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BBA131 business plan

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Question;There are six parts;to the business plan. You will use the same business idea for all six parts of;the plan. The Business Plan Assignments can be found by clicking the link in;the chapters in which they are assigned. Answer the questions that make up each;part in the order that they are shown. Note that the template includes hints;that will help you answer each question. Once you are done answering the;question, you should delete the question and the tip, leaving just the heading;and your answer behind.;Students who;successfully complete the plan have these two qualities in common:They;do not procrastinate. A well-written business plan cannot be written overnight;as they require a good deal of thought and creativity. They also ask questions.;If a term is used in the business plan template that confuses you, check in;your textbook or ask your instructor for an explanation.;Students;also like to know how many pages are needed for a good grade.A;good completed Business Plan normally requires between 10 to 12 pages. This;sounds like a lot, but most of the six sections will average about 2 pages.;To complete this;assignment, you will need to use the Business Plan Template below. You must use;Microsoft Word to prepare your assignment. After you have completed the;assignment upload it using the link below. Do not include the questions and;hints provided in this template in your Business Plan. You should however;include the headings above each section to make your plan look more;professional and easier for me to read. Be sure to save your work. If you have;not done so already, please read the information about the Business Plan;assignment in the syllabus.;BUSINESS NAME;What is the name of your business?;Hint: When you think of the name of your;business, make sure that it captures the spirit of the business you?re;creating.;DESCRIPTION OF BUSINESS;What will your business do?;Hint: Imagine that you are explaining your;business to a family member or a friend. The business should be easy to;explain.;FORM OF BUSINESS OWNERSHIP;What form of business ownership (sole;proprietorship, partnership, corporation, LLC, etc.) will your business take?;Why did you choose this form? What are the advantages and disadvantages?;Hint: For more information on the types of;business ownership, refer to the discussion of the different forms of business;ownership in Chapter 3.;IDEAL CUSTOMER;Describe your ideal customer. What are they;like in terms of age, income level, and so on?;OUR ADVANTAGES;Why will customers choose to buy from your;business, instead of your competition?;Hint: In this section, describe what will be;unique about your business. For example, is the product/service special, will;customer service be exceptional, or will you offer the product/service at a;lower price?;ETHICAL ISSUES;All businesses have to deal with ethical;issues. One way to address these issues is to create a code of ethics. Describe;three core (unchanging) principles that your business will follow.;Hint: To help you consider the ethical issues;that your business might face, refer to the discussion in Chapter 2.;SOCIAL RESPONSIBILITY;A business shows social responsibility by;respecting all of its stakeholders. Describe the approach to social;responsibility (proactive, accommodative, etc.) your business will take. What;steps will you take to create a socially responsible business? What steps can;you take to be a good citizen in the community? Consider also how you may need;to be socially responsible toward your customers and, if applicable, investors;employees, and suppliers.;Hint: To help you consider issues of social;responsibility, refer to the discussion of social responsibility in Chapter 2.;GLOBAL ISSUES;Do you think that you?ll sell your product in;another country? If not. Why? If so, what countries would you choose, and why?;What challenges will you face?;Consider how you will expand internationally;(i.e. independent agent, licensing, etc.). Do you expect global competition for;your product? What advantages will foreign competitors have?;Business Plan Part 2;For this part of the Business Plan you will need to answer the;questions in Part 2 found below. When you are finished upload ONLY Part 2 of;the project using the link below. You will be using the;same business that you created for Part 1. Please add the name;of your business to the top of your assignment. Be;sure to save your work. If you have not done so already, please read;the information about the BusinessPlan assignment in the syllabus.;BUSINESS NAME;Please state the name of your business at the top of Part 2;of your business plan for me.;MISSION STATEMENT;Provide a mission statement for your business.;Hint: Refer to the discussion of mission statements in Chapter 5. Be sure to;include the name of your business, how you