Marketing illustration Marketing theory

Market planning

Marketing is the process of developing and implementing a plan to identify, anticipate and satisfy consumer demand, in such a way as to make a profit. The two main elements of this plan are market research to identify and anticipate customer requirements and the planning of an appropriate marketing mix to meet these requirements. Market research involves gathering and recording information about consumers, market, product, and the competition in an organised way. The information is then analysed and used to inform marketing decisions. There are three main ways of gathering information for market research:

1.From internal information already held by an organisation, e.g. details of existing customers and their spending habits.

2. External primary information - i.e. information collected at first hand by interviewing customers and potential customers to get their views about a company, products and services.

3. External secondary information - using published sources of information e.g. those produced by marketing organisations about products, markets and brands.

Marketing planning can then be used:

1. To assess how well the organisation is doing in its markets.

2. To identify current strengths and weaknesses in these markets.

3. To establish marketing objectivesto be achieved in these markets.

4. To establish a marketing mix for each market designed to achieve organisational objectives.

Service organisations like the Inland Revenue and Abbey will carry out marketing to find out about the sort of service that their customers and clients require in order to create an appropriate marketing plan. Manufacturing organisations like Cadbury Schweppes, Corus, Audi and Nissan will carry out product research in order to create an appropriate marketing plan for their products (as well as associated services).

A simple definition of market research is 'keeping those who provide goods and services in touch with the needs and wants of those who buy the goods and services.'


Supporting Documents

These downloads will help to put marketing theory into context using real world examples from real businesses.

Meeting customers' needs
Travis Perkins logo

Find out how Travis Perkins applied marketing theory to thrive in the construction industry by downloading our premium case study.

Sponsorship as part of the marketing mix
Ford logo

Learn how Ford used marketing theory to succeed in the automotive industry by downloading our premium case study.

Meeting customers' needs in growth markets - online gaming
BT logo

Discover how BT employed marketing theory to succeed in the telecommunications industry by downloading our premium case study.

The use of social media in promotion
National Trust logo

Find out how National Trust employed marketing theory to thrive in the non-profit industry by downloading our premium case study.

Planning effective marketing strategies for a target audience
adidas logo

Find out how adidas employed marketing theory to succeed in the sportswear industry by downloading our premium case study.