Part Two: Business Plan Project, Week 2
Required:
Continue working on your business plan. This week, you should create pro-forma financial statements for the first five years of operations. Document all your assumptions and support your use of the assumptions.
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The Marvelous Gadget Company LLC Karen L Campbell FIN 4055 May 30, 2016 Dr. Andrew Clark South University Online Part Two: Business Plan, Term Project: Week 1A strong business plan for the start-up of a new business is essential in bringing in investment and demonstrating a viable idea in an attractive way. The assignment is to present a business plan for setting up a manufacturing plant for small kitchen appliances. To develop the plan, and to effectively position the company in the minds of a targeted market and will start with answering basic questions. Every company needs a mission a statement and a plan for action. The steps will be outlined: Step 1. By stating who, you are? The Marvelous Gadget Company LLC What business am I in? The manufacture small kitchen gadgets appliances used in the kitchen such as toasters, blenders. Step 2. Where do I want to go or is my market? The target market is in the US, will start will local distribution in the State of Georgia and if all goes well, will expand to other states. Who will buy? The product is for everyone who prepares food. Since the products are not luxury goods, they will be categorized as necessity goods, which are needed by everyone. Therefore, planning to capitalize on volume sales along with a decent profit margin. Who is the competition? The current product brands, which have been available for years and have developed customer loyalty, are the toughest competition. However, as a new entrant, the company will have to squeeze margins to make the price tag attractive for grabbing customers. Step 3. What is the sales strategy? In the beginning, it will be imperative to leverage its proven products and floor space with all the leading retailers in the state. By bringing the product to the retailer through opportunities such as display and presentations at the local level and trade shows. Creating competitive advantage and rewarding loyal customers with discounts coupons, free..
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