2000 word essay need clean and intellectual work

Assessment II: Individual Essay: 70%, 2000 words (+/- 10%) excluding references

You are required to outline your personal reflection and evaluation of the whole experience through business plan development and the learning from lectures by answering the following three questions: • What is the biggest challenge you (not your team) encountered when engaging in the team work for developing the business plan, how did you overcome it?

How could this experience improve your future contribution to team work?

• Please pick up one or two lecture topics on different aspects of entrepreneurship (particularly in term 2), read widely on the theories/frameworks related to the topic (s), and illustrate how these theories/frameworks help improve your understanding of entrepreneurship? Please explain in detail by providing evidence from your own experience in developing the business plan or running your own/family businesses, or examples of other successful entrepreneurs.

• Evaluate yourself and illustrate, to what extent, you are a potential entrepreneur, and why?

•

•

• The topics in term two __-

• entrepreneurship growth and exit strategies

• entrepreneur networks and small business

• Creativity and entrepreneurship

• The role of government

• internationalisation

Whichever topics you like I can share the slides so that you can understand better

•

The business plan I prepared in case you need it.

Roughly

Introduction

A marketing plan acts as a road map to an outlined marketing strategy, coats, tactics, and the

projected results over a given schedule. According to Kadam (2017), the business plan keeps the

entire working group focused on the achievement of a particular group. The same author stated a

personal financing budget is a vital resource in the growth of any business. The changing business

world calls for the adoption of new market plans that captures the need of the organization.

Therefore, institutions need marketing and an operation plan that develops an app that will target

students in splitting bills and tracking payments.

Marketing plan

According to Hammervoll (2016), any marketing plan should include a detailed description

of the competitors, strengthens and weaknesses of the market, and the demand for the product. For

the development of the good marketing plan, it is important to consider several factors. First, a

business person must include details of the current business situation. For this organization, the

marketing of personalized financing budget app will be the main product. The exact current

situation of a business should explain the challenges the organization is currently experiencing. The

marketing plan should also give details of the target market. The major target market will be

learning institutions. The plan should also lay down any other potential buyer of the product. The

organization is giving details on how the product will be effective and useful to the end-users.

According to Kadam (2017), the process of making people understand the importance of the

personal financing app is likely to increase the market share. Additionally, understanding the target

customers of a product assist organizations to create-specific messages and give them to the

targeted customers. Thirdly, the marketing plan provides the period of the planned activities. This

organization plans to establish the specific amounts of products that we are supposed to have sold

by the end of the financial year. Furthermore, the organization plans to increase the number of

clients by 10%. Even though it is hard to determine the effectiveness of a marketing plan, increased

sales and profits are an evident picture of a good plan.

Lastly, the marketing plan should stipulate the marketing tactics that an organization used to

reach the market. According to Purohit (2018), the market target should lead one in deciding the

strategy to use. Notably, taking into account that the majority of the app users are available on

social media and the internet, the personal finance budgeting app should be advertised through such

media.

The Marketing Mix

According to Hammervoll (2016), marketing mix is all about outing the right combination

in place at the right price and time to facilitate marketing. The mix is made up of four elements;

product, price, promotion and place. First, the product of the organization that it is marketing is

personal financing budget app. The product is intangible, and it is expected to change the traditional

handling of bills and payments. The product has been arrived at through intensive research targeting

the students. The second item in the market mix is the price of the product. The price reflects what

the customers are willing to pay to enjoy the budgeting app. According to Purohit (2018), price is an

essential component of the marketing plan as it determines the survival and the profits made by a

company. The marketing plan should have a way of adjusting the market prices as they have a big

impact on the growth of the product.

The other marketing mix is the place that determines the distribution channel and the area to

focus on. The organization plans to take the product to a place where the potential customers can

access them. The knowledge one determines the distribution of any product has on the market. The

organization working with personal financing budgeting apps can use one of the four strategies;

intensive, exclusive, selective distribution, or franchising. The last component is a promotion,

which includes sales organization, public relations, advertising, and sale promotion.

Operational Plan

On the other hand, the operation plan in a business plan explains the physical need for a

business operation. The plan provides the physical facilities, location, and equipment needed by an

organization. The development of an effective operation plan excellently describes the resources

and processes needed for the functioning of the company (Hammervoll, 2016). The operation plan

also describes the type of human resources and other resources needed to spur the growth of a

business. Notably, the development of personal financing budgeting apps will require outsourcing

of employees IT experts. Additionally, the organization will require marketing staff to take the

product to the customers’ door. One of the important resources that the organization requirements is

money to facilitate development and marketing. The funds will be sourced from financial

institutions that the firm has been working with closely.