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Assignment: 2nd Step to the Final Project This section is due while in Unit 3 which is step 2 of the Business Plan. Remember every section should be 2-3 paragraphs. Products and/or Services Describe...

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Assignment: 2nd Step to the Final Project

This section is due while in Unit 3 which is step 2 of the Business Plan. Remember every section should be 2-3 paragraphs.

Products and/or Services

Describe the products and services you plan to sell.

How is your product or service unique?

Are you producing a commodity or a differentiated product?

How does your product or service compare to other products in

Quality? Price? Location?

What experience do you have with this product/service?

Market Assessment

A. Examining the General Market

How is the market characterized?

Are there clear segments in the market? Describe them.

What important customer need(s) is the market not currently fulfilling?

What is the growth potential for each segment of the market?

What opportunities and threats does your firm face?

What does an analysis using the Five Forces model suggest about your industry? Who is your competition (in light of the Five Forces)?

What trends, relevant to your business, do you see?

What are the drivers of change?

What political and legal issues do you face, such as zoning, environmental laws, inspections, etc?

B. Customer Analysis

Who will be your customers?

What do you sell to each of the customers?

How does your product/service solve a key customer problem?

How difficult is it to retain a customer?

How much does it cost to support a customer?

C. Industry Analysis

A comparison of companies is similar.

D. Strategic Alternatives

What can the company do that they aren't doing now?

Strategic Implementation

A. Production

How will you produce your product?

What value will you create and capture with your product?

What is your competitive advantage?

What technology will you use, i.e. reduced tillage, GPS systems, etc.?

What processes will you use to produce products?

What growth options will you use to develop the business unit?

  • Enterprise Expansion
  • Replicate
  • Integrate
  • Network

What is the anticipated timeline?

B. Resource Needs

In order to effectively organize your business, you need to ensure the resources are available. Assess those needs here.

  1. Human

What skills are needed?

How will human resources be acquired?

  1. Financial

What level of financial resources will be needed?

  1. Physical

What type, quantity and quality of physical resources will be required?

C. Sourcing/Procurement Strategy

On what do you base a decision to buy products or services? Price? Quality? Convenience? Extra service? A combination?

By what venue will you find suppliers — local dealer, Internet, direct from the manufacturer, etc.?

D. Marketing Strategy

What is your sales plan?

What advertising and promotion will be used to increase sales/awareness?

Where will you sell products/services?

Will you use the open market or contracts?

Do you have a preferred market outlet?

Are you a qualified supplier for a specific processor or buyer?

How will you price the product?

  1. Hedging, forward pricing, options

How will you use these to mitigate your risk?

  1. Contracting

Will you use production or marketing contracting to reduce risk?

  1. Insurance

How will you use crop, liability and other insurance?

E. Performance Standards

What performance standards will be used to monitor this enterprise or business unit?

What are the acceptable performance standards?

What yield or output levels could you attain?

What efficiency levels will you reach?

What procedures will be used to monitor performance?

Who is responsible for monitoring performance?

What industry benchmarks will be used to assess performance?

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Answered Same Day Jun 16, 2021


Rupsha answered on Jun 20 2021
112 Votes

Business Plan for Ultima Fish Granules
Table of Contents
About the Product    3
Market Assessment    3
A.    Examining the General Market    3
B. Customer Analysis    5
C. Industry Analysis    5
D. Strategic Alternatives    5
References    8
About the Product
The product that I would like to sell is a fish food specially designed for all the freshwater aquarium fishes, named as "Ultima Fish Granules". I would like to choose the best ingredients for the manufacture of the food for making the health and immune system of the fishes better. I would manufacture adequate quantity of food and supply it across the entire market at free of cost just to hold the market by attracting all the aquarium shopkeepers. I will implement such a scheme in which the shopkeepers, wholesalers and retails have to pay the money after selling the food that is they do not have to invest on the food at the first time. That is the selling strategy; I would like to follow here.
The product will be completely different from the similar other fish foods available in the market, in terms of prices as well as looks. I would like to make the food containers extremely attractive and reusable. Moreover, I will avoid all types of harmful color enhancing chemicals that might slowly affect the health of the fishes. I will always give priorities to the quality and serve the quality products by keeping only a marginal profit. Thus, I will try to create an invisible difference of my food with the other foods available in the market. The aqua ho
yists of the entire USA are generally deprived of good foods at proper prices and I would like to target that and offer the ho
yists with proper nutrition at pocket friendly prices.
Market Assessment
A. Examining the General Market
The market is characterized based on customer segmentation. There are almost the clear segments of the market in the fish food industry. The market of the fish food industry is segmented based on demographics, psychographics, behavior and geographical areas (Li, Xu, & Liu, 2017). All the key segments of the market namely - Demographic, Psychographic, Behavioral, and Geographic segments should be dealt by me with proper care. The fish food industry lacks in using technologies to advance their services regarding the product. Thus, I would involve all the key technologies for marketing all fulfills growth potentials of all the segments of the market. The five force’s model suggests some factors that can affect my industry. The factors are as follows-
i. The number and power of my company's competitive rivals- For competing my rivals I will study a lot about the weak points of my rivals in this fish food industry and would focus on their weak areas (Wee, 2017).
ii. Potential new market entrants- I will involve all my potentials to hold the market.
iii. Supplier’s bargaining power - After holding the market I will try to involve specific suppliers who will only supply raw materials for my firm only.
iv. Customer’s Bargaining power - they are the main target for any business so I will target a specific customer...

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