Effective Marketing Planning - Assignment Example

?Effective marketing planning Introduction Effective marketing planning depends on how well market research has been conducted and the ability of themarket researcher to create indicators which offers feedback about the success. An effective market plan should therefore not be founded on wishful thinking but instead on solid researched information concerning the customer base and the outreach effort potential. Research has it that effective marketing planning requires full research of the marketing environment (Kurtz, 2010). This paper therefore seeks to discuss what needs to be considered when undertaking such research, demonstrating awareness of marketing theory and the implications of the findings for setting the strategic direction of the company. Whether a company or business is an existing or start-up, marketing plans are a critical constituent to sustained financial success. Effective and careful planning will guarantee successful implementation, resulting into intended financial results for the company or business. Effective marketing planning begins with the development of a marketing plan. When conducting a marketing research, considerations are made to developing a marketing plan (Crane, 2010). A market researcher will hence consider steps of developing a marketing plan when conducting research on effective marketing planning: setting the marketing objectives of the company and annual goals, this may include information on the number of customers that need to be acquired, amount of revenue, and probably a SWOT analysis; research involving a market analysis and market research which allows the company to understand its customers origin, this information may help in setting areas for new customer acquisition; define company marketing strategies, this will include information on how the company will compete against the competitors, the target market, and the competitive edge of the company; develop a promotional plan for the company, which include tactics for marketing communication needed to achieve company strategy on advertising; building measurements for marketing tactics, an outline of how the company will measure the achieved results for every tactic and the metrics for the results; develop a strategic plan, which includes information on step by step ideas and concepts required to achieve the results that are set monthly, weekly or quarterly and identifying the individuals that are responsible for each particular task; and implement, track and modify the marketing plan, this will give information on the implementation of the marketing plan and tracking all the results. The information on modification and change of the plan are derived from this step (Edwards, 2008). The effective marketing planning requires full research of the marketing environment. With an intense research on the marketing environment, effective marketing planning will obviously result. Through following the outlined market plan development above, a well thought marketing plan that have mechanisms of tracking required to modify and analyze the plan as may be needed is achieved. A market research will ensure that the company direction is identified. From a marketing environment, a marketing plan can be informal or formal, however, the research identifies who the company clients are and where they access their information from, as well as how to deliver the company marketing message to the customer (Forth Sector Development 2007). As discussed earlier, an effective marketing planning requires research on marketing environment. There are therefore various considerations made in such research. Some of the things considered in marketing environment research include: insights on the reasons why potential customers may choose the company, this includes the core requirements that the company offering will meet; the target customers, this includes information that relates to the number of potential customers, market characteristics of the target clients; the company competitors, this includes the competitors that the company will need to take the customers from; and statement of the company brand positioning for the target clients. This includes the product brand that symbolizes the company to the customers which indicates the competitive advantage of the company. Carrying out research on marketing environment leads to effective marketing planning. This research takes elements of effective marketing into consideration (Crane, 2010). In order to create effective marketing, elements of effective marketing must be considered in researching the marketing environment. One size fit for all marketing plan may not cut across when promotions, marketing, advertising must coexist in order to create a company profitable brand. A master effective marketing plan is the primary cornerstone of creating a profitable brand for the company (Bruce I. et al 2009). This aids in synthesizing and coordinating the company strategies, objectives, budget and analysis across the company marketing mix of advertising and promotions so that the company can run an effective integrated marketing campaign both traditionally and digitally. The elements of effective marketing plan that are considered in conducting research on marketing environment include: a situation analysis, which includes a plot of the landscape of the market (target clients, competitors, business need etc); (Borzaga and Defourney, 2001)market opportunity, which includes information on the type of niche in the market, anticipated revenue and share of the market; company objectives including what the company intends to accomplish by the efforts of marketing; key messages, which includes the statements of business differentiations which positions the company uniquely; company strategies, this involves the company approaches that will aid the company in achieving the company objectives; company tactics including specific tactical actions taken by the company in fulfilling the company strategies; and execution timeline, which puts the target execution and completion dates on every tactical action outlined (Quinn, 2007). We can hence assert that when carrying out a research on marketing environment, elements of effective marketing plan are considered as documented in the marketing theory. As a market researcher, in the process of conducting research on marketing environment on effective marketing planning, we put market plan elements into focus and analyze the company marketplace. Through this aspect, the company is able to determine its strengths, weaknesses, opportunities, and threats (Porter, 1996). Determination of market objectives for the company is another factor that is greatly considered. This includes definitions of the company market goals and focusing on the target customers and audience. The company marketing objectives enables the company