This section should be able to identify primary and secondary competitions, the difference between their value propositions from your company’s own value proposition, and the company’s competitive advantages and disadvantages.
Your Marketing strategy is another component of a business plan that addresses the five P’s of marketing; which are: product, price, person, place and promotion.
This part has a clear view of the financial projections of the company for the first few years of the business.
This part includes income statements, anticipated profits, cash flow analysis and break-even analysis.
It shows in detail, the long term plans of your company by considering its future profits and growth.
It provides a timetable for these plans as well as the sensitivity or risk factors.The elements and components of a business plan are necessary tools or guide line which a good business man should be equipped with before starting a business.A good business plan is a blue print or a vision of the company.At this point, it is very important that you answer the following questions: Another important element of a good business plan is the competition analysis.To write a good business plan and successfully launch your startup, you must identify the competition of the business.The executive summary gives the outline of the plan’s key sections like your company’s mission and vision, brand profile, target markets, product and services, competition, marketing strategy and financial aspects.A good executive summary is engaging and brief, with just the first two pages convincing the reader to read on the entire business plan.Your company may have a good product but without an effective marketing strategy, everything is futile.To develop a good marketing strategy and plan, you need to answer the following questions: Yet another part of the elements and components of a business plan is the Operations segment, which describes the work flow of the business.This is where the need for a SWOT analysis comes into play.It is important to have a clear view of what the business is up against, so as not to be complacent.