# CTE Resource Center - Verso - Digital and Social Media Marketing Task 1522831672

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the purpose of a marketing plan and its relationship to a business plan.

Definition

Explanation should include
  • a definition of the term marketing plan
  • reasons why a marketing plan is an integral part of a business plan
  • the concept that the function of a marketing plan within the business plan is to outline how to attract and retain customers and sell them a product or service
  • ways the marketing plan provides details about the contributions marketing can make to the success of the business.

Process/Skill Questions

  • What are some typical components of a marketing plan? (e.g., market niche, pricing, marketing tactics)
  • How does a marketing plan relate to the marketing concept for the business?
  • Why is a marketing plan essential to a business plan?
  • Is it possible to have a business plan without thinking about marketing? Why or why not?
  • Which comes first: the business plan or the marketing plan? Explain.

Other Related Standards

National MBAResearch Standards-Business Administration

Acquire foundational knowledge of customer/client/business behavior to understand what motivates decision-making.

 

Understand marketing's role and function in business to facilitate economic exchanges with customers.

 

National MBAResearch Standards-Marketing

Assess marketing strategies to improve return on marketing investment (ROMI).

 

Develop a foundational knowledge of pricing to understand its role in marketing.

 

Employ marketing-information to plan marketing activities.