Monday, July 25, 2011

Difference Between Business and Marketing Plans?

The business plan and the marketing plan are both essential aspects of successful businesses. These plans not only help businesses organize their operations, but help benchmark their success or failure. Since business industries change with customer demand and the economic environment, the business plan and marketing plan must evolve throughout the lifespan of the business.

The business plan and marketing plan are interdependent and must be consistent with one another. The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. If the plans of the business change, the business course of action also changes. A good marketing plan should never deviate from the objective of the business plan.

Business Plan
The business plan provides a wide overview of the business, which includes information on staff, operations, location, marketing and financial aspects, as well as clearly outlined missions and goals. Often used as a financial tool, the business plan provides lenders with necessary details to determine if the business is viable, financially sound and able to repay. Although business plans are most commonly known for assisting new businesses, they should be used throughout the life of the business. Not only does it help to develop competitive strategies, the business plan can determine if the business is successful if the actual activity matches the forecasted plans.

Marketing Plan
The marketing plan details actions that achieve the company's missions and goals. This plan identifies the business; price points, target markets and competition. It explains how the business generates customers through advertisements, marketing promotion: inbound or out bound, and new referrals. By explaining how the business will overcome competitive challenges by other companies, the marketing plan is a key section within the business plan and requires detailed industry research and consideration.

2 comments:

  1. It's really appreciable message for every body thanks for sharing this information.

    ReplyDelete
  2. bussiness plan and marketing plan two different things but helping one another to promote business and its productivity..nice post

    ReplyDelete

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