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Design and Applied Technology (Secondary 4-6)
65
The components in a business plan
A marketing plan is usually a collective work, regardless of the size of the project or the plan.
Inputs from all relevant parties, such as finance, manufacturing, personnel, supply and
marketing, are crucial to a comprehensive and balanced marketing plan. For example, based
on their own expertises, professionals from different areas can justify and verify what is
achievable and how goals are attained. The experts can also share their insights on any
potential marketing opportunities for enriching the plan.
A business plan is different from a marketing one by spelling out what the business is about,
such as what to do and not to do, and what the ultimate goals are. A business plan discusses
also staffing, financing, strategic alliances and so on. More importantly, it shows the readers
the vision. A business plan establishes a framework for its marketing plan.
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