Read the following and give your response:

1 Question posted by ELICIA BRANNON-LITTLE ,

A business plan is a written document covering many aspects of a business, detailing the business' future; how it will use strategies to accomplish its goals. It can also be used as a financial tool. The business plan begins with an Executive Summary and includes Marketing, Operations, Financials, etc. Although a business plan does not guarantee the business will be successful, it is an essential guide to running your business. "About the only person who doesn't need a business plan is one who's not going into business" (The Young Entrepreneur Council, 2013). Even if you do not plan to get a loan from the bank or solicit a venture capitalist, creating a business plan helps you to better prepare, plan, and make decisions as well as allows you to identify strengths and weaknesses.

As you begin to create your business plan, begin to think about what you are trying to achieve. What are your goals? Who you are marketing to? Conduct an analysis of the external environment. Think about how you will raise capital or manage growth. There are many things to consider when starting a business. Creating a business plan will help you prepare for the future.

"Going into business without a business plan is like going on a mountain trek without a map or GPS support - you'll eventually get lost and starve!"

2 Question posted by ELICIA BRANNON-LITTLE,

A firm's target market is essential to sales, revenue, and profits. Understand who your customers are and how you plan to market your product or service. As the reading materials state,

There are two things to be mindful of as you write this section. First, all of the elements of a firm's marketing plan should be developed with the customer plainly in mind... The second thing to be mindful of as you write this section is that you must detail exactly who will sell your product and how your sales process will work. (Barringer, 2015, p. 149)

I owned a business several years ago in which my target market was schools and organizations. I purchased a building to provide a place for banquets. I grew up in the restaurant business. My father's family owned a well known restaurant and banquet facility. Learning the business as I grew up, many years later I decided to open a similar business. I wanted to appeal to a wide range of people so I decided on a banquet facility that was large enough to host 250 people. My market plan was successful. I did achieve my market goals.

Decide who your target market is. How do you plan to achieve your marketing goals?

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Question 1 Response As briefly discussed in this question a business plan is a vital document to the ... View the full answer