This is the second last step in the planning process. The Step 8 efforts are a lot more detailed. Essentially there are three (3) components. The first is the marketing plan, followed by the human resource plan and financial plan.
They must be done in this sequence. Furthermore the marketing plan must produce the sales budget and cost of sales, while the last step is the financial plan where the fixed costs are applied to assess the profitability of the business. Remember not to fudge the figures.
These three components will be considered in more depth in a separate exercise in coming weeks.
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