MANAGEMENT

Detailed explanation-1: -With a clear marketing strategy and marketing plan in place, it enables the business to understand what sort of budget they need to set aside, for what specific activities, and what level of resource they need to deliver it. Resource doesn’t always mean internal manpower.

Detailed explanation-2: -The importance of marketing for your business is that 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: -Product, price, promotion, and place form the four Ps of the marketing mix. These are the key factors that are involved in introducing a product or service to the public.