Market Environment and Research

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BUSINESS PLANS VERSUS MARKETING PLANS

Some of the Web sites and other research resources you might visit in this course refer to a business plan, rather than a marketing plan. Although those two types of plans are related, and both are very important to growing a business, they are not one in the same. It is important for you to understand the function of each type of plan, so you can focus on the proper aspects for your assessments in this course.

The Business Plan

A business plan outlines and defines a business, and identifies the goals and objectives for the organization. Think of it as providing the big picture, or the overall scope of the company. It includes all aspects of the organization, including the objectives and strategies set for use in a specific timeframe. An overall business plan includes several sections, such as the:

· Executive Summary.

· Business Description.

· Market Strategies.

· Competitive Analysis.

· Design and Development Plan.

· Operations and Management Plans.

· Financial Components.

The Marketing Plan

By contrast, a marketing plan is a subset of the overall business plan. It focuses specifically on how the organization will seek new customers. It outlines the detailed marketing activities for the organization. Marketing plans include explanations of how the company will get customers to buy its products and services. Marketing plans also present methods for getting the message out to the organization’s target market. Some sections commonly appearing in a marketing plan include:

· Products and Services, and Your Unique Selling Proposition.

· Pricing Strategy Sales or Distribution Plan.

· Advertising and Promotions Plan.

In this course, we will look specifically at the marketing plan portion of the overall business plan. Please keep this in mind and look specifically for the marketing sections of the plans you study throughout this course, including the plans provided to you as examples, the plans from the recommended Web site resources, and plans you research on your own. Be careful to limit your focus in order to address the proper content for this course.