Assignment Task: Strategy, Financing, HRIS, and Putting It All Together
Case Assignment:
For this final module, you will draw on the background readings in all four modules.
In addition to correcting each previous Business Plan component, review the information about financing options and also about competitive strategies and select the one you want to employ in your new business venture. Your options to select from are:
|
Narrow market scope
|
Segmentation Strategy
|
|
Broad market scope
|
Differentiation Strategy
|
Cost Leadership
|
|
Uniqueness competency
|
Low cost competency
|
Empirical research on the profit impact of marketing strategy indicates that firms with a high market share are often quite profitable, but so are many firms with low market share. The least profitable firms are those with moderate market share. This is sometimes referred to as the "hole-in-the-middle" problem.
Porter explains that firms with high market share are successful because they pursue a cost-leadership strategy, and firms with low market share are successful because they employ market segmentation or differentiation to focus on a small but profitable market niche. Firms in the middle are less profitable because of the lack of a viable generic strategy.
Watch this video, How to write a business plan step by step in 2021.
Keys to the Assignment:
- Your paper should be 6-8 pages long (not including title and reference pages).
Use this checklist to make sure you include all parts of the assignment in your final submission:
- Included a SWOT analysis chart and discussion of each square
- Identified the unmet need for your business
- Identified an appropriate form of business ownership
- Identified your competition
- Identified your target market
- Identified your product
- Identified the price set for your product
- Identified the type(s) of promotions to offer
- Identified how your product will be distributed
- Identified how you will position the product
- Identified the special marketing (for example, guerrilla)
- Identified social media marketing plan
- Identified your time schedule for implementing the marketing plan
- Identified your planned marketing budget
- Identified your performance evaluation and contingency plan
- Identified your project management plan
- Identified source of funding
- Identified the generic strategy you will employ