Business Plan Class

8/2/2019 Business Plan Class

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Business Plan


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A business plan is an important success

ingredient for new business and theexisting one. Starting a business without aplan is like beginning an extended

automobile journey without a road map.Unless the route is well known, the driveris likely to lose time or get lost.


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Marketing Plan

Is a formally prepared and writtendocument detailing the activities

necessary to implement the marketingstrategies. A marketing plan is much likea road map showing where we are now,

where we want to go, and how will getthere


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Steps in Preparing the

Business Marketing Plan

Statement of Enterprise Mission

There has to be a reason for a business exist. For

most business there are probably a number ofreasons that they exist. For manyentrepreneurs, a business represent a means ofself expression. It allows the entrepreneur acreative opportunity to do your own thing .Nevertheless, making a profit usually plays arole in the decision to be in business, and fewentities can exit for long if they do notprofitable at some point.


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Definition of Business

The business definition should be abroadenough to stimulate thinking and notconstrain creativity but narrow enough to

provide direction.

Identification of Opportunity

Specification of External Variables Making Critical Assumptions


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Pinpoint Success Determinants

Outlining Major Strengths

Outlining Major Weaknesses


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ELEMENTS OF A BUSINESS

MARKETING PLAN Executive Summary

Current Marketing Situation

The marketing environmentTarget market analysis

Opportunities and Problems

Major opportunities facing the productMajor problems facing the product

Marketing Objectives


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Marketing strategies

Target market strategyMarket mix strategy

Action Programs

Activities and responsibilitiesTimetables and budgets

Controls

Financial Projections

Monitoring Procedures


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Factors to be considered

Target Market StrategyDemographics Sex Age Income Occupation education

Household size Ethnic background Family life style


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Geography

Climate Terrain

Market density

Natural resourcesPsychographics

Personality

Motives

Lifestyles


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Product-related

Usage (heavy versus light)Applications

Benefits

Organizational markets

Geographic location

Type of organization

Size of customer

Product use


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Size of Market

Market sales potential Current company sales

Market share

Project market growth (decline) Company sales forecast

Market Demand Changes and Trends Major Costumers and Concentration


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Competition

Who are our major competitors? What are heir strengths and

weaknesses?

What are their objectives andstrategies?

Who are our future competitors?


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Regulations and Politics

What laws exist or are being proposed thatmay affect our product?

What federal, state, and local action should be

watched?

What is the general political tone in theindustry, and how does it influence our product?


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Society

What is the attitude of society toward

product?What social trends are occurring that havean impact on our product?Are any special interest groups likely to

affect our plan?


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Economic Conditions

What is the buying power ofconsumer in current markets?

What are the spending patterns of

consumers in current market?


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Technology

What major changes are occurring inthe technology that influence ourproduct?

How is technology helping us? Howis it hurting us?


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Marketing Mix Strategy

Product Strategies Pricing strategies

Place strategies

Promotion strategies


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STRATEGIC OPPORTUNITIES

COMPANY STRENGHTS TO EXPLOIT

COMPANY WEAKNESS TO OVERCOME

MARKET OPPORTUNITIES TO EXPLOIT

RIKS ANALYSIS


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Financial analysis

Break even analysis

Financial projection

Financial management


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Monitoring Process

Objective

How will objective be monitored?

Who is responsible for takingcorrective action?

Business Plan Class

Documents

Transcript of Business Plan Class