Business plans and marketing plans are quite imperative for the success of a business. These plans outline the mission, vision and the financial projections of a business. The business plans assist the owner to comprehend about his or her business in a professional manner. Further, usage of the marketing plan and business plan helps to save both time and money as the owner can wisely plan for his resources (Ferrell & Hartline, 2011). Through the plans, funds can be raised through a well designed and workable financial structure.
Business plans and marketing pans establish good grounds for communication between the management and the workers. The plans assist in determining the right marketing strategies, as well as areas of competitive advantage. A new venture requires proper planning on the future trends. This information is well captured in the business plan. With the right business plan, a business is well positioned to know when it will start making profits (Ferrell & Hartline, 2011). Further, the business plan explains how the money shall be reinvested or utilized for other ventures.
The marketing plan guides the business towards achieving its mission. It identifies the production processes as well as the pricing strategies. Through the marketing plan, a business venture plans and sticks to its corporate structure and culture. The marketing plan scans the environment and suggests the possible solutions which are viable in case of increased competition. With a proper plan, a business has the capacity to identify possible changes in the market place. With the right management, the business can tap those challenges and convert them into opportunities. These plans help the business create a strategic human resource which is focused into the unforeseeable future (Ferrell & Hartline, 2011). Increased turnover reduces the productivity, reputation, image and profitability of a new business. Business plans and marketing plans are well drafted to anchor all...
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