...With reference to Mattel and your own research to what extent do you think that a business strategy of targeting emerging markets is a good one (40marks) An emerging market is a country which is in the process of rapid growth and industrialisation and it can consist of the BRIC countries, which are Brazil, Russia, India and China. Targeting an emerging market could be a good strategy. This is because if the current market the business is operating in is in saturation, it could be then justified for them to expand in to these emerging markets as this gives them an escape route away from a saturated market or if the market is in recession to allow them to maximise sales revenue and allow them to survive in a recession. This is because we see that emerging markets usually have a quickly growing middle classes with a strong economic growth meaning that they would be able to escape the worsening current market and move to sell in somewhere with a stronger economy and a larger middle class. Meaning that this middle class is more likely to have money to spend on the new businesses products or services. Also meaning that the growing middle class is resulting in a culture shift, so there could be higher demand for their products or services in the emerging market. As a consequence to moving in to these emerging markets it also means that there brand name and image is growing and becoming more well known in these new markets. We see this with JLRs move to India as the Indian...
Words: 1185 - Pages: 5
...Business plan for {Enter your business name here} Date: 21 February 2013 {Guidance for completing your business plan can be found at the end of this document} Business profile |Structure |Sole Trader Partnership Company | |established |{Enter date} | |Date registered |{Enter date registered at Companies Office – if applicable} | |Registration # |{Enter the company number} | Contact details |Contact name |{Enter your name} | |DD |{Enter your main phone number} | |Mobile |{Enter your mobile phone number} | |Email |{Enter your email address} | |Postal address |{Enter your postal address} | |Physical address...
Words: 4121 - Pages: 17
...Creating a Business Plan Entrepreneurship is the basis of the American dream. It can be one of the most rewarding occupations. Owning a business, making key decisions, and becoming financially independent are very rewarding benefits. Many people see starting a business as something that they will never be able to do, be it because of finances, interest, or knowledge. If people follow certain steps, entrepreneurship may not be as difficult as originally thought. Starting a small business requires skills, planning, and devotion. Certain skills are beneficial in starting a business. Being able to interact with a variety of people such as customers, vendors, employees, bankers, and lawyers is a must. Another trait required to run a business is being organized. An organized business runs smoothly and is not overrun with paperwork. Stamina is also a must. Business owners can spend twelve to fifteen hours a day working. Training for starting a business can be as simple as reading books and internet business guides. Having a college education in business management is not a must, but it can be very beneficial. Planning for a business is one of the most important steps in entrepreneurship. A business plan is a formal document explaining in detail plans for a financially successful business. Any lender will ask to review the business plan before any money is loaned. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues...
Words: 2559 - Pages: 11
...Essential Elements of a Good Business Plan A business plan should be a work in progress. That's because your business will evolve over time, and be influenced by outside factors such as the economy and local conditions. Even successful business owners should maintain a current business plan to ensure they remain knowledgeable on the elements that can affect continued success. • Business Plan Executive Summary The executive summary is Part 1 of the business plan and is the most important section of your plan. It provides a concise overview of the entire plan, along with a history of your company. This section tells your reader where... • Market Analysis The market analysis section is Part 2 of the business plan. This section should illustrate your knowledge about the particular industry your business is in. It should also present general highlights and conclusions of any marketing... • Company Description The company description is Part 3 of the business plan. Without going into detail, this section should include a high level look at how all of the different elements of your business fit together. The company description section... • Organization & Management Organization and Management is Part 4 of the business plan. This section should include: your company's organizational structure, details about the ownership of your company, profiles of your management team, and the... • Marketing & Sales Management Marketing and...
Words: 4063 - Pages: 17
...sustainable success of your Cider Making business is setting out and implementing a successful Cider Making marketing strategy. Despite this, most Cider Making businesses do not have set out their Cider Making marketing strategy or, even if they do, it is not followed and implemented comprehensively. Cider Making businesses that have the vision to create a vibrant, customer-focused marketing strategy, and the resolve to implement it, will have a real opportunity to do something wonderful with their business. If you set out your Cider Making marketing strategy properly you will create the 'buzz' that will set you apart from your competitors. Having a Cider Making marketing strategy is different to having a marketing plan. A marketing strategy involves choosing a realistic, measurable and ambitious goal that you think your Cider Making business can achieve on a sustainable basis. Each marketing tactic you use should be 100% focused on reaching and surpassing that overall goal. A marketing plan includes all of the tactics and actions that are designed to achieve the overall strategic goal, and a timetable for their implementation. In other words, the plan will detail what you will do to make the strategy happen. The vast majority of businesses in all sectors market themselves the same way as their competitors, with supply-driven marketing messages based on product features, unappealing websites and bland straplines and statements about what their Cider Making business does. They do...
