Rhode Island Business Plan Competition

Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited.

Many people believe that a business plan is helpful but not necessary. This is true in the sense that business plans are helpful but, in fact, they are vital if you are serious about success in both short and long term. The aim of this paper is to evaluate and critically assess the “Room for dessert” business plan. The remainder of the paper is organized as follows: Section 2 will try to analyze who is the audience for the plan, what are their needs, and how well does the business plan meet those needs. Section 3 will discuss about the strengths and the weaknesses of the business idea, while the final section will present a personal opinion on the critical issues that

There are different types of business plans, but most businesses fall into these two common categories: traditional or lean startup.

Even the United States government is offering tax credits to people who purchase energy efficient appliances. This opens up a whole new market for appliance manufactures. These appliances can actually save electricity/ gas and the consumers will save money in the long run.

”Beer is proof that God loves us and wants us to be happy” Benjamin Franklin

A well-developed marketing plan will provide many benefits. For example, it will help Priority attract clients, keep marketing efforts aligned with the organizations mission and goals, and enable leaders to effectively evaluate the market environment in which they plan to operate. Since Priority is attempting to enter a new market, their marketing plan should emphasize strategies that will enable them to build their client base and gain market share.

The business world as grown intensely competitive and increasing diverse in the options provided to consumers. As an entrepreneur seek to embark on a new endeavor, it is exceedingly important to have a business plan in place. A well written business plan can serve many purposes; guidance for the entrepreneur by establishing a plan of action for the big picture as well as day-to-day operations, insight into the market and how to capture the right consumer mix through targeted marketing, and potential viability to other parties interested in backing or funding the business.

First I would like to talk about the meaning of a business plan, and the importance of it. Turban defined a business plan as “a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and at what cost.” (Turban & King, 2011) I business plan is obviously a formal statement of the business goals, explanations of why they are adaptable, and plans for accomplishing them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is important for an any type of business and any size, it provides the steps the business would take, gives a future look on is will happen, encourage financers, and team members, and eventually it helps in managing the company.

Developing a business plan is crucial to the long term success of a business. A business plan can provide direction and guidance to the organization as it grows over the years. Business plans can be written to focus on the specific requirement of the project at hand or as an outline for the business for the next few years (Moskwa, 2014). Effective business plan allows the entrepreneur or the business to think about what is necessary to run the business, such as equipment, licensure requirement, sales, finance and infrastructure. A plan allows seeing the whole picture while assessing the associated risks so that strategies can be deployed to minimize risks (Deveau, n.d). The various steps of the business plan can be useful to be objective, critical and non-sentimental about the business or project. It can act as an operating tool as the business is build and reaches its full potential (Michigan.gov, 2015).

Today, customers always demand goods that have lower prices because of the low income and Ajidesigner Company is looking out for middle and high-class customers. Ajidesigner Company chooses the price itself in term of best value rather than the price which would benefit both middle and high-class. Value refers to the benefits customers receive for what they get. Ajidesigner Company offers customers high-value products through our quality and brand. My product price makes consumers feel that they are part of an exclusive society like consumers who used another brand when they carry Ajidesigner bag.

When I started looking for a company to write my final case study on, I searched deep inside of myself, and asked myself, what exactly is it that I prefer in a company. In addition to that I asked myself, what company in today’s global market is very empathetic to its customers, stakeholders, shareholders and environments. That’s when I choose Amazon.com. You see Amazon.com, is a company with a vision, that states “to be earths most customer- centric company: to build a place where people can come find and discover anything they might want to buy online” (The Balance Barbara Farfan August 14 2016).

“…carry a broader array of merchandise than the factory outlets, consisting of branded and designer-labeled merchandise that includes manufacturer’s overruns, closeouts, or damaged goods.” (Kaikati, 1985) Most items acquired to be sold at Ross are excess items from other stores that they could not sell, items that are not the latest fashion anymore, and sometimes some defective products that are not completely perfect but still useable. When these items are bought for Ross, they are generally bought in bulk for deep discounts. This then means that Ross does not always check what is in the bulk of clothes/products they are purchasing. There are times when these purchased products are not appropriate for example having offensive graphics on clothing or bad quality of apparel that may already be damaged. Although buying in bulk may be cheaper, it may result costly as well because if the company does receive items as the ones explained above, then they are obligated to discard the products immediately which results in a loss of profit.

Growing your business can be a daunting task in today’s business and economic conditions. Competition is fierce in almost every trade. To carve out your own niche in a highly competitive market, you need to align your business plan with your marketing plan from the get-go.

To begin a business, the business plan is essential to insure that my business can bring profit and minimize the risks of the business. Customers are more and more demanding on service qualities, price, and guarantees, after sale services. Arlette Measures, a health and business writer, states that, “creating a solid business plan is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward when faced with obstacles”. I

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”