Home | Business News | Browse by Publication | C | Chartered Management Institute: Checklists: Marketing Strategy

Preparing a marketing plan.

Article Excerpt
[check] This checklist focuses on the standard model of marketing planning endorsed by several writers in the field. The model contains formalised procedures, although the degree to which these are followed will depend on the culture and requirements of the organisation.

Definition

The setting of overall marketing objectives, strategies and programmes of action to achieve those objectives. Marketing planning requires a careful examination of all strategic issues, including the business environment, the markets themselves, competitors, the corporate mission, and organisational capabilities. The resulting marketing plan should be communicated to staff through an oral briefing to ensure it is fully understood.

"Marketing planning is simply a logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them." Malcolm McDonald.

Advantages of formalised procedures

* They encourage a rational approach to making business decisions.

* Everyone follows the same strategy thus reducing potential conflicts, misunderstandings and operational difficulties.

* They allow senior management to set out marketing strategy while leaving the day-to-day implementation to junior management.

* They help to highlight areas you might otherwise miss.

Disadvantages of formalised procedures

* They form a complex process which needs basic knowledge and skills.

* They are time consuming and therefore...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!