Case Two Element Bars2 Essay

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

Every business needs a plan, in that plan businesses need direction. Business that want to be successful will have both a great plan going in a great direction, with investors, board members and employees that believe in the same outcome, together they will be willing to implement the plan in order to have success. Quaterra Alaska a junior exploration company has a plan to the leader in the mineral exploration world, while starting a new advancer into mining. Their plan is to take old mine sights and turn them in to a profit while helping clean up old mine sights that still hold good minerals. This idea has made a small town in the

The expansion of a new product line is an important growth strategy for a business that wants to increase their market share and revenue opportunities. Hamptonson is a midsized company that currently produces goods in the health food industry and will soon introduce a new line of health beverages on the market. Their decision is based on research and studies completed over time in the market and data obtained from various customer sources. Adding new products will enable Hamptonson to offer more to their existing customers and attract new customers who are unsatisfied with the limited options on the current market

In early September 2007, Andrew Barker emerged from a lengthy discussion on the energy beverage market in the United States. As a brand manager for Snapple beverages at the Dr Pepper Snapple Group, Inc., he was charged with assessing whether or not a profitable market opportunity existed for a new energy beverage brand to be produced, marketed, and distributed by the company in 2008. Dr Pepper Snapple Group, Inc. was the only major domestic nonalcoholic beverage company in the United States without a significant branded energy drink of its own. The decision to explore a new energy beverage was made by senior company management as part of a corporate business strategy to focus on opportunities in high-growth and high-margin

The high inventory levels are a concern because it increases carrying costs to their company. The higher carrying costs reduce profit, which negatively affect the company and stockholders. A couple recommendations to Barb is to set up an inventory identification system to keep track of inventory, offer discounts and promotions to move inventory, and use the ABC analysis approach to manage the inventory.

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 &

Research shows that business plan competitions throughout time have always provided a substantial opportunity to improve entrepreneurial education. Student entrepreneurs originally were interested in business plan competitions because it was a place for them to create and pitch their business ideas to real investors and get incredible feedback. However, over time, the location of the competitions, the people competing in the competitions, the robustness of business plans, and the outcome of the competition have changed. These four factors affect each other and have changed how people go about growing as entrepreneurs.

The energy bar market grew from a grass roots effort focused on the consumer base of performance athletes. These athletes usually obtained products at competitive events that were geared towards the everyday consumer. The build up of this market is attributed to PowerBar, but there was significant contribution from others.

To emphasize the need to have a well-developed business plan if one expects to move beyond the “embryonic stage” of a new business

An opportunity exists for the firm to venture into new product lines like energy drinks and other culinary applications.

A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.

Do you have what it takes to enter the annual Harvard Business School Business Plan Contest? Vison, ideas and concepts are great in theory but are ineffective unless you execute them. This case study shows the struggles of the reality three young entrepreneurs faced when they were trying to build a product. It shows the difficulties in forming a team and most importantly turning an idea into reality. The lack of leadership, communication, clash of cultures and individuals

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many

Perhaps the most traditional financing option for any business has been a bank loan. The option suffered quite a bit during the financial crash of 2008 and in many countries, banks have only recently started borrowing money to small businesses more freely.

Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”