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Business Planning

Part 1

1.1 Planning is crucial in every business. It plays a crucial role in developing new business streams (Confederation College, 2014). To add, it enables the organizations to lay a course that would be used to achieve its plans. Reviewing of the present operations is done and what needs to be improved on is identified (Singh and Vinodh, 2017). To add, a business plan is a control as well as a measurement tool which ensures that the set targets are realistic and gives a framework for the analysis of major issues. It also provides a path that would ensure the implementation of strategies. Planning also helps to identify future opportunities and threats, and it reduces the likelihood of failure and helps to avoid incorrect actions (Confederation College, 2014).

TOWS Matrix
TOWS Matrix

From my investigation, there is a gap in software development that the organization would use to improve service delivery. The existing software is good, but the customers are looking for a better and a more advanced version which is more customer friendly. However, the organization does not have experts in software development, hence a need to outsource one. There is a software that is used by another company that offers similar services that we can use before developing our own.

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1.2 The HR and its functions are key in business planning. As stated by Fahed-Sreih (2018), HR is crucial in the planning of resources. People are involved in implementing the plans. Therefore, choosing the right persons for the specific tasks is vital. The business plan also states the number of people that are required at the time and predicts when the business would require more employees. Therefore, this information is relayed to the HR department for proper planning. Also, the type of skill and the skill set that the company needs are stated in the plan for the HR department to implement (Kepczynski et al., 2018).

Finance is also equally important in business planning. It helps in prioritizing expenditure (Galai, Hillel, and Wiener, 2016). The amount of money that is available for expansion would determine the budget allocated for the same. Therefore, before coming up with a plan, the availability of finances should be considered. Also, finance affects the expansion of a business. Additionally, marketing is linked to business planning. Marketing presents the goods and services that a company offers to a potential customer. Marketing is one of the factors that affects the sales hence influencing the demand. To add, it is used to educate the target market about the goods or service available and it. is also used to capture the market’s attention (Valentin, 2015).

To add, business planning is linked with operations. The business plan states the resources that are require to achieve the set goals. Operational planning on the other hand states how the resources will be used in the departments to achieve the set goals. Therefore, the business plan gives the overall picture of laying out the goals and how the goals would be achieved. A proper business plan allows for an efficient flow of the operations (Singh and Vinodh, 2017).

References

Confederation College. (2014). Business planning and finances. Toronto, Productive Publications. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=578403

Fahed-Sreih, J. (2018). Human resource planning for the 21st century

Galai, D., Hillel, L., & Wiener, D. (2016). How to create a successful business plan: for entrepreneurs, scientists, managers and students. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1334596.

Kepczynski, R., Jandhyala, R., Sankaran, G. and Dimofte, A., 2018. Integrated Business Planning. Management for Professionals.

Singh, A.K. and Vinodh, S., 2017. Modelling and performance evaluation of agility coupled with sustainability for business planning. Journal of Management Development.

Valentin, E. K. (2015). Business planning and market strategy. http://dx.doi.org/10.4135/9781483399799

Part 2

2.1 An opportunity matrix focuses on the strategies used for the growth of the services and products (Lamb, Hair, and McDaniel, 2013).

Opportunity matrix
Opportunity matrix

The matrix shows the different growth strategies that are employed in the market. The penetration of the market focusses on the current markets as well as the current products (Lamb, Hair, and McDaniel, 2013). The aim of this strategy is to increase the market share. The other strategy is developing the market by using the existing products to penetrate into new markets. Diversification aims at creating new opportunities through developing new products which are sold to new markets. Development of products involves creating new products that are introduced in the existing markets (Lamb, Hair, and McDaniel, 2013). All the strategies are risky, diversification being the riskiest while market penetration has the lowest risk.

2.2 Sizing an opportunity is the act of placing a range of values or a numerical value to the potential impact of a certain action (Khodaei et al., 2021). It allows one to analyse the expected returns that would be derived from the initial capital. To add, it allows the entrepreneurs to figure out the product road map. Therefore, it is important in decision making in businesses. Every business makes a decision and they may take one option and leave the other. Decision making may be intuition driven, however, intuitions may be swayed, hence the importance of using statistics for opportunity sizing (Khodaei et al., 2021).

To get the demand and assess market potential information, it is crucial to research on the competition and on the target customers (Valentin, 2015). The research is used to analyse the competitors and the consumers in multiple levels. To add, it allows one to get a better view of the market. Other opportunities that may be available to propel the business to greater heights could also be explored. The market research also helps in understanding the business environmental factors.

The market size consists of the sum of the total revenue that sales may generate and the potential buyers of a product or a service in a certain market and the potential buyers (Dubois et al., 2015). It is crucial to calculate the market size so as to estimate the profit that could be generated from the potential new market. Also, it gives the investor an opportunity decides whether to invest in the new market or not. To add, Market sizing gives an estimate on the number of employees to be hired depending on the size of the market (Dubois et al., 2015). Therefore, it is important when making decisions pertaining hiring new employees.

2.3 Everything that is owned by the company is the tangible resource. The tangible resources include the investments, building, equipment, vehicles, inventory, and cash (Weygandt, et al., 2019). Also, they exist in the physical form. On the other hand, the intangible resources include the goodwill, patents, pre-paid expenses, and accounts receivable. Both the tangible and the intangible resources are crucial in the market development strategy, which is the strategy that is associated with growth and it is used by organizations and companies to introduce their new products or services to the target market.

According to Weygandt, et al., (2019), the marketing strategies could be placed into several groups. One is the undercover marketing which is the marketing to the potential clients in a hidden way that they wouldn’t know that they are being marketed to. Second is the scarcity marketing strategy which involves creating a perception that there is a shortage in the goods or the services that are being marketed. This creates fear and the customers purchase thinking that they would not access them in the future. Third is the relationship marketing strategy whose main focus is to satisfy and retain the customer. This encourages building a relationship and the customers increase their loyalty. Finally, the cause marketing which relates a company’s service or product to an issue or a social cause.