to create and honor the budget allocated for the market. This budget takes into account the direct and indirect company marketing expenses. The company strategy is also taken into perspective when conducting research on marketing environment. This helps in defining the final company strategies in the market. An effective marketing plan entails a list of strategies that differentiate the company and its services or products among its competitors and its targeted consumers and customers (Parker, 2011). The research on marketing environment and marketing theory intends to support the company marketing strategy. This is because; day to day tactics of supporting marketing plan may make or even break the company. Therefore companies need to map out the tactics in the marketing plan in order to give them an official guide that supports the company strategies. Additionally, evaluation of the marketing performance needs to be taken into consideration when making an effective marketing plan. This will help the company to keep track of how and when to evaluate the company brand awareness, company image, analysis of the company brand and positioning power (Massey, S., 2009). The company will also be able to identify when to carry out campaigns on customer markets, company advertising impact analysis, and the calendar of the company public relations. As stated earlier, the company will have to consider the objectives of marketing plan in the research, customer research, budget research, and marketing feedback. In as much as an effective marketing planning may be in consideration with the company objectives and goals, the development of the marketing plan is associated with various barriers and challenges that needs to be taken into consideration as well during this kind of marketing environment research (Kurtz, 2010). The marketing plan of a company needs to illustrate a mastery of its target clients, define the company message that will be used in persuading the prime clients in order to make decisions on purchase, and present the innovative methods that the company will use to reach its target customers (Gumpert, 1996). The barriers and challenges of the marketing plan are compounded by the wants and needs of the customers which continually change, and the competitive landscape which keeps changing. The barriers are also compounded by the new competitors that enter the market, as well as the established competitors gaining the share of the market of market strength. The challenges and barriers to the marketing plan that must be considered in the research for marketing environment include: budgetary constraints (Gilbert, 1999). Almost all marketing directors are frustrated about lack of enough money in the budget for marketing activities; lack of customer knowledge. Successful companies are adept at bringing services and products to the market that extremely fit well with the current client needs. Such companies provide benefits sought almost after the customers. Companies usually set up themselves for failure by falsely understanding what the customer needs are and providing services and products that customers are not very enthusiastic about buying. Lack mastery of customer needs, lifestyles and problems may result into the dilution, ignoring or misunderstanding of company marketing message (DeThomas, 2008). Lack of competitive intelligence is another barrier to effective marketing planning. Each company needs to spell out the mechanism by which the company intends to differentiate itself from its most dreadful competitors. In case a company fails to understand the reasons why their competitors are to attract customers consistently, it may be difficult extremely to come up with even more attractive offering (Deakins and Freel, 2005). Where there is not sufficient information on the competitors, any particular company may underestimate the strengths of their competitors. A contingency plan must therefore be developed in order to deal with strategic moves that are made by the competitors. This demands competitor action monitoring so that the company may quickly react to the move that may threaten the company market position. The absence of a true competitive advantage is also a challenge to effective marketing planning that must be considered. The marketing plan sells the competitive advantage of the company to customers. However, the marketing plan can only be effective if the company can show that it offers a unique and better thing (Bradford, 2000). Fear can be a challenge to effective marketing planning. Where management of the company emphasizes on lack of success or fear for change instead of potential for growth, planning for the future of the organization for change becomes difficult. Lack of knowledge on conditions of the market and fear of financial insolvency may cause the management to avoid making future plans for the company. Company shortsightedness may lead executive managers into halting in their tracks. Through looking into current project instead of long term and broader goals and day to day management instead of future profitability and growth, a company becomes shortsighted (Berkery, 2007). This makes company shortsightedness a challenge to effective marketing planning. Lack of positive ideas or negativity on ideas and future suggestions creates insuperable barricade in terms of market strategic planning. Managers must remain positive at all times when carrying out marketing planning. Difficulty in objective and goal communication may result into a stall of the marketing planning session. Poor communication makes it hard to express company mission and goals whether communication barrier results from cultural or language differences, or whether the company manager is an ineffective speaker or communicator. Poor leadership is also a challenge to effective marketing planning. Leaders who are particularly fearful or insecure in their position within the company are very ineffective in planning. Leaders must therefore inspire people around him in order to work to their complete capability. Lack of creativity may be a barrier to effective marketing planning where company managers lacks the ability to think originally and grow into new directions (Ashton, 2007). Conclusion In summary, marketing planning sequential logical events that are adopted by a company in order to define marketing objectives and make up plans to accomplish such objectives. Marketing planning is a complex exercise, and several companies encounter invariably many barriers during marketing plan implementation. Effective marketing planning is dependent on how well market research has been conducted and the ability of the market researcher to create indicators which offers feedback about the success. Effective marketing planning requires full research of the marketing environment. 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