Element of Marketing Planning: marketing planning involves setting of objectives and making plans for how these objectives can be achieved. It involves deciding the policies strategies procedures programmes schedules and budget. The marketing planning has the following elements:
- Objective
- strategies
- policies
- procedures
- programmes
- Schedule
- budgets
1. Setting of objectives: objectives are the ends which an organization wants to achieve through various means. It is the responsibility of the marketing executive not only to set objectives but also to explain them very clearly to the other members of the organization. Objectives should be clearly stated and specific. Objectives can take any form like.
1 to increase the market share from 15% to 20% for year 2001-02.
2 To enhance sales by 10% for year 2001-02.
3 To earn profit of Rs. 10, 00,000 in the year 2001-02.
2. Strategies: a strategy is a game manship or an administrative course of action designed to achieve success. It provides direction to the deployment of resources to meet environmental related as a change in environment ask for change in strategy.
3. policies: policies are the guidelines for achieving the set objectives of the firm. The policies guide the manager and subordinates of the compsny as what is to be done. Policies guide the internal environment of the organization. Policies can be verbal written or implied and they are more rigid than strategies.
4. Procedure: procedure serves as guidelines for achieving the set objectives of the firm. The policies guides the manager and of the company as what it to be done. Policies guide the internal environment of the organization. Policies can be verbal, written or implied and they are more rigid than strategies.
5. Procedure: procduere serves as guideline to the actual marketing activity. A procedure is a sequence of the steps to be undertaken to enforce a policy and to maintain an objective. It lays down the specific manner in which a particular activity is to be performed.
6. Schedule: a schedule specifies time limits within which activities are to be completed. Scheduling is the process of the establishing a time sequence for the work to be done. In the field of marketing when the advertising and sales promotion programmes have to be applied schedule shows the actual time of starting a particular programme with a view to achieve the overall objectives of the firm.
7. Budget: a budget is a statement of expected results expressed in a numerical terms for a definiate period of time in the future. Budget indicates the financial aspects of the marketing operations. Budget serves as means of cooperation and control. Budgets serve as standards of measuring actual performance. Different budgets may prepare for the each marketing activity.