Everything you need to know about marketing plan. Marketing planning is the starting point of any business activity. Planning is deciding at present what is to be done in the future.
It involves not only anticipating the consequences of decisions but also predicts the events that are likely to affect the business.
The marketing plan draws on the broader perspectives outlined in a firm’s business plan. The business plan states how a company will take a product idea and transform that into a commercially viable proposition.
The marketing plan focuses on issues related to the four Ps – product, price, promotion and place.
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Learn about:- 1. Introduction to Marketing Plan 2. Definitions of Marketing Plan 3. Scope 4. Characteristics 5. Importance 6. Components 7. Approaches 8. Areas 9. Essentials 10. Difficulties.
Contents:
- Introduction to Marketing Plan
- Definitions of Marketing Plan
- Scope of Marketing Plan
- Characteristics of Marketing Plan
- Importance of Marketing Plan
- Components of Marketing Plan
- Approaches of Marketing Plan
- Areas of Marketing Plan
- Essential Requirements of Marketing Plan
- Difficulties in Marketing Plan
Marketing Plan – Introduction
A marketing plan clarifies the key marketing elements of a business and maps out directions, objectives and activities for the business and its employees.
The marketing plan draws on the broader perspectives outlined in a firm’s business plan. The business plan states how a company will take a product idea and transform that into a commercially viable proposition.
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The marketing plan focuses on issues related to the four Ps – product, price, promotion and place.
Marketing planning is the starting point of any business activity. Planning is deciding at present what is to be done in the future. It involves not only anticipating the consequences of decisions but also predicts the events that are likely to affect the business.
The primary aim of Marketing Planning is to direct the company’s marketing efforts and resources towards present marketing objectives like growth, survival, profit maximisation, service to customers etc. However the marketing activity and objectives are the deciding factors on which all other activities of a company are based. Thus the entire activity of a company is actually based on the premise of the marketing plan.
According to MacColm H. B. Me Donald, “Marketing Planning is a logical sequence of activities leading to the setting of marketing objectives and formulation of plans for achieving them.”
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In the words of Wendell R. Smith, “Marketing Planning is the exercise of analysis and foresight to increase the effectiveness of marketing activities.”
In a nut shell any Marketing Planning is a managerial function that determines the future course of marketing action based on the analysis of past events so that the marketing objectives can be achieved. It is basically concerned with the allocation, development and future use of the marketing resources.
Marketing Plan – Definitions Provided by William H. Newman, M.E. Hurley and Louis A. Allen
Marketing planning is the action programme designed to achieve the company’s marketing objectives. It should be a written programme for two very good reasons.
First, writing forces one to engage in clear thinking and it ensures that no important part of the programme has been overlooked. Putting plans in writing where they can be objectively scrutinised provides an important discipline for the planner.
Second, in an organisation of any size plans should be available to a number of people both within and without the marketing department so that each person knows what is expected of him at a certain time. The advertising agency should have a copy of the marketing plan; in fact the agency should participate in development of plans.
The marketing manager’s position description points out that the marketing manager is responsible for both short-and long-range planning. Short-range planning usually covers time periods up to one year. Long- range covers periods up to five, ten, or even fifteen years in the future.
There are similarities in short- and long-range planning, but there are also obvious differences. The short-range plan must concentrate on maximising profits from the current line of products and services and from new products and services that are scheduled for introduction during the company’s upcoming fiscal year.
The long-range plan concentrates on the actions that must be taken over a longer period to ensure future profitable growth.
According to William H. Newman, “Generally speaking, planning is deciding in advance what is to be done.” In the words of Philip Kotler, “Planning is deciding in the present what to do in future. It comprises both the determination of a desired future and the necessary steps to bring about. It is the process whereby companies reconcile their resources with their objectives and opportunities”.
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M.E. Hurley defines Planning in these words— “Planning is deciding in advance what is to be done. It involves the selection of objectives, policies and procedures and programmes from among alternatives”. Louis A. Allen considers, Management Planning involves the development of forecasts, objectives, policies, programmes, procedures, schedules and budgets.
Marketing Plan – Scope: Long Term Planning, Short-Term or Annual Marketing Planning
The marketing planning can be divided into two categories, based on the time period.
