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AB209, SMALL BUSINESS MANAGEMENT Unit 3 Seminar
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Review 2 Content Unit 3 UNIT overview Marketing Plan Final Project- Defining the market
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Identifying Startup Ideas © 2010 South-Western, Cengage Learning, Inc. All rights reserved. 3–3 Opportunity Recognition Identification of potential new products or services that may lead to promising businesses Entrepreneurial Alertness Readiness to act on existing, but unnoticed, business opportunities Good Investment Qualities Products that serve clear and important needs Products that customers know about Products that customers can afford A good idea is not the same as a good opportunity.
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© 2010 South-Western, Cengage Learng, Inc. All rights reserved. 3–4 Exhibit 3.2Common Sources of Startup Ideas Source: Data developed and provided by the National Federation of Independent Business and sponsored by the American Express Travel Related Services Company, Inc.
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Franchising © 2010 South-Western, Cengage Learning, Inc. All rights reserved. 4–5 Franchising A marketing system involving a legal agreement, whereby the franchisee conducts business according to the terms specified by the franchisor. Franchisor Party in franchise contract that specifies methods to be followed and terms to be met by the other party. Franchisee An entrepreneur whose power is limited by a contractual agreement with a franchisor.
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The Pros and Cons of Franchising Advantages Road Map provided Training Financial assistance Operating Support Limitations Franchise costs Initial franchise fee Investment costs Royalty payments Advertising costs Franchisor has control 4–6 © 2010 South-Western, Cengage Learning, Inc. All rights reserved.
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Unit 3 Check-In
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Unit 3 Information Unit 3 The Business & Marketing Plan Reading Discussion Assignment Final Project – Describe and Define your market Seminar Discussion Posts Assignment: Video Questions
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–9 An Overview of the Business Plan Business Plan A document that sets out the basic idea underlying a business and related startup considerations The Purpose of a Business Plan Identifies the nature and context of the business opportunity Presents the entrepreneur’s approach to exploiting the opportunity Identifies factors affecting the venture’s success Serves as the entrepreneur’s tool for raising capital
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–10 Exhibit 6.1Users of Business Plans
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–11 The Need for a Business Plan Primary Functions To provide a clearly articulated statement of goals and strategies for internal use Imposes discipline on the entrepreneur and management team To serve as a selling document to be shared with outsiders Provides a credible overview for prospective customers, suppliers, and investors Helps secure favorable credit terms from suppliers Opens approaches to lenders and other sources of financing
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–12 How Much Business Planning is Needed? Factors affecting the extent of a business plan: Cost in time and money to prepare the plan Management style and ability Preferences of the management team Complexity of the business Competitive environment Level of uncertainty
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–13 Types of Business Plans Mini-Plan A short form of a business plan that presents only the most important issues and projections. Comprehensive Plan A full business plan that provides an in-depth analysis of the critical factors that will determine a firm’s success or failure, along with all the underlying assumptions.
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© 2010 South-Western, Cengage Learning, Inc. All rights reserved. 6–14 Exhibit 6.3Abbreviated Business Plan Outline Section Heading Cover Page Table of Contents Executive Summary Industry, Target Customer, and Competitor Analysis Company Description Product/Service Plan Marketing Plan Operations and Development Plan Management Team Critical Risks Offering Financial Plan Appendix of Supporting Documents
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The Marketing Plans typically include: Step 1: Current Marketing Situation- Strengths, Weaknesses, Opportunities, Threats (SWOT) SWOT should include: Analysis of Internal and External factors both positive and negative Make sure to include segmentation, target market and position in the market
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Your Assignment for the Final Project In Unit 3 you will work on: Define your market: So you would look at the segmentation Then you would select your target market and your position in that market
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Unit 4 Preview
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Unit 4 Information Theme: The Human Resources and Location Plans Readings: Longenecker – Chapters 8 & 9 Discussion Board: The HR Plan – Biosite, Inc (page 200) (40 points) Case Study #2: Le Travel Store (page 641) (50 points) No Seminar
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Unit 3 Seminar Wrap-Up If you need assistance: o Contact instructor at their KU email address o Post message to “Instructor’s Office” o Meet with instructor during Virtual Office Hours o KU Tech Support: 1-866-522-7747 o Academic Advisor: If you have any challenges that prevent you from succeeding this term or at KU in general o Other KU Resources: Writing Center, etc. Our next “live” seminar: Unit 5 Questions? o Course Website or Content? o Assignments? o Other issues?
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