Staff Writer: Max Smith
Before engaging in any kind of marketing activity, a marketing plan is needed in order to ensure quality output and positive outcome of the activity. This kind of activity is very common even for starters who want to engage in any kind of business. Planning is one way to prepare for future events that is why planning is very important in all kinds of activities especially in business. In order to avoid business failures, strategic planning is being done by a company’s top managers in order to ensure that their investment in good hands.
Simple planning on the other hand can be done in order to avoid risks or uncertainties especially in this time of economic crisis. In order for a company to achieve its certain marketing goal, a marketing plan is being created first in order to ensure that all marketing objectives are being followed and achieved by the company. This kind of plan on the other hand also serves as a guide for the company in order to keep them in the right track. There are two kinds of planning and these are the long term planning and the short term planning. The long term planning involves strategic planning for a long period. Usually, the scope of this type of planning is more than one year. On the other hand, short-term planning is the kind of planning involved in the daily processes and operations of a company and its departments. Planning requires a lot of evaluation in order to have a positive output. Also, put in mind that planning needs to be rational at the same time practical.
The Role of Planning before Engaging in the Actual Market
Before introducing a product or service in the market, planning must first take its part. Decision making of top managers on the other hand also depends on the generated plan. This kind of plan is one good marketing material in which maximizes a company’s profit reducing chances of business failure. There are different ways on how to develop a good marketing material plan and one way is through source marketing. This type of marketing is one effective way of gathering data right from the market source of a company. Since planning for a future product requires a series of evaluation and surveys, source marketing is one effective and accurate way on getting information from the company’s prospect market. Before putting up a business, a feasibility study is the basic step in order to avoid business failure and loss of capital. Determining the marketability of a business in the target market is the main objective of a feasibility study. A feasibility study includes determining the target market and its potential buyers as well as determining what product or service should be offered in the target market. This can be done through conducting surveys in the target market and by conducting test marketing as well. A feasibility study can be much related to a business research thesis in which is done even by collegiate students in the United States. Determining the actual demands and needs of a market can be made possible through test marketing and various feasibility studies.
A feasibility study on the other hand is one good way to determine the demands of a market. Before creating a product or a service that will be sold to the market, a lot of research must be done in order to avoid market failure of a product or a service. This research must also include the profile of the market and other factors such as demographic factors and geographic factors in order to ensure that the product or service will fit the market. The demand of a product and service on the other hand plays a large role in determining if a product or service will survive the first few phases of the market. Studying the market is not very hard with the help of a well-developed plan for marketing a product or service. This can effectively avoid any unwanted risks and product or service failures.
The Importance of Marketing in the Corporate World
The importance of marketing in a company is very essential since this kind of department is responsible for the overall income generation process of a company. This department is also responsible for marketing methods and strategies in order for the market to buy the company’s products or services. Marketing also includes promotions and advertising and at the same time building customer relations with their customers and their market. Poor marketing may result to poor company income or maybe worst, business failure. The importance of marketing for a company is that marketing plays the role of communicating to the whole world. Marketing is the lifeblood of a company. Without the presence of marketing, a company will surely fail. There are many ways on how to improve the marketing aspect of a company and one of these is engaging in the online marketing activity.
Marketing strategies also include using different kinds of marketing material. One example of these available materials is the Internet. Since many people around the world are using the Internet, most companies around the country are engaging in this kind of online activity. In order to cater different markets in different places around the world, the use of the Internet is needed. Online marketing on the other hand is one good way to generate more profit for a company. Planning is very important since it serves as a guide especially in the business industry. There are two kinds of plans and these are the long-term plans and the short-term plans. A short-term plan includes the daily game plan of the work place as well as the weekly plan of the office, its target quota, activities, and tasks that need to be accomplished for the week. Long-term plans include the plans of a corporation for a long period of time in which takes place in a year or more.
Companies these days create corporate websites in order to communicate with their clients not only in the country but also to the whole world as well. A website is one inexpensive and effective marketing tool that is used as a communication tool by most companies around the world. Without a website, a company will not be able to serve their client’s needs. Online marketing also requires the presence of a website in order to advertise a company’s products or services worldwide. Having an advertisement in a television will cost too much for the company. Since companies worldwide are reducing expenses in order to survive the global financial crisis, online marketing is one good alternative for companies all around the world. A website is one good substitute for television advertising because advertising via Internet is less expensive. In addition, the scope of the Internet is wider since majority of people around the country have Internet connections in their own homes and wireless Internet connections are available in public places. Marketing is very important in the corporate world since a business has a large chance that it will result to business failure without the help of marketing. Marketing is very essential in the corporate world since it deals with the selling aspect of a business firm. There are a lot of possible marketing strategies in which a small business can overpower a well established business in terms of selling thru the help of marketing strategies. Understanding the marketing is the best way to make a product or services sell.