How can branding suddenly take its place?
Brands are often thought about in very limited terms but in reality, they exercise tremendous power in every kind of business or organization.
A limited company exists in its own right - a tricky concept to understand for many people - basically meaning that financial liabilities belong to the company its shareholders, to the value of their shares in other words rather than the directors and executives of the business, as would apply in a partnership. Dictionary Term of Day Articles Subjects Sign Up.
I berween you are publishing what looks to be a fascinating book on this subject: When trading is done for the day on a recognized exchange, all stocks are priced at close.
The organizational and operating plan describes how you will structure your company and how you will carry out everything you present elsewhere in your business plan.– Bruce, Anaheim, CA
NGO vs Non-Profit Organizations Many people do not understand the principles of, and the differences between, NGO and Non-profit organizations, even though.– Kimberly, Corpus Christi, TX
The purpose of this post is to clearly delineate the distinct differences between strategy and tactics, and show how they work in tandem for your organization. Often.– Sandra, Lexington, KY
We have some very exciting plans for Businessballs. Phase 2 will include badges, learning plans linked to accredited competency difference between marketing plan and business plan, wikis for collaborative content development and new content from international thought leaders and academics.
The site will continue to follow our ethos of free work and life learning, and the redevelopment and ongoing management will be delivered by our partner Accipio. If you difference between marketing plan and business plan interested in contributing content or your view on where we should take Businessballs next, please email ask businessballs. Here are tips, examples, techniques, tools and a process for writing business plans to produce effective results.
Separately the marketing guide xnd more specific explanation and theories and tools for marketing strategy and marketing planning, including techniques and my reading homework tracking sheet for advertising, public relations Betweeenpress and media publicity, sales enquiry lead generation, advertising copy-writing, internet and website marketing, etc.
The sales training guide offers detailed theories and methods about sales planning and selling, extending plam cold calling and negotiation skills and techniquesespecially relating to selling. Sometimes people use the term business plan when they are referring difference between marketing plan and business plan a project.
Some projects are very substantial and equate to an autonomous independent business activity, in which case a business plan is markdting appropriate.
Other projects are smaller, perhaps limited to internal change or development, and are less likely to require a conventional business plan, and are quite adequately planned markfting managed via project management methods. Business planning terminology can be confusing because much of it is used very loosely, and businesss mean different things.
Terminology in business planning is often used very loosely. When people talk and write about business planning different terms may mean the same thing, and a businesa term can mean different things. Creative writing coursework definition businesses and plans are primarily driven or determined by market needs and aims. I should clarify that finance is of course a major businrss unavoidable aspect of business and organizational activities, but in terms of bbusiness, finance is a limiting or markeging factor; finance is a means to an end, plqn a restriction; finance in itself is not a basis for growth or strategy.
Consequently business plans how to write a sat essay format first to look didference, at a market, beween they look inwards, at finance and production, reflection assignment for#winfromwithininstructors: mrs mcdougall. This means that most businses plans are driven by marketing, since marketing is the function which addresses market opportunity and need, and how to fulfil it.
In bstween, marketing refers to much wider issues than sales and selling. Marketing involves the strategic planning of a business or busineas organizational provider through to every difference between marketing plan and business plan of customer engagement, including market reserach, product development, branding, advertising and promotion, methods of selling, marjeting service, and extending to the acquisition or development of new businesses.
Sales or selling is an activity within marketing, referring to the methods and processes of communicating and agreeing and completing the transaction sale with the customer. Additional help regarding terminology is offered by the business planning definitions below. Other definitions and explanations are offered in the business glossaryand in the shorter glossaries of difference between marketing plan and business plan differebce and marketing sections. Terminology will be further explained to clarify meaning and avoid confusion throughout this article.
Approached correctly, beteen business plans and marketing strategy is usually simpler than first seems. Business plans, and the strategy which drives them, are based on logic, or cause and effect:. Even the biggest business plan is effectly built on a collection of lots of causes and effects. A written business plan provides the narrative explanation of the numbers contained in a spreadsheet. A format or template for the written business planincluding numbers as required, is given below.
When we see lots of numbers in a computer spreadsheet we can forget this, but the numbers are merely a reflection of scale and detail, and of reference materials in research paper calculations and modelling, etc.
In fact often when we are confronted with a complex planning spreadsheet containing marketinf of numbers, what we are actually being offered is a ready-made planning tool. In many cases, where business planning is a continuation of an ongoing situation, the most frightening spreadsheets can provide a very easy template for future plans, especially with a little help from a colleague in the acciounts department who understands how it all works. It is generally more difficult to write a business plan for a start-up business a new business than for an existing business.
Spreadsheets are usually available showing previous years plans and actual results, which can be used as a template on which new plans can easily be overlaid. Writing a new business plan for the continuation or development of such an existing situation obviously enables much of the planning to be based on existing figures, ratios, statistics, etc.
New business start-ups - especially if you are the owner or entrepreneur - present bigger planning challenges in some respects plsn we have no previous records to act as a guide, but in other respects they offer wonderful opportunities to buwiness genuinely innovative and exciting founding principles - your own new business philosophy - on which your businesss can be built and developed.
On this page there is specific guidance for business start-up situations. See the simple business start-up principles. Depending on the constraints applying in the planning for existing continuous business activities, the principles are very similar for start-up and existing business planning. To explore personal direction and change for example for early planning of self-employment or new business start-up see the passion-to-profit exercise and template difference between marketing plan and business plan the teambuilding exercises page.
See also the simple notes about starting your own businesswhich to an extent also apply when you are starting a new business initiative or development inside another organisation as a new business development difference between marketing plan and business plan, or a similar role.
Adapt it to suit your purposes. The numbers could be anything: If you are starting a new business you might also find the tips and information about buying a franchise business to be diffference, since they difference between marketing plan and business plan many basic points about choice of business activity difference between marketing plan and business plan early planning.
If betwwen these materials please adapt the spellings to suit marieting situation. People use businexs terms referring to the business planning process - business plans, business strategy, marketing strategy, strategic business planning, sales planning - they all cover the same basic principles. The business entity could also be a proposed start-up, a new business difference between marketing plan and business plan within an existing organization, a new joint-venture, or any new organizational or business project which aims to convert action into results.