References

Dubois, P., De Mouzon, O., Scott‐Morton, F. and Seabright, P., 2015. Market size and pharmaceutical innovation. The RAND Journal of Economics, 46(4), pp.844-871.

Khodaei, H., V. Scholten, E. Wubben, and O. Omta. "Bridging the Gap Between Entrepreneurial Orientation and Market Opportunity: The Mediating Effect of Absorptive Capacity and Market Readiness." Entrepreneurial Orientation: Epistemological, Theoretical, and Empirical Perspectives (Advances in Entrepreneurship, Firm Emergence and Growth, Vol. 22), Emerald Publishing Limited (2021): 201-222.

Lamb, C. W., Hair, J. F., & McDaniel, C. (2013). Marketing. Mason, OH, South-Western/Cengage Learning

Valentin, E. K. (2015). Business planning and market strategy. http://dx.doi.org/10.4135/9781483399799

Weygandt, J., Kieso, D. E., Kimmel, P. D., Trenholm, B., Warren, V., & Novak, L. E. (2019). Accounting principles

Part 3

3.1 Intuition is the building block of coming up with a perfect business model for any company. To ascertain the producers of a possibility of maximally meeting with the consumers a B2C approach would be appropriate. In addition, market knowledge is fundamental alongside having a well-equipped team to do market research. This thereby holds to introducing the company to an eCommerce site which will come in handy in ensuring that consumers are directly linked to their products. With the understanding that it reaches most people around the world, an internationally recognized eCommerce business would cover the model picked working as a major stakeholder. Also, the model will involve selling our services and products to personal use customers. To add, conducting business transactions and communicating to the customers mostly through the internet. The organization that I work with is involved in the health care. It provides services as well as sell health care related products. The organization will be selling goods and services directly to the consumer.

3.2 The key success factors will include the finances. Equipment, facilities and assets are some of the most important factors that would contribute to the success of businesses (Dominguez and Mayrhofer, 2018). They are determining the success of the organization. Also, marketing is equally important. Responding to the customers’ needs and queries increases the loyalty of the customer. Marketing presents the services and goods that a company offers to a potential customer. Sales as well as the customer relations also are success factors. Customers as well, as their satisfaction determine the sales that the organization would make, hence affecting the demand as well as the profits (Valentin, 2015). To add, the operations including the work and processes are important success factors. They influence the output as well as affect the achievement of the set goals and objectives.

The strategic focus is key. As stated by Campisi (2012), planning is one of the strategic focus that enables the businesses to avoid mistakes. Also, it is a channel that is used to communicate the organization’s objectives. A business plan can also be used to secure financing for the business and it is also used when making critical decisions. Management is important in directing the efforts of the employees towards achieving the set goals. Also, good management allows for the integration of the resources in a way that the set goals would be achieved (Singh and Vinodh, 2017). To add, the factors of production are arranged, resources are organized and assembled to achieve the set objectives through proper management. On the other hand, leadership is crucial in motivating the employees to perform better. Also, it maximizes the efficiency, therefore, managers have to be leaders.

3.3 Pitch

I am a business development manager who works for a private limited organization. We deal with customers globally, and we sell services as well as products. The organization is an ecommerce business which seeks to expand and get a new steam of income for a new enterprise as well, as within the existing business. The organization aims to be the best in providing health care products and services. A B2C approach will be used to ensure that the set targets will be achieved. The approach will make sure that consumers are directly linked to their products. I have conducted a thorough market research which has shown that there is an increase in the number of people who are more cautious about their health and they are ready to invest in it. Therefore, the organization has identified this opportunity. Relationship marketing strategy will be used since we would like to satisfy and retain the customer. The challenge that the organization is facing is inadequate buildings that would allow for the expansion. Also, the finances are a challenge. We project that the business will be making double the profits that it is currently making in two years. The new project is set to be implemented in phases for a period of six months. Therefore, I would urge you to support and finance the organization’s development strategy.

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The B2C model is great. However, it has some short comings. First, direct selling might be a challenge in reaching new customers as well as more time could be spent interacting with customers to make a sale Rainer, R. K. (2011. Also, a challenge of delivery logistics and storage could arise. To add, the model may not be able to handle several orders at once. According to Rainer (2011), it would be hard to get repetitive customers with the model.

To address those issues, the organization will consider using delivery companies for deliveries. Also, the stores are enough and there is a room for expansion in case there is a need for more space. There is an existing software that the customers use and the organization is planning to develop a better software that would ensure better service delivery hence minimizing the time that is used for interacting with customers. A software that would improve the B2C model will be developed so that it is capable of handling multiple orders at once. The marketing team is vibrant and the issuer of lack of repetitive customers will be addressed through more online marketing.

References

Campisi, G. (2012). The independent filmmaker's guide to writing a business plan for investors. Jefferson, N.C., McFarland & Co. http://site.ebrary.com/id/10557774

Dominguez, N., & Mayrhofer, U. (2018). Key success factors of SME internationalisation: a cross-country perspective

Rainer, R. K. (2011). Introduction to information systems: enabling and transforming business. Hoboken, N.J., Wiley

Singh, A.K. and Vinodh, S., 2017. Modelling and performance evaluation of agility coupled with sustainability for business planning. Journal of Management Development.

Valentin, E. K. (2015). Business planning and market strategy. http://dx.doi.org/10.4135/9781483399799

Waddell, D. M., Creed, A., Cummings, T. G., & Worley, C. G. (2019). Organisational change: development and transformation.


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