The Five Strategy Hot Buttons
of a Business Plan
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The strategy areas most important to developing an effective and successful business plan deal with the market, production and services to be sold, research and development, organization and management and financial. Each is vital to success and each is dependent on the other four to some extent. A uniform approach should be taken so that consistency be maintained.
The market strategy addresses some of the most basic components of the business plan yet affords the ability to bring creative solutions to the table. The market strategy is a key factor in arriving at estimates of revenues and selling costs for the coming year will be.
Any market strategy will first identify what products or services will be offered for sale.
Second, the market strategy should define the customer profile for each product, line or service. The customer profile, which may be a demographic definition or other characterstic laden identification, must be applied to the real world. Each customer profile is linked to specific target customers.
Third, firm policy regarding pricing, discounts, advertising and promotions, marketing campaigns, sales and delivery are detailed.
The development of realistic yet optimistic sales goals is critical to the ultimate determination of revenues and to every other aspect of the business plan. The sales staff may tend to overstate anticipated sales, and the finance staff may tend to understate them due to their conservative nature. But the business planner must see through the biases to arrive at an achievable and somewhat probable level of revenues - by individual product or service - since each may have different related costs.
Some very important analyses underlies any quality market strategy. These analyses include:
- The purchasing behavior, preferences and consumption levels of each customer segment. What do they buy, how do they like it to be presented to them, how much will they desire and at which points of time will they order it ? From the answers - a customization is made to assure that they buy from you.
- The amount of competition that is present in each market segment and in the industry in general. Specific , major competitors should be discussed.
- The utility of each product or service to the customer.
The First Business Plan Strategy is Market Strategy
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