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Having a structured plan of how you intend to promote your business in order to bring in sales is more than just useful, it is essential.
A marketing plan is a breakdown of how you intend to use the resources you have in different ways to promote your business.
You build up a strategy by making decisions based on assumptions and reasons which need to be proven viable.
With a marketing plan you should include how your product/service is different, who exactly you intend to sell it to and how. This will cover concepts such as Social Media, Public relations, Budgeting and your businesses strengths and weaknesses.
The reason it is so important is because marketing = the attention your customers pay to your business, including their decision to buy. If you can increase this you can increase your profits.