Bus 521 Complete Course Bus521 Complete Course

After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including

1.     Analyze Federal Express’s value creation frontier, and determine which of the four building   blocks of competitive advantage the company needs in order to continue to maintain    above-average profitability. Provide a rationale to support the response.

This section will focus on customers’ needs, identifying collaborators and their strategic goals and identifying the competition that provides similar products.

8. Any additional market analysis and evaluation to further justify the development of your business.

The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &

First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.

Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other

2) Next, create an outline for a business plan by answering the following “nine questions every business plan should answer”:

1. Research and write a brief history of the company, it mission and vision statements.

1) Invest heavily in market research section in order to create market-driven products and services.

Compare and contrast the two (2) industries you have identified in terms of size, products, services, customers, economic and regulatory environment.

Develop a vision statement, a mission statement and a statement of values, and explain their appropriateness.

A business model is a plan used by a business to generate profits while satisfying customers’ needs, managing competitors, and structuring its relationships. Most business models can be illustrated diagrammatically as they show a detailed approach that the company intends to follow to achieve its objectives. There is no standard for structuring a business model, and a firm is free to utilize whichever approach it deems fit to achieve its targets. However, business model innovation is necessary to ensure that the company has an edge over competitors who will also have their own models. A business model is constructed following a feasibility analysis of a firm’s target market. However, the model is created before the business plan is completed. Having conducted a feasibility analysis and established that the product or service it intends to launch is feasible, the business model aids the company to come up with a partnership model, a customer interface, distinctive resources, and an approach to create value (Kaiser 2008). In light of this factor, it is evident that any business that seeks to achieve profitability requires a business model. This paper seeks to analyze the importance of business models to businesses today. Factors that ought to be considered when developing a viable business model will be identified. The discussion will include examples of business models that have worked to the advantage of renowned brands.

Create a vision and a business model for this new division that clearly demonstrates your decision on what you want your business to become in the future.

A business plan will help you to carefully think through all the aspects of your new company, including strategic issues such as location, competition and promotional ideas before implementing any of it. A business plan should also include a detailed budget outlining expected costs and expenses.