The extent to which a business plan includes costs and overheads activities and resources eg. Business plans written at business unit or departmental level do not generally include financial data outside the department concerned. Most business plans are in effect sales difference between marketing plan and business plan or marketing difference between marketing plan and business plan or departmental plans, which form the main bias of this guide. Marketing is the process by which a business decides what it will sell, to whom, when and how, and then does it.
The extent to which financial and commercial numerical data is included depends on the needs of the business. The extent to which this details the sales plan also depends on the needs of the business. Some organizations interpret this to be the same as a business plan or a marketing plan.
See the section on service contracts and budiness agreements. That said, the principles explained here can be applied to business plans of all sorts. Business plans are often called different names - especially by senior managers and directors delegating a netween exercise that they do not understand well enough to explain. Typically these names reflect the department doing the planning, despite which, the planning process and content required in the document betweeen broadly similar.
Other useful and relevant business planning definitions are in the marketint dictionary ; the sales and selling glossary ; some are also in the financial terms glossaryand more - especially for training - are in the business and training acronyms listingwhich also provides amusing light relief if this business planning gets a pplan dry be warned, the acronyms listings contain some adult content.
A useful first rule fifference business planning is to decide what you good words to use when writing an essay actually trying to achieve and always keep this in mind.
Marketihg your plaan large as a constant reminder to yourself, and to anyone else involved. Keeping your central aim visible will help you minimise the distractions and distortions which frequently difference between marketing plan and business plan during the planning process.
An increasingly vital dicference perhaps second rule of business planning is to establish qnd strong ethical philosophy at the outset of your planning. This provides a vital reference for decision-making and strategy from the start. A strong clear ethical code communicates your values to staff, customers, suppliers, and creates a simple consistent basis for operations which conventional financials, processes, systems and even people, do not address.
It is very difficult to introduce ethical principles later into an enterprise, especially when planning shifts into implementation, and more so if problems arise relating to integrity, honesty, corporate responsibility, trust, governance, etc. See corporate social responsibility and ethics and the Psychological Contract.
It is easy to address issues of ethics and corporate responsibility when you are the owner of a new enterprise. Nevertheless ethics and corporate responsibility are highly significant in planning, and strong justification for their proper consideration can now difference between marketing plan and business plan made. There are now plenty of recent examples of corporations - indeed entire national economies and governments - which have failed because of poor regard to ethical considerations.
The world is changing and learning, slowly, but it is, and anyone ignoring ethics in planning today does so at their own peril. A third crucial requirement for business difference between marketing plan and business plan is return on investmentor for difference between marketing plan and business plan services and non-profit organisations: For the difverence majority of organisations, whether companies, public services, not-for-profit trusts and charities, all organisations lpan to be financially effective in what they do, otherwise they will cease to function.
Ultimately - whatever the organisation and aims - financial viability is necessary to sustain any organised activity. Remembering the need for financial viability is vital also because business planning is often done - rightly - to achieve something new and special. This tends to focus thinking on creativity, innovation, ambition, quality, excellence, perhaps even social good, etc.
By treating return on investment as a vital requirement of planning we increase the likelihood that plans will be viable and therefore sustainable. Return on investment is however a variable feature of btween planning.
Bbusiness is flexible according to the type of diference, its main purpose and philosophy. In a conventional profit-driven corporation return difference between marketing plan and business plan investment at an optimal rate is typically a strong strategic driver for local planning and decisions, and by implication also a basic requirement of the enterprise as a whole.
On the other hand, in a business or organization less focused on how to write a good college admissions essay reward, such as a public services trust or charity, or a social wnd or cooperative, return on investment at a relatively lower ratemay be a requirement simply to sustain viable operations, according to the aims of the enterprise.
In the first example, return on investment is the aim; in the second example, return on marketint enables some other higher aim to be achieved. In a traditional profit-driven corporation, return on investment tends to be the main requirement of what is a claim in an argument essay business plan and also the main aim or purpose or driver of the plan.
In most traditional corporations return on investment tends to be at the heart of all activities, since typically the corporation exists to maximize the yield profit and growth effectively of shareholder funds invested in the business. In traditional profit-driven corporations, when a new manager starts to write a business plan or operational plan for the first time and for some experienced managers also, for the umpteenth betweeenthe manager wonders: What is the aim? What am I trying to achieve?
Often when they ask their own manager, the manager has the same doubts. The central aim is usually return on investment. Such enterprises are becoming more popular, and will continue to become so, since the collapse of the western economies inand increasing disillusionment with old-style business thinking.
Here return on investment is not the primary driver or objective of the business. Instead the main driver of enterprise may be some other purpose. Here, while return on investment may seem less crucial or appropriate to planning and operations, the enterprise must nevertheless remain financially viableplxn it ceases to be able to operate at all. In such examples, return on investment in business planning is not usually maximized, but must still be treated as an underpinning requirement to planning, and flexed according to the fundamental aims and financial requirements of the enterprise.
The basic methodology of business planning is identifying causes and effectsaccording to your relevant business requirements financials and ethics and strategic drivers what we are actually aiming to achieve. Here a cause is an input or action or resource; an effect is an outcome or result or consequence of some sort.
We want to achieve xyz effect for example a given return on investment, or a certain sales level or market share, whatever - so what should we plan to cause this to happen? The goal planning process and rifference help explain how this subdivision marketting - where a big aim is broken down into smaller more measurable and achievable parts.
Junior managers have business plan step by step planning for plans and activities which feed into larger departmental plans and activities of senior managers. The plans and activities of senior managers feed into the divisional plans of executives and directors. There is a hierarchy or tree structure of cause and effects, all hopefully contributing to the overall organizational aim.
In many good businesses a substantial business planning responsibility extends now to front line customer-facing staff, and the trend is increasing. In this context, the business plan could be called also be called a marketing plan, or a sales plan - all departmental getween are basically types of business planning:. Knowing the market enables you to assess and value and plan how to engage with it. Hence research is critical. And difference between marketing plan and business plan applies to any matketing of organisation - essay writing tutorials video just to businesses.
See especially ddifference guidance on marketing as it relates to business planning. Planning very much concerns processes. The principles of marketing will explain additionally how to put meaning and values into what you plan. Your market research should focus on the information you need, to betwsen law assignment format to formulate strategy and make business decisions. Market research should be pragmatic and purposeful - a means to an end, and not a means in itself.
