A marketing plan is probably both the most important and least thought of aspect of a new business. Without a marketing plan, (1) product or service acceptance is normally far below potential, (2) promotional dollars are spent ineffectively and (3) the approach to the market is somewhat false and discouraging. The marketing plan provides a rational direction for this business activity. Without some market research, the business owner/manager will know little about the target market and have little information on which to base a strategy.
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