The Significance of Marketing Plan In Putting up a Business

RATIONALE

in this study the researchers proposed to determine the significance of marketing plan in starting
a business. This has been a huge case specially for those who want to start their own. Due
unexperience in putting up a business, lots of owners struggles to even start one. We have come
up to several ideas during brainstorming and decided to choose this study. That’s why the
feasibility study into “The significance of marketing plan in putting up a business” is a must to be
conducted to purposely teach business starters of how marketing plan will help in putting up a
business.

INTRODUCTION

1st PHARAGRAPH

Starting a business can be a difficult and complicated job, with many factors to consider before
deciding to go forward. The marketing plan is one of the most critical elements of starting a
business. According to Colin Gilligan and Richard MS Wilson Routledge 2009, " Strategic
Marketing Planning concentrates on the critical planning aspects that are of vital importance to
practitioners and students alike”.This statement highlights the significance of planning, as they
are essential to achieve success in the business.

2ND PARAGRAPH

A marketing plan will help your business in identifying how to achieve your goals as well as the
path you should take. Researching the demographics, behaviors, and needs of potential
customers, a business can create marketing campaigns that speak directly to their target
audience. This helps increase the effectiveness of marketing efforts and ensures that resources
are allocated effectively. A marketing plan also helps businesses allocate resources effectively,
including budget, personnel, and time. By prioritizing marketing activities that are most likely to
drive results, businesses can maximize their return on investment. By defining business goals,
identifying the target market, and allocating resources, a business can increase its chances of
success.

3RD PARAGRAPH

There are several challenges that a business owner may face when creating a marketing plan for
putting up a business. One of the main challenges is having a limited budget for marketing
activities. Another problem is having an unclear understanding of the target audience. This can
result in a marketing plan that is not tailored to the needs and preferences of the target market,
which can lead to ineffective marketing efforts. Limited resources can also pose a problem when
putting up a business. This can include a lack of personnel or time to execute marketing activities.
By recognizing these potential problems and addressing them in the marketing plan, a business
owner can increase their chances of success in putting up a new business.

4TH PARAGRAPH

The researchers comes up with this study to identify the key components of a marketing plan and
how they contribute to the success of a business. This study purposely aims to teach those who
are just starting to put their own business. It will benefit entrepreneurs in recognizing the
relevance of market research in developing an effective marketing plan. This will enlighten
everyone towards the importance of creating a marketing plan specially for people that is starting
a business. It also aims to obtain objective and accurate data which can be used as a reference in
making decisions.