Words: 4100 - Pages: 17
...most important things you can do to ensure that your business will make a profit. This guide is intended to provide an overview of the importance of market research and analysis, product development, pricing, advertising, promotions, publicity, sales and customer service. Contents: Market Research Developing a Marketing Plan Mission Statement Identify products and/or services The market Competition Pricing Promotion mix Advertising Advertising Budget and Schedule Location, location, location Sales Forecasting Action Plan Production Sample Marketing Plan Outline © 2010 Curators of the University of Missouri http://www.missouribusiness.net/ January 2010 Marketing 2 Introduction Marketing touches every aspect of your business’s operation. It is a series of activities designed to identify customer needs and wants, and satisfy these while making a reasonable profit on a quality product or service. These activities include market research and analysis, product development, pricing, advertising, promotions, publicity, sales and customer service. Developing a marketing plan is one of the most important things you can do to ensure that your business will make a profit. There are six basic reasons for developing a marketing plan: g g g g g g It forces you to identify your target market. It forces you to think about both short and long-term marketing strategies. It looks at your business as a whole and ties together market objectives. It allocates limited resources to...
Words: 4739 - Pages: 19
...Presenting Business Plans Information American InterContinental University Abstract This paper is written on a business plan started up by an entrepreneur. In a business of entrepreneurship you have to have a set business plan along with a great management team to be successful and stay in business. In this paper I will explain the entire business plan and what it takes to be successful. If you’re going to start your own entrepreneurial business you have to have good beneficial methods and a good well-suited business plan. Your plan should include the description of your business, your marketing strategy, and your organizations objectives (Chron, 2012). The new entrepreneurial business will first explore its description. The description of a particular company gathered from a proprietary database via phone books/ phone surveys, ECT. The business description begins with a short description of the industry. When talking about the industry you should discuss the present outlook as well as future possibilities. You should include all the various markets within the industry and make sure you include all new products and developments that will benefit your business. All observations should be based on realistic events, reliable data, and dependable sources of information. If you’re seeking funding all these objectives are very beneficial. This is because investors will want to know how dependable your information is and what is at risk for them. Investors won’t risk...
Words: 1755 - Pages: 8
...Business Plan for a Startup Business The business plan consists of a narrative and several financial worksheets. The narrative template is the body of the business plan. It contains more than 150 questions divided into several sections. Work through the sections in any order that you want, except for the Executive Summary, which should be done last. Skip any questions that do not apply to your type of business. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of the business plan. Then you’ll want to edit them into a smooth-flowing narrative. The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances. Before you begin, review the section add or delete areas depending upon your type of business (manufacturing, retail, service, etc.). Also, review your plan to determine if it is an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style...
Words: 2415 - Pages: 10
...Marketing Matters Nathan D. Evans Argosy University Composition I | ENG101 A07 Module 5, Assignment 2 Benjamin Atkins November 1, 2015 Marketing Matters To have a successful business you have to have good marketing otherwise the business is missing out on money that could be made. Marketing is more than advertising and selling your products. Bizfilings.com states, “Marketing addresses all aspects of growing your customer base, and the more you know, the more successful your marketing and your business will be.” One marketing tool is to advertise to build your customer base. Another tool it to do market research. The last tool you could use is packaging your product. The first thought that comes to some peoples mind is that marketing cost too much money or that they are not good at marketing. Both of these objections can be easily be overcome. By using these marketing tools your business will be successful vs not having a market plan at all. Advertising to build your customer base is key when I comes to a successful business. The Economic Times says, “Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK. Advertising is always present, though people may not be aware of it. In today's world, advertising uses every possible media to get its message through. It...
Words: 2000 - Pages: 8
...their customers and markets, integrate their marketing responses and work out in advance where their profits will come from. This briefing answers a range of questions people in small business often ask about marketing strategy: * what is a marketing strategy? * what's the difference between marketing strategy and business strategy? * where does the marketing mix fit in? * what is a marketing plan? * what information do I need and where do I get it? * what should my marketing strategy consist of? * how do I get started? What is a marketing strategy? A marketing strategy defines objectives and describes the way you're going to satisfy customers in your chosen markets. It does not have to be written down but it is easier to communicate to outsiders, like your bank manager or other investors, when it is. A set of strategies found quite commonly in smaller businesses are growth strategies. One way to look at strategies to grow your business is through the way you will use products and markets or customers. * Current product/current market Market penetration is a strategy of increasing your share of existing markets. You might achieve this by raising customers' awareness of your products and services or finding new customers. For further information on planning effective marketing communications see the Related Items section below for a link to the Factsheet: Planning marketing communications. * Current product/new market Market development is a...
