Which of the following is a benefit of developing a marketing plan?Group of answer choicesIt does not take past experience into account when strategizingIt avoids laying out a game plan for a companyIt does not a force company to identify its target market.It helps a company to minimize risk, mistakes, and failures.
Question
Which of the following is a benefit of developing a marketing plan?Group of answer choicesIt does not take past experience into account when strategizingIt avoids laying out a game plan for a companyIt does not a force company to identify its target market.It helps a company to minimize risk, mistakes, and failures.
Solution
The benefit of developing a marketing plan from the given options is: "It helps a company to minimize risk, mistakes, and failures."
Here's why:
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A marketing plan is based on both past experiences and future predictions. It takes into account what has worked in the past and what hasn't, helping to shape future strategies. Therefore, the statement "It does not take past experience into account when strategizing" is incorrect.
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A marketing plan is essentially a game plan for a company. It outlines the company's marketing and advertising efforts for a specific period. Hence, the statement "It avoids laying out a game plan for a company" is incorrect.
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Identifying the target market is a crucial part of any marketing plan. It helps the company understand who they are marketing to and tailor their message accordingly. Therefore, the statement "It does not a force company to identify its target market" is incorrect.
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A well-developed marketing plan can indeed help a company minimize risk, mistakes, and failures. It provides a clear strategy and objectives, helping to guide marketing efforts and reduce the likelihood of costly mistakes. Therefore, the statement "It helps a company to minimize risk, mistakes, and failures" is correct.
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