Market information about market and industry trends, values, main corporations, market structure, etc, is important to know for large corporations plann on a national or international basis. This sort of information is available from the ubsiness, libraries, research companies, trade and national press and publications, professional associations and institutes.
This secondary research information normally requires some interpretation or manipulation for bbusiness own sifference. A lot of useful primary market research can be performed using customer feed-back, surveys, questionnaires and focus groups obtaining indicators and views through discussion among a few representative people in a controlled discussion situation. This sort of primary research should be tailored exactly for your needs. Primary research requires less manipulation than secondary research, but all types of research need a certain amount of analysis.
Be careful when extrapolating how to solve derivatives problems with solution projecting figures to avoid magnifying initial mistakes or wrong assumptions.
If the starting point is inaccurate the resulting analysis will not be reliable. For businesses of any size; small, local, global and everything in between, the main elements you need to understand and quantify are:. Primary research is recommended for local and niche services. Keep the subjects simple and the range narrow. If using questionnaires formulate questions that differdnce clear yes or no indicators i. Try to convert data to numerical format and manipulate on a spreadsheet.
Use focus groups for more detailed work. If you use any sort of marketing agency ensure you issue a clear brief, and that your aims are clearly understood. Useful frameworks for research are PEST analysis and SWOT analysis.
First establish or confirm the aims of the business, and if you are concerned with a part of a business, establish and validate the aims of your part of the business. These can be very different depending on the type of business, and particularly who owns it. Refer to and consider issues of ethics and philosophy, corporate social responsibility, sustainabilityetc - these are the foundations on which values and missions are built. Look at the reasons creative writing introduction to multimedia composition rutgers pros and cons of human cloning essay corporate responsibility are so important.
And see also the fundamental organisational planning stages. Consider the Psychological Contract and the benefits of establishing a natural balance and fairness between all interests notably staff, customers, the organization. Traditional diffetence models are not necessarily the best difference between marketing plan and business plan. The world is constantly changing, and establishing a new business is a good time to challenge preconceptions of fundamental business structure and purpose.
A business based on flour mill business plan pakistan narrow aim of enriching a few investors while relegating the needs and involvement of everyone else may contain conflicts and tensions at a deep level.
There are other innovative business structures which pplan inherently provide a mzrketing natural, cooperative differencce self-fuelling relationship - especially between community service essay template and the organization, and potentially between customers and the organization too.
In other words, what is the business aiming to do over the next one, three and five years? Bear in mind that you must reliably ensure the success and viability of the business in the short term or the long term is merely an academic issue. Grand visions need solid foundations. All objectives and aims must be prioritised and as far xnd possible quantified.
It announces clearly and succinctly to your staff, shareholders and customers what you are in business dufference do. Whole buskness need a mission statement - departments and smaller business units betwedn a bigger business need them too. You must understand and define clearly what jarketing are providing to your customers. This description should normally difference between marketing plan and business plan beyond your products or services, and critically must include the way you do businessand what business benefits your customers derive from your products and services, and from doing business with you.
Under normal circumstances competitive advantage is increased the more you can offer things that your competitors cannot. Good research will tell you where the opportunities are to difference between marketing plan and business plan your competitive advantage in areas that are of prime interest to your target markets.
Develop your service offering to emphasise your strengths, which should normally relate to your business objectives, in turn being influenced by corporate aims and market research. The important process in developing a proposition is translating marketng view good will hunting essay examples these services into an offer that means something to your customer.
The definition of your service offer must make difference between marketing plan and business plan to your customer in terms that are advantageous and beneficial to the customer, not what is technically good, or scientifically sound to you. Think about what your service, and the manner by diffeerence you deliver it, means betseen your customer.
Traditionally, in sales difference between marketing plan and business plan marketing, this perspective is referred to as translating features into benefits. For example, if a strong feature magketing a business is that it has hour opening, this feature would translate into something like: Clearly this benefit represents a competitive advantage over other suppliers who only open The important thing is to understand your services and proposition in terms that your customer will recognise as being relevant and beneficial to them.
Most businesses have a very poor understanding of what their customers value most in the relationship, so ensure you discover this in the research stage, and reflect it in your stated rifference or service proposition s. If your proposition s cannot be seen as leading to any of the above then customers will not be very interested in you. Business plans come in all shapes and sizes. Ensure your plan shows what your business needs it to show. Essentially your plan is a spreadsheet of numbers with supporting narrative, explaining how the numbers are to be achieved.
A plan busienss show all the activities and resources in terms difference between marketing plan and business plan betdeen and costs, which together hopefully produce a profit at the end difference between marketing plan and business plan the trading year.
The level of detail and complexity depends on the size and part of the business that the plan concerns. Buusiness business plan, which deals with all aspects of the resource and management of the business or your part of the businesswill include many decisions and factors fed in from the difference between marketing plan and business plan process.
It will state sales and profitability targets by ane. In a marketing plan there may also be references to image and reputation, and to public relations.
All of these issues require thought and planning if they are to result in improvement, and particularly increasing numbers of customers and revenue growth. You would normally describe and provide financial justification for the means of achieving these things, together with customer satisfaction improvement.
Above all a plan needs to be based on actions - cost-effective and profitable cause and effect; inputs required to achieved required outputs, analysed, identified and quantified separately wherever necessary to be able to manage and measure the relevant activities and resources.
Difference between marketing plan and business plan principles apply to a small local business, a department within a business, or a vast whole business. Before attending to the detail of how difffrence achieve your marketing aims you need to quantify clearly what they are. What rifference targets does the business have? What customer losses are you projecting? How many new customers do you need, by size and type, by product and service? What sales volumes, revenues and contributions values do you need for each business or revenue stream from each sector?
What is your product mix, in terms of customer type, size, sector, volumes, values, contribution, and distribution channel or route to market? Difference between marketing plan and business plan are your projected selling costs and net contributions per service, product, sector? What trends and percentage increase in revenues and contributions, and volumes compared to last year are you projecting?
How is your market share per business stream and sector changing, and how does this compare with your overall business aims? What are your fast-growth high-margin opportunities, and what marketibg your mature and low-margin services; how are difference between marketing plan and reflection assignment for#winfromwithininstructors: mrs mcdougall difference between marketing plan and business plan buainess these different opportunities, and anything else in between?
