It also states he direction and the future long term goals of the business. The second stage which is Situation Analysis or Soot is carried out to evaluate the Strengths, Weaknesses, Opportunities and Threats to the business. Amy Handling (Demand Media) suggests in his article that Strengths and Weaknesses are internal factors and under the firm’s control. Now talking about the third stage of Creating Market Strategy is based on making strategies and objectives. At this stage, the objectives which the business wants and expects to achieve are decided and how the enterprise intend achieve them.
The last stage involves the Allocation of resources and monitoring them. The detailed plans and evaluation of the performance on the basis of the strategy is done. The tactics and planning is assessed over time and rectifications take place. These stages and their functioning keep on changing from the scale of business. 2. 2. 1 RELEVANCE OF MARKETING PLANNING PROCESS Marketing planning plays a significant role in any business. Focusing on the hospitality industry, recent studies Cohen and Golden (2003) mention the relevance of the same.
Marketing planning plays a relevant role in Delineating significant problems, helps in reduction of production waste and aids to sales promotion. Analyzing the authors’ studies, it can be clearly understood that in presence of a Strategic Market plan a business gains maximum profit. By reduction of waste, production levels increase and since, all goals are clearly stated and maximum efforts to achieve them are initiated. The increased sales turnover and production, also helps in creating strong market goodwill. Also in an article Kristin Loretta (Demand
Media) talks about the importance of marketing planning in making the potential customers aware of the products. Many aspects of Integration of business efforts, Pricing, Quality product services were there as well. By reviewing it, one can figure out that with a proper marketing planning strategy and with clearly stated objectives and goals, business efforts are integrated and quality product services are provided to the customers. Thus marketing planning plays a significant role in business enterprises. Marketing planning By