Objectives of Marketing Planning
The objectives of marketing planning is to make the best possible utilization of all the human and physical resources so that pre-determined marketing objectives of the firm can be achieved. It helps in establishing effective co-ordination among marketing activities of a firm and brings certainty in its marketing decisions. The objectives of the marketing planning in a firm can be described as follows:
- Helps in forecasting and minimizes future uncertainties
- Helpful in Coordination
- Helpful in Control
- Helpful in Management by Objectives
- A check upon Wastages
- Helpful in Maintaining Healthy Competition within enterprise
- Helpful in providing Maximum Satisfaction to consumers
- Helpful in increasing the efficiency of employees
Helps in forecasting and minimizes future uncertainties
The basic purpose of market planning is to bridge the gap between its present position and the desired future position of an organization. The proper market planning gives an idea of the possible risks so that the firm gets prepared to meet any eventuality. It helps in taking right decisions at the appropriate time so that the chances of loss are minimized. An expert marketing manager predicates the future status of a firm and prepares necessary plans & policies that influences and guides the business activities, behavior and performance of an organization. Hence, the marketing planning helps in minimizing the future uncertainties of a firm as far as possible.
Helpful in Coordination
To gain success in the business, the effective coordination between the different departments or divisions of the enterprise is necessary. Thus, marketing planning helps in coordinating the business activities of all the divisions of the enterprise, this improves the efficiency and quality of work.
Helpful in Control
Marketing planning helps in controlling the activities of all the departments of an enterprise. With the help of proper marketing planning, the objectives are set up, the results of actual performance are measured and compared with pre-determined standards and the variances, if any, are analyzed and corrective measures are adopted.
Helpful in Management by Objectives
The Management by Objectives (MBO) is the latest approach of management. It was introduced by Peter F.Druker. The MBO is for employees to have a clear understanding of their roles and the responsibilities expected of them, so that they can understand how their activities relate to the achievement of the organization’s goals. Thus, the proper marketing planning is helpful in defining the clear strategy and objectives of an organization.
A check upon Wastages
Marketing planning determines the objectives of the enterprise, decides the plans and policies and prepares programmes and procedures and, thus controls the activities of an enterprise in a very efficient manner. All the efforts are made to get the maximum results with the help of minimum efforts. Thus, it helps in checking all the wastages in the enterprise.
Helpful in Maintaining Healthy Competition within enterprise
The proper marketing planning defines the task of each employee and establishes relationships between them. It also determines the duties, responsibilities and power of all the employees of the enterprise very specifically. Therefore, after achieving the proposed task within a time limit, the management rewards the employee that creates the feelings of healthy competition among them.
Helpful in providing Maximum Satisfaction to consumers
The focus of the marketing planning is to formulate the business strategies for the customer (or consumers) satisfaction and profit maximization of the enterprise. All the efforts are made by the business enterprise to maintain regular supply of goods and services at reasonable prices in the market. It also provides effective after sale-services. Thus, the process of marketing planning helps in providing best possible satisfaction to the consumers.
Helpful in increasing the efficiency of employees
The process of marketing planning help in increasing the efficiency of the employees of the enterprise also. It sets the individual objectives for all the employees, measures the results of their individual performance and evaluates this performance in the light of their individual objectives. It increases the feeling of responsibility among the employees. They try their best to achieve their objectives and they make their best efforts to get the best results. It helps in increasing their efficiency.