1. Long Term Planning:
It involves developing the basic objectives and strategy to guide future company efforts. It provides the framework within which the other plans of the company are prepared. Long-term plans involve a time horizon of five or more years, sometimes extending up to twenty years. These plans are formulated by top management with the help of specialised planning authorities.
Philip Kotler had suggested the following steps in a long-term marketing planning process:
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(i) Diagnosis:
The planning process starts with an attempt by the company to size up the present market situation and the factors responsible for it. The current situation of where the company stands and the reasons behind it are diagnosed.
For this, data about the sales volume of the company, market value of shares, product and territory-wise performance, etc. is needed. Supplementary data on marketing costs, plant utilisation, profit levels and other variables are also required.
(ii) Prognosis:
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In prognosis, the company estimates how it will perform if the present market trend continues: What would be the volume of sales and profits in the long run?
A systematic sales and profit prognosis consists of five steps:
(a) Projection of industry sales over the planning period.
(b) Forecast of company sales.
(c) Forecast of company revenues, costs and profits.
(d) Forecast of investments.
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(e) Forecast of rate of return on investment (ROI).
(iii) Objectives:
If the prognosis indicates a bright future for the company should the current conditions prevail, then steps should be taken to further strengthen the present policies. The strong points of the policies should be identified and the policies should be updated periodically in accordance with the changing market environment.
On the other hand, if the prognosis does not look good, then the current policies should be reviewed and the weaknesses pinpointed. The marketing manager should revise the objectives and formulate newer policies and plans which would help the company to face the future challenges.
(iv) Strategy:
This is the long range plan which lays down the broad principles by which the company hopes to secure a competitive advantage over competitors, achieve a higher market share and optimally utilise the company’s resources.
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Marketing strategy involves the following steps:
(a) Identify the areas where the company has a competitive advantage.
(b) Define the target market.
(c) Describe the features of the products and services which would make them appealing to the target customers.
(d) Determine the advertisement and sales promotion methods to be used.
(v) Tactics:
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While strategic planning is long range planning, tactical planning is of shorter range. Tactical plans are made to facilitate achievement of strategic plans; therefore they should be aligned with the strategic plans. All the activities under tactical plans are undertaken to move closer to the attainment of goals defined under the strategic plans. In tactical planning, the strategic plans are divided into specific, short- term actions and plans.
(vi) Follow-Up:
Long range plans are made on basis of certain future assumptions which are subject to change. Thus it is not enough to formulate and implement these plans. Once a plan has been implemented, it is necessary to appraise its effectiveness from time to time.
Follow-up action should be provided to see that the programmes and procedures are being carried out in accordance with the plans. The actual results of the plans should be compared with the desired standards from time to time. If the results are not up to the mark, then the plans should be analysed and corrective measures taken to increase the efficiency.
2. Short-Term or Annual Marketing Planning:
In addition to long-term strategic plans, companies need to prepare short-term or annual marketing plans every year. The short-term plans are formulated in the context of the company’s long range plan.
These plans should be so designed that they facilitate the achievement of the long range goals of the business. They should reflect the progressive implementation of the company’s marketing strategies.
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Steps in Annual Marketing Planning:
(i) Conduct market research to collect information regarding past year’s sales, profitability, consumer demands, etc.
(ii) Determine the goals to be achieved in the upcoming year in context of the market research.
(iii) Describe the products and services which will be sold at the market.
(iv) Identify the target market.
(v) Develop short-term marketing plans to achieve these goals.
(vi) Prepare a month-wise schedule of marketing activities for the year.
(vii) Implement the plans and monitor their progress on a monthly basis.
Marketing Plan – Characteristics: Planning should be Simple, Planning should be Practical, Planning should be Selective and Adaptive and a Few Others
The primary purpose of marketing planning is to increase managerial effectiveness. Planning is nothing but a systematic approach for the management to consider the possible alternatives it faces. In recent years, planning has become more formalised. There is a well-established procedure for management to follow for marketing planning.
However a procedure that provides a technique should have the following characteristics or essentials:
Characteristic # 1. Planning should be Simple:
The planning process or procedure should be simple. The planned programme works, only if the average manager is capable of using it in spite of the day to day work pressures that he has to face and in the absence of intensive training. In today’s business world that is becoming more and more complex and competitive, it is very important that simplicity be maintained in planning. However simplicity should not be at the cost of producing results.
