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Business Plan

Business Plan. Business Technology Edward Bok THS. What is a Business Plan . Essential to starting a business or continuing to operate a existing business Serves as a guide to help to what a business does and how it will accomplish its goals

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Business Plan

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  1. Business Plan Business Technology Edward Bok THS

  2. What is a Business Plan • Essential to starting a business or continuing to operate a existing business • Serves as a guide to help to what a business does and how it will accomplish its goals • 3 Key sections: Strategic Plan, Marketing Plan, Financial Plan

  3. Strategic Plan • Outline of Company’s goals and objectives and how they will be met • 3 components: Mission Statement, Strategies, and Method of Implementation • Mission Statement is the company’s goals, objectives, and purposes (provide, service, produce, establish, develop, achieve, gain, maintain) ex. To get into Duke • Strategies explain exactly how the stated goals and objectives will be met ex. Graduating top of my class and scoring 1200 on SAT • Methods of Implementation explains how strategies will be carried out and implemented which will accomplish the mission ex. Seek additional help in math and reading before and afterschool

  4. Favorite Company’s Mission • To bring inspiration and innovation to every athlete* in the world. (Nike) • Be America's Best Quick-Service Restaurant (Chick-Fil-A) • The price is forgotten long after the quality remains. (Gucci) • LVMH must continue to be synonymous with both elegance and creativity. Our products, and the cultural values they embody, blend tradition and innovation, and kindle dream and fantasy (Louis Vuitton)

  5. Marketing Plan • 4 essentials of marketing plan: Target Market, Place, Product, Promotion, and Price (4 P’s) • Target Market is the potential buyers the company intends to sell it product of provide its service • Place will be your outlet location, number of locations, method of distribution • Product is the item produced or delivered or the service provided • Promotion is the actual marketing and advertising of a company and its product or service • Price the cost to produce or deliver the product or service

  6. Financial Plan • Projected the cost and projected cash flow requirements • Based on type of product and service, estimated cost, competition, price, demand one can estimate gross revenue • Remember expenses such as advertising, wages, employee benefits, utilities and maintenance • 3 year projection of revenue and expenses can be prepared

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