will stand out;fromyour competition, and why a customer will buy from you.;BUSINESS GOALS;Consider the goals for your business. What are three;of your business goals for the first year? What are two;intermediate to long-term goals?;Hint: Refer to the discussion of goal setting in Chapter 5. Be as specific and;realistic as possible with the goals you set. For example, if you plan on;selling a service, how many customers do you want by the end of the first year;and how much do you want each customer to spend? If you plan on selling a good;how many do you hope to sell?;SWOT ANALYSIS;Perform a basic SWOT analysis for your business, listing its main strengths, weaknesses, opportunities;and threats. Look around at yourworld.;The strengths and weakness are internal to;the business and are known as;the organizational analysis.;The opportunities and threatsare external to;the business and are known as the;environmental analysis.;MANAGEMENT;Who will manage the business?;Hint: Refer to the discussion of managers in Chapter 5. Discuss how many levels;of management as well as what kinds of managers yourbusiness needs.;ORGANIZATION STRUCTURE;Explain how the ?team? fits together. Describe who will work for each manager;as well as each person?s job title.;Hint: Most businesses start off quite small. However, as you describe your organization;consider what your business will look like in the;future. What different tasks are involved in the business? Who will each;person report to in the organizational structure? Refer to the discussion;of organizational structure in Chapter 6 for information to get you;started.;FLOOR PLAN;Describe the floor plan of the business. What does it look like;when you walk through the door?;Hint: When describing your floor plan, consider where equipment;supplies, and furniture will be located.;RAW MATERIALS AND SUPPLIES;Explain what types of raw materials and supplies you will need to;run your business. How will you produce your good or;service? What equipment do you need? What hours will you operate?;Hint: Refer to the discussion of operations in Chapter 7 for information to get;you started.;QUALITY ASSURANCE;What steps will you take to ensure that the quality of the product or service;stays at a high level? Who will be responsible for maintaining the quality of;the product or service (or both)?;Hint: Refer to the discussion of quality improvement and Total Quality;Management in Chapter 7 for information to get you starte;PART3;For this assignment you will;need to answer the questions in Part 3 below. When you are finished upload ONLY;Part 3 of the project using the link below. Please add the name of your;business to the top of the assignment. Be sure to save your work.;BUSINESS NAME;Please add the name of your business to the top of Part 3 of your business;plan.;CORPORATE CULTURE;What do you see as the ?corporate culture? of your business? What types of;employee behaviors, such as organizational citizenship, will you expect?;Hint: Will your business demand a casual environment or a more professional;environment? Refer to the discussion on employee behavior in Chapter 8 for;information on organizational citizenship and other employee behaviors.;LEADERSHIP PHILOSOPHY;What is your philosophy on leadership? How will you manage your employees;day-to-day?;Hint: Refer to the discussion on leadership in Chapter 9 to help you formulate;your thoughts.;JOB DESCRIPTIONS;Looking back at your organizational chart in Part 2, create a job description;for each team member.;Hint: As you learned in Chapter 10, a job description lists the duties and;responsibilities of a job, its working conditions, and the tools, materials;equipment and information used to perform it. Imagine your business on a;typical day. Who is working and what are each person?s responsibilities?;JOB SPECIFICATIONS;Next, create a job specification for each job, listing the skills and other;credentials and qualifications needed to perform the job effectively.;Hint: As you write your job specifications, consider what you would write if;you were making an ad for the position. What would the new employee need to;bring to the job in order to qualify for the position? What are the needed;skills, credentials, and qualifications for the position.;TRAINING EMPLOYEES;What sort of training, will your employees need once they are hired? How will;you provide this training?;Hint: Refer to the discussion of training in Chapter 10. Will you offer your;employees on-the-job training? Off-the-job training? Vestibule;training?;COMPENSATION;A major factor in retaining skill workers is a company?s compensation system.;The total package of rewards that it offers employees in return for their;labor. Part of this compensation system includes wages/salaries. What wages or;salaries will you offer for each job? Why did you decide on that pay rate?;Hint: Refer to Chapter 10 for more information on forms of compensation. You;may also