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Why is a Business Plan necessary?

The following is the element of the Business Plan that clearly defines the actions that the organisation proposes to undertake to interest prospective customers and attempt to persuade them to purchase their offerings:

The element of the Business Plan that identifies potential customers within the target market is referred to as:

What is the usual timeframe that a Business plan addresses?

Which of the following is an essential element of a Business Plan that is a brief statement regarding the business and serves as a direction for everyone in the organisation?