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Develop a draft business plan for a product

Develop a draft business plan for a product Business Plan Instructions: Develop a draft business plan for a product of your choosing. In making your selection Isuggest you choose a product where you have existing knowledge and basic data is readily available. Thiswill minimize the research needed to complete the assignment. If you are unable to find some of thenecessary information to complete the business plan, please make assumptions. All assumptions shouldbe clearly documented.Your business plan should not be more than 5 pages and must contain:1) Executive summary: 1 to 2 paragraphs that describes the product, the purpose, and the potentialfor sales.2) Marketing Plan: Describe how you will market and sell this product. How will you do marketresearch? What are your target markets?3) Operational Plan: How will the product be designed and built? What skillsets will be importantfor your engineering team? Is all the engineering work in-house or will you use a 3 rd party? Whatare the contract considerations? Where will the product be produced? Will you use a low costmarket? Will you outsource the production? Is it important to produce the product in themarkets where it is sold?4) Provide a pro-forma Profit and Loss statement for the next 5 years. What do you expect for anaverage selling price? Forecast your expected sales for each year. What do you think the costswill be to build the product? Consider labor, materials, equipment, and contracted services. Iunderstand that it may be difficult to find the information you want. Don’t over think this, makeassumptions and use the table below as a guide. Any historical information you have on theproduct will help.2016RevenueAverage selling price (ASP)Unit SalesExpensesDirect MaterialDirect LaborEquipmentContracted Services 2017 2018 2019 20