BUSINESS PLAN

Market Research and Business Plan - ABC Company

Abstract

A business plan is a formal structure that outlines the goals, objective, human resources as well as the financial resources of the company. The development of business plan is the first step in initiating the business process. The effective business plan depends upon the efficient and effective market research as the market research provides the guideline for the establishment of business goals and objectives. This paper aims at discussing the market research and business plan for the establishment of the new product category within the ABC Company. In this paper it is discussed that in order to establish a new product category, the spices category, what kind of market research will be required and what aspects of the ABC Company will be analysed. A proper business plan for the establishment of the new product category is also developed by analysing the financial resources as well as the objectives of the company.

Table of Contents

Introduction3

Importance of market research and business plan3

Elements of a business plan4

Business plan for spices category of ABC Company6

Executive summary of ABC Company6

Description of the business7

Description of the spices products7

Analysis of business environment of ABC Company8

Analysis of spices industry in United Kingdom8

Analysis of competitors in the spices industry of United Kingdom9

Market research and the analysis of the target market of ABC spices9

Strengths10

Weaknesses10

Opportunities10

Threats11

The development of marketing plan for the ABC spices11

The management of the business12

The development of financial plan12

Conclusions12

References13

Market Research and Business Plan - ABC Company

Introduction

Importance of market research and business plan

In today's fast pace of competition, the entrepreneurs are required to undertake the business that provides them the higher level of profit margins and the competitive edge among the competitors in the market. The choice of the business depends upon the economic situation of the country and the scope of the industry in the global market context (Rhonda A., 2003, pp. 375). When the entrepreneurs decide upon a particular business, they are required to develop a proper business plan to set up the business goal and to analyse their potential and resources to carry out their business activities. For the existing companies, the development of new product and services is a challenging task and the proper business plan assists such companies in getting the desired and targeted objectives.

A business plan is formal structure that defines the attainable goals and objectives of the company (Mike Mc. K., 2012, pp. 96). It defines the reasons for the achievement of the goals. It also involves the explanation of the company's available resources and the explanation of the action plans for the achievement of the desired stated goals and objectives. In order to develop a business plan, it is very essential to analyse the potentiality of the company's resources in getting the desired goals and objectives of the company. The development of business plan also requires the careful analysis of the economic situation of the country as this has direct impact upon the formation of long term goals of the ...