You should use a basic netween tool to split your business according to the main activities and profit levers. The Ansoff product-market matrix helps to understand and assess marketing 1 page essay on mahatma gandhi business development strategy.
Any business, or part of olan business difffrence choose which strategy to employ, or which mix of strategic options to use. This is a fundamentally simple and effective way of looking at strategic development options.
Think begween what option offers the best potential for your own business and market. Think difference between marketing plan and business plan the strengths plna your business and what marmeting of pan strategy your strengths will enable most naturally.
Generally beware of diversification - this is, by its nature, unknown territory, and carries the highest risk of failure. This is fine if there is plenty of market share to plwn had at the expense of your competitors, or if the market is growing fast and large enough for the growth you need.
If you already have large market share you need to consider whether investing for further growth in this area would produce diminishing returns from your development activity.
It could be that you will increase the profit from this activity more by reducing costs than snd actively seeking more market share. This is an attractive strategy if you have strong market share in a particular market.
However if you already have good market share across a wide range of products for your market, this option may be one that produces marketig returns on your growth investment and activities, and instead you may do better to seek dissertation writing advice stephen develop new markets, as in group assignment rubric next strategic option.
New markets can also mean new sub-sectors within your market difference between marketing plan and business plan it helps to stay difference between marketing plan and business plan close to the markets you know and which know you. This is high risk - not only do you not know the products, but neither do you know the new market sand plna this strategic option is likely to entail working through new distribution channels and routes to market.
This sort of activity should generally be regarded as additional and supplementary to the core business activity, and should be rolled out diffeence through rigorous testing and piloting.
Difference between marketing plan and business plan also your existing products and services themselves in busienss of their market development opportunity and profit betdeen. Other products and services may be more mature, with little or no competitive advantage, in which case they will produce lower margins.
The Boston Matrix is a useful way to understand and assess beyween different betweeen product and service opportunities:. The Boston Matrix narketing also called the BSG Matrix, Growth-Share Matrix, and variations around these titles is a tool for assessing existing and development products in terms of their market matketing, and thereby implying strategic action for products and services in each of the four categories reflected in the model.
The Boston Matrix model was devised by Bruce Maketing difference between marketing plan and business plan, founder of the Boston Consulting Group in the s. Like other four-part term paper topics for english matrix models, the Boston Matrix is a very quick and easy method for analysis, thinking and decision-making, while being unavoidably limited in its handling of subtlety and detail.
Often in business and strategic businesd too much detail is unhelpful - instead, clarity and ease of understanding are extremely helpful, especially in communicating ideas to teams and groups, in which circumstances the Boston Matrix is an excellent aid. Products in this quadrant need maintenance and protection activity, together with good cost management, not growth effort, because there is little or no additional growth available.
There is no point in developing products or services in this mar,eting. Businesses that have been starved or denied development find buziness with a high or entire proportion of their products or services difference between marketing plan and business plan this quadrant, which is obviously not very funny at all, except to interesting questions for research papers competitors.
This is likely to be an area of business that is quite competitive, where the pioneers take the risks bueiness the hope of securing good early distribution arrangements, image, reputation and market share. Gross profit margins are likely to be high, but overheads, in the form of costs of research, development, advertising, market education, and low economies of scale, are normally high, and can cause initial business development in this area to be loss-making until the product moves into the marketign star category, which is by no means assured - many problem children products remain as such.
When a market is strong and busibess growing, competition is not yet fully established. Demand is strong; saturation difference between marketing plan and business plan over-supply do not exists, and so pricing is relatively unhindered. This all means that these products markketing very good returns and profitability.
The market is receptive difference between marketing plan and business plan educated, which optimizes selling efficiencies and margins. Production and manufacturing overheads are established and costs minimised due to high volumes and good economies of scale.
These are great products and worthy of continuing investment provided good growth potential homework college helper to exist. When it does not these products are likely to move down to cash cow status, and the company needs to sample business financial plan the next rising stars developing from its problem children.
After considering your business in terms of the Ansoff matrix and Boston matrix which are thinking aids as much as reading worksheets for 2nd an pdf else, not a magic solution in themselveson a more detailed level, and for plqn businesses mar,eting as significant as the Ansoff-type-options, what is the significance of your major bwtween - do they offer better opportunity for growth and development than sifference ordinary business?
Do you have a high quality, specialised offering that delivers better business benefit on a large scale as opposed difference between marketing plan and business plan small scale? Are your selling costs and investment similar for large and small aand If so you might do better concentrating on developing large major accounts business, rather than taking a sophisticated product or service solution to smaller companies which do not appreciate or require it, and cost you just as much to sell to as a large organization.
This customer matrix model is used by many companies to understand and structured problem solving processes strategies according to customer types. Assessing product type is helped by reference to the Boston matrix model.
A good way to do this difference between marketing plan and business plan to devise your difference between marketing plan and business plan grading system aand criteria that mean something to your own situation. This kind of ad profiling tool and exercise is often overlooked, but it is a critical aspect of marketing and sales development, and of optimizing sales effectiveness and business development performance bueiness profitability.
Each quadrant requires a different sales approach. The type of customer also implies the type of pkan busiess who should be responsible for managing the relationship. Focus prospect development identifying and contacting differencr prospective customers on the profile which appears in the top left quadrant. Identify prospective new customers who fit this profile, and allocate your business development resources people and advertising to this audience.
Consider also What are your competitor weaknesses difference between marketing plan and business plan terms of sectors, geographical difference between marketing plan and business plan plam products or services, and how might these factors affect your options? Use the Differdnce analysis also for assessing each competitor as well as your own organization or department.
Use the models described here to assess your best likely returns on marketing investment. The level of detail is up to you; modern spreadsheets can diffreence massive amounts of data and make very complex analysis quick betweeb. Data is vital and will enable you to do most of the analysis you need for marketing planning. These templates differencce help the planning process. Add different columns which reflect your ahd business difference between marketing plan and business plan drivers or levers, and businsss provide the most relevant measures.
Do the same netween each important aspect of your business, for example, split by market sector or segment:. These simple split analysis tools are plab travel writing essay gcse effective way to plan difference between marketing plan and business plan sales and business.
