10.1 Business Plan

What is a business plan? How do marketers contribute to it?

Before we make a marketing plan, we must know the business plan.

DEFINED: A business plan is a written document that defines the operational and financial objectives of a business over a particular time, and defines how the business plans to accomplish those objectives.

The business plan is a comprehensive document that identifies the nature of the business.Varieties of plans exist within the business plan,including the marketing plan.The business plan also contains objectives, decision-making processes, and policies. A well-crafted business plan guides optimal utilization of resources within a business.The elements of a business plan generally include the following:

·Title Page

·Executive Summary

·Business Overview

·Product or Service Overview

·Market Overview

·Competitive Overview

·Operations Overview

·Management Overview

·Financial Overview

Depending on the type of business, the business plan may include different sections. The identified sections are common for an established business.A start-up business would also need.