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Business Plan, Uses Of Business Plan, Marketing Mix, Marketing Tools, Market Research, Constraints

10767 words - 43 pages

Business planAO1Task 1 section AWhat is a business plan?Organisations need to create business plans so they know what they are doing in the future. A business plan in fact is a living document which effectively means that it will be constantly be changing as the business develops. A business plan is a document that has a description of the business and what it intends to do in the future. A business plan is put in to a written format detailing their future plans. It enables entrepreneurs to know how they intend to supply the product or service. It reduces risk and helps secure investment with a business plan.This is another definition of what a business plan is."A written document that details a proposed or existing venture. It will typically explain the vision, current status, expected needs, defined markets, and projected results of the business."(www.soleproprietormagazine.com/index.php)A business plan will change due to internal and external factors. It is used to help the business to picture an idea of what is happening in the organisation and possible things that will affect the success of the company. A business plan is a tool that businesses use to plan. Things that a business plan will include are a description of the organisation, products and services they are providing, aims and objectives of the company, marketing plan, financial calculations, human resources and production. A business plan will give the company a clear picture into the different stages that they will need to go through in order to be successful.As a business plan will include financial information it will help the business in reviewing the progress of the business. By having a business plan it will help persuade external or other stakeholders to be interested in the business which could be financially as they would know what the business is planning to do and a potential for growth.Uses of business plansBusiness start-upThe uses of a business plan are mainly used when a person is thinking of starting up a business or planning to buy an existing business or franchise. The business plan should be revised and changed each year as the business would want to get new targets and preparing financial forecasts and should be changed even if the business does not seek extra sources of finance.ObjectivesBy having a business plan it helps the business to clearly state what their objectives are for a period of time. This helps the organisation as it allows the employees to work towards something which will help them in completing them. It is a motivation tool for employees as it will drive them into achieving the objectives of the company so it is successful. As objectives are set to be completed annually it helps to look in the future as it provides a framework. Stakeholders will know where the business is heading.Reduce riskBy having a business plan it will help the business to reduce risk as the plan will give a clear indication of the different sections of the plan that need...

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