During business study programs students often come across courses like management, accounting, finance, economics and marketing. A business comprises of all these elements in order to be successful in the long run. Though, the main difference between a business plan and a marketing plan is that a business plan focuses on the business operations as a whole. Factors related to accounting, economics, finance, management and marketing are present in a business plan while marketing is just one element of a large or even a small business which mainly focuses on increase of sales, research and development of a particular product of a business. This article will discuss the purpose of business and marketing plans and how they differ.
Purpose of Business Plan
The main purpose of a business plan is to help an organization meet the specifications of a successful business with the main focus on its operations and objectives following growth strategies and plans in the long run.
The Purpose of Marketing Plan
A marketing plan on the other hand focuses on the increment of sales of a business product. Strategies and careful plans are devised in order to increase sales of a product to earn profits and revenues.
Components of Business and Marketing Plans
A business plan comprises of accounting, managerial, economical, marketing and financial aspects of the business operation while a marketing plan is one of the element of a business plan focusing on research and development of products according to the needs and demands of target market.
A business plan is important for funding. Before launching a new business a feasibility report is prepared comprises of business strategy which is then approved or disapproved by the financiers as they are the ones who invest capital into the business.
A business plan requires a five year plan to project into the future while marketing plan 1 year period.