SIGNIFICANCE OF MARKETING PLANNING IN A BUSINESS ORGANIZATION
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SIGNIFICANCE OF MARKETING PLANNING IN A BUSINESS ORGANIZATION
ABSTRACT
This study focuses on the importance of marketing planning in corporate organisations. Questionnaires were used to collect both primary and secondary data, with secondary data consisting of published materials such as papers, textbooks, and journals. The data were analysed using a simple percentage method.
The study discovered that marketing planning is required in the areas of product development, risk management, and strategy formulation to help achieve goals.
Thus, marketing planning is seen as a vital job in business management. So management should use marketing planning to help them produce the correct product that meets the needs of their target client groups.
This has resulted in a long customer relationship. To avoid loss, management should assess the needs of their customers and produce accordingly. Above all, businesses should continue to improve their quality in order to increase client happiness.
Chapter One:
INTRODUCTION
1.1 Background of the Study
In truth, marketing planning is the managerial process of building and maintaining a sustainable fit between an organization’s objective skills, resources, and changing market prospects.
The goal of strategic planning is to mould and reshape the company’s businesses and products so that they provide the desired profits and growth.
Every organisation, regardless of size (small, medium, or large), strives to develop a successful and profitable organisation. Good business demands a structured marketing plan as well as a study of the company’s goals and objectives.
It is thus the process of selecting what action, strategy, programmes, appeal, and overall master plan to implement in order to discover customers, understand them, and satisfy their needs and wishes at all costs.
Organisational marketing is an essential idea in marketing planning. There is a need to design a market-oriented approach.
Individual businesses’ strategic planning activities include defining the business mission, analysing the business’s external opportunities and threats, analysing the business’s internal strengths and weaknesses, formulating goals,
formulating strategy (which may include joining strategic alliances), formulating supporting programmes, implementing the programmes, and gathering feedback and exercising control.
1.2 Statement of Research Problem
In recent years, several businesses have seen reduced customer demand. This poor patronage has led to a loss in earnings for such commercial organisations. Consumers who patronise these numerous business organisations frequently complain about high prices, poor product quality, or inability to obtain the desired product. The cultural effect is another issue that has necessitated marketing planning for all businesses.
Given these facts and client complaints, it is critical to determine how the company may improve its goods and services using a marketing strategy technique.
1.3 PURPOSE OF THE STUDY
This research aims to accomplish the following goals:
i. Determine whether or if marketing planning principles are implemented in company, and if so, to what extent?
ii. Advantages of Marketing Planning in a Business Organisation
iii. Marketing planning as a tool for successful control.
iii. Evaluate the impact of marketing planning on product/brand development.
v. Evaluate the effectiveness of marketing planning as a tool for coordinating marketing efforts.
vi. To emphasise the significance of the relationship between theoretical marketing practice and achieving profitable growth and maximum consumer happiness.
1.4 Research Hypothesis/Question.
The following are the fundamental hypotheses underlying the study:
Hypothesis 1.
Ho: Marketing planning is not applicable in a corporate organisation.
Hello, Marketing planning is relevant in a corporate organisation.
Hypothesis 2.
Ho: Marketing planning does not help management achieve their objectives.
Hi: Marketing planning assists management in meeting their objectives.
1.5 Significance of the Study
With the study, business leaders will be better positioned to effectively and efficiently combine the ingredients that comprise marketing planning so that they meet the end goals of customers.
This study will provide prospective business owners with information on marketing planning for enterprises.
It is valuable not only to students studying marketing and related fields, but also to professionals and laypeople who are interested in marketing.
Many people who run businesses or are planning to start one will find the study useful.
1.6 Scope and Limitations of the Study
It is critical at this time to define the study’s scope and limitations. The scope of this research is restricted to the importance of marketing planning in a company organisation. It is thus based on Etsako West Local Government Area, Edo State,
Nigeria, and will also serve some customers inside the restricted area. It will be predicated on the importance of marketing strategy for corporate organisations.
The constraint of this work is a lack of funding and literature available for research on the topic matter in relation to the Nigeria situation/factors. In light of this, methodologies and principles of marketing planning approach would be investigated to improve the achievement of these goals and objectives.
1.7 Operational Definition of Terms
The primary terms utilised in this study are defined as follows:
The Marketing Concept: The marketing notion is a corporate philosophy that contradicts the three ideas we just examined. Its core tenets solidified in the mid-1950s.
According to the marketing concept, the key to accomplishing organisational goals is to outperform competitors in integrating marketing operations aimed at determining and addressing the needs and wants of target markets.
Planning is the process of establishing objectives, creating, and implementing a programme to determine whether the planned programme is on track or has met its objectives.
Marketing is the managerial activity of anticipating, identifying, and providing customers’ needs profitably.
Customer value is a mix of quality, service, and price (QSP) dubbed “customers value paid”
Target buyers are people to whom a certain market offering and programmes are focused.
Market-Oriented Strategy: This is a strategy whose focus is in the marketplace.
Marketing management is the art and science of identifying a target market and acquiring, retaining, and increasing customers by generating, communicating, and delivering exceptional customer value.
Product: Anything that can be supplied to the market to satisfy a want or demand. According to Oxford Leaner Dictionary.
Price: The amount of money for which something is purchased or sold.
Advertising is a personal, paid presentation and promotion of goods and services by an identifiable sponsor.
Distribution refers to the people and institutions engaged in transferring title to a product as it moves.
Marketing research is the systematic planning, collection, analysis, and reporting of findings related to a specific marketing scenario faced by the organisation.
A strategy is a blueprint for implementing a plan in order to meet its objectives.
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