Notes on Importance of Planning for Business Success

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You have been invited to an interview for a marketing manager position in a fast moving consumer goods firm. As part of the interview process you have been asked to develop a brief presentation on five importance of planning for business success. Specially, you are also to briefly explain the factors to be considered in the preparation for developing a marketing plan. Prepare your notes for the interview.

A marketing plan is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives. It contains tactical guidelines for the marketing programs and financial allocations over the planning period. Its one of the most important outputs of the marketing process. Marketing plans are becoming more customer and competitor oriented, better reasoned and more realistic than in the past. Planning is becoming a continuous process to respond to rapidly changing market conditions. Marketing plans are important to successful businesses. Marketing plan lay down all the important pathways by which businesses market its products and there by earn. Marketing plans are essential if an organization is seeking financial backing, bank loans, or partnerships, they are simply an element of business work plans. More so, marketing plan helps organizations to be much focused and to work towards achieving its goals or objectives for effective results. Furthermore, marketing plan is important to enable organizations to forecast into the future so that it will not experience any shortage or surplus in its production so as to meet the needs and demands of its target market. Also, marketing plan is important to help organizations to budget well and to allocate resources effectively. Marketing plans are detailed strategies of how to go about successfully marketing a product or products and earning a projected amount of return from the effort. A comprehensive marketing plan will such...
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