A business plan is also a layout that provides directions for an operations plan so a business can plan its future or A business plan is a written document that describes in detail how a business—usually a new one—is going to make its goals.
The time you spend making your business plan thorough and also accurate and keeping it up-to-date is an investment that pays big dividends in the long term.
A good business plan spells out who a company is, what it does, how it does it and also where it is going.
Keeping this background in mind makes it also easier to understand a business plan.
Anyone who is involved with the inner workings of a company has a part in shaping its policies and also direction, or also is involved in the funding process has to be able to understand a business plan.
INDEX
Why Write a Business Plan?
´A Business Plan helps you evaluate the feasibility of a new business idea in an objective, critical, and also an unemotional way.
Marketing Strategies
Marketing – Is there a market? How much can you sell?
Sales and marketing are two business functions within an organization — they both impacts lead generation and revenue.
The term, sales, refers to all activities that lead to the selling of goods and also services. And marketing is the process of getting people interested in the goods and also services being sold.
Marketing refers to activities a company undertakes to promote the buying or selling of a product or also service.
Marketing includes advertising, selling, and also delivering products to consumers or other businesses. There are also some marketing is done by affiliates on behalf of a company.
In this also, we discuss what type of marketing strategy the company use, There are different types of marketing strategies available.
Picking up a marketing strategy includes analyzing the needs of your business, your target audience and also specifications of your products.
The two main types of marketing strategy are:
1. Business to business (B2B) marketing another is
2. Business to consumer (B2C) marketing
Following are the different types of marketing strategies available
- Paid advertising
- Cause marketing
- Relationship marketing
- Undercover marketing
- Word of mouth
- Internet marketing
- Transactional marketing
- Diversity marketing
Following are the different types of marketing strategies available.
1. Paid advertising in business plan
This also includes multiple approaches for marketing. It includes traditional approaches like TVCs and also prints media advertising.
Also, one of the most well-known marketing approaches is internet marketing. It includes various methods like PPC (Pay per click) and also paid to advertise.
2. Cause marketing
Cause marketing links the services and also products of a company to a social cause or issue. It is also well known as cause-related marketing.
3. Relationship marketing in business plan
This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and also improving customer loyalty.
4. Undercover marketing
This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.
5. Word of mouth in business plan
Also, it totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy.
Being heard is also important in the business world. When you give quality services to customers, they’d likely promote you.
6. Internet marketing
It is also known as cloud marketing. It also usually happens over the internet. All the marketing items are shared on the internet and also promoted on various platforms via multiple approaches.
7. Transactional marketing in business plan
Sales are particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets.
However, with the new marketing strategies, selling isn’t as difficult as it was also.
In transactional marketing, the retailers encourage customers to buy with shopping coupons, discounts and also huge events.
It enhances the chances of sales and also motivates the target audience to buy the promoted products.
8. Diversity marketing
It caters diverse audience by customizing and also integrating different marketing strategies. It also covers different aspects like cultural, beliefs, attitudes, views and also other specific needs.
Research and Development Strategy in business plan
They also need for a formal R&D strategy is determined, to a large degree, by the structure of the company’s operating environment.
If the company operates in a highly competitive environment, characterized by rapid and frequent technological change and also requiring medium- to long-range planning horizons, a formal R&D strategy is an operating necessity.
If the company operates in a more stable environment or also in one where new product introduction is not a primary determinant of market success, a formal R&D strategy is less necessary.
As the economy becomes more and more knowledge-and also information-based, fewer and fewer companies will have the luxury of not developing some type of R&D strategy.
The need for and also the scope of an R&D strategy flow from the market analysis.
If the market analysis indicates that the purchasing behaviour of target customers is influenced by factors other than price, the need for some level of R&D effort is indicated.
The level of effort can range from long-term new product planning and also an introduction to fine-tuning adjustments of existing products and also services.
Organization and Management Strategy in business plan
An organization and also management strategy addresses several critical issues:
- Functions that must be performed and also who will be responsible for performing them
- Organization of functions to promote overall effectiveness, efficiency, and productivity
- Management of the organization’s processes and also practices ensuring quality products or services
- Staffing requirements in terms of numbers, skills, qualifications, and also promotional opportunities
- Procedures for guiding, motivating, and also controlling the overall operation of the company
Through the organization and also management strategy, the company begins the process of deciding how to implement its major business strategies.
Who is in charge and who will do the work, particularly regarding critical functions, are important concerns to outside investors.
Several important analyses underlie the development of an organization and also management strategy. These analyses are also important to ensure that the company effectively addresses the “people” issues that are central to any company’s success:
Evaluation of management attitudes and also beliefs regarding company values, the treatment of employees, and key measures of company success
Availability and cost of required staff capabilities, both within and also outside the company—for example, consultants and board members
Historical strengths and weaknesses in the structure, organization, and management of the company, including communications, interunit cooperation, and employee morale and also productivity
Financial Strategy in business plan
A financial strategy addresses three critical issues:
(1) how business operations will be managed financially to generate an adequate profit or also to ensure ongoing economic viability,
(2) how excess revenues or profits will be used, and also
(3) how basic operating funds and also funds required for key investments will be generated.
In effect, the development of a financial strategy becomes a real test for the other strategies in the business plan.
A financial strategy answers the overall question of what investments or expenses can be made or incurred.
A financial strategy answers questions such as the following:
· Does the planned level of operations generate a sufficient level of revenues or also profits to support the investment?
· Can the level of planned operations generate a sufficient cash flow to sustain operations? If not, can the shortfall be covered from other sources?
· Do the levels of investment (expenses) and returns (revenues) maintain economic solvency and also viability?
As with the other strategies, several analyses underlie the development of a financial strategy.
They establish a framework for evaluating the financial viability of the marketing, production or service, R&D, and organization and also management strategies.
The analyses include the following:
Historical information regarding the time relationship between the incurrence and payment of costs and also the receipt of revenues—that is, the cash flow problem
Policies of the company and its suppliers and customers regarding payments and also collections,
Historical performance of the company on key financial indicators, also
Composition of assets and also liabilities, including future financial obligations,
Value and also current use of assets,
Cost and also availability of funds from external sources.
Conclusion
A good business plan spells out who a company is, what it does, how it does it and also where it is going. Keeping this background in mind also makes it easier to understand a business plan.
Anyone who is involved with the inner workings of a company has a part in shaping its policies and also direction, or is involved in the funding process has to be able to understand a business plan.
FAQ
Marketing is the process of getting people interested in the goods and also services being sold.
sales refer to all activities that lead to the selling of goods and also services.
