A good BUSG2002 business plan should contain an effective market analysis. Primarily, a business plan is a document that startup businesses require before beginning business operations. Moreover, banks and venture capital firms require a viable business plan before providing capital to new businesses. Furthermore, a good business plan should highlight all the possible costs and pitfalls of every decision that the business makes. Business plans tend to contain the same basic components. However, business plans for different companies can never be identical. Moreover, they state how a business intends to achieve its goals and objectives.
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THE COMPONENTS OF A BUSG2002 BUSINESS PLAN
The first part of a BUSG2002 business plan contains an executive summary of the business. This section outlines the company and its mission statement. Additionally, it includes any information about the leadership, employees, operations, and location of the company. It is also important to describe the products or services that the business will offer. Furthermore, the business can include the pricing and product lifespan. An effective market analysis is a crucial component of a business plan. It should provide details about the competition, their strengths, and weaknesses. In addition, the plan should contain a marketing strategy. The strategy should outline how the business plans to reach the consumer and how it will meet its goals and objectives.
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THE IMPORTANCE OF EFFECTIVE MARKET ANALYSIS
An effective market analysis helps a business to reduce risks to ensure success. Moreover, it helps the business to understand the needs and wants of their customers. Resultantly, it can tailor its goods and services to suit the needs of these customers. A business gets information about emerging trends and new opportunities that it can venture into. Additionally, a market analysis projects the future revenues hence allowing the business to adjust its BUSG2002 business plan, budget, goals, and objectives.
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