Business Plan Assignment, Essay Example

Definition: a business plan is a formal avowal of a set of business ambitions.  

How would you gather market research to see if your product would sell? Who could you contact now that you’ve already asked your friends and family?

First I will give out samples to various consumers and see their reaction; if the consumers will be satisfied I will definitely have a guarantee of my product to be accepted in the market. Also, I can use questioner methods, where will go direct to the consumers and explain to them about the new product which I’m intending to launch. I have to pursued them and explain why they should accept my product. Moreover, I can also use a different sale techniques method, where I will advertise through the media. This will create awareness to the consumer and the time I will be releasing the product officially to the market, the consumer will not see it as a new product but they ought to buy it and see its effectiveness.

After consultation from friends and family, the next persons to contact will be the expertise in that field. It is very vital to make consultancies in order to be accurate in any step or decision which I will undertake. Most of the investors usually get themselves into hot water due to poor decision making which is a result of lack of consultation. The services of business consulting will assist me know-how to penetrate internal and external markets successfully

Do a rough estimate of the cost to manufacture at least 1,000 of these products. Be sure to factor in everything – not just the materials. Now tell me your plan to arrange funding of your product.

Many people ought to start a business but they don’t have capital to do so. My family and friends have already concluded that they will give their support, which will be the first source of my fund to my product. I can also fund my product through various methods such as credits accounts with suppliers, personal loan, bank loan, silent partner (provide finance for share in profits), personal equity release (for instance, sale), delaying payment of creditors bills, bank loan and government grants allied to providing employment. After family and friends grant, the second grant will come from personal contribution, then I will evaluate the total grants and see the remaining. I will now choose one of the above methods of grants which will fill the remaining funds for my product.

Explore the ways to distribute your product including getting it into large stores such as Home Depot and Circuit City and also specialty shops and catalogs like the SkyMall. Figure out a strategy to use the Internet and direct mail as well.

Before I start distributing the product to various intermediaries, I have to ensure that I have abridged the number of marketplace contacts in order to have a more efficient system. Also, I have to standardize in order to perk up the system efficiency, hold inventory to boost the response of the market and lowering the transportation costs and lastly, distributing physical products in order to guarantee that they are accessible for clientele to purchase them on demand.

There various ways of distributing my product into various places. I can buy transporting vehicles or hire them; also, if railway is accessible, I can use it since it’s cheaper compared to other mode of transportation. I may also use sea transport or air transport. Whichever means which will be accessible and more convenient that’s the one I would to use. Also, I have to limit the chain of supply in order to fight against consumer exploitation.

Internet trading will be the foremost key. It’s has a lot of advantages such as wide rage market. Internet is everywhere in the global and majority of customers have the access to it. Also, internet operates 24hrs a day, 7 days a week. If for example I want to purchase a product and I cannot access it at local shops due to unavoidable circumstances such as holidays, at night etc; through internet am able to purchase the product on time. This means that, purchasing through internet is time saving, is fast and convenient since you don’t need to travel. Moreover, in case of any update, it’s much easier since you will update your consumers through emails. I have to ensure that my product have been distributed to SkyMall ready for market.

Write 2 paragraphs that you would use in a marketing campaign for your product. Be sure to talk about the features of your product and the benefits too.

There are various sales techniques methods which I have to use them in order to persuade the consumers to accept my product. Some of them are new packages, advertising a new product, price promotion, coupons, gift with purchase, competitions and prizes, money refunds, frequency users/loyalty and incentives point-of-sale displays.

My new products has the best quality and quantity ever in the market, moreover it has a lot of benefits compared with others products in the market. For example, our wooden is a long lasting product; is made of through indigenous tree unlike others that are made of through soft wood which doesn’t long last. It is well painted with different colors according to individual consumer’s desire, cannot brake easily, it’s cheap, packed with different sizes, it’s also well preserved and well manufactured. Moreover, wall-mounted toilet paper holders with a customized attachment to hold an Apple iPod is also my new product which has more advantageous than others which are already exceeding in the market. It is the time for changes and we need to change from old products to new products which are made with the new technology. The only changes we have are my new products and any consumer is much welcomed to taste the changes of the new products which are more efficient when compared with others. Most of the consumers were crying for the new products, I ensure them that their cries are over since I have established the product which will fulfills their dreams. It’s now your choice, to broom with the new products or doom with outdated products.

Assuming your product takes off like crazy (and I know it will!) think about spin-off products you could develop to further grow your business. How can you diversify with your current product as the core of your business?

If my plans come to a success, I will definitely expand my business into large scales where I will now embark on opening new branches across the global and increase the volume of my product. Also, due to good turn over of my business and its success, I will be in a better position of acquiring long and short term loans if I will have a shortage or a drawback of my diversify plans. I will also hire more professionals who will assist in running the business. The main reasons for diversify will be, new market opportunity, reduce financial risk and seeking new challenges. Nevertheless, there are four methods of diversification, that are; horizontal, vertical, geographic and other businesses. I will look for the best diversify methods which will sail in the same boat with my business.