Business Plan - Desklib

Running head: BUSINESS PLAN
BUSINESS PLAN
Name of the Student:
Name of the University:
Author Note:

BUSINESS PLAN1
1. What is included in a business plan?
A business plan must be detailed and specific. Therefore, a business plan must
include, an executive summary; the strategies and the planning of marketing and
sales, understanding of the organization, business and the team involved in that
particular business management; the organizational strategies, operational plan,
information system and facilities provided by the organization. Lastly, the estimated
financial forecasts of the business (Wrenn, & Mansfield, 2014).
2. What are the basic guidelines in writing a vision statement?
The vision statement is the foundational business document of the organization.
Therefore, vision statement of the organizations must be very concise, be specific and
clear, be future oriented, must have a time horizon, must be very abstract, must be
stable and challenging, and lastly, it must be very inspiring o motivate the employees
(Blackburn, Hart, & Wainwright, 2013)
3. What are the advantages of using questionnaires?
Many business house involve questionnaires in order to have a clear idea about the
growth and the market. The advantages of using questionnaire are, they are very
inexpensive, and very practical. Questionnaire is a quick away to understand the
market and the growth pattern and helps in a quick analysis, and is an easy way to get
the result. It also provides a comparative understanding and the data collected are
actionable data, having a scalability. It is also easy to cover all the aspects (Miller, &
Barbour, 2014).
4. What are the sections in the marketing plan of your business plan?
There are essentially seven basic sections that should be considered in all the
marketing plans. First is, the market research, second is the target market, third is
positioning of t products and services, fourth is, analysing the competency of the

BUSINESS PLAN2
products and the services. Next is developing a market strategy, and a developing a
budget plan. Lastly, understanding the metrics by using certain analytical component
(Wrenn, & Mansfield, 2014).
5. What is the role of marketing research?
The market research is the most important factor and aspect of a business plan. A
market research is necessary to understand the growth and the pattern of the market,
the requirement of the market, the potential competitions available in the market, and
this influence the decision making process of the organization (McKeever, 2016).
6. When developing a new business plan one of the most important factors is the
communication of the plan to relevant staff and stakeholders. What are the 5
keys areas of effective communication?
The key areas of communication are, firstly, practicing improved listening, praising
the employees on the small achievements, communicating the task properly,
communicating the organizational policies and changes properly, managing meetings
by involving everyone in the decision making process (Wrenn, & Mansfield, 2014).
7. What are the issues you need do consider when coaching or mentoring?
While coaching or mentoring, the important challenges that are faced are, first,
motivating the employees, setting the goals for the employees as well as for the teams,
choosing the proper ways of mentoring and including the feedback process. Also, the
mentors face issues while providing a structure, and evaluating the outcomes of the
process (McKeever, 2016).
8. What is included when responding to performance data?
In order to evaluate and respond upon a performance management plan or data, the
followings should be considered. Developing an evaluation form, identifying the
performance measures, setting the guidelines for the feedback process, developing