Market Strategies For Small Business
The basic function of a business plan is to provide a clear picture of a business’s goals and directions. Yet, there are many other reasons why an entrepreneur would spend time and effort on developing and perfecting a business plan. For a new business venture, a business plan can be used to gain investors and cultivate funding and to identify appropriate start-up strategies. For a business that is already well-established, a business plan provides information on the best options for growth and expansion and analyzes future trends and innovations that may affect operations.
While business plans may be used in unique ways by different businesses, the most successful business plans share a common theme: They are rooted in current market trends and consumer interest. Without this foundation, a business plan is irrelevant—businesses exist and thrive because of their ability to effectively identify and meet the demands of the market. However, there are two different approaches for including market considerations in the business plan. First, a market driven business plan is based on an understanding of the current marketplace and evaluates how a new product or service would fit into that market. The second approach, a market driving business plan, seeks to position the business at the cutting edge of the market and actually be a force that drives the market and influences the decisions of others.
In this Discussion, you will consider the importance of market knowledge when developing a business plan for an entrepreneurial venture. You will also explore the purpose of continuously revising a business plan to ensure that its provisions are up-to-date.
For this Discussion, research both market driven and market driving business plans. Also review the article “The Role of Corporate Branding in a Market Driving Strategy” found in this week’s resources.
