Issue link: https://docs.hic.us/i/403552
derived. Marketing offers you a wealth of information that if applied correctly virtually can ensure your success. Therefore, it is important that you, as a first- time business owner, develop a comprehensive, effective marketing plan. An effective marketing plan will certainly boost your sales and increase your profit margins, which is the goal of every business owner. It is a milepost down the road to success and, as such, care and time should be put into its development. You must be able to convince customers that you have the best product or service for them at the best possible price. If you cannot convince potential customers of this, then you are wasting your time and money. This is where the marketing plan comes into play, and this is why it is so important. There are numerous advantages you can extract from the marketplace if you know how. And the marketing plan is an excellent tool for identifying and developing strategies for extracting these advantages. Some of the advantages of the market plan are: • identifies needs and wants of consumers • determines demand for product or service • aids in design of products/services that fulfill consumers needs • outlines measures for generating the cash for daily operation, to repay debts and to turn a profit • identifies competitors and analyzes your firm's competitive advantage • identifies new product/service areas • identifies new and/or potential customers • allows for test to see if strategies are giving the desired results. Some of the disadvantages of the market plan are: • identifies weaknesses in your business skills • leads to faulty marketing decisions based on improperly analyzed data • creates unrealistic financial projections if information is interpreted • incorrectly • identifies weaknesses in your overall business plan The marketing plan offers numerous advantages; however, as you can see, there can be drawbacks. Remember, however, the advantages outweigh the drawbacks, so seek professional assistance when you are developing the marketing section of your business plan. It will be worth the investment. www.hsi.us care@hsi.us 49