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  • In conclusion, the concepts advanced in set readings if incorporated in the traditional thinking about marketing planning and creating competitive advantages of a business can be of great value to the success of the businesses. Room for flexibility and innovation in formulating business plan is what is being advocated for so that the business can take advantage of the prevailing business environment as opposed to being tied to plans that are impractical in the current situation (Gilbert 2005).

In conclusion, the concepts advanced in set readings if incorporated in the traditional thinking about marketing planning and creating competitive advantages of a business can be of great value to the success of the businesses. Room for flexibility and innovation in formulating business plan is what is being advocated for so that the business can take advantage of the prevailing business environment as opposed to being tied to plans that are impractical in the current situation (Gilbert 2005). Essay Example

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1167

Marketing planning can be defined as a set of strategies laid down by an organization with the aim of aligning its resources and capabilities with the external environment so as to achieve desired results (Pulendran et al 2003). In this case, the plans that are formulated aims at ensuring optimal allocation of the company’s resources within the prevailing external environment and circumstances with an overall objective of placing the company at a competitive advantage over the other competitors. However, one of the common concepts that have been advanced by the readings on management processes in marketing planning as well as the paradox of a marketing planning capability is the concept of rigidity in marketing planning. Marketing planning is based on the prevailing situation and it may go beyond to predict possible future happenings and hence base the planning on those predictions. In the event that other issues arise in the market, the managers who are expected to implement the marketing plans as they are may find it very difficult to adjust to the new environment hence losing. The above readings are closely related to the reading on game theory that emphasis on the idea of being proactive so as to take advantage of emerging business environment and situations.

The other common concept that has been advanced in the readings is the importance of the planning process and how decisions are arrived at. The readings on management processes in marketing planning and the one on the fall and rise of strategic planning brings out the concept that the management team involved in formulating the marketing plans should be concerned by the process through which marketing planning decisions are arrived at as they should the decisions themselves so as to make the marketing plan a more useful tool in management.

One idea that in my thinking conflicts with the knowledge about formulating marketing plans is the hypothesis that has been advanced by the reading on the paradox of a marketing planning capability that companies with elaborate marketing plans lack the ability to do post plan improvisation. A key component of an elaborate plan is a contingency plan. The formulators of a good marketing plan appreciate the possibility of unforeseen events taking place which may make the marketing plan as currently formulated unviable to implement and hence they always incorporate contingency plans in the marketing plan. According to Margiottiello & Chao (2003), contingency planning is an elaborate process of formulating alternative causes of action to deal with events that may occur due to unforeseen circumstances. The management of any organization must understand that the planned goals and objectives are subject to factors that are beyond them and therefore institute plans in advance on the next cause of action in case of any eventualities. It is the action of thinking of the unthinkable and devising alternative measures before hand (Deloitte 2011). It is therefore obvious that a plan that has no contingency measures

Incorporated cannot be classified as a good marketing plan.

There are a number of concepts and ideas that might be of great usefulness in business and marketing planning and among them are the following, that marketing plans should incorporate change strategies by inventing new ideas as opposed to just organizing the existing ones. According to the reading on the fall and rise of strategic planning, marketing planning lacks creativity in synthesizing ideas but rather it entails an analysis of historical financial data to arrive at courses of action. Another important idea is that strategies and goals should remain as broad visions and not specific action plans so as to allow them to be adaptive to future changes in the environment in which the business operates in. Closely related to adaptability is the concept of flexibility. According to the reading on the paradox of a marketing planning capability if a company formulates a comprehensive marketing plan, the ability to do post plan improvisation is greatly diminished. This is because the manager in charge of implementing the plan will be very keen to ensure that the plan is implemented as success is attained as outlined in the plan ignoring the changes that take place in the business environment which require a new line of thinking different from the one advanced by the plan.

Another important idea as advanced by the reading on collaborative advantage: the art of alliances is the concept of businesses forming alliances for their common good. Unlike in war where there has to be a winner and a looser, productive collaboration in business can yield positive results to the two companies. According to Bengtsson & Kock (2000, business can engage in competition but at the same time engage in cooperation in areas that they can derive mutual benefits. The traditional thinking is that for a company to thrive, it must out do its competitors in the area of pricing, product and service quality, research and development, advertisement among other areas. At times this ends up being a costly venture with the return on investment not as impressive to match the costs incurred. Possible areas of collaboration that can be of mutual benefit to the competing entities can be in the area of research and development, sharing of technology, sharing of some physical assets to avoid investing in equipments that another company has already invested in and is not utilizing to full capacity, pooling resources together to bid for example for a contract that may be impossible to be under taken by one company due to financial or even technical requirements among other areas.

In conclusion, the concepts advanced in set readings if incorporated in the traditional thinking about marketing planning and creating competitive advantages of a business can be of great value to the success of the businesses. Room for flexibility and innovation in formulating business plan is what is being advocated for so that the business can take advantage of the prevailing business environment as opposed to being tied to plans that are impractical in the current situation (Gilbert 2005).

References

, Vol.29, Pp.411–426, industrial marketing managementBengtsson,M & Kock, S 2000, “Coopetition” in business networks—to cooperate and compete simultaneously

http://www.deloitte.com/assets/Dcom-Sweden/Local%20Assets/Documents/Euro-contingency-Deloitte-ACT.pdf., retrieved on 11, June 2013 from Euro contingency planningDeloitte, (2011),

Gilbert, C 2005, Unbundling the structure of inertia: resource versus routine rigidity, academy of management journal, Vol.48, Is.5, Pp.741-763

Greenley, G, Hooley, G & Saunders, J 2004, Management processes in marketing planning, European journal of marketing, Vol.38, Is.8, Pp.933-955.

Kanter, R 1994, Collaborative advantage: the art of alliances, Harvard business review, Vol.72, Is.4, Pp.96-108.

Margiottiello, M & Chao, H 2003, Contingency planning: addressing critical business process that support implementation of HIPAA transactions, New Orleans

Mintzeberg, H 1997, The fall and rise of strategic planning, Harvard business review, Vol.72, Is.1 Pp.107-114

Pulendran, S, Speed, R & Winding II, R 2002, Marketing planning, market orientation and business performance, European journal of marketing, Vol. 37, Is. 3/4, Pp.476-497.

Sloteggraaf & Dickson 2004, The paradox of a marketing planning capability, journal of the academy of marketing science, Vol. 32, Pp. 371-385.