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Question Your friend is developing a marketing plan for her new business…. Image transcription textYour friend is developing a marketing plan for her new business. What should she put in this plan? A. Whereshe wants to sell her product B. The price of her product C. A description of the people in her target market D.All of the above… Show more Business This question was created from Venture_Answer_Key_08112017.docx
If there is one thing that you need above everything else when you start a business, it is a marketing plan. One of the most popular reasons for this seems to be based around the product. Here are some tips that will help you.
Even if your business is brick-and-mortar and not solely based on the web, a marketing plan should be your number one priority.
It is pretty mind-boggling how many people get into business thinking that they don’t need a marketing plan…
Some people believe that their product is so good that people are just going to buy it without them having to do much at all.
But they aren’t taking into account the fact that if people never find the product — matter how good it is — they aren’t going to use it.
If you don’t have a customer base, then you don’t have anyone to buy your products, and it is a mystery why so many businesses ignore this very simple fact.
They plan out every other aspect of their business.
They spend weeks designing the perfect website, months perfecting their products and even concentrate on things like logos and business cards without sparing a thought for marketing.
One of the reasons that businesses give for this is that they simply cannot afford to do any marketing.
But the truth is, you can’t afford not to do marketing.
There is sufficient evidence out there that marketing almost always gives you a higher return than any money or time that you invest in it.
Some businesses think that they can just figure it out later.
But this is a mistake too, because once you are ready to launch your product, you are losing money every day that you’re not making sales.
So, how do you create an effective marketing plan?
A good marketing plan will make use of:
- the size of the market
- the needs of the customer
- the competition
In addition, a good marketing plan will:
- include a projection of future revenue
- guide your business to meet future customer expectations
- include plans for uniform brand distribution and building an online identity that will be instantly recognizable to customers
- be flexible enough to be able to change based upon unforeseen events in the future…