Market Planning Activities
The marketing manager divides the activities of marketing planning into three divisions: Long term Marketing Planning, Short-term Marketing Planning and Ad hoc Marketing. The details in this regard are as follows:
Long-term Marketing Planning
It means planning for a fairly long period of time. The duration of long range differs from organization to organization. It is the liability of top management to formulate the basic objectives and strategies to define the future business of the enterprise. Usually, this type of planning relates to the planning of a new product, product diversification, expansion of product line, expansion of market, expansion of plant, etc. The goals that are determined to be achieved in long-term marketing planning include desired rate of growth, sales and market share, and desired rate of return on investment.
Short-term or Annual Marketing Planning
The time period of short-term planning usually extends up to one year. It is the liability of medium level of management to prepare framework within the long-term marketing planning. It provides the basis of day to day operations. The problems to be dealt by short term marketing planning are adjustment in the prices of products to face the competition, adjustment in the quantity of production to meet the changes in demand, determination of advertisement and sales promotion program for the current year, solution of the problems of routine nature of fling force, etc.
Ad-hoc Marketing Planning
It is the planning of activities to be performed in the future. In the business, many problems or situations arise which require on the spot solution. Ad hoc marketing planning provides a solution to such problems. Thus, ad- hoc marketing planning is not a regular and systematic form of planning. It is a solution to the problems or situations arising in the actual performance of marketing activities. This type of planning is required immediately to solve the specific problem.