Key elements and sections of a business plan

Full Answer Section

• Competitive Analysis:
  • What companies are the main competitors for your selected company? Identify the primary direct and indirect competitors of the chosen publicly-traded company. This will involve researching the industry landscape and identifying companies offering similar products or services or targeting the same customer base.
  • Gathering Competitor Information: Describe the process I will use to gather information about these main competitors. This will likely include:
    • Reviewing their websites and marketing materials.
    • Analyzing their publicly available financial reports (annual reports, investor presentations).
    • Reading industry news and analyst reports.
    • Examining their product/service offerings and pricing strategies.
    • Understanding their market share and geographic reach (where possible).
    • Identifying their key strengths and weaknesses based on available information.

With this expanded understanding of Section 2, I am ready to proceed to Module 2 to select the publicly-traded company and begin the detailed research required for each section of the business plan. I will ensure that the analysis is relevant to the chosen company's mature stage and considers the Kenyan context where appropriate for understanding global market dynamics

Sample Answer

Here's the updated outline for Section 2:

Section 2: Market Analysis (Expanded)

• Company Analysis: (As previously outlined)
  • Name of the company, headquarters location, primary regions served, and relevant population demographics of those regions.
  • How long the company has been in operation (historical context).
  • Number of employees (approximate, based on publicly available data).
  • Publicly stated values and goals of the company (from their website, annual reports, etc.).
  • List a few company objectives (reason for this plan - this will likely focus on strategic growth, market expansion, or addressing a specific challenge based on recent company performance and announcements).
• Customer Analysis: (As previously outlined)
  • Detailed information about the company's current and potential customers.
  • Customer Needs - Segment: Identification of key customer segments and their specific needs related to the company's offerings.
  • Marketing Strategy Planning: Analysis of customer demographics (age, income, location, etc.) and consumer buying behavior (how, when, why they purchase). This will rely on publicly available market research and company reports.
  • Define the Product Market: Clearly define the industry and specific market(s) in which the company operates.
  • Identification of Target Markets: Clearly identify and describe the specific target market segments the company is currently focusing on and any potential new target markets.