A business firm has to make various marketing decisions. These decisions 🤔 actually emerge from the complex interaction of a large number of persons carrying out diverse responsibilities in the marketing organisation. Being part and parcel of the overall management, the marketing executives are deeply involved in the process of planning 🧠. Marketing planning defines the role and responsibilities of marketing executives in such a way as to achieve the goals of the firm.
It lays emphasis on the allocation of marketing resources in the best and most economical 💰 way. It gives an intelligent direction of marketing operations. Marketing planning involves the preparation of policies 📄, programmes, budgets etc., in advance for carrying out the various activities and functions of marketing to attain the marketing goals.
According to the American Marketing Association, “marketing planning is the work of setting up objectives for marketing activity and of determining and scheduling the steps 👣 necessary to achieve such objectives”. Planning is the first management function to be performed in the process of management. It governs survival, growth 🌱, and prosperity of any enterprise in a competitive and ever-changing environment.