Assignment 5: Business Plan – Final
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Week 8 Assignment 3 Part 1
- You earned a grade of B on your paper (81%). There are several areas needing more detail and explanation. Please review my feedback below.
Good effort! You described the operations plan for your business using most of the items in the template. Be sure to use all the information pertaining to this section as outlined in the NAB Company portfolio. A manager must understand how a business operates step-by-step so that decisions can be made. Each step must be carefully evaluated as improvements and flow should always be the goal. Improvements in this area can lead to cost reductions and increased profit margins.
I loved how you outlined the competitive advantages you have and how you justified your position. The competitive advantages you have will allow you to grow compete with other companies out there and increase your market share. Great work!
You briefly mentioned the research and development activities at your company. You need to explain these activities and how they contribute to the company overall. More information is needed. Research and development are key for the growth and sustainability of the business.
Good effort in this section! You described the technology plan for your business using the items in the template. Be sure to use all the information pertaining to this section as outlined in the NAB Company portfolio before adding your own and discuss in more detail. Technology issues can be time-consuming, expensive, and difficult. Clarifying the right technology (hardware, software, telecommunications) for the business is part of the company's success.
You are missing the section discussing the personnel needs. Always check to make sure each question is addressed.
You are discussing a plan for your management team but you need to address each of the items in the template on page 248. You must also use the information provided in the NAB Company portfolio and then add your own. People are key for the success of every business. Investors may make their investment decisions based on the strengths of the people involved in a business. Experience, skills, and personalities of the people in an organization influence the success of that organization. Developing a strong management is key and the management style is also important for the overall organizational climate and success.
Excellent work outlining the management hierarchy. Clarity of roles and responsibilities is very important in all companies. More companies use the horizontal management structures rather than the traditional top-down lines of authority. In these types of organizations, employees are empowered to make decisions on their own, there are fewer management levels, and decisions are made faster, making the organization more agile and responsive to the needs of the customers or production team.
You are missing a section justifying the management structure (lines of authority, relationships) and style (how the manager will interact with employees: policies, communication, recognition, etc.)
Great job with the format, organization, and grammar.
Week 8 Assignment 3 Part 2
This is a very well-thought out paper, and I really enjoyed reading it. You earned a grade of A (94%). You worked through the questions in this assingment in a meaningful way, with detailed support and thoughtful analysis. Please review my feedback below.
Nice job with creating your company, product, and justifying the company name in detail. The company name is your brand and should be unique and easy to remember. You have done a good job in this section. It is important to understand the trends in your industry so that you can identify patterns or take advantage of opportunities. You should pay attention to past performance and growth projections. When you start a company, usually you identify a need in the market, or you are taking advantage of a trend. Really nice job clarifying your strategy and the key risks associated with your business. This will allow you to develop an appropriate strategy for your business. Nice job!
Nice job outlining your target market and the key demographic information. A clear picture of your target markets needed to design an appropriate strategy for your business. You did such a good job discussing your competition and your plan to differentiate your company! Good work! I enjoyed reading your section about the marketing and sales strategy. A solid strategy will lead to an increase in sales. Keep up the good work!
Nice work describing ways in which your company is committed to being a good corporate citizen. Being a good corporate citizen is important for a company's brand and reputation. Consumers respect and stay loyal to companies that care about their communities and the environment.
Excellent plan to mitigate the negative impacts of your company's activities on the environment! Making your business environmentally friendly not only benefits the environment but can also save you money (recycling can reduce your costs), can be a competitive advantage (attracting customers who have the same interests and values), and improves sustainability (less dependent on natural resources).
Great work discussing the health claims related to the product your are making. I really enjoyed reading the strategy you developed for you company to address these health claims. Companies must clarify any health claims they make or identify any potential issues related to the product, whether positive or negative. Evidence and research must support any positive claims. The companies must be able to defend any claim and clearly identify any potential issues related to the consumption of the beverage. Safety should always be the number one priority. Each company should have a plan in place to mitigate any negative issues, which can negatively affect the reputation of the company, and then sales.
I enjoyed reading your company's plan to address only the appropriate market segments. Since the target market is established and the purpose of the product is clear, companies must ensure that their advertising message reaches the appropriate audience. If a product should not be consumed by children, is the company’s responsibility to avoid exposure to this segment. This includes visuals, language, time of exposure, overall content, etc. Great work!
Great job with the format, organization, and grammar.
Your submitted Excel document has some incomplete worksheets. You must ensure that you reflect all the numbers provided in the NAB Company Portfolio and the Financials Guide as well as reflect the plan you created so far. Every business decision lead to a number and these numbers will form the basis of your financial form. For example, if you decided to advertise on TV each week, there is a number associated with this decision. Financial statements provide you with the information you need to make decisions. You must understand the numbers to be able to assess the current situation at your company so that you can make appropriate decisions. Ensure the numbers look good for the investors.
