QUESTION 1 1. Company Description What differentiates

| September 12, 2019

QUESTION 1 1. Company Description What differentiates the chosen business from others, and the markets the business serves? Provide a written company description. Be sure to include all the basic components of a company description. QUESTION 2 1. Market Analysis What are the strengths and weaknesses of each primary competitor in terms of sales, quality, distribution, price, production capabilities, reputation, and products/services? Does the chosen business have a competitive advantage? Please explain QUESTION 3 1. Organization & Management What are the responsibilities and expertise of each manager? What role will they play in managing personnel and resources? Be sure to outline the skills and talents that each person posses (or will possess QUESTION 4 1. Service or Product Line Does the chosen business provide a service or product? What are the specific benefits of the product or service from the customers’ perspective? How does the product or service meet the consumer needs? Explain the production process for the service or product. QUESTION 5 1. Marketing & Sales How will the chosen business reach their customers? Provide a written description of the marketing strategy for the chosen business. Be sure to include all the key components of a marketing strategy. Final Exam – Quick Tips and Preparation The final exam consists of a series of essays that relate to sections of a business plan. The purpose of the final preparation is to provide resources for researching and writing each section of the business plan. Before you begin the final exam, be sure to review the “Business Plan” Sections below. The next step is to decide if you want to write about an existing company or a new company idea. Be sure to choose one concept for the entirety of the exam. The following details below include what should be included in each section of the business plan. In addition, for further research, the Small Business Resources are provided below. Business Plan Sections Company Description For this section, you should describe what differentiates your business from others, and the markets your business serves. The basic description should include: Company Name, Mission statement, Type of business (retail, manufacturing, service), ownership/legal structure, Unique product or service you will offer etc. Web resource: http://www.sba.gov/content/company-description Market Analysis For this section, you should describe the strengths and weaknesses of each primary competitor: consider sales, quality, distribution, price, production capabilities, reputation, and products/services. Outline how your product or service stacks up in terms of pricing and identify your competitive advantage. Web resource: http://www.sba.gov/content/market-analysis Organization & Management For this section, you should describe the management team: What are the responsibilities and expertise of each manager? What role will they play in managing personnel and resources? For each position, outline the skills and talents that each person posses (or will possess). Create a list of job descriptions for each position on your organizational chart. Briefly outline your hiring and personnel plan. Web resource: http://www.sba.gov/content/organization-management Service or Product Line For this section, you should begin describing your service or product and then include information about the specific benefits of your product or service – from your customers’ perspective. You should also talk about your product or service’s ability to meet consumer needs. In addition, explain the production process: For products, describe the stages of production from inception to completion. For a service company, detail the process of delivering the service to customers. Web resource: http://www.sba.gov/content/service-or-product-line Marketing & Sales For this section, you should define your marketing strategy, include a strategy for building your business (growth strategy), Choices for distribution channels (Channels of distribution strategy), and How are you going to reach your customers (Communication strategy) Web resource: http://www.sba.gov/content/marketing-sales Small Business Resources Entrepreneurs have an abundance of information available to them on the World Wide Web. The first site to visit for anyone interested in small business is the Small Business Administration (http://www.sba.gov/). The Small Business Administration, a part of the United States Government, was established in 1953. It provides financial, technical and management assistance to help Americans who are interested in starting, running, and growing their own businesses. The SBA site contains sections devoted to starting, financing, and expanding small businesses, in addition to listings of resources and services available from the federal government. The Starting Your Business section of the website (http://www.sba.gov/starting_business/) provides extensive information regarding startup procedures and requirements, including a discussion of the first steps necessary to get started in a small business (http://www.sba.gov/starting_business/startup/areyouready.html). Another web source of information for the small businessperson is the Service Corps