The Marketing, Operational, and Financial Plans

by Anthony Williams 

Relationship among the Marketing, Operational, and Financial Plans

The marketing, operational, and financial plans are all key components of the business plan. The operational plan is directly related to how a goods, or services, are moved through the company to consumers. Without a marketing plan these goods or services may not reach the consumer. The marketing plan is a great tool that enables one to track marketing strategies, and marketing progress. As a matter of fact, without a marketing plan one cannot define the consumer, and the right products, or services for the consumer. As well as, how one should price or promote said products or services (Hisrich, Peters & Shepherd, 2010).

Utilizing  Marketing, Operational, and Financial Plans to Reach Goals

In addition, the financial plan will give insight on how the above is financed. For instance, the financial plan clearly depicts inflow and outflow of cash. This plan will also let one know how much cash is on hand, thus, the big picture of the firm’s financial position is revealed. By utilizing  marketing, operational, and financial plans short-term goals and control may be realized. And, in order to obtain long-term goals and control, one must firs acquire the short-term objectives (Hisrich, Peters & Shepherd).

Most Important among the  Marketing, Operations, and Financing Plans

 

Moreover, since these areas are relative of each other, the different department heads should consult with each other. By having a cross-functional relationship accurate alignment may be achieved between  marketing, operations, and financing. These are all crucial parts to a business plan; without one of these plans one’s business stands a great chance of failing. However, without a marketing plan one may not get his or her business of the ground. Next comes the financial plan, because in here lies the ability to predict cash needs, and the state of one’s business (Hisrich, Peters & Shepherd).

 Reference

Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2010). Entrepreneurship (8^th ed.). McGraw-Hill/Irwin, Inc.,