In this section, we take all that has been discussed in the Principles of Marketing Tutorials, and see how marketers use this information to manage business decisions. In particular, in this tutorial we focus attention on the importance of marketing planning with special attention given to the role marketing strategy plays in the planning process. For marketers, planning is an essential task that must be continually undertaken. As we will see, shifting market conditions, including changing customer needs and competitive threats, almost always ensure that what worked in the past will not work in the future, thus requiring revisions in how a product is marketed.
Marketing planning is also necessary since it is often a prerequisite for obtaining funding. Whether one is a marketer in a large corporation seeking additional money for her or his department, or is part of a small startup company looking for initial funding, requests for money almost always necessitates the presentation of a supporting plan.
In this tutorial, we discuss different types of marketing strategy that can be followed to meet marketing objectives.