of Retired Executives (SCORE). Score works with the SBA to aid in the starting, development and continued success of small businesses nationwide. Retired and working business owners and executives volunteer their time and knowledge as business counselors. They provide counseling and mentoring in a confidential format at no cost to the small businessperson. The information and services provided to entrepreneurs by the SCORE website (http://www.score.org/) include email counseling from an alphabetical listing of 597 specific skills. A web search using the keywords “small business development center” will result in a list of the URLs of dozens of SBDCs (small business development centers) around the country. SBDCs are agencies established by local governments and universities to assist small businesses in getting started and surviving in today’s marketplace. An example of a SBDC is the Western Illinois University Small Business Development Center (http://www.wiusbdc.org/). The WIU SBDC provides individual business counseling and group training support for business people in western Illinois. Like many SBDCs, Western Illinois University provides a small business Incubator to local entrepreneurs (http://www.wiusbdc.org/). Small business incubators provide small businesses with protected environments during their initial stages of development. They offer flexibly sized physical facilities, affordably priced leases with favorable terms, share-cost basis equipment and services, assistance with management and marketing problems, and financial assistance. Incubators are usually restricted to start-up firms. However, they sometimes include a mix of new and developing businesses. Incubator businesses may come from a specific industry group or different types of businesses. Support activities like photocopying, telephone answering and secretarial services are provided at low cost and are usually available on an as-needed basis. Additional sites of interest Checklist for Starting a Business http://app1.sba.gov/survey/checklist/index.cgi Patent Basics http://www.inc.com/articles/2000/05/19083.html Business Loans http://www.inc.com/articles/2000/04/19196.html Creating a Marketing Plan http://www.entrepreneur.com/management/answerdesk/article166532.html Legal Aspects of an E-Business http://www.entrepreneur.com/startingabusiness/startupbasics/legalissues/article57798 .html Balance Sheet Template http://www.sba.gov/idc/groups/public/documents/sba_homepage/sba_010150.xlt Business Plan Training Program http://app1.sba.gov/training/sbabp/index.htm Self-paced training program. When complete you will receive a certificate of completion from SBA. Business Idea Center http://www.entrepreneur.com/businessideas/index.html A place where you can grab ideas to start a business Business Plan Introduction http://www.entrepreneur.com/startingabusiness/businessplans/article38290.html How to Build a Business Plan to find out Business Plan Templates http://docs.google.com/templates?q=business+plan This is a good starting point for a good business plan Small Business Development Center (SBDC’s) http://www.sba.gov/aboutsba/sbaprograms/sbdc/sbdclocator/SBDC_LOCATOR.html Programs and services to help you start, grow and succeed! SCORE: Counselors To America’s Small Business http://www.score.org/index.html How-To, Business Tools, Disaster Prep and Relief etc. Office of Women’s Business Ownership Entrepreneurial Development http://www.sba.gov/aboutsba/sbaprograms/onlinewbc/index.html comprehensive training and counseling on a vast array of topics SBA District Offices http://www.sba.gov/localresources/index.html Find counseling, training and business development specialists providing free and lowcost services in your area. Small Business Training Network http://www.sba.gov/training/index.html A Virtual campus offering online courses, publications and other forms of tech. assists. Income Statement Template http://www.sba.gov/idc/groups/public/documents/sba_homepage/form_finasst_income stmt.xlt Component of Business Plan Cash FLow Statement http://www.sba.gov/idc/groups/public/documents/sba_homepage/form_finasst_cshflst mt.xlt Component of Business Plan Sample Business Plans http://www.bplans.com/samples/sba.cfm Business Plan Template http://app1.sba.gov/training/sbabp/bptemplate.pdf Demographics Research your Market http://sbdcnet.org/SBIC/demographics.php Marketing Plans http://sbdcnet.org/SBIC/marketing.php Business Plan Workshop http://web.sba.gov/sbtn/registration/index.cfm?CourseId=1 Business Plan FAQ http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/SERV_BUSPLANFAQ S.html Checklist for Starting a Business http://app1.sba.gov/survey/checklist/index.cgi Patent Basics http://www.inc.com/articles/2000/05/19083.html Business Loans http://www.inc.com/articles/2000/04/19196.html Creating a Marketing Plan http://www.entrepreneur.com/management/answerdesk/article166532.html Legal Aspects of an E-Business http://www.entrepreneur.com/startingabusiness/startupbasics/legalissues/article57798 .html Business Taxes http://www.irs.gov/businesses/small/article/0,,id=98966,00.html Law Information for Small Businesses http://www.business.gov/ Entrepreneurship http://www.entrepreneurship.org/ Copyright Grantham University 2013. 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