Words: 1180 - Pages: 5
...are just some of the ways a strong Bubble Tea Cafe Business Plan can help you. How much of your time will you squander because you are not a professional, and what will happen when you sit with a prospective investor and you realize that you have missed something essential, or the plan you have created is weak or plainly wrong. Why not stop wasting your time … A great Bubble Tea Cafe Business Plan helps with:- Executive Summary Explaining your business concept in a few straight-forward sentences. Making your existing situation clear and detailing how you will go from where you are currently are to where you want to be. How to find out what your key success factors are. Explaining your present financial position and how much cash that will be needed in the business. Identifying the objectives you will have to target. Producing a great vision statement. Setting out your milestones showing how you'll use your business plan. Market analysis Providing numbers for the overall current market. Your business plan explains the expected Sector Trends. Detailing your Unique Selling Proposition. Your target market and The Customers you want. Recording your model Customer attributes. Meeting your likely Customers requirements. Producing your Competitor breakdown. Products / services Goods and services description . How you'll position your goods and services . Evaluation of where the business fits in the sector. Industry overview The...
Words: 1513 - Pages: 7
...Preparing Your Marketing Plan Disclaimer The information contained herein is for the sole purpose of information, guidance and education which was extracted and compiled from various sources. This template represents guidelines and SME Corporation Malaysia reserves the right to modify this template, amend or terminate the information published at any time without notice. While every effort has been made to ensure the accuracy of information presented as factual, however error or omission may still exist. The information, whether policies, procedures, samples, examples or guidelines is not guaranteed for accuracy and legality. Please seek legal advice to make certain your legal interpretation and decisions are correct. SME Corporation Malaysia is not responsible for errors, omissions or damages of any kind resulting from the use of the information contained herein. If you need further information, assistance or reference about SME or microfinance issues or in completing this business plan, please contact us at 1 300 88 1801 or the One Referral Centre or send us an email at info@smecorp.gov.my. [Place your business logo here] [Business Name] Marketing Plan Date prepared: [Date prepared] Prepared by : [Your Name] [Your Title] [Business Name] [Business Address] Table of Contents 1. Executive...
Words: 1881 - Pages: 8
...Every business owner wants to grow their business but it is often difficult to determine the best way forward. Here is a straightforward description of four different growth strategies and an explanation of how to determine which is best for your business. Igor Ansoff suggested that business owners’ ability to grow their businesses comes down to how they market new or existing products in new or existing markets. He outlines four distinct strategies: - Market Penetration – selling more of the same things to more of the same customers - Market Development – selling more of the same things to different customers - Product Development – selling new products or services to the same customers - Diversification – selling new products or services to different customers Using Ansoff’s matrix, business owners can evaluate each of the growth strategies in turn to assess which is likely to result in the best possible return. Market Penetration Market penetration is the easiest way to grow in an expanding market. However, it becomes more difficult as the market matures and competition increases. The obvious step is to increase advertising or add more sales people to increase sales. Alternatively, business owners can win business from competitors through competitive pricing, discounting, vouchers or other offers. Business owners can also boost sales by providing additional incentives to sales staff through commissions, bonuses or other reward schemes or by introducing customer loyalty...
Words: 3169 - Pages: 13
...[pic] BUSINESS IDEA [Version 2.1/160708/TeDD/MDeC] Content | | | |Section 1.0 EXECUTIVE SUMMARY……………………………………………. |1 | |Section 2.0 PRODUCT AND SERVICE DESCRIPTION……………………….. | | | |1 | |Section 3.0 TECHNOLOGY DESCRIPTION………….………………………… | | | |1 | |Section 4.0 MARKET AND COMPETITION……………………………………. | | | |2 | |Section 5.0 BUSINESS MODEL………….………………………………………. | | | |2 – 3 | |Section 1.0 EXECUTIVE SUMMARY ...
Words: 1001 - Pages: 5
...A general market researcher can help your business in identifying potential target customers, figure out what the consumers of your services and products think of your particular businesses’ brand, ideas and products. A general researcher in addition can help you as the business owner to gather some insights to assist you in focusing on the right market. In your business you it is important that you hire a general researcher as a part of your business strategy. The general researcher can be brought along at any stage of the business from pre launch onwards. A general researcher should be hired on a regular based interval due to the ever changing consumer behavior and motivation changes. A general researcher can help your business dependent on the brand and niche of business endeavor. It is especially important to hire a general researcher when you are launching a new product into the market. The General researcher will help you understand how the product will fair in the market and whether your particular product has an appeal to the target consumers. The researcher also helps you identify the size of the market, your businesses position in the market and the rest of the competition in the same market. The General researcher plays a vital role in aiding the testing of your perceptions, ideas and even packaging of the final products. As a business owner though it is possible to conduct your own background research, a general researcher is the more efficient in dealing with...
Words: 526 - Pages: 3
