Business organisations have to do different types of business activities to achieve different objectives such as financial activity to increase the profit and financial wealth of the organisation. Human resource activity is to use the employees of the organisation as much as possible to do the business activities efficiently. Technological resource management to use the raw materials, machineries and the production process to increase the productivity, improve the quality of the products and reduce the production cost of the organisations. In that way the organisations have to do some marketing activities to provide information to the customers about the products of the organisations, increase the demand of the products among the customers and increase the market share of the products and services in the industry. The organisations have to prepare some plan to implement the marketing activities in an efficient manner to get the maximum outcome from the marketing activity. The following study will discuss about the process followed by different business organisations to prepare the marketing plan and the theories related to the marketing plan. The important ethics and influencing external factors of marketing planning activity will be mentioned in the study.
1.1: Important theories and the changing perspectives of the marketing planning activity and evaluate the ability of British Airways to plan the future marketing activity
Theories used in the marketing planning activity
Marketing planning activity is totally a customer-oriented activity. The organisations have to collect some information about the customers of the industry to prepare an effective marketing plan. The major information about the customers should be collected by the organisations are as follows: The test, preferences and demand of the customers, geography and demography structure of the economy, purchasing power of the customers etc. Based on such information the organisations have to use some theories to prepare an efficient and effective marketing plan. The theories are as follows:
Marketing mix: The theory of marketing mix used in the marketing plan is totally based on the test, preference and psychology of the customers. The marketing mix is basically a mix of four P’s these are pricing, people, place and product. The organisations have to do well research about the test, preferences and requirements of the customers. As opined by Toledo et al. (2014, p.50), the product and services should be designed by the organisations according to the requirements of the customers. The ability of meeting the requirements of the customers create a value of the products and services in the market. The organisations have to collect some information about the geographical features of the market to select a suitable market place for the products. The products should have the ability to meet the geographical requirements of the customers. The price of the products should be set by the organisations according to the purchasing power of the customers. The organisations have to prepare the promotional strategies to launch the product and services in the market according to the cultural preferences of the customers.
Product life cycle: The organisations have to prepare the marketing plan according to the phase of life cycle of a particular products and services. Basically there are four phases included in the product life cycle. The first one is Introduction, in the introduction phase the organisations try to build a market for the products by promoting the product and providing important information about the product to the customers. In growth phase of the product organisations tries to increase the supply of the products in the market and including some new features in the product to improve the quality. In the maturity phase, the organisations try to create some differentiation with the similar products in the industry to survive in the competitive market. The organisations use different promotional strategies to build the differentiation. The price of the products should be lower to make an opportunity to build new customers of the product. In the decline phase of the product life cycle the organisations lose the demand for the products among the customers. In this situation the organisations try to shut down the production of the products.
Alignment: The organisations must build an alignment among the benefits of the product with the requirements of the product to customers. The organisations also try to build a communication with the customers to provide important information to the customers and get the feedback from the customers about the products and services. The company also try to know about the new requirements of the customers and request them to provide some idea and opinion to improve the quality of the products (French, 2017, p.27).
Changes in the perspective of the marketing planning
According to the traditional marketing planning activities the organisations only pay their attentions to product, price, place, people and promotions to prepare the marketing plan for the new products. However, Due to the changes in the perspectives of the marketing planning the organisations include some new factors in the preparation of the marketing planning activities. The factors are as follows;
Features of the products: The organisations have to consider the features of the products to prepare the marketing plan for the product. The features should be prepared according to the requirements of the customers.
Innovativeness: The organisations have to include some creative features in the products to increase the innovativeness of the product.
Build a brand: The organisations also try to build a brand for the products in the market by using some unique promotional strategies.
Global network: The organisations also try to build a global network to prepare a global market for the products by promoting the products globally.
Strength and Weaknesses: The organizations also consider the strength and weakness of the products to survive in the industry for a long time. The organisations try to use their strength as much as possible and resolve the weakness the products by creating some effective solutions.
High prices: The organisations have to collect important information about the purchasing power of the targeting customers. The company can build some differentiation in the market to justify the high prices of the products. The company also try to build some competitive advantages to reduce the production cost for setting a low price for the