Explain internal strengths and weaknesses as business owners

Assignment Help Business Management

Reference no: EM131426991 , Length: word count:2000

REPORT 1 -

Mission Statement -

Craft a mission statement. Your mission statement communicates to the public what the businesses' purpose is, what product is being offered, how it's different and who it serves. It should be concise. It is NOT a slogan (many students get marketing messages mixed up with mission statements). It should be concise, 1-3 sentences.

Avoid "I" "my" "you" and "your" references. Remember this is the business (use the business name) communicating to the general public. Not you communicating to me.

Watch this video for help with crafting your mission statement https://youtu.be/yVHOyNiQFFg

Product Description -

Describe the types/categories of products (or services) you will offer and the benefits this product/service will bring to consumers. What is the value to consumers? What makes this product/service unique? This section should be approximately 2-3 paragraphs.

Company Description -

Give the background of the company. Why are you starting it? (What interests your team about this product and industry?) What legal form of business is it? (Sole proprietor, LLC, corporation, etc.) The company description should be 2-3 paragraphs.

SWOT Analysis & Competitive Advantage -

SWOT Analysis

You may use a table like the one below. You should have at least two bullet points under each category. Assess you/your group's skills and abilities related to your industry and business knowledge to determine your internal strengths and weaknesses as business owners. You can also make assumptions of what you think your business will be strong and weak at. Research the external environment to determine your businesses' opportunities and threats.

Competitive Advantage

After analyzing your SWOT analysis and developing your product, describe what your businesses' unique competitive advantage is. 1-2 paragraphs.

Management & Organizational Chart

Management Team

Describe key owners and managers who will make important decision for the business. General employees do not need to be named. I suggest you create a paragraph for each high-level manager. Describe the background, experience and knowledge they bring to this business.

For group work, each group member should have a management title. If you're completing this assignment as an individual, you can either develop titles for managers, without naming a specific person, you would hire for and the skills you'd expect from that position, or you can list someone you actually know that possess the skills to hold a management position in your company (friend, neighbor, coworker, etc.).

Organizational Chart

Create an organizational chart (example below, also see pg. 204). This is not a one-size-fits-all situation. Your business needs will depend on your product, competition and strategy. Include a brief summary of why you organized your business this way, 1-2 paragraphs.

REPORT 2 -

Industry Analysis

The industry analysis (also called the industry profile) should be approximately one page. See pg. 188 for details. The following sub-sections should be addressed:

Industry background
Economic & consumer trends affecting the business in this industry
Current outlook for the industry
Future growth potential of industry

Marketing Strategy

Target Market

Describe the segment/s of the market that you will target. Include demographic and psychographic attributes in addition to any other segmentation criteria (geographic, behavioral) that apply. 1-2 paragraphs.

Product/Service

In Report 1, you introduced your product. You can re-use that portion of your paper here but you should revise and refine it based on what you've learned in Chapters 12 & 13. Include information about the benefits of the product to consumers, features, packaging and other attributes that make the product unique. If you have many products such as a restaurant with many menu items or a jewelry store, categorize and describe your main items and/or categories of items. Length will vary.

Pricing

Describe your pricing strategy here. Why is this strategy the best choice for your business? What does your price communicate about your product and position in the market? This should be approximately 1-2 paragraphs. You may include prices with the products you listed in the section above.

Promotion

Create subsections or bullet points for each of the main categories of promotion: advertising, public relations, personal selling and sales promotion. Provide examples of the media used and the message delivered (you do not have to write the actual promotional copy (text), but you should describe the message you want to convey). Include your promotional budget (average monthly budget for promotions). It should be realistic for a start-up business. Length will vary.

Place/Distribution

Describe the place your customers will find your product or service. Include the geographic location and type/s of store or retail establishment/s. If you are selling online, describe where your customers can find your product online. Why does this "place" make sense for your business and target market? Approximately 2-3 paragraphs.

Attachment:- Assignment Files.rar

Reference no: EM131426991

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