Copyright Goodheart-Willcox Co., Inc. Why does a business need a business need marketing plan? Section 2.1 happened. Similarly, successful marketing efforts take time, money, and planning. A marketing plan is a document that describes n business and marketing goals and the strategies and tactics that will be used to achieve them. One way to understand a marketing plan is to think of the document as a set of travel plans. The marketing goals are where you plan to travel, such as to Ireland, e Asia, or the East Coast. The marketing strategies are how to get to the destination, such as flying, taking a w LO 2.1-1 Marketing Plan Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” This is true in both your personal and professional lives. In your personal life, you have probably made plans for a trip with friends or tried to organize an activity for a larger group. Without a plan, it probably never Researching a Marketing Plan Learning Objectives LO 2.1-1 State the purpose of a marketing plan. LO 2.1-2 Define situation analysis and identify its components. s LO 2.1-3 Explain a target market. LO 2.1-4 Describe a competitive analysis. Key Terms marketing plan situation analysis SWOT analysis environmental scan PEST analysis market segmentation competition competitive analysis market size market share market potential 22 Pepsco Studio/Shutterstock.com A marketing plan describes business and marketing goals and the strategies and tactics that will be used to achieve them. How does detailed planning contribute to success?