A marketing plan is a process which defines the position of the company in the market and strategies which are taken by the business organizations for its future growth. It also includes a set of objectives and goals which of an organization. It is crucial for the organization for making specific marketing plan as it is the appropriate framework for monitoring and controlling the various issues and also clarifies roles and functions with allocated resources. It also helps the employees to focus on the efficiency and effectiveness while working in the organizations. A marketing plan is imperative to business organization’s growth as it focuses on the specific strategies and objectives. The essential elements of marketing planning are market research and commercialization mix which identify the customer needs and demands. Marketing mix includes various aspects of product, price, place and promotion. Hence, marketing planning forms an integral part of business basics.
Reviewing of change perspective in marketing planning
A marketing plan is crucial to business organizations as it focuses on the specific strategies and objectives. The essential elements of a marketing plan are market research and commercialization mix which identify the customer needs and demands. Marketing mix includes various aspects of product, price, place and promotion. As many companies are operating in the competitive market thus, they need a current marketing plan which increases the effectiveness of the employees to introduce new products in the market.
With the passage of time, the concept of marketing has been changing. Marketing concept includes the idea of goods, selling a concept and also a concept of manufacturing of products. In this age of globalization, the concept of rights has changed to e-products and e-services. On the other hand, nowadays product marketing has improved, and it’s been through the internet. The Internet has opened the new window of promotion of products and selling of goods through websites. Technology also has created a new dimension of manufacturing of products and distributes the products in various countries.
Examining techniques for new product development
There are different methods of marketing planning for developing the new product in the organizations. As the organizations have their different objectives so in this context, corporate and business goals must be met. New product development techniques may include control methods. The control procedures must be involved monitoring and control systems of management of organizations. Authorities monitor the employees whether everything is going according to plan or not. On the other hand, controlling means the correct taking path for easy going of planning. Control techniques should be included benchmarking, balanced scorecard method, the marketing audit, profitability and sales control, etc.New product development, its pricing policies and communications develop with the help of integrated marketing communications. Integrated marketing mix contributes to communicate in clear sense, consistent and compelling message to the customers about the organizations and its brands. The determining factors of communication objectives are Awareness, Knowledge, Liking, Preference, Conviction and purchase. The marketing mix in this context; mainly focuses on the 4 Cs that is Cost, Customer, Convenience and Communication.