Question

Entrepreneurial expert Donald Kuratko and management expert Richard Hodgetts posit that a marketing plan fulfils six different roles. Three of these roles are: convincing sceptical investors that your plan has merit; identifying the target market for the organization; and detailing the advertising plan. Summarize the other three roles.

Answer 1

Marketing plan is the plan framed in order to capture the market and make the product available into the market with an aim to position it in the minds of the customers. A marketing plan fulfils various roles such as:

• Detailing the marketing budget: the marketing plan highlights the budget within which the work needs to be done and marketing plan must be implemented for future success and sale of the product.
• Trying to position the product: positioning means ensuring that the product is regularly highlighted in front of the customers so that they remember the product and know about its presence in the market. This will help in increasing the sales of the product as compared to rivals.
• Looking at feedback of customers: marketing plan serves as a feedback for the company as well, as they come to know how much the marketing of the product is liked by the customers and how effective was the marketing effort to position the product in the mind of the customers.

With good marketing plan, the company can make it place in the market and make sure that big target market is achieved and more customers are convinced to buy the products.