If you are a competent plah with spreadsheets it is normally possible to assemble all of this data onto a single spreadsheet and then show different analyses by sorting and graphing according to different fields. When you are happy with the overall totals for the year, convert this into a phased monthly plan, with as many lines and columns as you need and are appropriate busimess the business. Develop this difderence by showing inputs as well as diffrence outputs - the quantifiable activity for example, the numbers of enquiries necessary to produce betwern planned sales levels required to produce the planned performance.
Large businesses difference between marketing plan and business plan extensive and multiple page spreadsheets. A business plan needs costs as well as sales, and will show profit as well as revenue and gross margin, but the principle is the same: Consider also indirect activities that affect sales and business levels, such as customer service. Identify key performance indicators difference between marketing plan and business plan too, difference between marketing plan and business plan as customer complaints luxury italian writing paper and resolution levels and timescales.
Internal lead referral schemes, strategic partnership activity; the performance of other direct sales activities such as sales agencies, distributorships, diffference activities, dicference, etc. Your marketing plan is actually buwiness statement, supported by relevant financial data, of how you are going to develop your business. Plans should be based on actions, not masses of historical data.
The historical and market information should be sufficient just to explain and justify the opportunities, direction, strategy, and most berween, the marketing actions, anr and measures - not to tell the story of the past 20 years of your particular industry. As stated above it is easiest and best to assemble all of markering p,an onto a spreadsheet, anx then allows data to be manipulated marmeting the planning process, and then changed and re-projected when the trading year is under way.
The spreadsheet then becomes the basis of your sales and marketing forecasting and results reporting beteeen. As well as sales and marketing data, in djfference types of businesses it is also useful to include measurable aims concerning customer service and satisfaction. The marketing plan will have costs that relate pla a marketing budget in the overall business plan.
This data is essentially numerical, and so needs also some supporting narrative as to how the numbers will be achieved - the actions - but keep the narrative concise; if it extends to more sample business plan layout a half-dozen sheets make sure you put a succinct executive summary on the expository essay sample about education. The marketing plan narrative could if appropriate also refer to indirect activities such as busjness development, customer service, quality assurance, training etc.
Be pragmatic - marketing plans vary enormously depending on the type, size and maturity of business. Above all create a plan that logically shows how the business can best consolidate and grow its successful profitable areas. Keep the written part of the business plan as concise and brief as possible - businesss situations and high-ranking executives do not need to see plans that are an inch diffegence.
If you can make your case on a half dozen pages then do so. Particularly if your plan is mrketing than pages long, produce an executive summary easiest to do when you have completed the plan and insert it at the beginning plqn the document.
If you need to include lots of reference material, examples, charts, evidence, etc, show these as appendices betwefn the back of the document and make sure they paperback writer alison solo numbered and referenced during the main marketkng of the plan.
Each new section aand start at the top of a new page. Important plans should be suitably bound. All business plans should be professionally and neatly presented, with no grammar and spelling errors, clearly laid buainess in an easy to read format avoid lots of upper-case or fancy fonts or italics identity theft essay these differejce all difficult to read.
Your business plan contents and structure should be as follows:. A business plan for a more complex project such as an difference between marketing plan and business plan joint-venture, or the formation of a new company including manufacturing plant or other overhead activities would need to include relevant information and financials about the overheads and resources concerned, and the financials would an to show costs and profits diference like a fully developed profit and loss account, with cashflow projections, balance sheet, etc.
Where appropriate refer to your position regarding corporate ethics and social responsibility and the Psychological Contract. While these aspects are not mechanisms within the plan, they marketinf crucial reference points. Adapt as necessary according to your new strategic plans. Your people are unlikely to have all the skills they need to help you implement a marketing plan. You may not have all the markeing that you need so my reading homework tracking sheet have to consider justifying and obtaining extra.
Customer service is acutely sensitive to staffing and training. Are all of your people aware of the aims of the business, its mission statement and your sales propositions?
Do they know what their responsibilities are? How will you measure their performance? Many of these issues feed back into the difference between marketing plan and business plan plan under human resources and training, where budgets need to be available to diffeence the investment in these areas.
You should formulate a customer service charter, extending both your mission statement and your service offer, so as to digference staff and customers what your standards are. These standards can cover quite detailed aspects of your service, such as how many times the telephone will be permitted to ring until the caller is gets an answer. Other issues might include:. This charter sets customer expectations, so be sure you can meet them. Customers get disappointed particularly when their expectations are not met, and when so many standards can be set at arbitrary levels, marketung of each one as a promise that you should keep.
Remember an important rule about customer service: A special marketinv of note for businesses that require diffrence strong technical profile among their service staff: You must keep measuring your performance against them, and preferably publishing the results, internally and externally.
Customer complaints handling marketinng a key element:. Measuring customer complaints diffsrence crucial because individual complaints are crucial areas to resolve, and also as a whole, complaints serve as a barometer for the quality and performance of the business. You need to businness a scheme which encourages, not discourages, customers to complain, to open the channels as wide as possible. Most businesses are too defensive where complaints are concerned, preferring to minimise their importance, or to seek to justify and excuse them.
Complaints are the opportunities to turn ordinary service into unbeatable service. But every complaining customer will tell at least a couple of their friends or relations. Every sifference staff member in the customer organization will tell several of their colleagues. Unreported complaints spawn bad difference between marketing plan and business plan marketnig the breakdown of relationships. It is imperative that you capture all complaints in order to:.
Marketong Technology - are your computers and communications systems capable of giving you the information and analysis henry ford research paper outline need?
How do you use email - is it helping or hindering your business and the quality of service you give to your customers?
What internet presence and processes do you need? How should your voice and data systems work together? What systems need to be available to mobile staff? What customer relationship management CRM systems marleting you have? How should you consider all these issues to marketign the needs and opportunities? IT and communications systems increasingly offer marketing and competitive advantage to businesses in all difference between marketing plan and business plan - make sure you know hat IT can do for you and for your customers.
Premises - Review your premises and sites in light of your wnd service, distribution, and customer relationship requirements. Pay particular attention anywhere in your organization that your customers visit - the impression and service you give here is critical.
Identify every aspect of your service or performance that is important - then you need to be able to measure it and report on it, and where people are involved in performing to certain standards then the standards and the reporting needs to be transparent to them also. ;lan do you report on sales, marketing and business performance and interpret the results? Who needs to know? Who needs to capture the data?
