PROJECT TOPIC- SIGNIFICANCE OF MARKETING PLANNING IN A BUSINESS ORGANIZATION
This study boarders on the significance of marketing planning in a business organization. Primary and secondary data were collected using questionnaires, secondary data consisted of published materials such as articles, textbooks and journal. Data were analyzed using simple percentages formula. From the study it was discovered that marketing planning is necessary in the area of product development, risk management, formulation of strategies to help achieve objectives. Thus marketing planning is considered an important function in a business management. So management should employ marketing planning to enable them develop the right product that meet the needs of the target customer groups. This has created a lasting customer relationship. Management should assess customer’s needs and produce to meet their need to avoid loss. Above all business should continue to improve on quality to improve customer satisfaction.
1.1 BACKGROUND OF THE STUDY
As a matter of fact, marketing planning is the managerial process of developing and maintains a viable fit between the organizations objective skills, and resource and its changing market opportunities. The aim of strategic planning is to shape and reshape the company’s businesses and products so that they yield target profits and growth.
Every organization, irrespective size, whether small, medium or large scale organization, striving towards building a viable and profitable organization. Good business requires systematic marketing plan and analysis of the aims and objective of the business. It therefore the process of deciding what action, what strategy, what programmes, what appeal and indeed what master plan to adopt in order to locate the customers, understanding him and to satisfy his need and wants at all profit.
In marketing planning, organization marketing concept is very important. There is need therefore to develop market oriented strategy.
Strategic planning for individual businesses entails the following activities, defining the business mission, analyzing the businesses external opportunities and threats, analyzing the business’s internal strengths and weakness, formulating goals, formulating strategy (which may include joining strategic alliances), formulating supporting programs, implementing the programs, and gathering feedback and exercising control.
1.2 STATEMENT OF RESEARCH PROBLEM
In recent years many business organization have been experiencing low patronage form customers. This low patronage has lea to decrease in profit to such business organization. A common phenomenon among consumers who patronize these various business organization is that they are either complaining of high price, poor product quality, inability to get the product needed. Cultural effect is also one of the problem that has lead to marketing planning for every business organization.
Considering these facts and complain form customers, it is important to find out how the business can improve their goods and services using marketing planning approach.