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TERM OF THE DAY marketing plan Product specific, market specific, or company-wide plan that describesactivities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed actionprograms, budgets, sales forecasts, strategies, and projected (proforma)financial statements. See also marketing strategy. Learn more about this term Usage Example The Director of Marketing told his team that their marketing plan may have to be adjusted after surveying customer needs and realizing how they have changed over the past year.

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FEATURED ARTICLE Valuation Metrics for Small Businesses Selling a business can be a hard decision for entrepreneurs, both emotionally and financially. The sad reality is that when it comes to gauging your...