Importance of business plan & 4Ps in the growth of a business

If we are going to start any business then first of all we have to make a business plan. Before making any business plan we have to know that what a business plan is? and what is the Importance of business plan?

A business plan is a short-term outline where a company sees itself in the next one to two years. In a business plan, the new company or any enterprises have to set their short-term and long-term goals which take a company to their position which has to see it in the next one to two years. If you want to a successful businessman you have to set a good and effective business plan for your new starting business which make your company successful.

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The importance of writing a business plan is that the businessman will make the business plan that how much his products will sell in the market in one or two months and how much he earned from his business in one to two years. With an effective business plan, you have more chances to make your business successful.

Before writing a business plan you have to focus on the 4Ps

1. People
2. Product
3. Place &
4. Price

People

First P stands for people means which product you are going to lunch that will be purchased by the peoples or not

Mean before doing any business plan you have to know about nature or people that what they want

Product

The second P stands for the product means which product you are going to lunch that must be according to the wish of the peoples

Mean before lunch any product you have to know that your product is according to the need and wish of you consumers.

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Place

The third P stands for place means which product you are going to lunch the war according to the place or not.

Means which product you lunch that must be according to the wish of the consumers of that place like McDonald’s is giving chicken burgers in Pakistan because the majority of Pakistan residents are Muslims and they like to eat chicken but in India the same McDonald’s will providing the vegetarian burger because the majority of India has Hindu community and they don’t eat chicken.

Price

The fourth P stands for price means that what price you set your product it must be affordable for the peoples.

Means what price you are going to set your product you have to set it according to the income of the people in that area where you are going to lunch your product as they can afford your product easily and can purchase your product

Importance of business plan & 4Ps

Before making any business plan the businessman has to know about all these 4Ps which we can say the 4Ps of marketing these 4Ps are very helpful for the businessman for making a business plan.

In his business plan, a businessman must ha to lock his threats and opportunities of the market. Threats like the same products which he wants to lunch in the market and his competitors and market shares. And opportunities like the quality of his products and price of his products if he set the low price of the product then it is also the opportunity for him.

And these all things are possible when you set a good business plan. The business plan is the only way to make your business big and successful. If you set a good business plan and focus all these and your market in making a business plan the chances of the success of your business is very high. If you start any business without a business plan it will be a very low chance of your success. Maybe you can’t be successful in your business which you started without any business plan.