Business plan for a new product launch for a small business

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Reference no: EM133865840

Assignment - Planning for Competitive Advantage

Learning Outcome 1: Describe the purpose and components of business planning for an organisation.
Learning Outcome 2: Develop strategies to build competitive advantage and improve organisational performance.

Aim of the Assignment: Apply business planning practices and processes to develop a business plan for competitive advantage.
Using a business model canvas you will show a plan which integrates the four business functions Marketing, Operations, Accounting and HRM.

Assignment Instructions

The assignment is an exercise in completing a business model canvas (BMC) as a business plan for a new product launch for a small business in the cycling industry in New Zealand. It could be in any part of the cycling industry such as cycle sales & support, cycling tourism experience, commuter support services, cycling lessons, safety, etc.

You can base the BMC on an existing business or you may create something new. In either case the new product idea must be original, and the plan for the new product should be explored from the perspective of each business function (Marketing, Accounting, Operations Management, Human Resources Management).

The completed BMC should show a complete understanding of how the business will deliver the new product with meaningful points in each of the nine sections of the BMC, (example shown below).

Questions:

Question 1 gives the strategic view of the business plan. Please complete question 1 as a short report of numbered answers. (LO 1,3)
1 a) State the strategy of your business idea using the three-part formulation of a strategic statement.
Describe how your proposed marketing mix fits with the Drucker strategic model (below).

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(i) Review the PEST analysis factors list, and choose one from each category that could negatively impact your business plan.
c)(ii) Using an example explain how each of the chosen PEST factors could negatively impact your business plan.

Question 2 is the Business Model Canvas (LO1, 3)
The competitive positioning of the product should be clear from questions 2a, 2b, 2c, 2d. This section should have strong Marketing and Operations statements in the BMC.

Product development and delivery should be clear from 2c, 2e, 2f, 2g. This section should have strong Operations, Accounting and some HRM.
Instructions for completing the BMC:
Use active language for your bullet points in the BMC.

Use a different colour for bullet points that relate to each business function (Marketing, Operations, Accounting, HRM).
Be specific in your statements. (Vague comments like ‘use Facebook' will not gain marks).

Complete ‘The Market' section of the BMC. Use bullet points in each section to respond to
the questions. See marking guide.
Complete the Customer Segment (CS) section. Identify the target audience or customer groups your business aims to serve. State the key problem your idea addresses.

Complete the Value Proposition (VP) section. How does your business solve the problem?, or what needs does it address? State the idea as a complete new product description.
Complete the channels (CN) section. State the communication channels you will use to reach your customers, and the distribution channels used to deliver your value proposition.

Complete the customer relationships (CR) section. State the type of relationships you will establish with your customers. Will it be personal assistance, self-service, or a combination? How will you maintain customer loyalty? What brand values will they respond to? (Tricky section - you want to show the emotional connection as well as how the customers interact with the business).

Complete ‘The Business' section of the BMC. Use bullet points in each section to respond to the questions. See marking guide.
Complete the key activities (KA) section. Outline the main activities necessary to deliver your value proposition and operate your business efficiently. What key tasks need to be performed?

Complete the key resources (KR) section. List the essential resources required to operate your business successfully. Consider physical assets, intellectual property, human resources, training & support etc.
Complete the key partners (KP) section. Identify the external organizations that you will collaborate with as part of your business model. How will these partnerships contribute to your success?

4 a) Complete the revenue (REV) section. Identify the sources of revenue for your business.
What pricing strategies will you use? Will there be many revenue streams or a single source? You should clearly show the unit price, expected monthly cash flows , and note the pricing strategy.

b) Complete the costs (COS) section. Provide a summary of the costs in the BMC based on the completed excel costs calculator ( please attach this with your notes)

YOUR BMC should clearly indicate
• Who are the customers - psychographic segment & persona.
• What the value proposition is - what they pay for.
• Acquisition channel detail- marketing funnel steps.
• Delivery channel detail- supply chain activities.
• Relationship - level & type of connection.

Reference no: EM133865840

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