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Summary Topic 15: The business plan
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Topic 15: The business planUnit 1: Developing a business plan
1.1 What is a business plan?
A business plan is a concise summary of the entire concept of the enterprise. It is prepared for
presentation to any interested stakeholders. The business plan should be concise so that
stakeholders can see the whole concept quickly. The business plan includes, among others, the
marketing plan and the financial plan. It is a good idea to show data in tables and graphs to
make the plan easier to understand. It is also important to be accurate and not show unrealistic
figures.
1.2 Why do we need plans?
Plans help entrepreneur to set goals and objectives against which they can measure the
success or failure of the business
Plans help stakeholders to understand the role they play and will encourage them to
contribute effectively
Plans identify problems that may arise, and help management to take steps to avoid these
problems. Planning for the future can help an enterprise to face threats.
1.3 What should a business plan include?
1. Cover page and index
2. Executive summary
3. Description of the business
4. Swot analysis
5. Marketing plan
6. Operations plan
7. Financial plan
8. Management plan
9. Legal requirements
10. Competition
Unit 2: The marketing plan
2.1 The 7 P's of Marketing
1. Product or service - What will be produced/ provided?
2. Pricing strategies - How to arrive at a specific price
3. Place/distribution - How to distribute the product
4. Promotion - How the product/service will be bought to the attention of potential customers
5. People - Everyone involved in production and consumption of the product
6. Process - All activities involved in the production and sale of the product/service as well as follow up
7. Physical evidence - Evidence (environment) which customers experience including help in making informed
decisions and follow up with support
2.2 Market Research and protocol
Size of the total market
Market share
The target market
Influences of buying decisions of the target market
Features of the competitors
Special features the product needs to deal with competition
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