Market Planning

Market Planning

As I read the planning process in figure 1.4 (Lehmann & Winer, 2008, p.11) I was struck by how similar the steps were to the capital project planning that I currently do.  In planning a capital project the first thing I do is historical research.  I look to see if the project has been done before and collect data from those past projects.  This is like the update historical data step of market planning.  Looking at past market reports and market plans and updating data if new data is available.  The second step of collect current situation data, for a capital project this would be the current needs, for marketing this would be identify the current environment in which the plan is going to be executed.  Again the next step seemed very similar, analyze the data.  In both types of planning this can be the hardest part.  The volume of data available is incredible.  Choosing the right data to look at is critical.  Develop objectives, strategies, and action programs seemed very much like developing the scope of a project and layout the network diagram.  The marketing plan must define what the goal or objective is, layout the steps needed to achieve the objective, and provide the timing for execution of each of these steps.  Lehmann and Winer (2008) list develop financial documents as the next step.  This requires development of a budget and profit – loss figures.  This correlates to the project budget and return on investment analysis.  The negotiate stage in the market planning process would equate the project approval process.  Then to successfully manage anything you must monitor the process and have a planned feedback and control loop.  Finally when the time period covered by the market plan is up or for a project when it is finished, you audit the plan.  This is the one of the best ways to improve the process and capture key learning.   

I did look for the marketing plan for the business segment that my operating unit falls under.  I was able to find it on the company drive but my credentials would not allow me to open it.  I have found a lot of general customer focus, innovation, and sustainability information but the actual market plan still eludes me.  I have a request in to marketing to see it.