Marketing Planning Essay Example | Topics and Well Written Essays - 1000 words

Marketing Planning - Essay Example The Marketing Planning is also defined as the process that motivates the marketing personnel to look internally in order to fully understand the results of past marketing decisions and to look externally in order to fully understand the market in which they operate. It also sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support. It is a key component in obtaining funding to pursue new initiatives. SBU stands for Strategic Business Unit. It is one of the crucial component in marketing planning. SBU is understood as a business unit with in the overall corporate identity which is identifiable from other business because it serves a defined external market where management can conduct strategic planning in relation to products and markets. When companies become really large, they are best thought of as being composed of a number of SBUs. A SBU is a unit of the company that has a separate mission and objectives and that can be planned independently from the other businesses. An SBU can be a company division, a product line or even individual brands and it all depends on how the company is organized. An independent grouping of organizations, products or technologies within a parent organization, with complete resource and profit responsibility for serving an identified markets (FN1). These organizational entities are large enough and homogeneous enough to exercise control over most strategic factors affecting their performance. They are managed as self contained planning units for which separate business strategies can be developed. A Strategic Business Unit can encompass an entire company, or can simply be a smaller part of a company set up to perform a specific task. The SBU has its own business strategy, objectives and competitors and these will be different from those of the parent company. The marketing planning is a dynamic process which has to be highly