The business plan is a written statement of what an entrepreneur proposes to take up. It is one kind of course of action about what the entrepreneur hopes to achieve in his business and how is he going to achieve it. The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it. The success of a business relies on its ability to implement a marketing business plan successfully.
Difference between Business Plan and Marketing Plan –
- A business plan covers the entire business, including overall strategy, financial plans, target markets, sales, products and ‘services, operations, and how they all relate to each other.
- Cash flow is vital for a business plan.
- A small number of people business plans.
- It provides a wide overview of the business, which includes information on marketing and financial aspects, as well as clearly outlined missions and goals.
- A marketing plan, in contrast, focuses on the marketing: marketing strategy, target markets, marketing mix, messaging, programs, etc.
- Cash flow is not vital for a marketing plan
- Lots of people do marketing plans rather than business plans because of their job or their attention or their focus is on marketing, not the whole business.
- The marketing plan details actions that achieve the company’s missions and goals.