Principles of Marketing - Essay Example

It provides a baseline for developing marketing mix and positioning strategies (Kotler and Armstrong, 56). The business plan and functional policies are designed accordingly. If any point is overlooked during the planning phase, the expected performance cannot be guaranteed. In order to overcome the risks, the key point is the inclusion of all stakeholders in the relevant phases of planning and decision making. It is because; no human being can be an expert in all aspects. The involvement of people belonging to various fields adds value to the decision-making process and various other aspects are highlighted which can not be thought over by a small team.

Another important point in overcoming the risk is to allocate considerable time to the phase of planning. A common mistake is to do planning in a hurry and then waste much time in making corrective actions. The suitable approach is to plan well and plan ahead. This is the reason for the success of Japanese industrialists which must be followed by all entrepreneurs who want to make a success story.