Question

Many small businesses fail to recognize the value of marketing planning. They perceive that it is too costly and time-consuming, and not necessary for their smaller market. Examine why this thinking is incorrect and why marketing planning is critical for small businesses.

Answer 1

Marketing is an essential function of any business organization. It is the process of building relationships with the customer and satisfying their needs and requirements. This forms the crux of what any business will offer to its customers. This requires a proper plan to ne implemented. Such a plan is known as marketing plan. The marketing plan is the need for the preparation of the marketing strategy. The marketing strategy requires a plan of action as well. Thus, marketing planning is needed for any company whether it is a small business or large business. The aimof marketing planning is to understand the target market and then design the product accordingly. It also includes the preparation of marketing objectives and then setting a time frame to attain the objectives. The planning is a crucial stage for all business. Thus, the perception that marketing planning is costly is unnecessary and invalid. It is in fact a steppingstone towards successful marketing.