Effective marketing planning requires full research of the marketing Essay

Effective merchandise planning requires full research of the marketing environment. Discuss what needs to be considered when under - Essay ExampleAn in force(p) marketing plan requires a research on the drivers of demand in the business environment. This may mean secondary research or primary research, or both in order to investigate consumer style and motivation. Some of the aspects contained in an centreive marketing plan are demographic and social changes that may imprint sales of the companys product, for instance a change in the lifestyles and the age structure. New technologies that may open up some markets while at the same time closing some. Economic trends that shake an imp meet on the consumer purchase decision, as well as political environment that alters public consumption due to aspects like revenue. By conducting a marketing audit, a firm is able to explore its inborn capabilities (Alison, 2011, p 23). Effective marketing planning also calls for an examinat ion of the external environment to a firm, which entails steering on the existing marketing st wandergies the companys marketing mix, and market segmentation and segmentation, as well. scan and interpreting all these areas of market changes calls for knowledge and experience, and might be the source of competitive advantage. Much of the marketing planning also varies on anticipating the response of competitors. The reason is that interpreting and responding to market changes ahead of t6he competitors may consequence in high gains of both sales and profits. Marketing audit Marketing audit is a profound element of the marketing planning process, which ensures that a firm is profitable. Marketing audit considers both inner and internal influential factors. Most tools for conducting a marketing audit include the SWOT, PESTEL and the porters five forces (Bensoussan & Fleisher, 2008, p 23). PESTEL analysis PESTEL analysis is an examination of forces outside the business, but has an imp act on firms sales and marketing. These are the political, economic, social, expert and legal aspects. The political element deals with the impacts of government policy. Government legislation also incorporates legal elements that include taxation policies and laws that govern business operations. Government regulation has the effects on privatization and deregulation policy, which fuddle an overall effect of opening up markets to competition. Companies should not be something for companies to fear, as regulations like lowering pollution may act to spur competitive firms to innovate and lower costs to counter increasing costs of regulation. Economic factors like disposable incomes, unemployment, prevailing interest rates, recession and booms have an impact of a companys sales. Marketers have to scan and monitor the general economic environment before making any marketing move, as this may have impacts on sales and eventual profitability in a certain time. Social-cultural factors note to consumers patterns of behavior, lifestyles and preferences that affect purchase and buying behaviors (Debra, 2005, p 23). Marketers need to be ware of changes in consumer behavior as a result of change in preferences. Trending social elements affects the demand of a companys products. Additionally, it is live to examine the technological changes that happen in the industry, especially changes in information technology, research and development and rate of technology change. The reason is that technology changes affect