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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