Module 3 preparation of business plan


L esson 1 PREPARING BUSINESS PLAN



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MODULE 3 AGRI 11

L esson 1
PREPARING BUSINESS PLAN
In selecting a business, option should not be based on luck and immature thinking, but on a thorough evaluation and systematic process. Venturing into a business projects demands a timely and clear decision as to which are of business concern to deal with.
Preparing a business plan is not easy. It is a well written, honest-to-goodness document prepared by entrepreneur that will convince the investor to invest, or it is a tool to sell your business story to financial resources and should be recognized.
1.1 THE 4PS OF BUSINESS: PRODUCT, PRICE, PLACE, PROMOTION
Marketing Mix, a term coined by Neil Borden, are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from its competitors. The ideas behind Borden’s model were refined over the years until E. Jerome McCarthy reduced them to 4 elements called “The Four Ps.” This proposed classification has been used by marketing companies, branding agencies and web design companies throughout the world.
Marketing Program of Four Ps Model


A. Product – The first of the Four Ps of marketing is product. A product can be either a tangible good or an intangible service that fulfils a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.
Product Strategy

A. Product mix – refers to the number of products a firm is handling. The firm’s product mix may be described as
1). wide – if there are a lot of product lines
2). deep -if there are several products within each line and
3). consistent- if the products being produced are related.
B. Branding – is a letter, word or symbol used to identify products. A brand has three parts: the name, mark and trademark.

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