The possibility of target markets not being defined correctly decreases if a small business does not have a market plan.Group of answer choicesTrueFalse

The statement is: "The possibility of target markets not being defined correctly decreases if a small business does not have a marketing plan."

Analysis of the Statement

1. Understanding Target Markets: A target market is a specific group of consumers that a business aims to reach with its products or services. Identifying this group is critical to effective marketing strategies.

2. Role of a Marketing Plan: A marketing plan outlines strategies for reaching and engaging with the target market. It includes market research, customer segmentation, and positioning strategies that help clarify who the business's ideal customers are.

3. Impact of Not Having a Marketing Plan: Without a marketing plan, a small business lacks direction and clarity in identifying and understanding its target market. This often leads to a misalignment in marketing efforts, causing confusion over who the intended customers are, which could potentially increase the chances of incorrectly defining target markets.

Conclusion

A marketing plan is essential for accurately defining target markets. Therefore, it is logically concluded that the possibility of target markets not being defined correctly increases if a small business does not have a marketing plan.

Final Answer

False. The possibility of target markets not being defined correctly increases if a small business does not have a marketing plan.