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Creating a Marketing Plan is a very crucial step in your entrepreneurial endeavor. Everyone knows you need a business plan if you’ve decided to give entrepreneurship a go, but what many rookie entrepreneurs don’t realize that having a good marketing plan is just as important. Your marketing plan is where you figure out how you’re going to win and keep your customers.
The Marketing Mix also known as the 4 P’s of marketing help companies to get a basic understanding of what they are trying to do and who they are trying to reach. If any of the 4 P’s is off, then the entire strategy could fall apart.
So you’ve decided that your company needs a better marketing strategy. Anyone can develop a strategy, but in order to produce a document that actually helps your business meet its marketing goals, you need to craft your strategy with certain steps and tactics in mind.
Market research can be defined as both the collection and analysis of specific data about customers, competition, and the effectiveness of particular marketing strategies