Upon completion of this chapter, you should be able to
- explain the purpose of the marketing plan;
- develop product, service, pricing, distribution, and promotion strategies for a business;
- create selling, advertising, publicity, and sales promotion programs;
- recommend strategies that will provide future growth for a business; and
- forecast sales revenue.
Purpose of the Marketing Plan
Many people have a misconception of the term “marketing.” They often think it means “advertising,” “promotion,” or “retailing.” It includes these, but it is much broader in scope. Marketing is anything that is designed to bring buyers and sellers together.
There are four elements that facilitate buyer-seller exchanges: a