Assume you are starting a new small business within 6 months period from now. Yo

Question

Assume you are starting a new small business within 6 months period from now.    You have to prepare a Business Plan for starting a small business    In your business plan, you can include the following: (900 required words)                                                                                    

1-Define business plan and its importance

2-Explain about your business (activities) and its objectives clearly

3-Explain about market and customers. Discuss how are you going to market your product/services?

Explanation / Answer

Answers:

Business plan is defined as a written statement that the entrepreneur proposes to take up. It is a guide or a course of action that the entrepreneur wants to achieve in his business. It serves like a roadmap to the entrepreneur for him to reach his destination.

A business plan is considered to be important because it conveys the organizational structure of the business. It also defines the titles of the directors & the officers held by the individuals of that organization. It also acts as a management tool to ensure that the business is on the path of meeting its goals, targets or milestones.

The nature of business is grocery stores & supermarkets which aim to sell all types of food & beverage products & also some basic home need products.

The market is decided on the basis of local market conditions & existing competitors. The target market is decided on the basis of demographics, behavioristics, geographic conditions etc. two examples of grocery stores target market could be “households who shop in bulk & live within few kilometer distance from the stores & other category could be people who shop for the best deals, buy in little quantities & live within 10 mile radius.

The market overview is completed by analyzing the existing competitors in the local area i.e. people who are currently serving the target market. Also competitor’s size, their service specialty, range of products must also be considered.

Marketing plan to market the products to the customers:

The following marketing ideas & strategies can be followed to market the products:

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