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Money Smarts
Chapter 16 Money Smarts: Marketing Sells
A business plan has three basic parts:
a strategic plan, a financial plan, and a marketing plan.
The marketing plan is a guide for promoting sales, motivating
customers to buy, and creating an awareness of products and
services. The plan should address researching the existing
market, targeting potential customers, knowing the competition,
knowing the goods or services being sold, establishing the
right pricing, and timing of advertising and promotions.
SCORE® “Counselors
to America’s Small Business” is a nonprofit association
that provides guidance to small businesses nationwide. Go
to SCORE’s 60-Second
Guide to Creating a Marketing Plan.
Read the article and answer the following
questions.
- Why is a marketing plan an essential tool for business?
- What do you think is meant by marketing “channels”?
- How does a marketing plan help a business stay focused
on its goals and help it to achieve these goals on time
and with minimum stress?
- What do you think is meant by “proactive”?
- Identify five items a marketing plan may include.
- Imagine that you are starting a new business. After you
determine the product or service, review the section titled
“Write It Down.” Answer the following questions.
- What is your product? If your new business is a service
business, what is the service?
- What is your market?
- What events will help you accomplish
your goals? What opportunities are available?
- Do your customers belong to a trade group or other association?
If yes, what is the name of the association? Should you
attend association meetings? Why or why not?
- What are the natural cycles of your industry?
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