The video tutorial explains the concept of a marketing plan, which balances market data with company goals and resources. It outlines the structure of a marketing plan, including mission statements, organizational objectives, and marketing objectives. A case study of Tabby's Ice Hockey Division is presented, highlighting its market position and the need to increase its market share. The video discusses setting specific goals and strategies to achieve them, emphasizing the importance of expanding retail outlets to capture market growth.

What is the primary purpose of a marketing plan?

• To increase the company's market share

• To balance market data with company goals and resources

• To create a financial report for the fiscal year

• To develop new products for the market

Which of the following is NOT a part of the marketing plan structure?

• Marketing Objectives

• Organizational Objectives

• Financial Projections

• Mission Statement

What is the role of marketing objectives within a company?

• To set financial goals for the company

• To help achieve organizational objectives through customer interaction

• To determine employee roles and responsibilities

• To define the company's mission

What was Tabby's initial market share in the ice hockey division?

• 5%

• 10%

• 8%

• 2%

What strategy did Tabby decide on to increase their market share?

• Develop new ice hockey products

• Expand the number and variety of retail outlets

• Increase advertising budget

• Reduce product prices