MGT_3900 Essay Example | Topics and Well Written Essays - 500 words

MGT_3900 - Essay Example The business planning process requires a thorough analysis of the following areas. This is the introductory stage of the business plan. The section involves creating an outline of the business and its intentions. The interested parties in a business plan will require knowing why the business exists. In order to make them aware of the business plan, the planner needs to include the following vital parts. This step involves clarifying what is more important to a business. Mission statement involves providing a clear purpose for the readers with the context for the venture and will giving the business its new meaning. In order to do this, the business comes up with a comprehensive mission statement. Business overview is the summary of the present state of the business venture. Business overview describes the principal owners of the business venture and its classification. For instance, sole proprietorship, partnership, or corporation lists the business owners. In addition, this stage describes the kind of business, which the venture operates such as manufacturing, retailing, wholesale, service providing, or some combination. This is the second stage of making a business plan. This section discusses the market and the approach in which the business is going to take. Moreover, this section discusses market characteristics, target customer profile, level of competition, and how the business is going to make maximum use of them to make a successful venture. This stage discusses various market forces such as supplier power, new competitors, substitute products, buyer power, industry rivalry, and government regulations. The third important stage of making a business plan is competitor assessment. The section involves a thorough analysis of the business competitors. This section involves defining the competitors and their profile by deeply looking into their strengths and weaknesses. In this section, the business plan discusses customer profile and their