Refer to reading assignments and discussion questions from previous weeks to complete this assignment.
In Part I of your business plan, you identified an overview of your business concept, provided the mission statement and vision of the company leadership, and presented the products or services that your company will produce to satisfy the specific needs and wants of your target audience. As part of this process you identified key elements of your business model, formulated a feasibility analysis, and supported this strategy with outside research.
Part II
The financial plan estimates the monetary resources and flows that the business will require to carry out the business plan. The financial section of your business plan determines whether your business idea is viable and will be the focus of any investors who may be attracted to your business idea.
In Part II, you will expand on your business plan by preparing a competitive analysis, differentiation strategy, and risk assessment for this venture. From this data, and the SWOT analysis you completed and received feedback on in Week 5, you will identify your strategic position statement that identifies your competitive advantages and value proposition for your target audience. Next, you will share your marketing strategy and tactics that you will incorporate to create awareness of your new company’s offerings, and identify your key marketing message and messaging distribution strategy for reaching your target audience. Finally, you will identify at least three types of risks that your business faces and describe your plan to mitigate this risk.
Instructions
Write a 7–9 page paper in which you:
Create the income statement, cash flow projection, balance sheet, and statement of shareholders’ equity for your company, and provide a summary of each. Use the PlanningShop software you accessed in the Week 6 Prepare activity to complete this task.
Prepare a market analysis, using at least two sources, that addresses the four Ps of marketing (Product, Price, Promotion, and Place).
Prepare a differentiation strategy, using at least two sources, that identifies two ways in which your business is unique from the competition.
Explain why a potential customer should purchase your product or service. Include an example of your marketing message and strategy for distributing your marketing content.
Describe three business risks and plans to mitigate the risks.
Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.