Summary of Chapter 3 and Conclusion

Chapter 3 presents modules 4 to 6 of the knowledge map.

In Module 4 - "Market & Competition" you have learned about the market structures and competitive conditions that you need to investigate. Working on the module requires intensive research in the market. You should have a detailed knowledge of the real industry conditions. To know more, talk to entrepreneurs, professionals and managers who work in the industry. You can, of course, research a lot of market information online. Indicate the source in the business plan so that an assessment of the quality of the data is possible.

With Module 5 - "Marketing & Sales" you have learned to set up the marketing concept for your business. For the business plan you also need a justified marketing/advertising plan. A successful marketing plan has direct effects on the sales forecast.

In Module 6 - you learned about "Sales Planning & Sales Forecasting". Create the sales planning on the basis of your performance description (Module 2). If you set up an Excel spreadsheet and structure it systematically, you can easily calculate a variety of considerations by increasing or decreasing the sales of a product. You can then find out immediately at the end of the month what the turnover is. You will find that every business needs a minimum turnover to be able to pay the costs and expenses.