Phase 4 of a Business Plan
Phase four of a business plan can be the company's mission statement or a market analysis, depending on the plan's structure. While a mission statement shows the desired direction of the company in terms of goals and objectives, the market analysis provides valuable information about the target audience, the company's competitors and an examination of the industry trends.
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Mission Statement
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A business plan that has eight phases is a descriptive business plan. Phase four of this particular business-plan structure is the company's mission statement. The mission statement is a short description or paragraph that explains the goals and objectives of the business. This will give the reader an idea of what services or products the business wants to offer the audience and customers, along with what role the business wants to play on the market and in relation to competitors.
Market Research
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A less-detailed business plan will have more condensed sections. Phase four of such a business plan focuses on market research and the targeted audience. The first part of phase four focuses on the market research. The market research includes examining the direct competitors in the market, and the trends and direction of the industry. The research needs to be extensive, so the reader knows what role the business will play in the industry.
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Customer Analysis
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The second part of the previous section involves customers. The target market is often referred to as the customers who will be purchasing the products or services of the business. If possible, the business plan should have customer profiles that define exactly who the customer is, what his interests are and what his needs are. This will help the marketing team create applicable marketing campaigns that will capture the attention of the consumers.
Additional Phases
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The business plan consists of several other important phases that are indirectly related to the fourth phase. The business plan includes a business summary; a business profile and history; a list of products or services; a mission statement; a market assessment; a list of short-term and long-term goals; a risk assessment of potential problems; and an operational budget.
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