Characteristic # 2. Planning should be Practical:
The planning process should be practical. It should be such that every manager at whatever level he may be benefits from it. If the benefits of planning accrue only to the top level managers then the lower level ones will extend only reluctant compliance and this will be followed by unwanted resentment. Thus it is very essential that planning be practical and beneficial to all. To make planning beneficial even to the average manager, the marketing manager should develop a practical process and should provide background information, training and technical assistance.
Characteristic # 3. Planning should be Selective and Adaptive:
The planning process must be so selective and adaptive that all the managers are covered. An eligibility to participate must not force the participants to use planning more than it is required especially in his area so that different areas of planning of each manager can be coordinated and consolidated.
Characteristic # 4. Planning should be Flexible:
The planning process must be so flexible that it should be possible to change any portion of planning conveniently, with least cost, if anything happens warranting a change.
Characteristic # 5. Planning should be Precise:
Future planning should be precise in terms of goals and objectives. In fact the future cannot be predicted with a high degree of accuracy, and the further into the future you try to predict the less accurate you are. However there are three ways of expressing expected results namely general, specific and dynamically quantified. The third is the best way as it is the way in which a precise statement is made so that the problem can be easily recognised. It facilitates quick and easy identification, detection and measurement of possible deviations.
Characteristic # 6. Planning should be Based on Reliable Information:
For planning to be sound there is a requirement of reliable information on a continuous basis. The future estimate is neither a forecast nor a prediction but a temporary hypothesis regarding an important, probable future development that could not be predicted with accuracy. The planner needs to have continuous feedback of information so that he can revise the estimate whenever there is a significant deviation.
Characteristic # 7. Planning should be Synthesising and Synchronising:
The planning process should be such that it co-ordinates and integrates all types of plans and planning. In each functional area there should be perfect synchronisation and synthesisation of functions. If planning does not co-ordinate and integrate all the sub functions in each area the firm will have to pay a high price for time, effort, confusion, resistance, resentment and frustration.
Characteristic # 8. Planning should be Motivating:
Planning in order to be effective needs the active participation of the managerial personnel. Planning will encourage people to participate provided they are motivated.
Any properly designed planning process will motivate the personnel because it will result in the following:
(a) It gives the workers’ a real sense of participating in the planning for their own future.
(b) It relieves apprehension by converting the unknown to known,
(c) It provides security as to their position in the organisation,
(d) It develops pride amongst the personnel to be part of an organisation that knows where it is, where it wants to go and how to get there.
Characteristic # 9. Planning should be Accompanied with the Least Amount of Paper Work:
An effective planning system is one which gets all the work done with the least amount of paper work. All planning should not be reduced in writing. In fact the writing work can be reduced by following discussions and outlining, giving only the information that is required and avoiding duplicacy of information by providing common information from a common source.
Characteristic # 10. Planning has to have a Direction:
In order for the planning process to be most efficient a special director for planning should be appointed whose only job will be not to do planning but only to oversee how it is working and show it should work. He should be a planning specialist and should dedicate all his time only to ensure that successful and efficient planning takes place, and is properly implemented.
Marketing Plan – Importance
1. It gives direction to an Organization and its departments. Example- Maruti Suzuki India Ltd. has been successful in competing with multinational companies in the Indian market for many years.
2. It helps to predict the future and control uncertainties. Example- The Tata Group has made path breaking decisions in predicting the future. A good example is the ‘Tata Nano’ car.
3. Helps all the departments in an organization to work towards a common goal, that is, customer satisfaction.
4. Reduces unwanted costs in marketing activities
5. A good marketing plan help an organization to achieve its goals and objectives
6. It allows for good flow of communication between various departments
7. It removes doubts and fears, if any, from the minds of employees
8. A good marketing plan enhances coordination and control
9. Marketing planning helps in continuous improvement of marketing activities
10. A good marketing plan leads to product innovation and new product development. Example – Apple Inc. an American MNC has been very successful in new product development and innovation.
11. It helps to leverage brand image and build brand equity. Example- Amazon has managed to leverage its brand image around the world and also in India in spite of stiff competition.
Marketing Plan – 3 Basic Components: Objectives, Policies and Programmes
Marketing planning is composed of three basic components.
