I had two responsibilities in the business plan creating process. My responsibilities included making the position portion of the 5 p's and working on target market and market segmentation. I did vast research for the demographics, psychographics, etc. for the target market and market segmentation.
When I was assigned these roles in the plan, I was not sure whether they would be easy or not. I did not have any experience in creating a business plan, so I was cautious about it. My contribution to the business plan was pretty easy once I got started. It was easy because it was mostly asking my VP about the business's past plan and adding some new information and revising already known information. In regards of the target market and market segmentation, the most difficult aspect was research. I had to research different behaviors and psychographics of customers, but it wasn't too hard.
Now, I understand how to do a business plan. I know that you have to take it one step at a time, and you have to work together. In regards to my role in the plan, I learned that you cannot be commercial in what you say. You have to be professional. If I had to create a business plan on my own, I think I will struggle, but I would end up doing a good job. I would struggle with the wording of the different components. Also, I think I would struggle with the financial components because I do not have much experience in finance. My strength would most likely be research. Next year, I would suggest being more time efficient and making sure everyone is more informed of who does what.
