Marketing planning has significant power in creating and implementing successful marketing strategies. The process of creating a market plan is time-consuming and requires much preparatory work, but it justifies the efforts paid. Marketing planning has a variety of strategies, but the three most valuable ones for any organization are the revenue, branding, and customer satisfaction (Luke 2013). Revenue is the most significant strategy for a company since it provides profits for the owners and employees and makes it possible to sustain a business.
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Branding is another important aspect of marketing. With the help of branding, marketers can develop customers’ loyalty and reach high levels of competitiveness (Kotler & Keller 2012). Customer satisfaction is another crucial aspect of reaching success. By incorporating the means of reaching customer satisfaction in a business plan, a manager makes sure that all possible measures will be taken to provide consumers with the features they need (McDonald 2017). The three major strategies, as well as a number of other ones, are incorporated into a marketing plan and help to build the organization’s work in a productive way.
Marketing plans play a significant role in gaining the best results by using such methods as assessing marketing opportunities, analyzing the market situation, and determining promotional opportunities. What is more, marketing planning helps firms to gain a competitive advantage. One of the organizations that have a positive experience of implementing marketing planning is Tesla Motors (Mangram 2012). The company’s approach is based on new technology and is opposite to the conventional methods of marketing management in automobile manufacturing. According to Mangram (2012), Tesla Motors has been able to gain the following benefits from implementing its market plan:
- the industry of battery electric vehicles is expected to experience considerable growth;
- the company has a unique opportunity to take advantage of its growth potential;
- the new approach to marketing planning is pivotal to Tesla Motors’s present and future development.
The key strategy and aim of Tesla Motors is customer satisfaction that is reflected in the rise of a number of electric cars accessible for consumers. To reach this aim, the company increases its sales online and through a network of showrooms (Mangram 2012). With the help of a thoroughly developed and successfully implemented market plan, Tesla is able to reach this and other goals and sustain a high level of competitiveness.
Strategic planning involves many variables that need to be considered in the process of writing a plan (Lee et al. 2013). Moreover, scholars remark that developing strategies for market planning is much easier than implementing the plan (Lane & Clewes 2000). Lane and Clewes (2000) emphasize that the attention paid to the implementation of a pan should be not less than that dedicated to writing it. Among the crucial components of successful work on a market plan, the employment of segment action teams is emphasized. Also, it is necessary to create an appropriate presentation of a plan for senior managers.
Further, the concepts of the plan should be divided between different groups, and the suitable equipment should be assigned to these teams. In the process of work, the implementation of a plan is evaluated at different levels so as to provide the best strategic outcomes for the company (Lane & Clewes 2000). Therefore, marketing planning is an essential part of a firm’s success that includes a variety of methods and requires much preparation. However, once prepared and implemented, a plan will work for the benefit of an organization.
Kotler, P & Keller, K 2012, Marketing management, 14th edn, Pearson, New York, NY.
Lane, S & Clewes, D 2000, ‘The implementation of marketing planning: a case study in gaining commitment at 3M (UK) Abrasives’, Journal of Strategic Marketing, vol. 8, no. 3, pp. 225-239.
Lee, KC, Lee, H, Lee, N & Lim, J 2013, ‘An agent-based fuzzy cognitive map approach to the strategic marketing planning for industrial firms’, Industrial Marketing Management, vol. 42, no. 4, pp. 552-563.
Luke, K 2013, ‘Five steps to a new marketing plan’, Journal of Financial Planning, pp. 20-21.
Mangram, ME 2012, ‘The globalization of Tesla Motors: a strategic marketing plan analysis’, Journal of Strategic Marketing, vol. 20, no. 4, pp. 289-312.
McDonald, M 2017, Malcolm McDonald on marketing planning, 2nd edn, KoganPage, London, UK.