Introduction
In the contemporary business era, corporations intend to make a comprehensive marketing plan. The company wants to create awareness regarding products or services through marketing strategies and implementation. The marketing process seems mandatory for the company, as it streamlines products or services in the competitive landscape. However, based on the market conditions, the company must come up with the relevant strategies to make the difference. In this study, the focus is on market-based planning and its impact on business performance and outcomes. Marketing-based planning has become an integral part of the business, which provides a lead to a competitive advantage.
Defining Marketing and Market-Based Planning
Marketing is a process of attracting customers through the promotion of the product or service. Advertising and market research are two integral parts of marketing research. An organization produces a prominent product or service for customers. Consequently, marketing is a crucial source for the company to get these products or services in the limelight.
Organizations have to come up with a market-based planning, which is sufficient for better business outcomes. For Instance, the first step in the marketing planning process is to create some key marketing objectives. The company must have to streamline what it wants to achieve in the market. On the other hand, after developing some objectives, the company has to identify its target audience in the market. Based on the customer needs and wants in the market, the company will be in a better position to make an effective marketing strategy. Identifying the target audience and optimizing their needs and wants seems mandatory for company management, as it is an integral part of the market-based planning. When it comes to the identification of the target audience, several segments such as demographics, behavioral, psychographic, and geographic are quite visible. Each customer segment needs and wants to be integrated (Bradley, 2013).
In the next step of the market-based planning is the market, industry, or competitive research. In the industry analysis, the firm is in a better position to derive industry insights or trends. Accordingly, the administration can shape a relevant marketing strategy. Conversely, competitor’s moves can be observed in competitive analysis. Based on these insights, the firm can optimize its strategic intent, which is also to be reflected in the marketing strategy or plan.
The most crucial step in market-based planning is the development of the marketing mix strategy. By analyzing the market situation and business environment in the competitive landscape, the company can create a good marketing strategy. The most important thing is to improve brand exposure in the market. For Instance, different strategies for product, price, place, and promotion, which are based on market research, can help the organization to increase brand exposure. Market-based planning is vital, as it can facilitate differentiating products and services. For Instance, if the company wants to depict product or price differentiation, it can examine the market or customer data, and accordingly, come up with the relevant plan (Westwood, 2012).
Conclusion
In the end, it is to conclude that market-based planning is imperative because it helps emerge strongly in the competitive market. Market research is a relevant source for the company to idealize marketing strategies or traits. Several strategic marketing tools are available for the business to obtain critical insights and make the final call in the end. Marketing is an art, and based on market research, the management of the company can improvise in the marketing planning process accordingly.
References
Bradley, N. (2013). Marketing Research: Tools and Techniques. Oxford University Press.
Westwood, J. (2012). The Marketing Plan: A Step-by-step Guide. Kogan Page Publishers.
