Improving understanding of an important strategy construct
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Improving understanding of an important strategy construct
[Your Name], Owner
- EXECUTIVE SUMMARY
1.3 What Drives Us
- COMPANY DESCRIPTION
2.1 Mission and Vision Statements
2.2 Principal Members at Startup (In Unit 7 you will expand on this section to include medium and long term personnel plans for all team members, including the line staff.)
2.2.1 Using chapter 10 of your text, write the plan, using the section in Chapter 10 that shows how to introduce each team member and describe their background and responsibilities. You will start with the leaders and managers, then discuss other employees as needed for your company to grow.
2.2.2 Use this spreadsheet to show the planning
Leaders/managers (unit 1) When needed (number of months/years after opening) Outside Services Needed Key Functions Add line staff (Unit 7)
2.3 Legal Structure
- MARKET RESEARCH
3.1 Industry (from SBA, Business Guides by Industry – https://www.sba.gov/managing-business/business-guides-industry, and Bureau of Labor Statistics – https://www.bls.gov/iag/tgs/iag51.htm, )
3.1.1 Industry description
3.2.1 Resources used
3.2 Customers (from SBA site fill in worksheet, then use text for spreadsheets and follow-up explanations)
Add SBA part here
Fill in spreadsheet using this example from the text:
Housewife: Married Couple: Age: 35–65 Age: 35–55 Income: Fixed Income: Medium to high Sex: Female Sex: Male or Female Family: Children living at home Family: 0 to 2 children Geographic: Suburban Geographic: Suburban Occupation: Housewife Occupation: Varies Attitude: Security minded Attitude: Security minded, energy conscious Older Couple: Elderly: Age: 55–75 Age: 70+ Income: High or fixed Income: Fixed Sex: Male or Female Sex: Male or Female Family: Empty nest Family: Empty nest Geographic: Suburban Geographic: Suburban Occupation: White-collar or retired Occupation: Retired Attitude: Security minded, energy conscious Attitude: Security minded, energy conscious
Explain who you are targeting and where they are located beginning with the heading “Customers.” Insert information here using these guidelines:
Information About Your Target Market – Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:
Distinguishing characteristics – What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business?
Size of the primary target market – In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group? For more information, see our market research guide for tips and free government resources that can help you build a market profile.
How much market share can you gain? – What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.
3.3 Competitors (from SBA site fill in worksheet, then use text for spreadsheets and follow-up explanation)
Fill in spreadsheet using this example from the text:
Estimated Market Share Competition 60% Home Improvements Inc. 30% Product Line 4 5 Quality 4 5 Technology 4 5 Advertising 2 5 Sales Force 3 5 Distribution 3 4 Price 4 4 Installation 4 5 Ease of Use 4 5 Appearance 3 5 Design 4 5 Useful Life 4 4 Responsiveness 3 5 Availability 1 5 Technical Expertise 4 5 Repair Service 3 5 Efficiency 3 5 Guarantee/Warranty 5 5 On Time Capability 4 5 Industry Reputation 3 5
Write an explanation of your findings using information from the spreadsheet using these guidelines:
- Market share
- Strengths and weaknesses
- How important is your target market to your competitors?
- Are there any barriers that may hinder you as you enter the market?
- What is your window of opportunity to enter the market?
- Are there any indirect or secondary competitors who may impact your success?
- What barriers to market are there (e.g., changing technology, high investment cost, lack of quality personnel)?
3.4 Competitive Advantage
Read: Sustainable competitive advantage or temporary competitive advantage: Improving understanding of an important strategy construct.
3.5 Regulation (use SBA site to fill in blanks, and use https://www.sba.gov/managing-business/business-law-regulations as a resource)
- PRODUCT/SERVICE LINE
4.1 Product or Service
4.2 Pricing Structure
4.3 Product/Service Life Cycle
4.4 Intellectual Property Rights
4.5 Research & Development
- MARKETING and SALES
5.1 Growth Strategy
- A market penetration strategy.
- A growth strategy. This strategy for building your business might include: an internal strategy such as how to increase your human resources, an acquisition strategy such as buying another business, a franchise strategy for branching out, a horizontal strategy where you would provide the same type of products to different users, or a vertical strategy where you would continue providing the same products but would offer them at different levels of the distribution chain.
- Channels of distribution strategy. Choices for distribution channels could include original equipment manufacturers (OEMs), an internal sales force, distributors, or retailers.
