Marketing Planning Process
Marketing planning process involves both the development of objectives and specifications for how they will be accomplished. There are five basic steps in this process.
Political factors: Political factors include policies such as tax and fiscal policies, trade tariffs that a government may impose around the fiscal year and it may affect the business environment to a great extent. These factors determine the extent to which a government may influence the economy or a certain industry. For example a government may impose a new tax or duty due to which entire revenue generating structures of for example Waitrose might change.
Economic factors: Economic factors include rates such as an inflation, interest and foreign exchange rates; economic growth patterns also depending on certain specific industries they’re undergoing this as analysis. These factors are determined of an economical.
Social factors: These factors cover issues such as cultural trends and population. Waitrose has to consider what products to provide in certain areas as to what products people buy the most and who are their target market are in that particular area. Also as Waitrose has quite a few branches in other parts of the world for example Abu Dhabi, Waitrose would have to do both primary and secondary market researches in order to find out whether their products would be sold successfully.
Technological factors: These factors cover and relate to changes in technology that may affect the operations of the industry and the market favourably or unfavourably. This refers to automation, research and development and the amount of technological awareness that a market owns.