Part 1. Marketing Strategy
Published Online: 15 DEC 2010
Copyright © 2011 John Wiley & Sons, Ltd. All rights reserved.
Wiley International Encyclopedia of Marketing
How to Cite
Piercy, N. F. 2010. Marketing Planning. Wiley International Encyclopedia of Marketing. 1.
- Published Online: 15 DEC 2010
Marketing planning is the organizational process that produces strategic and annual marketing plans. Strategic marketing planning can cover a three- to five-year period, in contrast to an annual marketing plan more directly linked to operating budgets. The marketing plan indicates marketing objectives and strategy, and tactics for achieving objectives, providing executives with a written statement of strategy and programs for each target market. While plan formats vary, a marketing plan would normally include a strategic situation summary, market target description, objectives for each market target, marketing program positioning strategy, coordination priorities with other functions, performance metrics, and forecasts and budgets. Marketing plans are closely linked to obtaining financial budgets and other resources required for strategy implementation. Considerable emphasis in the marketing planning process is placed on effective coordination with other functions, such as R&D and operations. Managing marketing planning process effectively requires addressing issues of process design, gaining executive support for the process, and clear links to strategy implementation.
- strategic marketing planning;
- annual marketing planning;
- marketing plans;
- marketing planning process;
- planning and implementation