Having an open dialogue with your customers is vital. Try to devise a standard feedback form. The form can carry details of your differenve statement, service offer and your customer service charter. Consider carrying out a customer satisfaction and perceptions survey. There are many ways to do this on a small or large scale, and valuable feedback is always obtained from customer survey exercises. Some of us are not naturally inclined towards the sort of detailed financial thinking that is required for lpan detailed business planning.
It can be stressful and counter-productive to try to use methods that are not natural or comfortable. If you are helping or advising others about starting their own enterprise or self-employment, the differencr principles apply. Not everyone is naturally good at business planning, but everyone who dreams of being bisiness or who wants to start and run their own independent enterprise is pla of doing so, provided they work to their strengths, capabilities and passions. People running successful enterprises come differenec all shapes and sizes, from all backgrounds, all ages, with skills, passions, and capabilities in any field you can imagine.
Anyone can run their own business or be successful in self-employment given the simple determination to do so. Here are some pointers for people considering starting marketinf own new enterprise, or for helping others to do the same. First, and especially if you are not clear of your own real strengths, or what direction to pursue, focus on using tools to understanding your own personality style and strengths.
Then use this knowledge to imagine and realise how your natural capabilities can be used to best effect in defining and providing your own services or running difference between marketing plan and business plan own enterprise. Plqn VAK and Multiple Intelligences tools on this site are helpful for this purpose. Understanding personality is also marketig since personality-type greatly influences the difference between marketing plan and business plan that example topic for research paper in english person approaches self-employment or running an enterprise, and what sort of service or business to offer.
The Personality Styles page provides a lot of explanation about this. Many people are conditioned by sifference diffegence over-cautious parents to under-estimate their own potential and capabilities, which is a big reason to take a fresh look at what you are good at, and businrss re-think and understand better the ways that your personality differencee tends to be successful in life and business.
There are many ways to be successful and independent in life aside from building and running a conventional business and adhering to conventional financial markefing methods.
The basic economics of becoming successfully independent in any sort of venture are actually extremely simple, and focusing on the following simple fundamentals a process really can help many folk turn your dream or an idea into a successful enterprise or self-employment reality. And importantly is this something that you have a real passion for? All successful llan are built on doing something the owner enjoys.
If you narketing buying and selling products or using materials consider the cost prices. If the main resource is your own time then attach help with common app essay prompts cost differenve your labour that reflects your available time for the work and the wage you need to draw. Divide your required plann wage by the number of work hours available to you, and this is your notional hourly labour cost.
Ideally small hetween difference between marketing plan and business plan a healthy profit margin or mark-up - doubling the cost is good if the differencce will accept it. Take into account your competitors and what markehing charge and their relative quality. Private consumers of course are more sensitive to VAT than business customers who can generally reclaim VAT should you have to add it to your prices.
Identify your customers and market. Do you know this for sure? Consider your competition adn what are people buying currently and why will they buy from you instead? And how many customers do you need? Again remember the affect of VAT businesz your selling prices if applicable.
There is usually a busimess for generating new customers, especially in the early stages of a new enterprise. See the articles on marketing paln selling. Does all this add up, and better still provide a cash surplus at the end of a year? People who dislike marketinh are not fluent in detailed business calculations might find the above process a useful starting point when buskness about how to begin a new enterprise or a venture in self-employment.
If this is you, you are not alone: Hence many highly successful business leaders rely heavily plsn their financial directors to difference between marketing plan and business plan care of the financial details, leaving them free to get on with the business activity that makes best use of their natural skill, be it creativity, selling, service-provision, people-skills, technical skills, or whatever.
Incidentally the above factors are the essential components which make up a basic Profit and Loss Account, which is the primary management markeeting for a business of any scale ahd complexity. If in doubt about this seek some help from an experienced business person or your accountant. The numbers could be anything - ten times less, ten times bysiness, a hundred times more - the principle is the same. When you have confirmed and refined the basic viability of your business idea you can then begin getting to grips with the more detailed aspects of forming the business itself.
The Psychological Contract is increasingly significant within and relating to business constitution. There are less common differene of limited companies, and other business structures and constitutions, for example:. A limited olan partnership offers protection to partners in terms of personal liabilities, in that liabilities are limited to the extent of personal investment and any other guarantees.
This is considered to be too much personal exposure by many business people, in which case a limited company markting the obvious alternative. A limited company exists in its own right - a tricky concept to understand for many people - basically meaning difference between marketing plan and business plan financial liabilities belong to the company its shareholders, to the value of their shares in other words rather than businwss directors and executives of the business, as would marketinh in a partnership.
Limited companies ultimately offer more flexibility for large complex businesses but can be over-complicated and administratively heavy if all you want difference between marketing plan and business plan do is run a local shop or landscape gardening business or modest training or coaching business.
Whatever, consider carefully what type of company framework pln suit you best. Once established it can be quite difficult to unravel and change if you get it wrong - not impossible, but ppan nuisance if you could have got it right first time magketing a bit of extra thought at the planning sifference.
A good accountant will help you decide what is best for your situation from a legal and financial standpoint, although before this you should think for yourself what sort of business structure best fits your wider business situation, and especially your business aims and philosophy.
Broad guidelines about business types are available from the UK Government business information Businesslink website. In fact it is a legal requirement of all limited companies to have a business bank account. There are wide difference between marketing plan and business plan in services and costs offered by the different banks. You must also understand and organize the tax busniess for your type of business. Before starting any business ensure also that you have the information and controls to account for and pay all taxes due.
Helpfully to learn more about this in the UK, most tax affairs are within the responsibilities of HM Revenue and Customs - until they too change their name to something very silly. HMRC is another weird example of quirky UK Government departmental names and branding.
God help different differenfe of essays and husiness all, our country is run by alien wannabe noblemen from the middle ages. VAT Value Added Tax or your diffference equivalent is an issue warranting betwesn thought if your business is small enough to have a choice in the matter. Check the HMRC website for the current position.
Being VAT registered means you must charge VAT on all VAT-rated supplies, which means also that the VAT you receive on poan from your customers must be paid andd HM Revenue and Customs.
No you cannot keep it, even though some accidentally try to, and others think they are difderence to. Being Differenc registered also enables you to reclaim VAT that you pay on business costs, template for writing a term paper lpan are some notable exceptions, like company cars.
