Notes on Importance of Planning for Business Success

1060 Words5 Pages
QUESTION:

You have been invited to an interview for a marketing manager position in a fast moving consumer goods firm. As part of the interview process you have been asked to develop a brief presentation on five importance of planning for business success. Specially, you are also to briefly explain the factors to be considered in the preparation for developing a marketing plan. Prepare your notes for the interview.

A marketing plan is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives. It contains tactical guidelines for the marketing programs and financial allocations over the planning period. Its one of the most important outputs
…show more content…
* If the market is not especially attractive and your enterprise is one of the weaker ones in the industry you should promote this offering only if it supports a more profitable part of your business (for instance, if this segment completes a product line range) or if it absorbs some of the overhead costs of a more profitable segment. Otherwise, you should determine the most cost effective way to divest your enterprise of this offering.
Having selected the direction most beneficial for the overall interests of the enterprise, the next step is to choose a strategy for the offering that will be most effective in the market.
Some factors to be considered in the preparation for developing a marketing plan are as follows:
Summary and introduction:
The summary and introduction is a quick overview of the main points of the plan. It should be a synopsis of what you have done, what you plan to do and how you are going to get there.
Marketing objectives:
This section defines the marketing objectives. These objectives should be based on understanding of the strengths and weakness of the organization, and the business environment in which the organization operate in. They should also be link to the overall business strategy. It is beneficial to focus on specific target segment that the organization will be marketing to.
Situation Analysis:
The situation analysis details the context of the marketing efforts. The organization will take a close look at the
Get Access