Once the entrepreneur has gathered all the necessary information, he or she can sit down to prepare the marketing plan. As stated above, the marketing plan represents a significant element in the business plan for new venture. The marketing plan should be prepared annually assessing the goals and objectives for the next year, and also should be integrated with the firm's more long-term strategic plan (three-to five-year plan). It serves a number of important functions or purposes. Primarily the marketing plan establishes how the entrepreneur will effectively compete and operate in the marketplace and thus meet the business goals and objectives of the new venture. Once the strategies of l the business will operate have been established, the entrepreneur can assign costs to these strategies, which then serves the important of establishing budgets and making financial projections. The marketing plan, like any other of plan, may be compared to a road map used to guide a traveler. It is designed to provide answers to three basic questions: