ENTREPRENEURSHIP

Detailed explanation-1: -Marketing plans are important only for big companies. False; marketing plans are essential to the success of companies both big and small.

Detailed explanation-2: -Having a marketing plan can help you to: identify your target market and how your product or service can benefit it. identify how you might attract new customers. encourage your existing customers to continue purchasing your product or service.

Detailed explanation-3: -Yes. You absolutely need a marketing plan if you want to optimize your marketing investment. It doesn’t have to take weeks and it doesn’t need to look fancy, but it does require you to give it your best thinking.

Detailed explanation-4: -Planning lets you understand not just your target market and products but also the process of how you can bridge these two to achieve your business needs. Teams with marketing plans are also more proactive. So you think about things in advance rather than just dealing with them when they occur.

Detailed explanation-5: -Situation Analysis It is the most important step in creating a marketing plan, as it would influence every other step therein. When doing your situation analysis, you’d need to define what your brand is about, your product/services, your unique selling point (is it Convenience, Quality, Pricing or something else?)