Marketing Management

Learning Outcomes Course Contents

3. To identify and analyze 4. Marketing Strategy

Marketing Strategy Formulation,
Marketing Mix Decision and
Action Plans and Monitoring,
Evaluation, and Control of
Marketing Planning Process
Formulation, Marketing Mix
Decision and Action Plans and
Monitoring, Evaluation, and
Control

Marketing Planning Process

Marketing planning is a crucial process for businesses to achieve their

marketing objectives and drive growth. It involves several key steps,
including marketing strategy formulation, marketing mix decision and action
plans, and monitoring, evaluation, and control. Let's discuss each of these
steps in more detail:

Marketing Strategy Formulation

Marketing strategy formulation is the initial step in the marketing

planning process. It involves identifying the target market, conducting a
thorough analysis of the market environment, and establishing clear
marketing objectives. Here are some key aspects of this step:

1. Target Market Identification: Determine the specific segment(s) of

customers that your products or services will cater to. Consider factors such
as demographics, psychographics, and behavior patterns to define your
target market.

2. Market Analysis: Conduct a comprehensive analysis of the market

environment, including competitors, industry trends, customer preferences,
and any potential opportunities or threats. This analysis will help you
understand the market dynamics and make informed decisions.

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3. Marketing Objectives: Set specific, measurable, achievable, relevant,
and time-bound (SMART) marketing objectives. These objectives should
align with the overall business goals and provide a clear direction for your
marketing efforts.

Marketing Mix Decision and Action Plans

Once the marketing strategy is formulated, the next step is to

determine the marketing mix, which consists of the 4Ps: product, price,
place, and promotion. Develop action plans for each element of the
marketing mix:

1. Product: Determine the features, benefits, and branding of your product

or service. Identify any necessary modifications or new product development
to meet customer needs and stand out in the market.

2. Price: Set appropriate pricing strategies based on factors such as

production costs, competitor pricing, customer perception of value, and
desired profit margins. Decide on pricing tactics such as discounts, bundling,
or skimming, depending on your marketing objectives.

3. Place: Define the distribution channels and locations where customers

can access your products or services. Consider factors such as direct sales,
retail partnerships, e-commerce platforms, or distribution networks.

4. Promotion: Develop an integrated marketing communication plan to

create awareness and generate demand for your offerings. Determine the
most effective channels such as advertising, public relations, social media,
content marketing, or influencer partnerships.

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Monitoring, Evaluation, and Control

Monitoring, evaluation, and control are critical aspects of marketing

planning to ensure that your strategies are effective and aligned with your
objectives. This step involves tracking and analyzing key performance
indicators (KPIs) and making necessary adjustments. Here's what you need
to consider:

1. KPIs and Metrics: Identify relevant KPIs to measure the performance of

your marketing initiatives. These may include sales revenue, market share,
customer acquisition and retention rates, website traffic, social media
engagement, or customer satisfaction.

2. Data Collection and Analysis: Implement systems to collect relevant

data on an ongoing basis. Analyze the data to assess the effectiveness of
your marketing strategies and identify any areas that require improvement
or adjustment.

3. Adjustments and Adaptation: Based on the evaluation of performance

data, make necessary adjustments to your marketing strategies and tactics.
This may involve refining target market segments, modifying pricing or
promotional activities, or exploring new distribution channels.

4. Control Mechanisms: Implement control mechanisms to ensure that the

marketing activities align with the planned strategies. This can include
regular performance reviews, budget monitoring, and regular communication
between marketing teams and management.

By following these steps, businesses can effectively plan, execute, and

monitor their marketing efforts, making informed decisions to achieve their
marketing objectives and drive business growth.