NAME: David, May Ann L.

SUBJECT CODE: THC 105

SECTION: HCO MWF 3:00 - 4:00 PM DATE: November 7, 2022

I. TASK:

As gauge your knowledge, kindly answer the following questions below to

the best of your ability without using any resources except your own
thoughts:

What is a Marketing Plan?

✈︎ A marketing plan, in my opinion, is basically a blueprint that outlines the

methods you intend to use to promote and advertise your products and services. A
marketing plan is a strategic framework used by businesses to organize, execute, and
track their marketing strategy over a specific time period. A marketing plan's purpose
is to organize and write down strategies. This will assist you in staying on track and
measuring the success of your campaigns. You will also learn what works and what
does not. As a result, you can assess the success of your strategy. A marketing plan
integrates business functions, most notably sales, production, finance, human
resources, and marketing, to ensure consistency. Marketing plans serve as the initial
resources for launching your content marketing strategy. To truly deliver what your
audience wants and needs, you'll probably need to test out some different ideas,
measure their success, and then refine your goals as you go. The marketing plan
typically stimulates in the growth of the business by stating appropriate marketing
strategies, such as plans for increasing the number of customers.

Why do business needs marketing plan?

✈︎ Every company's goal is to gain more customers and close more sales. To do this

consistently, you need marketing. And, while there are millions of strategies and
tactics to choose from, the starting point remains the same: create a well-thought-out
marketing plan. After all, your marketing plan is what drives your target audience to
purchase your product or service, generating revenue. With a well-thought-out
marketing plan, you can create more effective promotions and campaigns, reach out to
customers with targeted advertising, and track your company's success with analytics.
As my aunt, a business owner, and I observed, in business, time is valuable; there is
always so much to do and so little time to do it. As a result, creating a marketing plan
will assist the company in becoming more organized and time-efficient. One of the
major benefits of creating a marketing plan is that it allows a company to focus on its
resources and plan for future growth. A well-written marketing plan keeps you
focused on clearly defined business objectives: what needs to be done, who will do it,
and by when. A marketing plan outlines what you will spend money on and when you
will spend it. This makes it easier to keep track of your expenses, manage your cash
flow, track sales-to-marketing expense ratios, and assess the effectiveness of your
marketing efforts. Marketing planning enhances the day-to-day operations of a
business. You'll set specific, measurable goals and time frames for your marketing
activities, as well as allocate resources and budgets, when you create your plan.