MarketingPlan - Marketing Management Module-1 Lesson 6...

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Marketing Management Module-1 Lesson # 6 Marketing Plan
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Meeting competition, protecting market share and achieving profits at the business unit level are its concerns. The task of marketing planning is to spot the needs of various segments of consumers in a given business, translate the needs into suitable products and make the required profits at the unit level. Marketing planning and marketing strategy accomplish this purpose.
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Tasks of Marketing planning Tasks involved in marketing planning are: 2. Analysing the marketing environment and spotting the opportunities and threats; 3. Internal appraisal; 4. Setting the marketing objectives of the unit; 5. Formulating the marketing strategy of the unit; 6. Developing detailed marketing plans and programs; 7. Formulating the marketing budget.
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1. Analysing the marketing environment and spotting the opportunities and threats Firstly, the marketing planner surveys his marketing environment. The main purpose of this exercise is to find out: the favorable and unfavorable factors prevailing/emerging in the environment; and the specific business opportunities available to the business unit and their relative attractiveness. The marketing planner analyses the mega environment as well as the environment closer to his business unit. The latter includes the market, the customer, the industry and the competition. Through detailed environmental analysis, the marketing planner develops an Opportunity Threat Profile(O-T). Marketing research and marketing information system provide much of the input needed in this regard.
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2. Internal appraisal: The main tasks in internal appraisal are: Assessing the strength and weakness of the business unit: Aspects to be covered in S-W analysis of a unit are to be assessed in the following functional areas: Marketing Finance Manufacturing/Operation Human Resources General Factors: image of the unit, its relative priority, etc. Assessing the health and status of the different product lines, products and brands. Assessing the competitive advantages available to the unit.
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Marketing objectives of a business unit take the cue from the basic decisions taken at the corporate level regarding the future of the various businesses of the enterprise. A multi-business corporation decides the businesses that should be nurtured and developed, those businesses that should be merely maintained and the businesses that have to be phased out. The objectives must be clear-cut, time bound and quantifiable. These include profits, sales volume, market share, productivity, research and development, and innovation. Clarity is the foremost requisite in setting marketing
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MarketingPlan - Marketing Management Module-1 Lesson 6...

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