Checking Your Knowledge

Question

An entrepreneurial teenager decides to start a new dog-walking
business aimed at dog owners who must leave their pets at home
alone during regular working hours. The teenager develops a thorough
description of the people in her target market and their needs. She
then develops a general outline of the services she will offer, some
price ranges, the geographic area she will serve, and some low-cost
promotion ideas. What has she developed so far?
A. A marketing program
B. A marketing plan
C. A SWOT analysis
D. A marketing strategy
E. Differentiation and segmentation

Answer 1

The teenager has developed a B. A marketing plan.

A marketing plan typically includes the market analysis, a description of the target market, the services or products offered, pricing strategies, promotional ideas, and details about the geographic area to be served. The other options, such as a marketing program, SWOT analysis, marketing strategy, and differentiation/segmentation, either represent specific components of a marketing plan or focus on different aspects of marketing that are not fully comprehensive like the marketing plan itself.