ENTREPRENEURIAL PLANNING
MARKETING PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Controls is the section that describes the target market and company’s position in it.
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Budgets is the section that spells out ways to turn marketing strategies into specific action programs.
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Objectives and issues is the section that states the marketing objectives that the company would like to attain during the plan’s term and discusses key issues that will affect their attainment.
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Current marketing situation is the section that outlines the control that will be used to monitor progress and allow higher management to review implementation results and spot products that are not meeting their goals.
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Detailed explanation-1: -Brief statement of goals and recommendations based on hard data. Market Situation: Data on target market, size and growth for past years and each segment. Data on customer needs, perceptions, and buying behavior trends.
Detailed explanation-2: -A marketing plan is the written document that helps marketers execute the marketing strategy with tactical activities. The components and elements included in a marketing plan often include: Business components like a mission statement, business summary, branding, and SWOT analysis.
Detailed explanation-3: -The purpose of a marketing plan is to have a defined path to go to obtain new customers, strengthen relationships with current customers and clients, increase sales, improve retention and increase brand awareness.