Marketing or more specifically, digital marketing is the core of business development in the modern era we are currently living in. Digital marketing is basically using diverse strategies to lure potential customers to purchase one’s product or service and to increase web traffic to one’s business website. Digital marketing is done through various strategies which include email marketing, social media marketing, content marketing, PPC (pay per click), etc. To implement these deeper strategies are used like product planning and development. Planning and development are one of the most important steps to be followed so that successful marketing of one’s product can be executed.
Definitions
As the saying goes, the one without a plan plans to fail. Often, there is an urge to experiment and try different marketing strategies without a proper plan. This is a total waste of time and can cause harm to one’s business if not properly handled. Marketing requires a solid plan so that it can be implemented effectively and one can attain the required goals. Planning and development basically fulfill this requirement of marketing. It provides a solid blueprint about the sets to be taken, the strategies to be used, etc. Planning and development may seem like a lengthy and time-consuming process but in the marketing industry, it is like the foundation of a building that will collapse while in the process if not solid from the beginning.
Advantages
As cited above, marketing planning or planning and development is the core of successful digital marketing, so obviously it will have various advantages which make it so. Some of them include:
- It helps reducing the risk of failed marketing strategies.
- It helps to reorganize various old marketing strategies.
- Helps to increase accountability
- Provides a solid blueprint to attain the fixed goal.
- Helps to get inspiration for new strategies for digital marketing.
Disadvantages
Every process has its own disadvantages which come in the form of a bonus along with its benefits. This one is no different :
- It may be expensive
- It may be time-consuming
- It can’t guarantee complete success in the strategies.
- May create inflexibility in the administration.
- May not allow you to think out of them due to the rules.
Features
Some of the primary features of product planning and development are:
- Help to be competitive
- Advertisements matter more
- Efforts matter most
- Complicated to execute
- Have long term marketing effects
Classifications
As planning and development is a vast process and is time-consuming, it is divided into different sorts. They include:
- Structural plans
- Financial Plans
- Manufacturing Plans
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