Assess the practical value of strategic marketing planning models to today’s marketing managers.
The four P’s are essential for any company wanting to implement the marketing concept, unfortunately these tools only concern the operational side of an organisation (they identify the wants and needs of a customer and then present them as a product). If a company wants to succeed and survive in the future they must focus on marketing planning, this concept concentrates on where the company currently is both internally and externally and the best way for long term progression. Its purpose has been described by McDonald,(1989) as “to find a systematic way of identifying a range of options, to choose one or more of them, then to schedule and cost out what has to be done to achieve the objectives” (Brassington, F & S Pettitt, 2007, p422). There are two levels of planning involved in marketing, the annual plan and the strategic plan. The annual plan concerns short term prospects over one year. It is based on specific goals and objectives and concentrates on the companies financial budget and the action plans used to achieve the such goals (during this stage it is not uncommon for some of the four P’s to be continuously adjusted to adapt to on going change). The strategic plan is focused on the long term and takes a more corporate view, it reviews a company’s internal and external environments using a market audit, looks at resources for both the present and the future and has strategic goals to adhere to, all of which follow the businesses mission statement. Although finance is important in companies a qualitative rather than quantitative approach is beneficial and helps both types of plan to grow.
The marketing audit, a definition, “the systematic audit is a comprehensive systematic, independent & periodic examination of an organisations marketing environment, objectives, strategies and activities, with a view to determining problem areas and opportunities and...
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