Question

A new business owner is speaking with her marketing director about the possibility of creating a marketing plan for the business. The business owner isn’t convinced that the company is large enough to justify the time it would take to create a marketing plan. What reasoning could the marketing director use to help her see the purpose of undertaking a marketing plan?

Answer 1

Answer:

Businesses whether large or small are set up to make profits by satisfying customers' needs and a marketing plan helps achieve this goal.

Creating a marketing plan should therefore not depend on the size or age of the business.

Explanation:

Every business, whether large or small, has marketing goals and needs a marketing plan to help determine how it will use its available resources to best reach its customers.

With a marketing plan, a business can identify its target market and competitors, determine how it wants to position its products to compete, and set marketing goals that can be monitored and achieved.

Generally, a marketing plan helps a business reduce costs and increase sales, thereby increasing profits. This is a major goal of organizations, whether large or small.