Discuss various types of business plans in brief

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Discuss various types of business plans in brief

Share on Facebook Without a competitive strategy, your business will have a tough time attracting customers.

Learn all about strategic planning in nonprofit or for-profit organizations in this topic from the Free Management Library. while the focus of a business plan is usually on a particular product, service or program. There are a variety of perspectives, models and approaches used in strategic planning. Different types of members may be. Investment types The most common terms that are related to different types of investments: Bond: A debt instrument, a bond is essentially a loan that you are giving to the government or a company in exchange for a pre-set interest rate. A business plan for a service business is different than a plan for other types of businesses. That's why a sample business plan for an accountant, insurance agent, self storage business, cleaning service, dry cleaning, travel agent or other service business will be so helpful.

However, Harvard professor Michael Porter, identified four major types of competitive strategies that businesses often implement, to varying degrees of success. Although your business may not use every element of these strategies, understanding their core principles can help you evaluate the effectiveness of your existing competitive strategy.

Cost Leadership Strategy Cost leadership is a tough strategy for small businesses to implement, because it requires a long-term commitment to selling your products and services at a cheap price. The challenge, however, is that you also have to produce these products and services at a low cost, otherwise, you lose your profit margin.

Large businesses that can make their products cheaply and sell them at a discount while still generating a profit, can drive competitors out of the market by consistently offering the lowest prices. Differentiation Strategy Identifying an attribute or characteristic that makes your product or service unique is the driving factor in a differentiation strategy.

For example, a company that produces dental drills that make no sound could market itself to dentists as a silent drill that helps reduce the fear that patients have when they hear that drill sound.

If your business is able to differentiate its products or services in the minds of buyers, it can reap the rewards of higher sales volume based on the perceived value, which your business offers, but your competitors do not.

Cost Focus Strategy A cost focus strategy is similar to a cost leadership strategy, but the major difference is that in a cost focus strategy your business targets a very specific segment of the market and offers that market the lowest prices available.

For example, a company that sells energy drinks could target a city that has a high percentage of people that compete in extreme sports and sell those drinks at a much lower price than its competitors could. The fact that this segment of the market is much more likely to buy energy drinks is a major factor in the company deciding that lowering its prices would be advantageous.

For example, a boutique that sells clothes for people that are four feet tall or shorter would be pursuing a differentiation focus strategy by catering to a very narrow and unique segment of the clothing market. Instead of spending money on making clothes for everyone, the boutique would be able to focus on designing clothes that are only suited for very short buyers.There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.

investors or venture capitalists and lending institutions are examples of the types of audiences for which. A business plan should be presented in a binder with a cover listing the name of the business, the name(s) of the principal(s), address, phone number, e-mail and website addresses, and the date.

A list of structural structure types and forms of architecture.. For individual buildings, see List of buildings and ph-vs.com other types of structures see nonbuilding structure. g Why do you need a business plan? g Where do you find help with business plans?

g What is in a business plan?

discuss various types of business plans in brief

g How do you prepare projections? g Who will lend you money? g Doing it right: Your business plan checklists What Is a Business Plan? Success doesn’t just happen—it usually takes thorough planning, and of course, money always helps.

discuss various types of business plans in brief

Business strategy is the firm's working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model. Strategy builders can find practical guidance in this definition. The marketing research process culminates with the research report.

This report will include all of your information, including an accurate description of your research process, the results, conclusions, and recommended courses of action.

52 Types of Marketing Strategies – ph-vs.com