Marketing Planning Essay

5265 words - 21 pages

1. IntroductionBusinesses that succeed do so by creating and keeping customers. They do this by providing better value for the customer than the competition. Marketing management constantly have to assess which customers they are trying to reach and how they can design products and services that provide better value ("competitive advantage").The main problem with this process is that the "environment" in which businesses operate is constantly changing. So a business must adapt to reflect changes in the environment and make decisions about how to change the marketing mix in order to succeed. This process of adapting and decision-making is known as marketing planning.The objective of a strategic plan is to set the direction of a business and create its shape so that the products and services it provides meet the overall business objectives. Marketing has a key role to play in strategic planning, because it is the job of marketing management to understand and manage the links between the business and the "environment".In our survey we tried to find out the link between different stages of developing a long term marketing plan. For our studies we have selected Sri Lanka Telecom Ltd. Detail analysis of the company and the telecommunication industry situations are given under respective tasks.Sri Lanka Telecom (SLT) is the market leader in providing telecommunications services and it is the country's first Fixed Line Operator. With the acquisition of Mobitel in its entirety in October 2002, SLT became the country's only fully integrated telecommunications service provider to offer Voice, Data and Mobile Services.Its principal activities include local and international telecommunications services, higher value Broadband and Internet products and services, and communication and IT solutions. In Sri Lanka, SLT serves over more than one million corporate and residential customers, as well as providing network solutions to other licensed operators. SLT vision is "to lead Sri Lanka to become the hub of telecommunications in South Asia" and SLT mission is "to anticipate and fulfill the communications requirements of all sectors of the nation, in a service oriented work ethic which will provide total customer satisfaction through the most modern telecommunications facilities"2. Literature ReviewA Marketing Plan is a written document that details the actions necessary to achieve a specified marketing objective(s). It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.A Strategic marketing plan is an outline of the methods and resources required to achieve organizational goals within a specific target market(s)....

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