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What are the four categories of business planning? Explain each of them. How does the level of management fit into the preferred process of planning?

Business Planning

In order to have a successful business, it is important to understand the four categories of business planning. When you are contemplating starting business it is important to have a solid foundation. This begins with an effective business plan. A good way to think of a business plan is to think of it as a road map for operating your business. It identifies the purpose of you business as well as the resources that you will need to make it a success.

The first part of a business plan is the Executive Summary. This provides an overview of your business ventures and includes a synopsis of the company, as well as your mission statement and key selling points.1 an example to illustrate selling points to customers would be outstanding customer’s service or discounts for returning customers. In regards, this should be between two to four pages in length and should explain what specific area in the business market you are targeting.

The second category of your business plan is the Marketing Strategy. This category identifies your specific target market. This may be broken down into demographic factors such as age, gender, level of income, and education. In addition, this part of your business plan must include what methods you intend to use to reach your target market. This step must also include the key factors that you are going to use to reach your target audience. For example, are you going to have promotional events, run television commercials, radio commercials, word of mouth, etc. The other key factor in this category is to factor in your competition. This means identifying the key players in your market and how you plan to obtain some of their market shares.2

the third category for your business planning is the