Functional Plan I

Marketing Plan
Planning is essential for all business enterprises. Developing a strategic plan is one of the
earliest activities that is undertaken by an entrepreneur. Strategic plan is the overall game plan
of the organisation. It provides direction to the rest of the functional plans. The strategic plan
formulates the mission, vision and objective of the organisation. The short term and long term
objectives that have evolved from the mission statement, which in turn has evolved from the
promoters philosophy and dreams (the vision) , turn out to be successful. Hence all the
functional plans should be linked to and evolve from the strategic plans.
The strategic plan formulates the vision (the dream business) which provides direction for
the company, the vision helps in formulating the mission which finally leads to laying down the
objectives, which would lead to the attainment of mission and vision of the organisation.
A marketing plan aims at planning the marketing strategies for a company, its products or
services. Marketing plan analyzes the market opportunities (through market research), identifies
profitable segments and targets them through a compounded marketing mix strategy (which
involves strategies for product, price, place and promotion).
All good marketing plans must evolve from and support the overall strategies plan of the
business.
Moreover, considering the dynamic nature of modern markets catalyzed by excessive
competition from domestic and international markets, marketing plan should be a frequent
activity i.e., marketing plans should be frequently evaluated and changed to satisfy the changing
demands of the customers.
Marketing plan forms the backbone of any business enterprise. A careful, well crafted marketing
plan is only possible if it is based on a thorough market research.
For example , HLL on seeing the excessive competition in the fast moving consumer durables
came up with the marketing strategy of one product Every month.
Market Research

MARKET SURVEY
Meaning: Market survey (research) refers to the systematic collection, recording and analysis of
data relevant to marketing problem of a business in order to develop an appropriate information
base for decision making marketing area.
Marketing research (or) Survey is a systematic objective and exhaustive search for and
study of the facts relevant to any problem in the field of marketing.
The American Marketing Association defines marketing research as the systematic
gathering. recording and anglicizing of data about problems relating to the marketing of goods
and services.
Richard D. Crish defines Marketing research as, the systematic objectives and exhaustible
search for the study of facts relevant any problem in the field of marketing.

THE OBJECTIVES OF MARKET RESEARCH / SURVEY

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Identify the best sources of distributing the products.

Identify various opportunities or problems.
Evaluate the need of the customers
Study the acceptance of the product, package, price, colour etc by the consumers.
Analyse the probable market for the product.
Help in the selection of a right course of action.
Analyse the effectiveness of advertisement.
Briefly study the competitors and the substitute products
Estimate future sales and expected share of the market.
Assess the sales
representatives efficiency.
To analyse competitors strategy.

TECHNIQUES / METHODS OF MARKET SURVEY

Desk Research: The Research in done by marketing expert with the help of published and other
written sources of information.
The analysis of data is done on available sources like journals, magazines, directories and
on the internal records of the firm such as financial statements, sales reports etc.
Observation method: This method involved gathering data by observing and recording.
Hence the observer the does not ask any question to the person, but observes the actions
without letting the person know that he is being observes.
Generally observation is done at the point of purchase to determine the brand preference,
likes and dislikes.
Experimentation: Under this methods the experiments deliberately change one or more
variables in such a way that its effect upon one or more. Other variables can be measured. The
experimenter may change any one factor of the product to the change in sale.
Depth interviewing:
In this method, an individual or a group of people (not exceeding 25) is
called to some place. A relaxed environment is provided and general questions are asked. Thus
the interviewer initiates the conservation with the respondents by asking a question relevant to
the research study and then allows him to speak out freely.
Project Techniques:
In this method, the respondents are asked questions and encouraged
to speak on project their feelings, attitudes or motives of a third person and not themselves.
Survey techniques: A survey consists of gathering data by interviewing a limited number of
people (a sample) selected from a larger group. The researcher obtains information from the
respondents by interviewing them. This is the most common method. Respondents can be
interviewed.
a. in person
b. by telephone
c. by mail.