Research
 

Market plans are essensial for success in any way, shape or form in sales and marketing. If you don't have one chances are you won't be successful. The research  I found describes how to have a successful market plan. The first step is to "set the objective" (Stein 1978), know what you want and where you want to go, have a goal for your business. After that you need to "show how the objective will be obtained" (Stein 1978), pretty  much just know how you plan on getting to your goal and write it down. Finally, "provide a method for monitoring and measuring progress" (Stein 1978), keep track of your purchases and sales, always know where you are and how far you've gotten on the path toward your goal. Those three steps are what a market plan should do, but their is more to a marketing plan than it's overall purpose. The marketuing plan, in order to be successfull should cover, "overall business considerations such as product definition, potenital markets and competitive factors" (Stein 1978). It should also cover all finanical implications and aspects and "operations aspects such as timetable, credit policy and personnel needs" (Stein 1978). Not only is the plan important for startibg up your business and getting a loan from a bank but also can be used "as a benchmark for evaluating results" (Stein 1978).

References:

Stein, Lee Marc. The Elements of Consructing a Useful Marketing Plan. Garden City: Hoke Communications Incorporated, 1978. Print.