They are:
1. Objectives,
2. Policies, and
3. Programmes.
1. Objectives:
The first component of a marketing plan is the marketing objective. The objective is the end towards which all marketing activities are directed. The marketing objectives usually answer the question where are we heading? Or what are we aiming at. In order to facilitate understanding marketing objectives may be divided into three parts, namely basic objectives; goals and targets. The basic objectives define the long range fundamental purpose of the company’s marketing operations. They are not bound by time, nor are they quantifiable.
Some examples of basic objectives are given below:
i. To develop and maintain product leadership;
ii. To win the loyalty and co-operation of dealers;
iii. To improve and strengthen the company’s long range profit outlook.
The marketing objectives may also be expressed as goals and targets. The marketing goals and targets are specific and not vague or philosophical like the basic objectives. The marketing goals are statements of specific, achievement standards whereas targets are the quantified expressions of these standards to be achieved within a given time frame. The basic marketing objectives, goals and targets are closely inter-related; the basic objectives shape goals which in turn shape targets.
2. Policies:
Marketing policies are broad guidelines which guide the marketing personnel in decision making. Policies are general statements or understandings which guide or direct the thinking and decision making process of the subordinates. A policy limits the area of action.
The examples of marketing policies include statements like the following:
i. We will be competitive in price but not be a price cutter.
ii. Our after sale service will be most comprehensive.
iii. Wholesaler-retailer channel of distribution will be the king-pin of our distribution system.
3. Programmes:
A marketing programme is a sequence of pre-determined marketing actions made after taking into accounts the time and resources available. A programme has to be formulated within the limits of the policies of the organisation and it should be designed in such a manner that it achieves the marketing objectives. A marketing programme is made up of procedures, rules and budgets.
Marketing Plan – Approaches: Sales Volume Planning, Target Profit Planning and Profit-Optimisation Planning
We now are ready to contrast three approaches:
1. Sales volume planning,
2. Target profit planning, and
3. Profit-optimisation planning—used by product managers to develop their plans.
Approach # 1. Sales Volume Planning:
In this system, the product manager is told the target sales volume for the coming year. Higher management sets the sales goal on the basis of the economic outlook, the competitive picture, and the desire to run the plant at near capacity. Sales volume planning is typically found in capital-intensive industries such as – steel, autos, and chemicals where the task is to keep the equipment operating as much as possible and find ways to sell all of the output.
The product manager may not even have much to say about the price that will be charged. In a few cases, the product manager will not even propose the marketing budget necessary to do the job, in that top management will develop a budget based on a conventional percentage of marketing expenditures to planned sales.
The manager’s main discretion comes in dividing the marketing budget among various elements of the marketing mix, such as – advertising, sales promotion, and marketing research. He or she also determines or proposes how to allocate these expenditures among the different geographical and end-use markets for the product.
Approach # 2. Target Profit Planning:
In many companies, the product manager is responsible for proposing a marketing plan that promises to deliver a stated target level of profit. In some cases, the target profit level is set by higher management and it is the product manager’s job to build a plan to achieve this level of profits.
In other cases, the product manager proposes a target profit level that he or she believes will satisfy higher management, given the corporation’s overall profit goals and the expected capacity of the product to contribute to profits.
Approach # 3. Profit Optimisation Planning:
Profit optimisation requires that the manager give explicit recognition to the relationship between sales volume and the various elements of the marketing budget as represented in the sales equation. We shall use the term sales response function to describe the relationship between sales volume and a particular element of the marketing mix.
Specifically, the sales response function forecasts the likely sales volume during a specified time period associated with different possible levels of a marketing-mix element, holding constant the other marketing-mix elements.
It should not be thought of as describing a relationship over time between the two variables. To the extent that managers have a good feel for the relevant sales response functions, they are in a position to formulate more effective marketing plans.
Marketing Plan – Areas: Corporate Planning, Long-Term Planning and Short-Term Planning
Marketing planning is a systematic disciplined exercise to formulate marketing strategies. Marketing planning can be related to the organization as a whole or strategic business units (SBUs). Marketing planning is a forward looking exercise which determines the future strategies of an organization with special reference to its product development, market development, channel design, sales promotion, profitability, etc.
