Which category of proposal, solicited or unsolicited, is more likely to succeed?
Solicited and unsolicited proposals occur in marketing depending on a product and an approach for selling it. The first type is when a customer verbally and directly requests a specific service, and retailers build their strategies around these particular requirements. In contrast, unsolicited proposals are based on a seller’s initiative as they develop a product, its marketing strategy and then promote it to the target audience, which could never demand the offer (Kotler & Armstrong, 2010). Although both types are relevant in the modern markets, the solicited one is more likely to succeed and help a company build a long-lasting and profitable business. The client will check an offer when it addresses their needs, yet they might ignore it when the unsolicited one occurs. Solicited proposals also help companies and retailers build an optimal marketing strategy, correctly allocate finances, and decrease the risks of failure.
If you were about to launch a new business, would you write your business plan from scratch or use a software program to do it? What are the pros and cons of each method?
The choice of how a business plan should be written depends on the idea, market, category, risk factors, and recourses it requires to be launched. Sophisticated strategies might win from using a software program because it will help combine and fill the necessary forms and address the aspects that could be forgotten if not included in an interface (Kotler & Armstrong, 2010). The main con is data privacy because it is difficult to assess how safe it is to share such sensitive information with a third party. Writing a plan from scratch is an inspiring idea and is beneficial for brainstorming and creativity, resulting in a truly valuable company launch. However, it would take time to work on it, and some aspects essential for investors might be missed during the planning. Furthermore, developing a business plan from scratch would enable me to use well-known tools such as SWOT analysis; thus, selecting prepared software is a better practical decision.
What is the purpose of a business plan, and what should it communicate to investors?
A business plan (BP) is vital for an owner to evaluate their idea, analyze the risks, pros, and cons, and develop a reliable offer to get the finances necessary to launch and grow a company. Moreover, BP helps understand what human, technical, and time recourses would be used and submit its economic feasibility (Kotler & Armstrong, 2010). As a plan turns an idea into a well-built strategy, it can be presented to investors to communicate its value and trustworthiness. Indeed, an owner would more likely attract investments when their idea is presented clearly, has an evidence-based confirmation of its value for specific customer categories, and includes reliable forecasts and risks assessment.
Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson.