Marketing Knowledge: Marketing Planning and Its Importance in Marketing for IBPS, SBI and Other Competitive Exams

Marketing Planning and Its Importance in Marketing 

Classification of Marketing Planning

Marketing planning activities can be divided into three parts;

1) Long-Term Planning:
It means planning for a period of more than one year. It involves the development of basic objectives and the determination of fundamental policies to guide future efforts of an enterprise. Generally, this type of planning relates to the planning of a new product, product diversification, expansion of product line. etc.,

2) Short-Term Planning:
It is the planning of marketing activities for a period of less than one year. This type of planning is the liability of medium level of management. The problems to be dealt by this planning are adjustment in the prices of products to face the competition, adjustment in the quantity of production to meet the changes in demand.

3) Adhoc Planning:
It is the planning of activities to be performed in the future. Adhoc planning is not a regular and systematic form of planning and it is the solution to the problems arising in the actual performance of marketing activities. Target consumers remains at the centre of any marketing process.


Importance of Marketing Planning 

It prepares planned strategies and programmes for the future so that future uncertainties may be minimised and the objectives of the enterprise may successfully be achieved. The objectives of the enterprise are clarified by marketing planning and clearly explained to all the concerned employees of the enterprise. It helps in co-ordination all the managerial activities of the enterprise. It increases the organisational efficiency by making decision-making process quick and by defining individual duties, right and liabilities of all the employees of the enterprise. It checks all unnecessary expenses and hence leads to economy in the operations of enterprise. It is helpful in controlling functions. It stresses upon the achievement of pre- determined objectives of the enterprise through maximum satisfaction to the consumers.

Objectives of Marketing Planning

• To formulate marketing plans on the basis of sales forecasting. 
• To minimise future uncertainties as for as possible. 
• To co-ordinate the activities not only of its own department but it helps in coordinating the activities of all the departments of the enterprise.
• It helps in controlling the activities of all the departments of the enterprise.
• It makes a difference between the problems of key nature and that of routine nature.
• It helps in checking all the wastages in the enterprise.
• It is helpful in maintaining healthy competition within enterprise.
• Helpful in increasing the efficiency of employees.