2.1.4 Reasons for Planning a Marketing Strategy
To develop an effective marketing programme, management should first
prepare a strategic plan for the organizational efforts. This overall
planning should be followed by strategic planning in the organizations
various functional divisions. Planning a marketing strategy starts with
the detailed and ongoing investigation of the market and its sub-markets
or segments. Firms consider the social, political and economic trends
which are shaping the market, their own position within it and the
resources they can marshal out to change or influence it. A marketing
plan defines objectives, targets and performance measures which are then
developed with a financial budget. The scope of planning activities may
be over a short or long period of time. Planning activities that
determine marketing strategies in a firm may be conducted on three
different levels as follows:-
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Corporate planning
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Strategic business unit
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Functional strategy.
Irrespective of the level in which planning activities are conducted, it
is mainly designed to achieve specific objectives or benefits. The
benefits accruable to a firm through effective marketing plan includes:-
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It encourages systematic evaluation by management
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It enhances the development of performance standards
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It leads to consideration
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It causes the company to strengthen its guiding objectives and
policies
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It results in better preparedness of sudden developments.
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It brings about a more vivid sense in the participating executives of
their increasing responsibilities (Inyanga, 2014).
For the marketing plan to achieve the outlined objectives within a
specified period of time, it must possess the following
characteristics:-
• It must be realistic and achievable
• It should be clear
• Plan must be comprehensive
• It should be reasonably flexible
• It should be economically effective (Inyanga, 2014).
Planning an effective marketing strategy within an organization is
intimately bound up with the total business planning process because it
is linked to the overall corporate strategy and requires endorsement
from the top (Chartered Institute of Marketing, 2009). Therefore,
collaboration between marketing and other corporate activities/ such as
finance, research, development and production is important to ensure
that marketing strategy is implemented effectively. Strategic planning
is concerned with the managerial process of matching a firm’s resources
with its marketing opportunities and avoiding imminent threats. Also
formal strategic planning is recognized as one of the most efficient
management tool for reducing risks and other associated threats which
enhance the attainment of stated marketing objectives and targets. Some
aspects of marketing strategy deal solely in facts and finances while
others explore the ambiguities and uncertainties of changing consumer
styles. However, a coherent marketing strategy is essential to manage
change, as firms everywhere operate in technological, legislative,
corporate and market environments of rapid transition and change (Best,
2006).