- Communication strategy. How are you going to reach your customers? Usually a combination of the following tactics works the best: promotions, advertising, public relations, personal selling, and printed materials such as brochures, catalogs, flyers, etc.
After you have developed a comprehensive marketing strategy, you can then define your sales strategy. This covers how you plan to actually sell your product.
5.2 Your overall sales strategy should include two primary elements:
- A sales force strategy. If you are going to have a sales force, do you plan to use internal or independent representatives? How many salespeople will you recruit for your sales force? What type of recruitment strategies will you use? How will you train your sales force? What about compensation for your sales force?
- Your sales activities. When you are defining your sales strategy, it is important that you break it down into activities. For instance, you need to identify your prospects. Once you have made a list of your prospects, you need to prioritize the contacts, selecting the leads with the highest potential to buy first. Next, identify the number of sales calls you will make over a certain period of time. From there, you need to determine the average number of sales calls you will need to make per sale, the average dollar size per sale, and the average dollar size per vendor.
5.3 Communication Strategy
5.3.1 Internet Strategy (from the text)
5.3.1 Tracking ROI form website
5.3.2 Discuss how you will assure ethical practices are being used in your marketing and selling.
- FINANCIAL PROJECTIONS
6.1 Profit & Loss
Year 1 Year 2 Year 3 Sales Costs/Goods Sold GROSS PROFIT
Salary (Office & Overhead) Payroll (taxes, etc.) Outside Services Supplies (Office & Operation) Repairs & Maintenance Advertising Car, Delivery & Travel Accounting & Legal Rent Telephone Utilities Insurance Taxes (Real Estate, etc.) Interest Depreciation Other Expenses TOTAL EXPENSES NET PROFIT BEFORE TAXES Income Taxes NET PROFIT AFTER TAX Owner Draw/Dividends ADJUSTED TO RETAINED
6.2 Cash Flow Complete section 6.3 of your business plan outline
Year 1 Year 2 Year 3 Cash on Hand CASH RECEIPTS Cash Sales Collections from CR Accounts Loan/Cash Injection TOTAL CASH RECEIPTS TOTAL CASH AVAILABLE CASH PAID OUT Purchases Gross Wages Outside Services Supplies Repairs & Maintenance Advertising Car, Delivery & Travel Accounting & Legal Rent Telephone Utilities Insurance Taxes (Real Estate, etc.) Interest Other Expenses SUBTOTAL Loan Principal Payment Capital Purchase Other Startup Costs Reserve and/or Escrow Others Withdrawal TOTAL CASH PAID OUT CASH POSITION
6.3 Balance Sheet
Assets Start Date: End Date: CURRENT ASSETS Cash in Bank Accounts Receivable Inventory Prepaid Expenses Other Current Assets TOTAL CURRENT ASSETS FIXED ASSETS Machinery & Equipment Furniture & Fixtures Leaseholder Improvements Land & Buildings Other Fixed Assets TOTAL FIXED ASSETS
(net of depreciation)
OTHER ASSETS Intangibles Deposits Other TOTAL OTHER ASSETS TOTAL ASSETS
Liabilities & Equity CURRENT LIABILITIES Accounts Payable Interest Payable Taxes Payable Notes, Short Term (due in 12 months) Current Part, Long-Term Debt TOTAL CURRENT LIABILITIES LONG TERM DEBT Bank Loans Payable Notes Payable to Stockholders LESS: Short-Term Portion Other Long-Term Debt TOTAL LONG-TERM DEBT TOTAL LIABILITIES OWNER’S EQUITY Invested Capital Retained Earnings TOTAL OWNERS EQUITY TOTAL LIABILITIES & EQUITY
6.4 Break-Even Analysis
DIRECT COSTS Fixed Costs ($) Variable Costs (%) Cost of Goods Sold Inventory Raw Materials Direct Labor INDIRECT COSTS Salaries Supplies Repairs & Maintenance Advertising Car, Delivery & Travel Rent Telephone Utilities Insurance Taxes Interest Depreciation Other Costs Total Fixed Costs Total Variable Costs BREAK-EVEN SALES LEVEL:
6.5 Financial Assumptions
6.5.1 Assumptions for Profit and Loss Projections
6.5.2 Assumptions for Cash Flow Analysis
6.5.3 Assumptions for Balance Sheet
6.5.4 Assumptions for Break-Even Analysis
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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