ENTREPRENEURSHIP

Detailed explanation-1: -False; when a marketing plan is not designed to enter a new target market or introduce a new product, it may not include a section on desired target market. Every marketing plan must include a section on desired target market.

Detailed explanation-2: -It includes SMART marketing goals, deadlines, action steps, long-term objectives, target audiences, core marketing messages, and metrics. The plan is detailed, yet scannable. By the end of it, one can walk away with a strong understanding of the organization’s strategic direction for their upcoming marketing efforts.

Detailed explanation-3: -Your marketing plan should describe how you will segment your target market, how you will position your products or services compared to your competition, what your pricing strategy will be, and how you will effectively reach and influence your customers.

Detailed explanation-4: -The Market Situation section of your plan includes research and analysis of your target market, competitors, business challenges, and your company’s competitive differentiators. It should contain your best and most clear description of the current state of the marketplace.

Detailed explanation-5: -The marketing plan should open with a brief summary of the main goals and recommendations. This is called a situation analysis.