Business plan structure Coursework Example | Topics and Well Written Essays - 1500 words

Business plan structure - Coursework Example Firstly, a business premises is a place and hence a physical location from where we distribute our products and meet with our customers. Secondly, through the shop we will be able to determine the appropriate prices for our commodities by analyzing the customer’s reactions. The shop will also enable us to distribute our products and hence the shop will symbolize our products. Finally, through the shop we will be able to carry out advertisement for our products. After analyzing the four P’s for our Students Vault, the second step was to define our mission and vision statements based on our goals and future prospects. The main customers for our business were the university students and therefore our mission and visions had to be in relation to their needs. Our mission also had to incorporate the dynamic nature of their needs and to be flexible enough to include any future needs for a change. As a business team, our mission for venturing into the business was to supply uni versity students with all their stationary and appliances needs for a successful university life. To realize our mission we had to define our vision in the business through a vision statement. A vision statement is a statement is a declaration of anticipations relating to growth and expansion of the business within a given period. In the project, we settled for expansion of our business within the United Kingdom and the diversification of our products as our vision statement3. The vision and mission statement of a business summarizes the four P’s of the business in an implicit way. Through these statements, a business team gives its intentions or plans on achieving the four P’s of a business. The product is an important part of any business, through the product a business is able to realize and launch its competence in the market4. Due to the importance attached to the product, we had to consider our product as an important part of the business plan. Stationery and boo ks were our main products. Our business also dealt with accommodation equipment, electronic devises and catering equipment. These products were intended to fulfill our mission of supplying university students with all their requirements for a comfortable university life. After defining our product, the second important part was the definition of the place or location of our business. Our business team settled for Manchester city as the first target or business location. Unlike other potential locations, Manchester city had a high student’s population due to the availability of many colleges and universities within the city. The city also lacked business dealing with stationeries and students necessities and this implied that our bushiness was unique to the city. Our business plans therefore capitalized on the uniqueness of our business as the basis for our competence. Manchester city also served as an ideal city and therefore establishing our business in the city enabled us t o determine the response of other potential cities towards our business. The price of a commodity determines the success of the commodity in an ideal market5. This implies that in the business plan we had to settle at an appropriate price in order to attract and retain our customers. Students were our target customer and therefore our prices had to be considerate of their financial status and capabilities. In the plan, we settled for a competitive price for all our products. This implies that

Data warehouse and data mining in business Essay

Data warehouse and data mining in business - Essay Example The choice of the system depends on the firm’s priority the market is flexible and there is need to introduce a database system management that covers is adjustable. The need to develop and acquire information technology has revolutionized business. Market analysis refers to the study and acquisition of the market trends and activities associated with the market. When analyzing the market, the firm uses various methods. The most effective is data mining and various tools are used to facilitate it. Patterns are developed using data mining where graphic visualization combine with statistical analysis and refinement to produce the desired market tend or activity. The combination of the three provides for a pattern extraction from large sets of data which combine with various factors to provide emerge with a market analysis (Shaw et al, 2001). The method is also referred to as the dependency analysis. Where a relationship is drawn between the acquisition of goods and the client base of the same. This lay basis about the marketing strategies to be deployed by a given firm. It creates room for the firm to develop a strategy that dominates the market in relation to the buying power (Shaw, 1993). Marketers develop strategies that will ensure a steady market for their products. The approach gives room for a well-developed method where there is a balance between goods in that there is a continuity in supply in the market. It involves classifying customers into specified domain. The concept is to allow character summarization to be derived from a subset of data. A marketer always monitors customer trends by using the concept description. This domain and any change on preference identified and action plan taken to cover for the customers needs determine the nature of customers. The customer’s classification depends on various factors including age, gender, income and other social factors. In which different