ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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it actually reduces planning time
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it guarantees the business will make a profit
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it improves decision making
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it reduces marketing costs
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Detailed explanation-1: -A well-defined marketing strategy leads to an increase in the business sales and marketing. This directly impacts the revenue generated as the more you reach out to people, the more they reach out to your business or brand. Of course, the marketing of a business is directly related to the sales it generates.
Detailed explanation-2: -It makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan, helps in creating and maintaining demand, relevance, reputation, competition, etc.
Detailed explanation-3: -Marketing research serves marketing management by providing information which is relevant to decision making. Marketing research does not itself make the decisions, nor does it guarantee success. Rather, marketing research helps to reduce the uncertainty surrounding the decisions to be made.