BUSI 3004 WU Wk 3 Relationships in Marketing & Financial Plans Discussion

Question Description

Discussion – Week 3

Business Planning

It is important that entrepreneurs investigate all the components of the business plan as they begin planning for a new venture. This requires studying the relationship among the marketing, operational, and financial plans and how they will be affected by this new product or service.

Based on your reading for this week:

What is the relationship among the marketing, operational, and financial plans? How can you ensure that they are accurately aligned?

With these thoughts in mind: No less than 200 words:

Write a 3 – 4 paragraph that explains the relationship among the marketing, operational, and financial plans emphasizing their accurate alignment.

Please read and view this week’s Learning Resources before you complete the Discussion.

Reading

  • Course Text: Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2020). Entrepreneurship (11th ed.). New York: McGraw-Hill Irwin.

Chapter 8, “The Marketing Plan”

In this chapter, you will be introduced to the concept of developing a marketing plan. You will investigate the necessity of conducting research through industry and competitive analysis to effectively market the product being produced. You will follow the steps to preparing the marketing plan and generate ideas for creatively marketing a product.

Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Think about clever marketing strategies that have caught your attention in the past. What makes them stand out in your mind, and how could you generate this creativity for another venture?

Chapter 9, “The Organizational Plan”

In this chapter, you will learn about the importance of a strong management team when developing a new venture. Although the idea for a new venture may be held by one individual, preparing a team to launch the venture is necessary to its success. You will learn how the informal organizational plan is as important as the formal one. Finally, you will see how a board of directors or advisors can lend an objective eye and support a management team.

Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Consider your past experiences in working or playing with a team. Generally, are you more successful when working as a part of a team or individually?

Chapter 10, “The Financial Plan”

In this chapter, you will examine the importance of creating budgets and generating accurate cash flow, and the sources and uses of fund statements. Balanced budgets can either make or break an organization. You will learn how positive profits can lead to negative cash flow as you investigate solutions to this type of situation. When studying the financial viability of an organization, you must look at the break-even point to decide cost values for the product. Lastly, you will look at software packages that can ease the stress of creating the necessary financial documents.

Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Consider your own financial budget or need for one. How does this budget drive your spending and saving habits?

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