That would be as preposterous as in going to war without a weapon - utter suicide, for that matter. So to concretize that hazy business idea, the businessman or entrepreneur should devise a business plan. Business…
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ccessful undertaking while taking particular considerations to the current economic conditions and so as to develop contingency plans in that respect. In essence, it is a plan of thriving in the market.
While there are different types of business plans, they all can serve either of the two purposes: internal and external (Schwetje & Vaseghi, 2007, p. 1). When a business plan has an internal function, it presents strategies and tactics which can be utilized to effectively manage the internal operations and other domestic affairs of the company. A business plan could also be structured for an external purpose when it presents feasible means of financing (e.g. bank loans, venture capital, strategic alliances) for the continuous operation of the business.
The marketing plan is probably the meatiest feature that a business plan could have since it presents how the company’s products should be sold to the target market (even if the market is oligopolistic or in a form of perfect competition though except in a monopolistic structure) or in brief the influx of a real good cash that could support the business operations for a long term (Jaret, et al., 2010, p. 153). The marketing plan typically includes the current market situation, product positioning and/or promotional tactics (Jaret, et al., 2010, p. 154).
Apparently it can be said that a product is not doing any good in the market at all either because of a poor marketing strategy or simply because it lacks value and features. However, sometimes a bad product can guise a good image through strategic marketing. A good marketing strategy permits the aspiring businessman to roughly know how to compete in market through a thorough market research. Without a marketing strategy, the business idea is a fail no matter how well established the company’s reputation is. For someone new in the market, everything will be much worse.
The financial overview is also an important aspect in a business plan. Defining the financial
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