Business Plan

Paper details

Instructions:
For this Assignment you are required to write a business plan. The business plan should be 8 pages (excluding title page, table of content and reference page). The business plan must be in APA format and all references must be in a reference page..
The business plan should include the following components:
A.The name of your business
B.A description of your business. Describe your idea; purpose, mission, vision, background information, and description of the product and or service. The business must be related to the healthcare field (e.g., a doctor’s office, a home healthcare practice, a new hospital, etc.) Discuss how your business will meet a significant marketplace need or solve a problem or challenge that currently exists in the community. Discuss why you believe it is worth pursuing.
C.Targeted location (Where you would propose to establish this business and explain your reasoning).
D.Market analysis: Define the target market for your idea, why you think it exists, what you believe to be the size of the market demand for your idea, and who your competitors will be. Discuss how you would bring your product or service to market (how you would go about building or developing your product, service or idea into a real, tangible product or service that customers would want and buy). Perform a S.W.O.T. Analysis.
E.Budget: Create a budget that shows and discuss what it would cost in terms of time and resources to bring it to market and make it available to the public. In doing so, outline your plans to mange revenue (compliance management), manufacture the product or perform the service (including the proposed manufacturing process or method of performing the service) and your projection of the production costs, which may include: material labor, employees, salaries, equipment facility, etc).
F.Requests for proposal (RFP): Include in your plan at least one product request from vendors for equipment you will need for your business. For example, electronic systems are commonly used in healthcare businesses. You can draft a request to review different electronic systems from various vendors that you might use in your business. Be sure to include details on the type of electronic system needed.
G.Discuss risks and or uncertainties within your proposal: Outline what you believe are the most significant risks and uncertainties that you are likely to experience in bringing your idea to market and discuss how you would deal with them.
H. Marketing strategy: Discuss your marketing and sales strategies. In doing so, discuss: Your target market, and how you plan to reach that market (e.g. distribution strategy, pricing strategy, promotion strategy). Discuss how your business will offer a unique value proposition and be able to sustain a competitive advantage in the marke. Discuss your marketing plan and budget to promote the business online or offline.
I.Discuss expected profit and return on investments: Estimate the revenues you expect to earn, as well as the costs and expenses you expect to incur, and the resulting profits you would expect to earn over the first 3–5 years. Remember, even a non-profit business needs to be able to bring in enough revenues to cover its expenses. Estimate the amount of money you think would have to be invested to get your business started.
J.Discuss your assessment of whether or not your business service is likely to be successful.

Order Description
Requirements:

Prepare a one-year marketing plan (suggested length of 5–7 single-spaced pages) using the attached “Company G One-Year Marketing Plan Template” for one of the small appliances from the new line. Carefully examine the details provided in the given Company G marketing scenario and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:
A. Product Support of Mission Statement
1. Describe the specific appliance you have selected.
2. Explain how the small appliance you have selected supports Company G’s mission statement provided in the scenario.
3. Classify Company G’s proposed product using the three-way consumer product classification system.
a. Justify the designated classification.

B. Target Market
1. Describe the target market for the company’s product, including two variables related to demographic information, psychographic information, or geographic information.

C. Analysis of Competitive Environment
1. Analyze Company G’s competitive environment, addressing each of the components of Porter’s Five Forces Model.

D. SWOT Analysis
1. Describe three of Company G’s strengths that would support the marketing of the new product.

Note: This description should address Company G’s strengths, not the strengths of the product itself.

a. Justify your choice of each of these elements as company strengths.
b. Identify two strengths that should be considered core competencies.
2. Describe three of Company G’s weaknesses that would undermine the marketing of the new product.

Note: This description should address Company G’s weaknesses, not the weaknesses of the product itself.

a. Justify your choice of each of these elements as company weaknesses.
3. Describe three current or potential opportunities that would support the marketing of the new product.
a. Justify your choice of each of these as opportunities.
4. Describe three current or potential threats that would undermine the marketing of the new product.
a. Justify your choice of each of these as threats.

E. Marketing Objectives
1. Identify one SMART (specific, measurable, achievable, realistic, and time-bound) marketing objective for each of the following marketing mix elements:
a. product
b. place
c. price
d. promotion

F. Marketing Strategies and Implementation
1. Describe three distinct strategies for each of the following market mix elements that are appropriate for the target market and supportive of the related objective:
a. product
b. place
c. price
d. promotion
2. Explain why this is the best collection of strategies to achieve the objectives identified in part E.
3. Describe one implementation tactic for each of the strategies identified in parts F1a-F1d.
a. Include a due date and responsible party for each implementation tactic.

G. Monitoring Procedures
1. Describe the specific actions that will be taken to measure the progress toward the objectives identified in the plan.
2. Describe the frequency for each of the actions described in part G1.

H. When you use sources, include all in-text citations and references in APA format.

Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.

Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly.