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Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2

(BQ) Part 2 book "Essentials of entrepreneurship and small business management" has contents: Building a powerful bootstrap marketing plan, managing cash flow, creating a successful financial plan, global aspects of entrepreneurship, choosing the right location and layout,.and other contents. | Find more at http://www.downloadslide.com SECTION III Launching the Business Rawpixel/Shutterstock 8 Building a Powerful Bootstrap Marketing Plan Learning Objectives On completion of this chapter, you will be able to: 1. Describe the principles of building a bootstrap marketing plan, and explain the benefits of preparing one. 2. Explain how small businesses can pinpoint their target markets. 302 3. Discuss the role of market research in building a bootstrap marketing plan and outline the market research process. 4. Describe how a small business can build a competitive edge in the marketplace using bootstrap marketing strategies. Find more at http://www.downloadslide.com CHAPTER 8 • BUILDING A POWERFUL BOOTSTRAP MARKETING PLAN 303 As you learned in Chapters 4 and 5, creating a solid business model and business plan improves an entrepreneur’s odds of building a successful company. The business model and business plan are valuable tools that help define what an entrepreneur plans to accomplish in both quantitative t and qualitative terms and how he or she plans to accomplish it. The plan consolidates many of the topics we have discussed in preceding chapters with those in this section to produce a concise statement of how an entrepreneur plans to achieve success in the marketplace. This section focuses on building two major components of every business plan: the marketing plan and the financial plan. Too many business plans describe in great detail what entrepreneurs intend to accomplish (e.g., “the financials”) and pay little, if any, attention to the strategies to achieve those targets. Too often, entrepreneurs squander enormous effort pulling together capital, people, and other resources to sell their products and services because they fail to determine what it will take to attract and keep a profitable customer base. Sometimes they fail to determine whether a profitable customer base even exists! To be effective, a solid business plan must contain both