You are to produce a realistic business plan using one of the two options detailed below.
Option 1: Produce a business plan, completely unconnected with your current employer, for example, a new business proposition that is pitched to potential investors.
Option 2: Produce a business plan that is aimed internally at your current employer, for example, a plan that presents an opportunity to develop and improve their existing business.
Whichever option you choose, your plan should include the following elements:
An executive summary – this is not included in the word count (LO 1&4)
A mission statement so you articulate what you are trying to create; ie a summary of the purpose of the new business or a variation of the existing mission statement if an internal opportunity. (LO1&3)
A market analysis that discusses the market you are trying to enter, competitors, where you fit, and what type of market share you believe you can secure. An analysis of your new or existing company’s strengths, weaknesses, opportunities, and threats, which will show that you are being realistic and have considered opportunities and challenges. (LO2&3)
A description and explanation of your proposed strategy and objectives. You should use segmentation, targeting and positioning (STP) and explain clearly your sustainable competitive advantage. In the case of your existing employer, this section could detail how you are developing new segments, targeting new customers or improving your existing competitive advantage. In the case of a new business idea, you should apply the same approach by clearly identifying your proposed strategy, using SMART objectives STP and identifying a clear sustainable competitive advantage. (LO 2)
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