Retail and consumer businesses are especially affected by VAT. Private consumers cannot claim back VAT, so the effect of VAT on markrting and margins needs harvard business school business plan outline thought in planning any consumer business.
Up to a certain level of turnover in the UK becoming registered for VAT is optional. If your business turnover is likely to be below the threshold for mandatory VAT registration, you must decide for yourself if the advantages outweigh ahd disadvantages. The main advantages of VAT registration are:.
Information about VAT and all other tax marketlng is at the UK Government HM Revenue and Customs website: VAT is not the only tax. Taxes are also due on company profits sole-traders or partnerships profits are taxed via personal earnings of the sole-trader xifference partners markwting on staff difference between marketing plan and business plan national insurance. A sole-trader or partnership can employ diffreence, in which case national insurance tax is due on salaries paid to employees, which narketing different to the tax that employees pay themselves.
Contact your tax office. Inform them difference between marketing plan and business plan your plans and seek their help. Tax aand are generally extremely marketinng, so ask. You can even talk to a real person on the phone without having to breach a six-level automated menu system.
Ideally find a decent accountant too. Preferably one who comes recommended mwrketing you. With all the greatest respect to accountants everywhere, accountants are quite commonly very intense people, like solicitors and scientists, very much focused on process, accuracy, rules, etc. So again shop around and find an accountant with whom you can share a joke and a beer or something from the human world.
Accountants difference between marketing plan and business plan seem at times to be from another planet, but I can assure you the good ones are bloody magicians beteeen it comes ;lan business development, especially when the figures get really interesting. For many entrepreneurs, the ideal scenario is difference between marketing plan and business plan difference between marketing plan and business plan your businness large enough to support the cost of a really excellent finance director, who can take care of all the detailed legal and financial matters for you, and leave you busijess free to concentrate on growing the business - concentrating your efforts and ideas and qnd externally towards markets and customers, and internally towards optimizing innovation and your staff.
Plsn the quick marketiny tips below, especially for small businesses which might not easily be able to achieve immediate and accurate control of their tax liabilities, which is one of the major early risks for a new successful small business.
A significant potential problem area for newly self-employed people, and for gusiness business start-ups, is failing to budget and save for inevitable taxes which arise from nad business activities. These kindness essay template are not meant to be a detailed mxrketing guide to business taxation.
This section merely addresses a particular vulnerability of new start-up businesses in failing to set aside sufficient reserves to meet tax liabilities, especially small businesses, and even more especially sole-traders and partnerships and small limited companies, which lack expertise in accounting and consequently might benefit from these simple warnings and tips related to tax liabilities.
In general these issues would normally be managed via a cashflow forecast, together with suitable financial processes to allocate and make payments for all costs and liabilities arising in the course of trading. These notes in no way suggest that difference between marketing plan and business plan is the normal fully controlled approach to planning and organizing tax liabilities and other cashflow differencf within any buwiness of significant scale.
anv This is simply a pragmatic and practical method aimed at averting a common big problem affecting small business start-ups. While your type of company and business determines precisely which taxes apply to you, broadly taxes are due on sales for VAT betwesn businesses in the UK, or your VAT equivalent if outside the UKand on the profits of your business and your earnings.
Generally sole-traders and partnerships have simpler difference between marketing plan and business plan arrangements - diffdrence difference between marketing plan and business plan, profits are typically taxed as personal earnings - as compared with the more complex taxes applicable to limited companies, which also pay taxes on businesss profits and staff salaries.
Whatever, you must understand the tax liabilities applicable to businfss situation, and budget for them accordingly. You must try to seek appropriate financial advice for your situation before you commence trading. Indeed understanding ditference basics also helps you decide what type of company will best suit your situation, again, before you dufference trading. The potential for nasty financial surprises - notably tax bills that you have insufficient funds to pay - ans tends to increase along with your success.
The risks of getting into difficulties can be plzn for the difference between marketing vifference and business plan and small partnerships times tables homework year 2 eifference do not have great financial knowledge and bbusiness, than for larger Marketong Company start-ups ahd tend to have more systems and support in financial areas.
Start-ups are especially prone to tax surprises because the first set of tax bills can commonly be delayed, and if you fail to account properly for all dufference due then obviously you increase the chances of spending more than you should do, betqeen in buxiness pplan adequate funds to cover the payments when they are due.
Therefore not all of your marketimg earnings belong to you - some of the money belongs to the how do i solve a probability math problem. Additionally, if you are a person who vifference in the habit bueiness spending everything that you annd, you must be even more careful, since this tendency will increase the risks of your being unable to pay your taxes.
Failing to get on top of the reality of marketlng from the very beginning can lead to serious debt and cashflow problems, which is a miserable way to run a business. So you must anticipate and set betwefn funds necessary to meet your tax liabilities from the very start of your business, even if you do not ubsiness have a very accurate idea of what taxes will be due, or you lack effective systems to calculate them - many small start-ups are in this position.
Nevertheless differencs is too late to start thinking difference between marketing plan and business plan tax when the first demands fall due. If when starting your business you do not have information and systems to identify and account accurately for your tax liabilities, here olan two simple quick tax tips to avoid problems with the taxman:.
This example is based on a self-employed consultancy-type business, like difference between marketing plan and business plan training or coaching business, in which there are no significant costs of sales products p,an services bought in or overheads, i. In the UK VAT on most products and services is Income tax and national insurance are calculated on taxable earnings, which exclude money spent on legitimate business costs, and VAT received. These figures in the above example are approximate I emphasise again, which is all you need for pros and cons of human cloning essay purpose, moreover the approximations are on the high side of what the precise liabilities actually are.
Back to the percentages. Knowing the income tax percentages enables you to set differejce a suitable percentage of your earnings when you receive them into the business. Remember you can arrive at these figures based on the VAT dufference revenues, but to keep matters simpler it is easier to mar,eting an adjusted total percentage figure to apply to the betwden gross earnings.
From this example you can see that setting difference between marketing plan and business plan The tax liability will obviously increase with increasing revenues - and in percentage terms too regarding personal income tax, since more earnings would be at the higher rate. You must therefore differende markering your earnings levels through the year and adjust your bjsiness tax contingency accordingly.
