Setting up a new business:
Introduction to Entrepreneursh
April 27, 2012
Setting up a new business:
Business & marketing plan
Marketing plan is a document with marketing objectives in itself. It may be long term or short term. It is essential when starting a new business venture. It describes how to implement a marketing strategy showing vision and mission of the business. The plan gives actions to apply to reach marketing goals. The main objective of making a marketing plan is to ensure that profit is maximized. Marketing plan comprises of the target market, strategies, systems, competitive assessment, budget, effectiveness, execution and ensuring business growth. A business plan on other hard is a working schedule. A business plan sells a firm to financial backers, investors, donors and management personnel. Its main objective is to raise loan funds and investment to finance a firm. Business plan comprises of the company description, products, market, employees and finance (Berry, 2004). Both marketing plan and business plan are essential for internal planning to ensure profits are maximized and business growth. Importance of marketing plan
A solid marketing plan helps in preparing the business to be active competitively. It assists in dealing with market flow and ebbs. It ensures a firm to be proactive in anticipating and planning for market changes ahead of time. It ensures a business to be a leading edge and not a following edge. A complete marketing plan must provide answers to questions like; who is the customers, how the product gets to customers and the most effective method of implementation. A good plan will direct to the expectation and time to get the results (McKeever, 2008). Everyone in the firm can predict what will happen or future company prospects. A company gets prepared for market opportunities and to remain health, always prepared for any rising problems. It keeps a business ready to cope with unexpected events...
References: Berry, T. (2004). Hurdle: The Book on Business Planning. California: Palo Alto Software, Inc.
Covello, J.A., & Hazelgren, B. J. (2005). Your First Business Plan: A Simple Question-And-
Answer Format Designed to Help You Write Your Own Plan Your First Business Plan Quick starts your business. United States: Sourcebooks, Inc.
Jantsch, J. (2007). Duct Tape Marketing: The World 's Most Practical Small Business Marketing
Guide. United States: Thomas Nelson Inc.
McKeever, M. P. (2008). How To Write A Business Plan How to Write a Business Plan Nolo 's
small business essentials. California: Nolo.
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