Business Planning by Patrick Forsyth

By Patrick Forsyth

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Such is common, for instance, in the motor market. Licensing Here nothing may be done by the principal on an ongoing basis. They sell the right – the license – to produce the product to someone else. The deal may include help with a variety of set up processes (from the provision of drawings to machinery), but thereafter the local company runs their own show, and marketing, and payment is on some sort of ‘‘per product produced’’ basis. There are other methods also: for instance franchising, well known from the likes of McDonald’s and Holiday Inn, but used with a wide range of products and services.

There is more here than can reliably be kept in mind, and thinking it through and making some notes that may influence action is valuable. Fig. 4 relates to objectives and strategies. 50 BUSINESS PLANNING FORM 4 OBJECTIVES A ND STRATEGIES Objectives: Strategies: Fig. 4 Form 4. THE STATE OF THE ART 51 Objectives and strategies The next step is to translate financial goals into marketing objectives that bear in mind the SWOT analysis, then, with the objectives in mind, to identify strategies which could be pursued.

Such analysis is part of the total marketing review (and SWOT). e. e. ). We may well have to plan different strategies to impact specific areas, for example to create sales to a specific kind of business with whom we have not had prior contact. Once a need has been clearly identified, it must be established that the kind of support you intend using is likely to be the most costeffective method of fulfilling that need. Then the planning stage can commence. 2 Preparing the operation plan The first stage of any plan must be the quantification of the objectives.

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