Read the passage and answer the following question
Every market activity is an investment in time, energy and money. Few companies would spend a large sum of money on, say, a purchase of capital equipment without a full investigation into why it is needed, the choices available, and the expected return on what has been spent. Yet every year the vast majority, of companies invest a large amount of money in marketing actions without knowing what their financial worth to the company or likely return will be. By introducing the disciplines arising from market planning, a company should be able to ensure that the costs of marketing planning show a reasonable return and are calculated in the same way as all other business investments. Many managers believe that the costs of marketing form an additional expense that have to be accepted in order to sell their goods. Whilst it is true that many companies use certain tools of marketing for this purpose, it is also true that the most successful companies accept marketing as an essential of the company’s total commercial operation, for it is an essential cost in the same way as production or finance. Companies often avoid planning marketing procedures in detail because of the effort needed to express their forward policy in a written form. Managers commonly consider that their time is too valuable to spend on anything other than urgent operational problems. In fact, the manager who spends his time on dealing with current administrative detail is almost certain to have ignored proper planning in the past. For, if properly prepared, the marketing plan will contain sufficient details of the company’s policy and operational strategy for the work to be done by an assistant. As the many alternative courses of action are programmed, the assistant takes any actions or decisions which are appropriate. Only unusual situations need to be dealt with by the manager. The first step in preparing a marketing plan is that of producing the information necessary for decision-making. Usually, a company will have within its own administration and control system, the raw material necessary for the plan’s foundations. In addition, there is plenty of published information which is made available by government departments, institutions and the press.