The objectives of Business Plan is to gauge the
innovative capacity of the management student. Studying management is not at
all mugging up different theory rather it is relating those theories in
practical life scenario. Sometimes, the business planning is imaginary but most
of the time it deals with a real-life company or organisation. Hence, only
studying the theory is not enough for the management students. Moreover, they
are also engaged in various curriculum activities throughout their course work
hence it is problematic enough to manage everything with equal excellence.
The business plan
needs to deal with so many perspectives such as setting marketing objectives in
accordance with SMART (Specific,
Measurable, Achievable, Realistic, Time-bound) feature. Apart from it,
analysis of the environment factor is also vital. This analysis includes both
internal environment analysis as well as the external environment analysis.
There are many marketing tools such as SWOT,
PESTEL, and Porter’s Five Force analysis. Wise uses of these tools are the
critical point of writing a business plan assignment. Not only the usage but
also correlation of each tool in the contextual business is also vital.
The successful uses of
marketing mix such as 4Ps or 7Ps are very much important for a business
plan assignment. There are tangible and intangible goods businesses; there are
product specific and the service specific business. For each type the
application of the marketing mix is different. While writing a business plan
assignment these must be taken good care of.
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In addition to that,
business plan has many facets such as the market research, market planning,
promotional activity, trend analysis, developing strategy and resource
allocation. This also has an interrelation with human resource management and
financial management. Preparation of budget is also a vital part of a business
plan assignment. For these, a student must have keen financial management
skill.
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