The Development of A Business Plan
Business and Marketing Plans
Outline the business plan by creating it and starting the venture.
Explore the marketing plan, the organizational plan, and the financial plan.
Define what the business plan is, who prepares it, who reads it, and how it is evaluated.
Explain the scope and value of the business plan to investors, lenders, employees, suppliers, and customers.
Outline information needs and sources for each critical section of the business plan. Enhance awareness of the value of the Internet as an information resource and marketing tool.
Present examples and a step-by-step explanation of the business plan.
Present helpful questions for the entrepreneur at each stage of the planning process. Restate how to monitor the business plan.
Compare the relevance of industry and competitive analysis to the market planning process.
Describe the role of marketing research in determining marketing strategy for the
marketing plan.
Illustrate an effective and feasible procedure for the entrepreneur to follow in engaging in a market research study.
Define the steps in preparing the marketing plan.
Explain the marketing system and its key components.
Illustrate different creative strategies that may be used to differentiate or position the new venture’s products or services.
Reading
Hisrich, Robert D., Peters, Michael P., Shepherd, Dean A..
(2020). Entrepreneurship (11th ed.). McGraw-Hill Higher
Education. ISBN 9781260043730. Read Chapters 7 and 8
Discussion
Question 1 What is the purpose of the business plan if the audience is (a) the entrepreneur, (b) an investor, or (c) a key supplier?
How might the plan be adapted for these different audiences? Or do you believe that it is better to simply have one business plan that serves all audiences?
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