Last Updated 27 Mar 2020

Setting Up a New Business: Business and Marketing Plan

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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 (Makeover, 2008). Everyone In the firm an 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 and identify the best market mix. Importance of business plan A business plan is a kind of road map for a company. It gives goals, visions and benchmarking for your business. It gets created with aims of persuading others to assist in achieving the set goals and vision. It should describe all the business concepts, principals, products, target markets, and also trends in the market amongst any others. It also outlines the financial budgets like sources of funds to start a business.

It gives the total cost of the business, the expected level of returns or profits. It provides an opportunity to check on reality of the business and give momentum to the business. A business through a plan can evaluate where the gap are, what is working and future projections of the and guidance to run the business smoothly. Business plan is like a calling card for the business. It should always be able to outline your purpose and your identity. Successes and failures are clearly highlighted in a business plan, therefore, giving mime to acknowledge and organism your work in a better way.

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The peoples owning a business are made responsible and accountable to all happenings of the business giving flexibility and freedom to business owners. Conclusion While setting up a new business, one has to draw a convincing business and marketing plan. These two plans play a vital role in ensuring the business thrives to expectations. Business plans give financial planning while the marketing plan gives market strategies to find an excellent market for the products. When these two are put together, possibilities of success are extremely high. References Berry, T. (2004).

Setting Up a New Business: Business and Marketing Plan essay

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