An acquisition plan, in the context of procurement, is a business document specifying all relevant considerations for acquiring specific goods, services or other organizations.
Acquisition plans document factors such as funding, staffing, competitors, technical concerns, as well as risk factors that could have an impact on the acquisition.
Sections of an acquisition plan typically include:
- A statement of need, which documents why the acquisition is desirable and also explores alternatives to the acquisition.
- Conditions relevant to the acquisition.
- Capabilities or qualities of the acquisition that support the business case for it.
- Timelines for delivery and justifications for any unusual urgency.
- Trade-offs between drawbacks and benefits, including metrics such as a risk-reward ratio.
- Potential risks related to the acquisition, including financial, schedule and technical aspects.
Acquisition plans help mitigate the risk involved in decisions about financial outlays and help determine which acquisitions are necessary for continued operation or growth. Careful consideration and accounting also help limit the investment of time and money required to fulfill a given business need. The plans establish a time line marked by milestone events throughout the acquisition process.
In a marketing context, an acquisition plan involves attracting and retaining customers.