Task 1 Business idea Success of a business depends on its creativity. So the innovation can be recognized as the central focus of a business. An innovative business idea is always a tool of solving a problem of the society and the base of profitability. For an example if we consider some extremely successful companies such as Apple (manufacturer of Macbook, iPod, iPad, iPhone), Tesla (manufacturer of electric car) and Uber (providing the service of getting a taxi with the press of button) it is clear that the secret of the success of all these companies is sheer innovation. Analyzing business ideas by doing a macro analysis Analyzing business ideas by doing a micro analysis Business Plan Business plan is the summary of operational and …show more content…
It signals the client whether he should read the rest of the plan further or not. The facts contained in an executive summary This part must consist of a summary of all the facts that are explained throughout the business plan Business Description and its contents Under this part all the information relevant to the good or service that is offered by the particular business is explained. Accordingly, it is explained that how the particular products meets the market needs, how it differs from other products, unique features and special benefits of the product and its quality. In addition to this it should be explained that the way of achieving the above features including the information on the type of organization, organizational structure, sources of financing etc. Task 3 MARKETING PLAN. Marketing Plan– DEFINITION. A marketing plan a comprehensive document or blueprint that outlines a company’s advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing …show more content…
as well as tasks related to Buyers, Suppliers, Banking, Insurance, Advertising, Communication etc. Relationship and Network. Building mutually satisfactory long-term relationships with various customers is a core concept of marketing. Marketing networks project a good image of the organization and create a following of loyal customer. Relationships between an organization and its customers are created at different levels as, Reactive Marketing – While selling goods and services, the marketer encourages Customer feedback on any issues or complaints, which builds a Certain relationship. Accountable Marketing – At this level, once a product is sold, the marketer studies Customer feedback. This is an attempt to investigate the pros And cons of the project. A good relationship is maintained with The customers. Proactive Marketing - The marketer tries to develop the product the product as per Consumer expectations, through pre-marketing research. At