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Note: Please review the information posted in the Instructor Insights area this week before working on your discussion reply. You will find tips and resources to help.
For this week’s discussion response:
- Start with a brief overview of your business: company name and what you are selling (a maximum of 3 sentences).
- Describe the target market (businesses or consumers) for your chosen company.
- Use the following headings to organize your response. Why do you think this category of people is more likely to buy what you have to sell?
- Demographic Description: Age, income range, gender, family size, education, occupation, et cetera.
- See page 109 for a list of demographic characteristics you can choose from.
- Example: A likely user for X product is a male aged 25–34 who earns between $35,000 and $55,000 per year and has a four-year college degree.
- Geographic Description: Area you would like to serve, density (urban, rural), nature of location (mall, business center, et cetera), climate condition.
- Example: Atlanta.
- Lifestyle Description: Where do your customers shop, what do they do for leisure, what kind of clothes do they wear, what type of cars do they drive, et cetera?
- See page 113 in the textbook for a list.
- Psychographic Description: How would you describe your target market, for example, socially responsible, trendsetters, or fun seeking?
- See page 112 in the textbook for a list.
- Purchasing Pattern Description: How will your target market use the product, how many times will they buy it, where do they buy the product, how do they pay for it, et cetera?
- See page 112 in the textbook for a list.
- Buying Sensitivities Description: What factors are important to the customer before they buy (price, quality, customer service. packaging, et cetera)?
- See page 114 in the textbook for a list.
- Demographic Description: Age, income range, gender, family size, education, occupation, et cetera.
- Week 3 Assignment – Company Description and SWOT Analysis
Overview
In this first course assignment, you will create a description of your selected company that includes trends, strategic positioning, distribution channels, and a SWOT analysis. You’ve already begun this assignment in your discussions.
In the Week 1 discussion, you chose a company and created a description and mission statement for it. In this assignment, you will need to revise your selected company’s description and mission statement based on the feedback you received and any changes you would like to make.
Likewise, in the Week 2 discussion, you began work on your SWOT (strength, weakness, opportunity, threat) matrix. Your task in this assignment is to revise your SWOT matrix based on the feedback you received and to summarize the key learnings from your SWOT matrix.
Reminders and Notes
- Before beginning this assignment, you may find it helpful to review textbook Chapter 3, “Making Your Plan Compelling.” This chapter provides useful information about how to organize the information in your business plan.
- Your chosen company will operate within a 100-mile radius of your home address. Your goal is to reach $1 million in sales by the end of the second year.
- Be sure to follow the guidelines below.
Use the template below to complete this assignment:
Requirements
The specific requirements for this assignment are to write a 3–5 page paper in which you:
- Describe your company:
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- Specify the company name and explain why you think it is a good name for your business.
- Describe the product or service your company is selling and provide a list of the options offered. (see week 1 discussion)
- Provide the final version of your mission statement in quotation marks (you worked on this in the week 1 discussion).
- Describe at least three trends in your specific industry, focusing on a particular type of product or service you will sell.
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- Provide industry information such as the size and growth rate for the overall industry and for the specific product or service on which you are focusing and any other relevant industry information.
- Search the Strayer Library, industry associations, and reliable websites for recent data.
- Select the strategic position from the course textbook (pages 146–147) (that you believe is the best one) for your chosen company and justify your selected strategic position.
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- Explain how you will implement your strategy to distinguish your product or service from the competition.
- Consult Chapter 9, “Strategic Position & Risk Assessment,” of your textbook for help in crafting this portion of your business plan.
- Describe the company’s distribution channels you selected.
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- Provide the rationale for your selection.
- Use the following sample questions to select distribution channels:
- Will you sell your product in grocery stores, restaurants, or sports venues?
- Will you sell your product online or as a subscription?
- Where will the service be offered?
- Complete the SWOT analysis
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- Insert the final version of your SWOT matrix (Revise your week 2 version based on feedback).
- Summarize the key learnings from your Matrix (how can you use some of the strengths to pursue opportunities, what weaknesses should you focus on as a priority, what contingency plans should you develop for some of the threats you identified, etc.)