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 that mainly focuses on the 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, economic, marketing, and financial aspects of the business operation while a marketing plan is one of the elements of a business plan focusing on research and development of products according to the needs and demands of the target market.
For funding purposes, a business plan is very important. Before launching a new business a feasibility report is prepared comprised 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 a marketing plan 1 year period.
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