Assignment 1: Promotion and Pricing Strategies
"Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company's target customers and describes how it will attract and keep them. The process does not have to be complex." (Scarborough & Cornwall, 2015, p. 274).
With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.
Using the business from Assignment, write a three to four page paper in which you:
1. Identify its primary target market.
2. Specify three methods you will use to research customer needs and wants.
3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.
4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
5. Include at least two references outside the textbook.
The specific course learning outcomes associated with this assignment are:
• Describe and analyze the necessary activities and key decisions to start a small business.
• Use technology and information resources to research issues in small business management.
• Write clearly and concisely about small business management using proper writing mechanics
Assignment 2: Supply Chain Management and Financial Plan
"One of the most important steps in launching a new business venture is fashioning a well-designed, practical, realistic financial plan." (Scarborough & Cornwall, 2015, p. 454).
With this assignment, you are creating two important elements of a financial plan: an Income Statement and Balance Sheet. You also are preparing an outline of a presentation of your business plan to potential investors or lenders.
Using the business you created from Assignments 1, write a three to four page paper in which you:
1. Prepare a simple pro forma (projected) income statement and balance sheet for the first two years of operation, using income projections and incorporating an advertising plan.
2. Outline a plan for hiring and retaining competent, motivated employees for your business.
3. Prepare an outline for a "pitch," i.e., a short 20-30 minute business plan presentation that will be made to lenders or investors.
4. Include at least two references outside the textbook.
The specific course learning outcomes associated with this assignment are:
• Analyze the key financial management considerations in operating a small business, including sources of financing.
• Determine the various control and support functions needed to manage a small business.
• Use technology and information resources to research issues in small business management.
• Write clearly and concisely about small business management using proper writing mechanics.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.