By Markus Schmid at April 09 2020 22:21:11
Marketing Plan: Marketing plan lays down the strategies of marketing which can lead to the success of business. These strategies are in terms of marketing mix (product, price, place and promotion). From the market feasibility study and marketing research, potential/ present demands of customers are determined which helps in understanding the profile of customers and hence help in laying down the strategies for segmentation of the market, identification of the target market laying down strategies for target market.
Describe the manufacturing or operating process and associated costs. Contain believable finical projections, with key data explained and documented.
Financial plan: Financial plan indicates the financial requirements of the proposed business enterprise such as: Projected cash flows ; Projected income statement ; Projected break-even point ; Projected ratios ; Projected balance sheet ; Project report preparation.
The reality is no matter how much you work with things in your head, no matter how confident you may be and how much you think you already have a great vision for your business, there are so many great reasons why you should get it down on paper.