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Planning Pays

The success of any business venture depends on planning before acting. To sum it all up:

A Business Plan identifies company resources, spells out company goals, and details the steps required to reach those goals.

A Marketing Plan is part of the business plan. It analyzes the company and the product, determines who wants - or should want - that product, and sets up a strategy for making your product and company unforgettable. Marketing plans use tools like market research, development of image or positioning or niche, customer service policies, public relations, promotions such as sales or coupons or special events, advertising, and some means of tracking and evaluating results. You should have a marketing plan for each campaign, each major product or service.

Advertising is a tool of the marketing plan, and should be carefully mapped out and developed to ensure that the cost involved is justified by the results.

Sources: Board Report for Graphic Artists; Inc. Magazine, January 1997; (Reprinted with Permission)

Please see the links on the left for detailed information on how to create a business plan.

Small Business Development Center of Hampton Roads • 600 Butler Farm Road • Hampton • VA • 757.865.3128 • Fax 757.865.5885 • Email Us