want to check out sites likewww.salary.com;which includes a salary wizard you can use to determine how much people with;different job titles are making in your area and across the United States.;INCENTIVES;As you learned in Chapter 10, incentive programs are special programs designed;to motivate high performance. What incentives will you use to motivate your;workforce?;Hint: Be creative and look beyond a simple answer such as giving pay increases.;Ask yourself, who are my employees and what is important to them? Refer to;Chapter 10 for more information on the types of incentives you may want to;consider.;Business Plan Part 4;For;this assignment you will be answering the questions in Part 4 of the template.;When you are finished upload ONLY Part 4 of the project using the link below.;Be sure to save your work.;BUSINESS NAME;Please enter the name of your business at the top of part 4 of your business;plan.;TARGET MARKET;Describe your target market in terms of age, education level, income, and other;demographic variables.;Hint: Refer to Chapter 11 for more information on the aspects of target;marketing and market segmentation that you may want to consider. Be as detailed;as possible about who you think your ideal customer(s) will be.;PRODUCT/SERVICE FEATURES AND BENEFITS;Describe the features and benefits of your product or service.;Hint: As you learned in Chapter 11, a product is a bundle of attributes;(features and benefits). What features does your product have? What does it;look like and what does it do? How will your product benefit the buyer?;PRODUCT/SERVICE DIFFERENTIATION;How will you make your product or service stand out in the crowd?;Hint: There are many ways to stand out in the crowd, such as a unique product;outstanding service, or a great location. What makes your ?great idea? special?;Does it fill an unmet need in the marketplace? How will you differentiate your;product or service to make sure that it succeeds?;PRICING;What pricing strategy will you choose for your product or service, and what are;the reasons for this strategy?;Hint: Refer to Chapter 12 for more information on pricing strategies and;tactics. Since your business is new, so is the product or service. Therefore;you probably want to choose between price skimming and penetration pricing.;Which will you choose, and why?;PLACE (DISTRIBUTION) ISSUES;Where will customers find your product or service? (That is, what issues of the;distribution mix should you consider?);Hint: If your business will sell its product directly to consumers, what types;of retail stores will sell your product? If your product will be sold to;another business, which channel of distribution will you use? Refer to Chapter;12 for more information on aspects of distribution you may want to consider.;ADVERTISING;How will you advertise to your target market? Why have you chosen these forms;of advertisement?;Hint: Marketers use several different advertising media?specific communication;devices for carrying a seller?s message to potential customers, each having its;advantages and drawbacks. Refer to Chapter 12 for a discussion of the types of;advertising media you may wish to consider here.;PROMOTIONS;What other methods of promotion will you use, and why?;Hint: There?s more to promotion than simple advertising. Other methods include;personal selling, sales promotions, publicity and public relations. Refer to;the discussion of promotion in Chapter 12 for ideas on how to promote your;product that go beyond just advertising.;Business Plan Part 5;For;this assignment you will be answering the questions in Part 5 of the template.;When you are finished upload ONLY Part 5 of the project using the link below.;Be sure to save your work.;BUSINESS NAME;Please enter the name of your business at the top of part 5 of your business;plan.;IT RESOURCES;What kind of IT resources will your business require?;Hint: Think about the employees in the business and what they will need in;order to do their jobs. What computer hardware and software will they need?;Will your business need a network and an Internet connection? What type of;network? Refer to Chapter 13 for a discussion on IT resources that you may want;to consider.;CUSTOMER SERVICES;How will you use information technology to keep track of your customers and;potential customers?;Hint: Many businesses (even small businesses) use databases to keep track of;their customers. Will your business require a database? What about other;information systems? Refer to Chapter 13 for more information on these topics.;COST OF DOING BUSINESS;What are the costs of doing business? Equipment, supplies, salaries, rent;utilities, and insurance are just some of these expenses. Estimate what it will;cost to do business for one year. First, fiqure out the monthly cost for each;expense, then multiply that figure by 12 to get the yearly rate. Next, add up;all of the yearly rates of each expense to get the estimated total