Marketing Plan for your Business
A major part of business plan is the marketing plan. The marketing plan clearly states how you will reach out to the customers, clients, and other interested parties and about branding of the products or services you are going to provide. On a broad definition, a business plan could be of two types: 1) Externally focused. 2) Internally focused
An externally focused business plan is prepared with the sole aim of providing detailed information about the organization’s targets and goals to the external stakeholders, like the shareholders, suppliers, customers or other investors. These external stakeholders should have thorough understanding of your target and strategies and absolute faith in your capacity to attain the goals and earn profit. Internally focused business plans states the operational plan and provides detail description of processes used to achieve the external goals. It generally covers the intricate details of internal decision making in an organization: for example,
Development of a new product
Starting up a new service
A new IT system
Restructuring of finance
Refurbishing of a factory
Taking up a franchise
Business acquisition
Merger or restructuring of the organization in any other way When you are starting up a new business, you are still unaware of many details. At this stage, you will need a start up plan. A simple start-up plan includes a summary, mission statement, keys to success, market analysis, and break-even analysis. This plan will help you to take decisions on whether to proceed with the business or not, but not enough for running the business.
