Marketing-QA86

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Assignment Requirement
 

You are required prepare a business plan (in 2000 words) based on the opportunity of your own choice that you wish to implement. It is important to note the contents and requirements of a sound business plan. Initially you need to identify a product or service that you intend to launch. You may consider for an example formation of a tuition club, small restaurant etc. Based on this identification a business plan should be prepared and linked to clear achievable objectives in order to provide required focus to the business plan. This plan may address the following areas
 

• Cover page
• Summary of the business plan and the viability
• Industry and Market analysis
• Competitor analysis
 
• Company overview
• Customer analysis
• Operations plan (highlighting key issues that may be encountered during implementation of the business plan in the areas of sales, marketing, legal, regulatory and financial issues)
• Financing of the business plan through loan and utilisation of the loan
• Financial Statements (Projected Balance sheet, Projected Profit and Loss Account and Projected Cash flow statement for a minimum period of 2-3 years can be presented. Loan repayment and Net Present Value analysis in relation to the business plan can be presented).
• Appendix (Additional details can be presented in the appendix)
 
Your assignment should have the following
 
I. A clear description of the product or service you plan to offer
II. Who are the customers you will be targeting in order for your business to grow?
 
III. What are the methods you plan on using to promote your product or services?
IV. Who are the main competitors in the target market?
 
V. You have to show the financial statements projected for your investment. This should also address analysis on start-up costs and breakeven analysis.
VI. Detailed information about the investment you are seeking to secure and how the loan will be used.
 
VII. What is the percentage return of your investment?
VIII.A realistic timeline for the repayment of the loan.
 
IX. The business plan should take account of key issues in the areas of operations, sales, marketing, legal, regulatory and finance.
X. A well-researched plan. Need to demonstrate the thoroughness of the investigation into the opportunity and viability of the business plan.
 
XI. A critical discussion on the merit of the plan from the investor’s perspective and a conclusion on the viability of your business.
XII. Specifically the business plan will be assessed for its viability, credibility and quality of supporting evidence and accuracy of financial forecasts.
 
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1.0 Introduction
 
To begin with, candidates can provide a brief introduction on the industry and the type of business which is being considered for implementation. The candidate should be very clear with the business idea he/she is going to propose. The new product or the service which is being considered should be identified and explained clearly.
 
The foremost reason for selecting the specific product or service in relation to industry trends and company capabilities (scope) should be stated clearly which shows that the student has visibly understood the requirements of the question. There should also be emphasis on a realistic plan as this is a significant criterion of the question.
 
In order to arrive at a good plan it is highly recommended to understand the different opportunities available in the markets. The possibilities and the risks available should be addressed in depth before commencing with the business plan, this could be obtained through a detailed research of the markets.Therefore a good study of the market forces is highly significant to further continue. Before analysing the business plan in detail with regards to its implementation the research portion of the studies it is highly recommended that the candidate does this in a detailed and sufficient manner as it provides a clear view.
 

The business plan Discussion
 

Explanation of the business concept:Under this section the industry in which you are planning to operate will be discussed.The business structure,the product or service which you are planning to offer will be explained.The vision,mission and the values of the business will be identified and explained.The objectives or the goal soft he business should be explained in detail, this should contain both the short and the long term objectives which the business has planned to achieve.
 

Below are the significant criteria which should be covered
 
• What business will you be in?What will you do?
• Mission Statement:Many companies have a brief mission statement, usually in 30 words or fewer,explaining the irreason for being and their guiding principles.If you want to draft a mission statement,this is a good place to put it in the plan,followed by
 
• Company Goa ls and Objectives:Goals are destinations—where you want your business to be.Objectives are progress markers along the way to goal achievement.For example,a goal might be to have a healthy,successful company that is a leader in customer service and that has a loyal customer following.Objectives might be annual sales targets and some specific measures of customer satisfaction.
 
Market Analysis:Once the main areas are covered in explaining the business concept the candidate should examine the organisation internally and the market externally to arrive at suitable strategies which will result in success.The concept of internal and external analysis is highly significant to any business plan to identify the key concepts such as the target market,the type of customers being targeted,the frequent changes taking place in the environment which might have an impact on the business plan,to understand the customer needs and the ways in reaching them and finally to identify the level of competition in the market and to identify who the key competitors are,and to come up with actions to stand against them to attain the competitive advantage.Below are the significant criteria which should be covered
 
• Describe the most important company strengths and core competencies.What factors will make the company succeed? What do you think the major competitive strengths will be?What back ground experience,skills,and strengths do you personally bring to this new venture?
 
• Assess the market needs,trends and growth
• Market segmentation and the target market segment
• The future markets available
• The key customers
 
• The level of competition and the competitors in the market
• Business Philosophy:What is important to you in business?
• To whom will you market your products?
• Describe your industry.Is it a growth industry?What changes do you fore see in the industry,short term and long term?How will your company be poised to take advantage of them?
 
• Legal form of ownership: Sole proprietor,Partnership,Corporation,Limited liability corporation(LLC)?Why have you selected this form?Explain the business registration and the legal procedures involved.
 
Strategy and Implementation: Once the business has clearly analysed in which industry it is planning to operate the next segment is to out line the marketing plan, the sales plan and the other significant operational activities required in running the business .Under this section the technology required to build the plan,the business location and other special equipment required in the development of the plan should be discussed.Below are the few significant criteria which should be included
 
• Marketing Plan
• Sales Plan
• Location and Capacity management
• Technology
• Equipment and Tools

 

Management Structure:Under this section the particular son the management of the business should be explained in detail.It should comprise the details on the persons and the irrespective roles in managing the business.The key person s in the management teams should be discussed and the type of culture and the leadership style should be explained in detail.This section should also include information on when the company was founded,who is/are the owner(s),what state the company is registered in and where business is done.The following are some of the key conditions to be included
 
• Who will manage the business on a day-to-day basis?
• What experience does that person bring to the business?
• What are the special or distinctive competencies?
• Is the rea plan for continuation of the business if this person is lost or in capacitated?
• Ifitcontainsmorethan10employees,create an organisational chart showing the management hierarchy and who is responsible for key functions.
• Management team and the gaps involved
• Personnel plan
 
Product code: Marketing-QA86
 
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