A quote that I use on a regular basis is "If you fail to plan, you are planning to fail" by Benjamin Franklin. In business, the most important plans to have are a business plan and a marketing plan. Today we will discuss the marketing plan. The marketing plan shows the direction of all marketing and advertising efforts. Remember, marketing is the total efforts of getting together buyers and sellers, whereas advertising is the types of communication used in marketing. Advertising includes TV, radio, online, print, and other mediums. Let's go over some important parts of the marketing plan that will help your business succeed.
External Environment _The next part of the marketing plan is the external environment. What is going on outside of your business? Business owners should take a look at what is going on in the external environment or industry. Are other businesses in your industry succeeding or closing shop? Is the industry in a growth or declining phase? Could there be threats that could jeopardize your business operations?