires doing marketing for its major purpose that is to understand the customers, to develop the right strategy in an organization in terms of sale. It helps in increasing the business and to achieve the major goals. It helps in managing the resources effectively. Also it helps in understanding the environment, the practices in the environment, the objectives and strategies in the environment and many more. It helps in understanding the competitors of your business and also to generate the good sales for your business. It guide the marketer to arrange a promotional activity which will benefit them, which is preferred by most of the customer and which is an advantage and benefits for the marketer to increase an awareness and to create a good business.
Marketing plan includes all the P’s in marketing that are product which is to be marketed by a marketer, place where it needs to be marketed, price which will suit and benefit the customer, promotion which will create an awareness in the minds of the customer, physical evidence which will make the customer rely upon that brand, process which will help the cycle of marketing, people who will be the key assets of the marketing.
The main objective is to shape the products and meet all the needs and requirements of the customer. To understand the basic needs and the basic demand of the consumer is most important which is planned in marketing. The target group is decided in the planning of marketing because the product which is new and which will introduce first in the market will have to define its target customers like dove have recommended by real women which is preferred by all woman for their beauty and face as well better look which is very clear in defining the strategy of this product, it is very clear in spreading the correct information about the product so thus market planning also helps in spreading the clear message.
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