Task A

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  • Created by: megangore
  • Created on: 04-04-16 13:24

It is important for a growing business such as Store Your Stuff (SYS) to use a business plan for a number of reasons.

First, it is used to understand and satisfy customers. A key part of marketing planning is to do market research. Since the partners know very little about the market for storage in Birmingham, it is essentil to conduct research to establish who the main rivals are and what they charge in order for them to ensure that they can compete effectively in that market. Likewise, theree are new rivals entering the market in London. The partners need to ensure their prices are still competitive by looking at the new storage firms' prices through research and also see if they are offering any services that SYS might need to consider to remain competitive. 

A business plan can also be used to raise capital. Any new partner, investor or lender would want to see a…


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