UNDERSTANDING THE MARKETING PLAN
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