As stated already above, the risk of under-estimating tax liabilities increases the more successful you are, because tax bills get bigger. In truth you will have some costs to offset against the earnings figures above, but again for the purposes of establishing a very quick principle of saving a fixed percentage abd difference between marketing plan and business plan tax reserve until you know and can control these liabilities more accurately, the businesz is a very useful simple easy p,an of initially diifference solvent and on top of your tax affairs, which are for many people the most serious source of nasty financial surprises in successful start-up businesses.
The above example is very simple, and plab provided mainly for small start-up businesses which might otherwise neglect to provide for tax liabilities. The figures and percentages are not diffedence but the broad principle of forecasting and providing funds for tax liabilities is to apply to retail businesses for example, or businesses maroeting which staff are employed, since these businesses carry significant costs of sales and overheads, which should be deducted from revenues difference between marketing plan and business plan calculating profits madketing taxes liabilities.
Neither does the example take account of the various ways to reduce tax liabilities by reinvesting profits in the business, writing off stock, putting money into pensions, charitable donations, etc. Preferably do this bettween few weeks before you actually begin trading. That cifference you can be fully informed of the tax situation - and your best methods of dealing with tax, because there are usually different ways, and sometimes the differences can be worth quite a lot of money. Then map these crucial approval criteria into the following structure.
In other differencf, work through the following template structure according to, and orientated as closely as me1 assignments discovery can pln, the approval criteria. These points could effectively be your feasibility study or report justification structure, and headings. Keep to marketong facts and figures. Be clear and concise. Refer to the tips about effective writing.
If possible present your case in person to the decision-makers, with passion, calm confidence and style. Look at the tips differende presentationsand assertiveness. Here are some ideas of what to look for. As regards finding someone like this, without doubt the most reliable and quickest method is by networking introductions through trusted people.
Start by talking to people you know and asking if they know anyone, or if they know anyone who marketinf know wine import and export business plan - and take it from there. The chances of finding the right person in the local business listings or directory, out of the blue and from cold, are pretty remote. Replying to adverts and marketing material from consultants is a lottery too.
For something so important as business ,arketing advice or consultancy use referrals every time. Referrals work not only because you get to find someone trusted, difference between marketing plan and business plan the person you find has a reasonable assurance that you can be trusted too, you see: It works both ways.
These are the simple rules for planning and starting your own business. The principles also apply to planning and starting a new business paln an organisation for someone else. In amongst the distractions and details of new business planning, it is important to keep sight of the basic rules of new business husiness. Uniqueness is vital because otherwise there is no reason for customers to buy from betwsen.
Anyone can be or create a unique business proposition by thinking about it clearly. Uniqueness can be in a difgerence or service, or in a trading method, or in you yourself, or any other aspect of your business buslness makes what you are offering special and appealing to people. You will develop your own unique offering first by identifying what people want and which nobody is providing properly. Second you must ensure that your chosen unique offering is also an extension of your own passion or particular expertise or differenc - something you will love and enjoy being the best at - whatever it is.
Experience and wisdom are fundamental building markketing of difffrence, and will be for you from the moment you start looking at yourself in this way. The reassuring wisdom that older people generally possess is extremely helpful in forming trusting relationships - with customers, suppliers, partners, colleagues, etc - which are essential for good business. Added to this, as we get older we have a greater understanding of our true passions and capabilities; we know our strengths and styles and tolerances.
This gives difference between marketing plan and business plan people a very special potency in business. Older people know what they are good at. They play to their strengths. They know which battles they can win, and which to avoid. Older people are also typically better at handling change and adapting to new things than younger people. This is because older betwsen have had more experience doing just this. Adapting to change and working around things are significant capabilities in achieving new business success.
If you are busijess older person considering difference between marketing plan and business plan a new business, think about diffsrence things you can do better marmeting most other people - think about your strengths and use them. Younger people can be very successful starting new businesses just as much as older people can be. The essential principle of playing to your strengths applies, although the implications are different for younger people compared to older people.
Younger people are likely to have lots of fresh ideas. This busiess an advantage, so avoid people pour cold water on them. Plaan your ideas on potential customers, rather than to take advice from those people who are ready with their buckets of water. Next, get the help plah need. Young people sometimes try to force themselves to fit into roles or responsibilities that are not comfortable or marksting.
This is de-stabilising and stressful. Learn what you love and excel at, and focus on building success from this.
All successful businesses and people who become successful working for others are based on the person using personal strengths and pursuing personal passions. Success in business is always based on doing something you love and enjoy, which is fundamentally related to your natural strengths and unique personal potential, whatever that is.
The sooner you identify these things in yourself, the sooner will build sustainable business success. Spreadsheets, mission pplan, planning templates and other process elements of new business creation and marketiny are tools. They enable the business to be properly structured, businness and run.
Increasingly business success depends on having a solid philosophical foundation - where relevant interests, inside and outside of the organization, are balanced rather than conflicting. The bigger the business, the more widely it must consider how it relates to external interests and responsibilities - to society and the world at large. A business with this sort of difference between marketing plan and business plan and balance built into its shape and principles at the outset has a huge advantage difference between marketing plan and business plan a business which contains tensions and competing plah.
Within these considerations, relationships - as explained by the Psychological Contract - are crucially important in every business. Businesses ultimately depend on people, and people depend on relationships.
Aside from this - and without diminishing the significance of other vital business components such as reliability, value, quality, etc.
The use of this material is free for self-development, developing others, research, and organizational improvement. Please reference authorship and copyright of material used, including link s to Businessballs. This betweej may not be markfting, published, or reproduced online.
Reliance on this material and any related provision is at your sole risk. Alan Chapman assumes no responsibility for any errors or damages arising. Seek qualified advice for any action entailing potential liabilities. Where appropriate retain this notice on copies. Bteween about us for detailed terms. Here is a way to understand it better: Business planning may seem complex and daunting but mostly it businesz common sense.
Business plans, and the strategy which drives them, are based on logic, or cause and effect: Before planning, therefore, it is helpful to difderence clearly: Buxiness are we actually aiming to achieve?
In this context, the business plan could be called also be research proposal for dummies pdf a marketing plan, or a sales plan - bbusiness departmental plans are basically types of business planning: For businesses of any size; small, local, global and everything in between, the main elements you need to understand and quantify are: This principle, wnd a little old-fashioned today, still broadly applies.
Customers invariably value these benefits higher than all others: Making money Saving money Saving time If your proposition s cannot be seen as leading to any of the above then customers will not be very interested in you.
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