Final answer:
The key element in a marketing plan is establishing the correct marketing mix, which includes product, price, place, and promotion; these elements must align with the company's overall strategy and target market needs.
Step-by-step explanation:
A key element in a marketing plan is establishing the correct marketing mix. This refers to the strategic blend of product, price, place, and promotion that a company uses to reach its business objectives and target market. The marketing mix should align with the company's overall strategy and be shaped by market research and an understanding of customer needs.
While the personal feelings and strengths of an entrepreneur can influence a marketing plan, they are not the foundational element of the strategy. Similarly, while being aware of the competition is important, focusing on its negative aspects is not generally advisable or considered a key element in creating an effective marketing plan. Instead, an entrepreneur should aim to build a strong, positive image and value proposition for their own brand and products.