Marketing plan is a guideline regarding the marketing objectives, strategies and activities to be followed by the new enterprise. It represents a significant element in the business plan for a new venture as it effectively establishes how the entrepreneur will complete and operate in the market place by providing answers to three basic questions: where have we been,where do we want to go and how do we get there.
Marketing plan is required because it describes the strategies related to how:
(i) Products/Services will be distributed,
(ii) The product will be priced
(iii) The product will be promoted.