cost of;doing business for year one. Include all of the above infromation and;calculations in your plan.;Hint: The list below provides some hints as to where you can get this;information. Note that these are just estimates. Try your best to include;accurate costs for the expenses you think will be a part of doing business.;Hints for each expense;?Rent: Refer to the floor plan. How many square feet is your place of business?;What is the ?going rate? per square foot for office space in your community? A;real estate agent or a local SBA representative (www.sba.gov) can also be;helpful in answering this question.;?Salaries: Refer to part 3 of your business plan. How much will each employee;earn, including the owner(s)? How many hours will each employee be needed on a;weekly basis? Once you?ve determined the weekly cost, then expand it to a;monthly and a yearly cost.;?Supplies: Refer to the floor plan. How much will all of the computers;equipment, and furniture cost? What kinds of general office supplies will you;need? Most prices for this information can be found on an office supply website;such as www.staples.com.;?Advertising and Other Promotions: Refer to your marketing section. You have;described how you wish to reach your customer, now you need to decide how much;it will cost. If you are using television, contact the sales department at a;local station. If you are using newspaper, contact their advertising;department. Salespeople are usually happy to answer your questions.;?Utilities: These amounts will vary, depending on your business and what;utilities you will pay. If your business looks like an office, then this cost;may be similar to what a homeowner pays. However, if your business involves;making a product, then the costs will be significant. An SBA representative can;be a good resource.;?Insurance: This value will be affected by the nature of the business. More;equipment will usually mean higher insurance costs. Again, contact an SBA;representative for feedback.;?Other Expenses;EXPECTED REVENUE;How much will you charge for your product or service? How many products do you;believe that you can sell in one year or how many customers do you think your;business can provide your service to? Multiply the price that you will charge;by the number of products that you hope to sell or the amount you hope each;customer will spend on your service. This will give you an estimate of your;revenues for one year. Be as realistic as you can.;PROFIT OR LOSS;Subtract the cost of doing business (expenses) from your your expected revenue;(income). This is the profit or loss that you could expect in your first year;of business. It usually takes a business several months or even years before it;realizes a profit. When will your business breakeven? When will it make a;profit?;STARTUP COSTS;Approximately how much money will you need to get your business started?;Explain your answer. Remember that it can take several months or even years;before your business starts to make a profit. You will need funds to keep it;going during this time.;FINANCING;How will you finance your business? For example, will you seek out a bank loan?;Borrow from friends? Sell stocks or bonds initially or as your business grows?;Why did you choose the form(s) of financing?;Hint: Refer to Chapter 16 for information on securities such as stocks and bonds.;Refer also to Appendix I: Risk Management and Chapter 3 for more information on;sources of short-term and long-term funds.;Business Plan Part 6;For;this assignment you will be answering the questions in Part 6 of the template;below. When you are finished upload ONLY part 6 of the project using the link;Below. Be sure to save your work.;EXECUTIVE SUMMARY;Create an executive summary for your business plan. The executive summary;should be no more than two pages long in paragraph form. It should cover the;following points;?The name of your business;?Where your business will be located;?The mission of your business;?The product or service you are selling;?Who your ideal customers are;?How your product or business will stand out in the crowd;?Who the owners of the business are and what experience and education they have;?An overview of the future prospects for your business and its industry;Hint: At this point, you?ve already answered almost all of these questions, so;what you need to do here is put the ideas together into a ?snapshot? format.;The executive summary is really a sales pitch. It is the investor?s first;impression of your idea. Therefore, as with all parts of the plan, write it in;a clear and professional way.;After you have written the executive summary and submitted part 6 of your;business plan, you can copy and paste it so that it falls at the beginning of;your business plan, as the very first element. You should now have a completed;business plan for your idea.

 

Paper#46827 | Written in 18-Jul-2015

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