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APS Assignment- Unit 8 ROLE OF MARKETING PLANNING IN BUSINESS Student Name: Ulhas Rajanikanth Doddamani Student ID: 4068105

ROLE OF MARKETING PLANNING IN BUSINESS


Introduction: In every company, the preparation of a marketing plan is vital for monitoring and tracking of the companys marketing strategies for a certain product or service. The marketing plan is used as a tool by management or the owner to check whether the strategies that have been put into record are being implemented. It will also be a tool to determine or measure the performance of that certain product or service and also be a guide for management to revise the marketing strategy. A marketing plan is a detailed written document that describes the strategies and steps to achieve a specific companys marketing objectives. The marketing plan can be created for a certain product or service, a brand name or a product line. The plan can be for a period of one year or five years. INVESTIGATING ON Effective business planning. It has to begin with an honest and realistic appraisal of the current position of the business. There are several planning tools and methods to determine which opportunities to pursue PESTEL ANALYSIS :- Pestel analysis is a system of analyzing external environment factors which influences the business and marketing decision, like political factors which includes EU enlargement, the euro, international trade, taxation policy. Economic factors like interest rates, exchange rates, national income, inflation, unemployment, Stock Market. Social factors like ageing population, attitudes to work, income distribution. Technological factors like innovation, new product development, rate of technological obsolescence. Environmental factors like global warming, environmental issues. Legal factors like competition law, health and safety, employment law. Competitor analysis:- We can say that a good understanding of competitive offerings provides a leadership advantage at all stages of product life cycle including strategy, definition, launch and introduction and sales. It is important that this knowledge and understanding be shared across the various departments or functions involved with product or service offering management.

Swot analysis:- SWOT analysis is a tool for auditing an organization and its environment. It is the first
stage of planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.

MODEL INVESTIGATE First stage is gathering information from the various methods, by that information company sets up the mission and goals, third stage involves planning the strategy of plan, and later implementing that plan into practical, after implementing the plan the company monitors the performance of that plan.

HOW WILL THIS RESEARCH BENEFIT identifying your target market:-by the effective marketing plan, we can easily identify the target market and by identifying it will be easy to enter the targeted market Understanding the competition and your differentiation:-by framing a good marketing plan we can understand our competitors better and use the strategies over them setting up your marketing goals:-by the good marketing plan we can decide to set up a new marketing goals and defining your marketing strategy:-by the good marketing plan, we can define our marketing strategy projecting the costs of the marketing activities:-by knowing our marketing plan and knowing our strategies in which we are moving with, we can easily frame the budget and predict the cost of marketing activities HOW WILL THIS RESEARCH BENEFIT OURSELVS
Analyze the external environment Analyze the internal environment Define the business and mission Set corporate objectives Formulate strategies Make tactical plans Build in procedures for monitoring and controlling

ISHAKEWA DIGERM SHOWING THE INFLUENCE OF ROLE OF MARKETING PLANNING IN BUSINESS