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Question
What is a marketing plan? Why is it required in business enterprises?
Answer in Brief
Solution
Marketing plan is a guideline regarding the marketing objectives, strategies and activities to be followed by the new enterprise. It represents a significant element in the business plan for a new venture as it effectively establishes how the entrepreneur will complete and operate in the market place by providing answers to three basic questions: where have we been,where do we want to go and how do we get there.
Marketing plan is required because it describes the strategies related to how:
(i) Products/Services will be distributed,
(ii) The product will be priced
(iii) The product will be promoted.
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Business Plan - Marketing Plan
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