Marketing Audit Essay Example | Topics and Well Written Essays - 2500 words

Marketing Audit - Essay ExampleMarket planning can be defined as all rational, incremental and intuitive growthes that sharpen a firms trade to its future. (RAO. 2007) When we talk about market planning it may seem as an easy process, however in man its a complicated multifaceted process that involves every aspect of an organization. Marketing planning can be referred to activities that are undertaken by the managers to hit marketing objectives. In other words its a process to identify range of options that are available to the manager in order to achieve marketing objectives and then evaluate those options and plan accordingly. The outcomes of marketing planning process are the marketing strategies to achieve marketing objectives. Marketing planning involves a systematic process of reviewing the situation, assumption formulation, setting objectives about whom to sell and how to, decisions regarding the achievement of objectives and scheduling and costing out activities requir ed for implementation. (MCDONALD & WILSON. 2011)The market planning comprises of four basic components, these include marketing objectives, marketing audit, marketing strategies and resource allocation and monitoring. All these components are interlinked and are extremely important for marketing planning. I shall discuss these components in detail further. Ive been emphasizing that the aim of the marketing planning is to achieve marketing objective, marketing objectives are something that the marketing function strives to achieve as a part of lineage strategic plan which usually includes increase in sales, awareness about products, creation of brand, increase in market share etc, then these goals are reborn to objectives which are measurable, like increasing sales and market share by 15% within one year, this could be measured by analyzing annual sales data and industry data and other publications. (LEVENS. 2012) Marketing Objectives and Strategies In order to achieve these marke ting objectives the company has to make marketing strategies. The marketing objectives identified moldiness be in accordance with companys overall objectives. Marketing objectives can be easily identified on the basis of marketing mixture objectives which simplifies the objectives setting process which later on lays basis for marketing strategies to achieve those objectives. A marketing strategy is a series of action statements which are too known as tactics. Effective marketing strategy is critical to successful marketing plan therefore these would be given extra importance when a marketing plan is being set up. (LANCASTER & MASSINGHAM. 2010) The Integration of Marketing Planning into Objectives and Strategies Planning itself includes goal setting and development of strategies to achieve those goals. The objective or goals and strategies to achieve these will be the outcome of marketing planning process. The marketing strategies tell what should be done and the strategic and oper ational plans guide how the strategies should