Question

Marketing planning Process

- tools - SWOT analysis and how it is applied and examples please thanks!

Answer 1

Marketing Planning Process: Marketing planning process is usually a set of steps which guide you on how to market and sell your product in the market within a particular time period. It involves the promotional strategies, marketing techniques to achieve the marketing goal. The marketing planning process usually involves the selection of the target markets and developing a plan to penetrate into that target market.

Marketing Planning Process Steps:

1. Develop the action plan: The action plan involves the vision, mission, goals, and company objectives.

2. Analyzing the current situation: It includes analyzing and auditing market, SWOT analysis.

3. Develop Marketing Strategy: The marketing strategy includes Marketing mix, marketing strategy, and objectives.

4. Executing and Evaluating the planning process: This includes operational level activities. It allocates the budget, resources and implement them.

Marketing Planning Process Tools: There are many tools which will help the companies in defining their marketing strategies and to implement them. Some of the tools are:

• SWOT analysis
• Porter's 5 force model
• Business model canvas
• BCG Matrix
• Perceptual Mapping
• Market Segmentation Chart

SWOT Analysis: SWOT Analysis is an analysis which is used to evaluate the company's competitive advantage and also do strategic planning. The below matrix is a SWOT Matrix.

STRENGTHS	WEAKNESSES
OPPORTUNITIES	THREATS

Strengths: It includes the factors which are best for the firm. The resources, company's USP, competitive advantage, advantages over competitors. These are some of the strengths a company can have.

Weaknesses: Weaknesses include the factors which need to be improved like what projects need to be improved, what is lacking when compared to competitors, disadvantages of products or employees.

Opportunities: Opportunities means what market trends will help to increase sales. Political, Economic, External factors which help in increase in sales. They also need to analyze whether the trends are temporary or permanent.

Threats: Threats include the advantage the competitors own over our organization. We need to know who are our competitors, which market areas are lacking, negative trends.

Example: Let us take an example of a coffee shop. We will write down the swot analysis

STRENGTHS 1.Quality 2.Taste 3.Friendly ambience and staff	WEAKNESSES 1.Low price 2. Low profits 3.No company website
OPPORTUNITIES 1.Addition of new baking items 2. Market boom 3. can provide delivery services	THREATS 1.Reviews 2. Health consciousness is increasing