market planning → the process of formulating marketing objectives and marketing strategies to achieve these goals marketing objectives
marketing plan includes
- summary of main marketing plan points
- situational analysis → internal and external factors affecting the business
- the intensity of the market
- marketing objectives
- market research
- identify target markets and market segments
- marketing mix
- strategies
- budgets, and the resources needed to execute the marketing plan
advantages
- create effective marketing strategies to meet the demands and wants of firm’s customers
- enables marketing managers to have better sense of direction and purpose
- improves employee motivation + labour productivity
- decision making tool
- inform financial decision making disadvantages
- time and money
- not realistic for small companies since they have small budget
- marketing plans can become outdated very quickly