This document outlines the steps in developing a market plan, including situation analysis, defining the target audience, setting marketing goals, developing communication strategies and tactics, and setting a marketing budget. It discusses types of market planning, such as long-term planning for achieving long-term goals through deep market research, and short-term planning for recurring problems within a year. The introduction defines a marketing plan as setting guidelines for accomplishing strategic goals through decisions around product, pricing, distribution, promotion and advertising.

1. UNIVERSITY OF MYSORE
GOVERNMENT FIRST GRADE COLLAGE
FOR WOMEN, HOLLENARASIPURA
DEPARTMENT OF PG STUDIES IN COMMERCE
TOPIC: MARKET PLANNING
SUBMITTED BY
PALLAVI
1ST M.COM.
G.F.G.C.W.HNP
SUBMITTED TO
MR.SUNDAR B N
ASST.PROF & COURSE CO-
ORDINATOR
G.F.G.C.W.HNP

2. MARKET PLANNING

4. INTRODUCTION
An importance of planning lies in the fact that it is like a
navigator operating under varied business circumstances. A
marketer has to work in an uncertain and ever-changing
environment. Proper planning only enables a manager to
carve out the future course of action. Peter Drucker has rightly
defined business planning Many firms think they have a
marketing plan, whereas they have a business plan. A
marketing plan is a broad set of guidelines as to how the firm
will accomplish its strategic goals. A tactical marketing plan
specifies the marketing tactics, including product features,
pricing, merchandising, selection of distribution channels,
promotion, and advertising decisions.

5. TYPES OF MARKET PLANNING

6. 1. LONG-TERM
The planning made to achieve the long term goals of an
organization is known as long-term marketing planning. It
involves deep research of the market conditions and thus
handled by the top-level management of the
organization. It is based on the precise strategies setup by
the entrepreneurs, considering all the future possibilities
and risk factors.

7. 2. SHORT-TERM
Such planning is done for a short period of time,
i.e., for less than one year, for meeting the
recurring problems of the business and does not
require high-level efficiency. Thus, it is made by the
middle-level management of the organization.

8. STEPS OF MARKET PLANNING

9. STEP 1: SITUATION ANALYSIS
This section defines your company and its products or services, such as
market summary, competition, product offering, SWOT analysis, and keys to
success and critical issues.
STEP 2: DESCRIBE YOUR TARGET AUDIENCE
Develop a simple profile of your prospective customers like influencers they
follow, websites they visited, e-mails they opened, blogs and articles they
have read, product they bought, the content they have downloaded, venues
they have checked into and searches they have conducted. You can describe
prospects in term of demo graphs of age, sex, family components. It will help
in media and public campaigns.

10. STEP 3: LIST YOUR MARKETING GOALS
Make a shortlist of what marketing strategies are to be followed ? What do
you want your marketing plan to achieve? And keep checking what you
achieved and what you have to achieve?
STEP 4: DEVELOP THE MARKETING
COMMUNICATIONS STRATEGIES AND
TACTICS
It’s time to detail the tactics you will use to accomplish your goals. Outline
your primary marketing strategies, then include a variety of tactics you will
use, such as specific, measurable, achievable, realistic, and timely tactics.

11. STEP 5: SET YOUR MARKETING BUGDET
Setting your marketing budget is inexpensive and gives high
returns. Marketing is essential to the success of your business.
Thus, you needed to develop a percentage of projected gross
sales to your annual marketing budget.

12. CONCULSION
Market planning is the organized method of
evaluating marketing opportunities and
resources, deciding marketing goals,
describing marketing strategies and
implementing guidelines for application
and control of the marketing plan.