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Product innovation and marketing are the only enduring competitive advantages th
Product innovation and marketing are the only enduring competitive advantages that companies can use to survive and thrive in the marketplace. A marketing plan is a guide for those product innovations and marketing activities for a specified period of time, typically about 5 years. Marketing plans are used internally to guide marketing activities, or they can be used to communicate with external audiences to raise capital.
There are important things to consider as the plan is created.
Is the marketing idea valid?
What is unique or distinctive about the product that separates it from competitors?
Does a viable market exist for the product?
Is the target market large enough, accessible, and capable of purchasing your product?
Are the financial projections sound?
Is the management team competent?
How will investors get a return on their investments?
In order to help you answer these and similar questions, create your marketing plan utilizing the following course resources.
Building an Effective Marketing Plan located in Appendix A of your textbook
Financial Aspects of Marketing located in Appendix B of your textbook
View the marketing plan outline
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