Develop an idea for a prospective small business and select a name for the company|Quick homework help

Posted: February 13th, 2023

PART 1- CREATE A BUSINESS

Overview

With this assignment, you have the opportunity to take your creative ideas to the next level and begin to develop a strategy that will form the foundation for a successful business.

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Instructions

Write a 3–4 page paper in which you:

  1. Develop an idea for a prospective small business and select a name for the company.
  2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
  3. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
  4. Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
  5. Include at least two references outside the textbook. For help with research, writing, and citation, access the Strayer Library or review the Bachelor of Business Administration Library Guide.

PART 2 – FEASIBILITY ANALYSIS

Overview

With this assignment, you will be addressing the fundamental question: Does this business have profit potential?

Instructions

Refer to the same business you described in part 1 and write a 3–4 page paper in which you:

  1. Conduct a feasibility analysis by researching and analyzing each of the following topics and indicate how your business occupies that specific space:
    • Industry and market feasibility.
    • Product or service feasibility.
    • Financial feasibility.
    • Entrepreneurial readiness.
  2. Explain whether the business idea needs to be modified, changed significantly, or abandoned based on your feasibility analysis. (Note: If you abandon the business idea, then you will need to select and analyze a new business that has profit potential.)
  3. Include at least two references outside the textbook. For help with research, writing, and citation, access the Strayer Library or review the Bachelor of Business Administration Library Guide.

PART 3- MARKETING PLAN

Overview

With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Instructions 

Using the business from parts 1 and 2, write a 3–4 page paper in which you:

  1. Identify its primary target market. Explain your response.
  2. Specify three methods you will use to research customer needs and wants.
  3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion and d) placement or distribution.
  4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
  5. Include at least two references outside the textbook. For help with research, writing, and citation, access the Strayer Library or review the Bachelor of Business Administration Library Guide.

This course requires the use of Strayer Writing Standards (SWS).

SOLUTION

To create a successful business, it’s important to have a clear and well-defined strategy. Here are some steps that you can follow to develop a solid business strategy:

  1. Identify your target market: Determine who your customers are, what their needs and preferences are, and what motivates them to buy your products or services.
  2. Conduct a SWOT analysis: This will help you understand your strengths, weaknesses, opportunities, and threats in the market.
  3. Define your unique value proposition: What makes your business different from others in the market? What are the key benefits that you offer to your customers?
  4. Set realistic and measurable goals: Identify what you want to achieve with your business and set specific, measurable, achievable, relevant, and time-bound (SMART) goals to help you get there.
  5. Create a marketing plan: Decide how you will reach your target market, promote your business, and build your brand.
  6. Develop an operational plan: Determine how you will run your day-to-day operations, manage your resources, and achieve your goals.
  7. Evaluate and adjust your strategy regularly: As you move forward, it’s important to regularly review and assess your progress, make any necessary adjustments, and continue to refine your strategy to ensure long-term success.

By following these steps, you can develop a comprehensive and effective business strategy that will help you achieve your goals and succeed in the competitive world of entrepreneurship.

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