A good BUSN312 marketing plan should involve extensive market research. A marketing plan is a document outlining the marketing strategies and tactics. Additionally, it often focuses on a specific period and covers a variety of marketing details such as costs, goals, and action steps. Also, it requires regular change and evolution as the business grows and as new marketing trends develop. Moreover, it is important to keep up-to-date not the best ways to reach and engage a market. Similarly, market research is the process of determining the viability of a new service or product by conducting research directly with potential customers.
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THE COMPONENTS OF A BUSN312 MARKETING PLAN
A BUSN312 marketing plan has several components that are key to a business’s success. Essentially, it should include extensive market research. Moreover, a business needs to collect, organize, and write down data about new marketing trends, customers, market dynamics, products, current sales, and benchmarks. Additionally, the plan should include a description of the target market for a business’s product or service. Also, it should contain a description of the products that a business offers and how it relates to the market. Furthermore, it is important to include a description of the competition and what makes the business stand apart from its competition.
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THE IMPORTANCE OF EXTENSIVE MARKET RESEARCH
Primarily, extensive market research helps a business to easily spot business opportunities. Conducting market research clearly defines a business its target customers, the marketing channel, and their interests. Also, through understanding the new marketing trends, it helps in creating relevant promotion materials. This is because the business understands what to address and how to address it. Furthermore, market research is an important part of a BUSN312 marketing plan as it helps in lowering business risks. Moreover, it enables a business to check its current customers and potential customers to ensure that it’s still meeting their needs.
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