There are three broad areas of marketing planning within the corporate planning:
1. Corporate Planning:
Corporate planning is planning for the total enterprise. It is a term used to denote a formal, comprehensive and systematic appraisal of external and internal environment to achieve organizational objectives. It lays down the basic policies, plans and strategies of the enterprise as a whole on the basis of allocated resources. It is systematic as it covers the whole planning process in a logical and sequential manner. Corporate planning plays a vital role in defining mission, objectives and goals.
2. Long-Term Planning:
Long term planning is the process of planning for long term goals. It defines the broad directions in which the organization seeks to steer in future. In the words of Peter Drucker, “Long range planning is the process of making current risk taking decision with the best possible knowledge of the future consequences.”
Long term plan formulation involves the following steps:
i. Assessing what has been done in the past.
ii. Sizing up of the critically evaluated strengths.
iii. Organizational objective fixation.
iv. Forecasting.
v. Evaluating the performance of strategic activities.
vi. Implementing strategies in the long range plan and bridge the gap.
vii. Developing the time span for the long range plan.
3. Short-Term Planning:
Short term planning is also known as annual planning. Short-term plans are specific, measurable and detailed. They provide form and content to long-range plans. They are worked out within the framework of existing resources. A short range plan is an attempt to break down a long range plan into specific action programmes.
Short term planning is action-oriented and specific. Short term planning provides the basis for day-to-day operations. Programmes, budget, schedule etc.; are the main elements of short term planning.
Marketing Plan – Essential Requirements: Planning should be Simple, Planning should be Practical, Planning should be Flexible and a Few Others
The primary purpose of marketing planning is to increase ‘managerial effectiveness’. Planning is nothing but a systematic approach for the management to consider the possible alternatives it faces. In recent years, planning has become more formalised. There is a well-established procedure for management to follow for marketing planning.
However a procedure that provides a technique should have the following characteristics or essentials:
1. Planning Should be Simple:
The planning process or procedure should be simple. The planned programme works, only if the average manager is capable, of using it in spite of the day to day work-pressures that he has to face and in the absence of intensive training. In. today’s business world that is becoming more and more complex and competitive, it is very important that simplicity be maintained in planning. However simplicity should not be at the cost of producing results.
2. Planning Should be Practical:
The planning process should be practical. It should be such that every manager at whatever level he may be benefits from it. If the benefits of planning accrue only to the top level managers then the lower level ones will extend only reluctant compliance and this will be followed by unwanted resentment. Thus it is very essential that planning be practical and beneficial to all. To make planning beneficial even to the average manager, the marketing manager should develop a practical process and should provide background information, training and technical assistance.
3. Planning Should be Selective and Adaptive:
The planning process must be so selective and adaptive that all the managers are covered. An eligibility to participate must not force the participants to use planning more than it is required specially in this area so that different areas of planning of each manager can be co-ordinated and consolidated.
4. Planning Should be Flexible:
The planning process must be so flexible that it should be possible to change any portion of planning conveniently, with least cost if anything happens warranting a change.
5. Planning Should be Precise:
Future planning should be precise in terms of goals and objectives. In fact the future cannot be predicted with a high degree of accuracy, and further into the future you try to predict the less accurate you are. However there are three ways of expressing expected results namely – general, specific and dynamically quantified. The third is the best way as it is the way in which precise statement is made so that the problem can be easily recognised. It facilitates quick and easy identification, detection and measurement of possible deviations.
6. Planning Should be Based on Reliable Information:
For planning to be sound there is a requirement of reliable information on a continuous basis. The future estimate is neither a forecast nor a prediction but, a temporary hypothesis regarding an important, probable future development that could not be predicted with accuracy. The planner needs to have continuous feedback of information so that he can revise the estimate whenever there is a significant deviation.
7. Planning Should be Synthesising and Synchronising:
The planning process should be such that it co-ordinates and integrates all types of plans and planning. In each functional area there should be perfect synchronisation and synthesisation of functions. If planning does not co-ordinate and integrate all the sub function in each area, the firm will have to pay a high price for time, effort, confusion, resistance, resentment and frustration.
8. Planning Should be Motivating:
Planning in order to be effective needs the active participation of the managerial personnel. Planning will encourage people to participate provided they are motivated.
