The significance of marketing planning in a business organization

Project Abstract

<p> <em>This study boarders on the significance of marketing planning in a business organization. Primary and secondary data were collected using questionnaires, secondary data consisted of published materials such as articles, textbooks and journal. Data were analyzed using simple percentages formula. From the study it was discovered that marketing planning is necessary in the area of product development, risk management, formulation of strategies to help achieve objectives. Thus marketing planning is considered an important function in a business management. So management should employ marketing planning to enable them develop the right product that meet the needs of the target customer groups. This has created a lasting customer relationship. Management should assess customer’s needs and produce to meet their need to avoid loss. Above all business should continue to improve on quality to improve customer satisfaction.</em> <br></p>

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; BACKGROUND OF THE STUDY</strong></p><p>As a matter of fact, marketing planning is the managerial process of developing and maintains a viable fit between the organizations objective skills, and resource and its changing market opportunities. The aim of strategic planning is to shape and reshape the company’s businesses and products so that they yield target profits and growth.</p><p>Every organization, irrespective size, whether small, medium or large scale organization, striving towards building a viable and profitable organization. Good business requires systematic marketing plan and analysis of the aims and objective of the business. It therefore the process of deciding what action, what strategy, what programmes, what appeal and indeed what master plan to adopt in order to locate the customers, understanding him and to satisfy his need and wants at all profit.</p><p>In marketing planning, organization marketing concept is very important. There is need therefore to develop market oriented strategy.</p><p>Strategic planning for individual businesses entails the following activities, defining the business mission, analyzing the businesses external opportunities and threats, analyzing the business’s internal strengths and weakness, formulating goals, formulating strategy (which may include joining strategic alliances), formulating supporting programs, implementing the programs, and gathering feedback and exercising control.</p><p><strong>1.2 &nbsp; STATEMENT OF RESEARCH PROBLEM</strong></p><p>In recent years many business organization have been experiencing low patronage form customers. This low patronage has lea to decrease in profit to such business organization. A common phenomenon among consumers who patronize these various business organization is that they are either complaining of high price, poor product quality, inability to get the product needed. Cultural effect is also one of the problem that has lead to marketing planning for every business organization.</p><p>Considering these facts and complain form customers, it is important to find out how the business can improve their goods and services using marketing planning approach.</p><p><strong>1.3 &nbsp; OBJECTIVE OF THE STUDY</strong></p><p>This study is carried out with a view to achieving the following objective:</p><p>i. &nbsp; &nbsp; To determine whether or not the principles of marketing planning is applied in business, and where it is applied, to what extent is it applied?</p><p>ii. &nbsp; &nbsp;The benefits of marketing planning in a business organization</p><p>iii. &nbsp;The role of marketing planning as an instrument for effective control</p><p>iv. &nbsp;Appraise the use of marketing planning to product/brand development</p><p>v. &nbsp; Appraise the use of marketing planning as an instrument for effective co-ordination of marketing efforts.</p><p>vi. &nbsp;To highlight the importance of the relationship that exist between theoretical marketing practice for the achievement of profitable growth and maximum consumer satisfaction</p><p><strong>1.4 &nbsp; RESEARCH HYPOTHESIS/QUESTION</strong></p><p>The following are the basic hypothesis underlying the study:</p><p>HYPOTHESIS 1</p><p>Ho: Marketing planning is not relevant in a business organization</p><p>Hi: Marketing planning is relevant in a business organization</p><p>HYPOTHESIS 2</p><p>Ho: Marketing planning does not assist management in achieving its objective</p><p>Hi: Marketing planning assist management in achieving its objectives.</p><p><strong>1.5 &nbsp; SIGNIFICANCE OF THE STUDY</strong></p><p>With the study, owners of business will be in a better position to effectively and efficiently blend the ingredients that make up the marketing planning so that they will suit the end aspiration of customers.</p><p>This study will furnish the would-be business undertakers with information on marketing planning as it relates to businesses.</p><p>Apart from its useful to students in the field of marketing and related disciplines, it is also useful to professionals and laymen who may take interest in marketing.</p><p>The study will be relevant to many people who engage in business, or are about to enter into business.</p><p><strong>1.6 &nbsp; SCOPE/LIMITATION OF THE STUDY</strong></p><p>It is important at this point to state the scope and limitation of the study. The scope of this work is restricted and limited to the significance of marketing planning in a business organization. It is therefore, based within the Etsako West Local Government Area, Edo State, Nigeria, and will also cover some consumers within the restricted area. It shall be based on the important of marketing planning to business organization.</p><p>The limitation of this work is lack of finance and literature available for research on the subject matter with reference to Nigeria situation/factors. In the light of this, techniques and principles of marketing planning approach would be looked into as to enhance the achievement of this aims and objectives.</p><p><strong>1.7 &nbsp; OPERATIONAL DEFINITION OF TERMS</strong></p><p>The basic terms used in this study are defined as follows:</p><p>The marketing concept: The marketing concept is a business philosophy that challenges the three concepts we just discussed. Its central tenets crystallized in the mid-1950s.</p><p>The marketing concept hold that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing activities towards determining and satisfying the needs and wants of target markets.</p><p><strong>Planning:</strong>&nbsp;Planning is a process that involves setting objectives, designing and implementing a program to ascertain whether the planned programme is no track or has achieved its desired objectives.</p><p><strong>Marketing</strong>: Marketing is the managerial process which anticipate, identify and provide customers requirement profitably.</p><p>Customer value: Customer value is a combination of quality and service and price (QSP) called “customers value paid”</p><p><strong>Target Buyers</strong>: Target buyers are those segment a particular market offering and programmes are directed to</p><p>Market orientated Strategy: This is a strategy whose focus is in market place</p><p><strong>Marketing management</strong>: This is the art and science of choosing target market and getting, keeping and growing customer through creating, communication and delivery superior customer value.</p><p><strong>Product:</strong>&nbsp;Is anything that can be offered to a market to satiny a want or need. According to Oxford leaner Dictionary.</p><p>Price: Is the amount of money for which something is bought or sold.</p><p><strong>Advertising: </strong>This is a personal paid presentation and promotion of goods and services by an identified sponsor.</p><p>Distribution: This consist the set of people and institution involved in transfer of title to a product as the product move.</p><p><strong>Marketing research</strong>: This is a systematic design, gathering and analysis and reporting of findings relevant to a specific marketing situation facing the company.</p><p>Strategy: A strategy is a blue print for implementation of plan in order to achieve it set objectives.</p> <br><p></p>