The paper "Marketing Planning Concept" is an outstanding example of an essay on marketing. Marketing planning is defined as the “ planned action of marketing resources to achieve marketing objectives” (McDonald 2007, p. 8). The marketing planning concept, on the other hand, indicates that an organization can identify and create its own competitive advantage through a systematic and disciplined approach to the market (McDonald 2007). The concept further indicates that all levels of organizational management need to be involved in marketing planning, and that market intelligence should emanate from the market itself, rather than from planners who at times have little or no involvement with business operations.
The product of marketing planning is a market plan, which contains a logical series and sequence of activities that include marketing objectives and plans on how to achieve the identified objectives. The marketing planning concept involves several steps which include: goal setting (where the marketing mission and corporate objectives are identified); analyzing the prevailing market situation (through a market audit, SWOT analysis, and marketing assumptions); creating a market strategy (by identifying marketing objectives and strategies, forecasting marketing results, and creating alternative plans); and allocating resources for marketing and monitoring the same (through a marketing budget and indicating a detailed action plan) (Dibb & Simkin 1996). While marketing planning is intellectually easy to grasp, implementing the same is notoriously difficult (McDonald 2007).
The main reason for the aforementioned difficulty is that marketing planning requires an organization to bring together “ into one coherent, realistic plan all elements of marketing, and this ‘ coalescence’ requires at least some degree of institutionalized procedures as well as an inevitable compromise between conflicting objectives” (McDonald 2007, p.
9). In other words, the marketing planning concept indicates that an organization has to develop a coherent and realistic marketing plan in order to compete favorably in the market. Notably, marketing planning has been indicated as being a complex procedure that brings together different contextual issues with the aim of gaining a structured approach with which to approach the market. Usually, the concept suggests two approaches with which to conduct marketing planning. These include tactical (operational) marketing planning and strategic marketing planning (McDonald 2007). Strategic marketing planning involves determining where an organization wants to be in the long-term (usually in three to five years), and indicating how the company will reach identified long-term goals and objectives.
Operational decisions are mainly made based on strategic marketing planning. Tactical marketing planning, on the other hand, focuses on the short-term (one year and below) and is much detailed when compared to strategic marketing planning.