Any properly designed planning process will motivate the personnel because; it will result in the following:
i. It gives the workers’ a real sense of participating in the planning for their own future density.
ii. It relieves apprehension by converting the unknown to known,
iii. It provides security as to their position in the organisation,
iv. It develops pride amongst the personnel to be part of an organisation that knows where it is, where it wants to go and how to get there.
9. Planning Should be Accompanied With the Least Amount of Paper Work:
An effective planning system is one which gets all the work done with the least amount of paper work. All planning should not be reduced in writing. In fact the writing work can be reduced by following discussions and outlining; giving only the information that is required; avoiding duplicacy of information by providing common information from a common source.
10. Planning has to Have a Direction:
In order for the planning process to be most efficient, a special director for planning should be appointed whose only job will be not to do planning but only to oversee how it is working and show how it should work. He should be a planning specialist and should dedicate all his time only to ensure that successful and efficient planning takes place, and is properly implemented.
Marketing Plan – Problems Faced by a Marketing Planner: Corporate Inflexibilities, Loss of Initiatives, The Cost of Planning, The Problem of Work Pressure & a Few Others
The planning process described above is a logical and rational way of determining the future course of marketing action in any company. It analyses the past, considers the present and projects the future so as to facilitate the marketing management of a company. However the process of planning is not without its problems.
Some of the major problems faced by a marketing planner are highlighted below:
Problem # 1. The Problem of Accuracy in Projecting the Future:
One of the major problems in marketing planning is to accurately project the future on which the whole structure of planning is based. As far as projecting the future is concerned problems arise on two accounts. First and foremost there is a lack of reliable data and applicable tools on whose basis sales and other marketing results are forecast. Secondly the market forces whose behaviour is to be predicted are very dynamic. In India reliable market information is not available and the facilities to process it are inadequate.
As a result of this reliable and timely future predictions become difficult. This makes marketing planning problematic. However two alternatives have been suggested to overcome this problem. First the management may develop alternative sets of premises and alternative plans based on them so that major changes in future events may be readily reflected in action. And, second, management should be ready with detours in planning to allow for unforeseeable events. However, both the alternatives need flexibility of plan.
Problem # 2. Corporate Inflexibilities:
Another problem faced by a marketing planner is the inflexibilities built in the corporate working. Corporate inflexibilities refer to rigidities and resistance of persons and systems operating in the company with regard to the changes contemplated by the marketing plan. These may be both internal-as well as external. Internal inflexibilities refer to the mental frame, attitudes, perceptions and behaviour of marketing and other personnel. The behaviour of the personnel may be so conditioned over a period of time that they may develop inflexibility and resist changes which a plan has envisaged.
This is particularly so in old and established business houses. Similarly marketing systems policies, procedures, and rules tend to become so secure that there is an aversion to any change in them. Even investments made can act as impediments in marketing planning for e.g., the management may be very keen to recover the investment made in training of a particular salesman and may resist a marketing plan that writes of this training.
Apart from this internal inflexibilities marketing planning is plagued by external inflexibilities also. The external inflexibilities are rooted in the external environment of a company over which the marketing management has little or no control. These inflexibilities arise from the changes taking place in the culture and behaviour patterns of society, political climate, labour organisations and technological frame within which the organisation operates.
Problem # 3. Loss of Initiatives:
A closely knit comprehensive marketing plan stifles initiative because the participants are strictly tied to the set goals, targets, authorities and responsibilities. This discourages working with a free and open mind and therefore diminishes innovations in the marketing operations.
Problem # 4. The Problem of Work Pressure:
One of the important problems faced by marketing planners is that marketing personnel are so much preoccupied with execution of marketing functions and solving day to day problems that they are not left with sufficient time and energy to think and plan marketing operations. Such job pressures are normally caused by enlarged span of control, non-delegation of authority, and reluctance to plan. It is a problem which encourages management by crisis and does not let planning take off the ground.
Problem # 5. The Cost of Planning:
In order to come up with an effective marketing plan the company has to spend in terms of time, money and talent. The specific and logical steps required in marketing planning, all consume a good deal of money, time and talent. With all this the benefits of marketing planning are not available immediately. It has its own payoff period which is usually quite long. This discourages firms from undertaking marketing planning in the most systematic and scientific way. In spite of the above problems the relevance of marketing planning cannot be denied and no company should attempt action without a plan.