Business Plan for Pandora Essay
Generally, the business plan is not comprehensible and may not be able to encourage possible clients or business partners to take part in the business. It has no clear objective, and the description about the company seems vague considering the fact that the business plan aims to “capitalize the market opportunity” for Pandora and make it more competitive by prioritizing the health needs of the customers. The business plan therefore must seek to project increase sales inputs based on the strategies indicated in the plan. As mentioned, territory business plan aims “to increase revenues and exposure within the territory” according to a business experience (Schaffer, p. 347).
Presentation of the executive summary is very poor because it does not provide an synopsis of the business plan including a description of the company and the products being offered, mission statement, the company and management, and the market opportunity with a brief description of the current customer. At least, this information can make up a summary to have an overview of the plan.
The data presented do not present concrete status of the sales because the information about the competitors’ clients is not given. This information is important in order to determine the effectiveness of the present sales plan as compared with that of their competitors.
Current Situation Analysis
The presentation is difficult to understand because each datum is not coherent with the previous information. Besides, there is no explanation given for each organization regarding sales inputs to enable to determine further strength and weakness. The sales although stable are not a good indicator of future success. Even the seventy percent controlled territories seem to be not enough to become competitive in the market. Similarly, the plan failed to analyze the other customer group aside from the physicians in order to compare the responses of each of the target customers. On the other hand, it is for the company’s advantages that analysis of the competition has been identified to further enhancement of the plan.
To improve the business plan at this level, it is important to identify the market demands of the product in the territories mentioned to improve the strategies and the advantages and strengths of the product aside from being able to cultivate good relationship with some of its clients. It would also be helpful to compare the level of acceptability of the different target customers in the territories of the product lines and find out why it remains as it is.
Future Situation Analysis
The data explicates that public demand for the products continues to increase, which is a good sign of success in the future. However, the plan failed to recognize any risk the company may encounter because of competition, which seem to surmount it. Despite the growing demand, the company may experience downfall for failing to recognize changes in the organization and policy regarding transaction of this kind. Knowledge of possibilities may help figure out how the company may be able to apply the principle of risk management.
Strength, Weakness, Opportunity & Threat
In terms of strength, Pondera has gained wide connection with four organizations and proven stable for having 75% control of the territory. However, business transaction with the four organizations confided to a simple face-to-face transaction with physicians and patients through which they have established relationship. The problem that this relationship is not well-established with other organization simply explains that it lack promotional activity public relation.
Despite that, the 75% control of the four territories is a good starting point to launch marketing activities to promote the product. However, the company must carefully examine the possibility of dominating the market by the competitors through its strategies. The fact that the only weakness of one of its competitors is lack of sales representatives, and that shows the possibility to dominate the competition.
To look into several components of business, it appears that the business plan submitted for evaluation lacks in substance. For instance, the plan does not express optimism by mentioning the capability of the business to accommodate more sales through its capable management and able financial control. A business plan must be convincing. De Thomas, Grensing-Prophal and Grensing mentioned that a business plan is “your calling card and your best opportunity to introduce the business and yourself to others in the most favorable light” (p. 3). This helps promote a favorable first impression.
This part of the plan requires more detailed explanation of the course of actions based on the company’s mission and objectives with further elaboration of the financial aspect to make things realistic and attainable.
Objectives are not attainable because no specific target has been mentioned. To make the objectives realistic, it must be specific and measurable. Stephen C. Harper explained that objectives must be stated in “specific terms” in such a way that the plan indicates how much sales is expected after a given deadline (p. 56).
The second objective is a means to reach out patients who are financially incapable based on the report of the Physicians Metro Groups. However, this is more of a strategy to employ in order to attain objective no. 1. Likewise, in the list of objectives, the plan does not cater the overall needs of the business because of inadequate information in the preliminary part of the plan.
Actions are neither effective if the objective is to increase the sales. A mere visit to physicians may not guarantee good sales input; there must be other promotional activities such as advertisement and public relation to create public awareness of the product. This also is also helpful in future plan for a bigger market.
Regarding drug discounts, the actions are not meant for implementation; rather they are meant to figure out the proposal to have drug discounts for bigger sales.
Actions are specific steps or strategies to realize the objectives and goals; and they are set with a timescale to monitor the progress.
Review and Control
No review and control have been specified; thus there is no monitoring scheme has been set to control the development of the plan to get the desired goals. Along each action, there must be controlling management; this is again identified in a timeframe.
De Thomas, A., Grensing-Prophal, L., & Grensing, L.(2001). Writing a Convincing Business
Plan (2nd edition). USA: Barron\s Educational Series.
Harper, S. (2003). The McGraw-Hill Guide to Starting Your Own Business: A Step-by-Step
Blueprint for the First-Time Enterpreneur. USA: McGraw-Hill Professional.
Schaffer, K. (2005). The Complete Book of Resumes.
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