Business Plans Essay
“A business plan is a process that helps an entrepreneur gain deep knowledge about their ideas”. (Jeffery A Timmons, 2004)
- EXECUTIVE SUMMARY:
Brand trigger is set to be a service organization that provides corporations with strategies for below the line (BTL) activation, media planning and ambient marketing for their brands and products. Our consultants are all professionals and we provide customized services according to the needs of the company and the image of the brand that is required to be presented in the minds of the consumers.
- OBJECTIVES AND MISSION:
We promise to provide customized solution and out of box ideas to bring out the brand image and the brand essence for the consumer through our activation and media strategies. Hence we provide a range of alternatives to the client for them to choose what suits them best and with our tailor made solution we are confident that our clients would be satisfied.
- BUSINESS DECRIPTION:
Brand trigger plans to provide a complete service package for the strategic planning, ambient marketing, and on ground activations relating to the brand image of its clients.
- COMPANY OWNERSHIP:
Brand trigger is a startup company and will start as a partnership which will be owned by Mr. XYZ and Mr. PQR who are its founders. As the company grows and profits start flowing in with its success, the company will be registered as a corporation. The tentative time period for this is four years when brand trigger will be a well established name in the market.
- TARGET MARKET AND POTENTIAL CLEINTS:
All brands and products, big or small interested in brand activation and media planning are our potential clients.
- MARKET ANALYSIS:
Currently the market conditions are not very promising and many companies are cutting their advertising budgets, hence BTL activations are gaining popularity. In addition to this, there is a lot of completion these days which results in a lot of clutter. In order to break through the clutter, ambient marketing and BTL activations are gaining popularity. Hence the potential for growth is high.
Previously less than 20% of the marketing budget was allocated to BTL but now more than 40 % of the budget is allocated for this service resulting in rapid growth in this market segment.
- MARKET SEGMENTATION
Although all brands are our potential clients but struggling brands and brand with confused positioning who want to clear their image in the minds of consumer in addition to tobacco companies are also a target as they are restricted ATL advertising and more of BTL is done. Also, new brands wanting to set an image in the market for the first time are also included in our market segments.
- MARKETING STRATAGIES:
Since we are a service company whose target audience is not the masses but the corporate sector, hence we intend to market ourselves through presentations which include business plans like these. We also intend to market ourselves with pitch presentations for brands that are in need of the services we provide. We will also gain awareness through word of mouth regarding our work or ideas that we provide.
- COMPETITIVE ANALYSIS:
Competitive analysis conducted by the company reveals that about 30% of all the advertising companies offer brand activation. Hence the competition is high in this business segment. But the USP of brand trigger is that it provides a compete service solution which includes media planning which is innovative promising high GRPs (gross rating points), innovative ambient marketing which grabs attention with its uniqueness and on ground BTL activation which is interactive and builds up the brand image in the mind of the consumer. All these services at one stop is what makes us attractive than our competitors.
- DESIGN AND DEVELOPMENT PLAN:
We plan a small setup in the initial stages of our business. Our team, excluding the founder who will be the director of the company, will be small comprising of eight professionals. They will include three media planners, two strategic analysts for brand activation ideas, one expert for ambient marketing ideas, one area expert to find out sites available and appropriate for ambient and on ground activations and one printer.
The equipment will include
- Two 4 color printing machines for printing ambient material and penaflex banners for activations.
- Personal computers for all eight professionals.
- Monthly payment To: www.shutterstock .com” for referral pictures.
- Media planning software “i-adams” for making release orders and “peoples meter” for information on channel ratings.
- FINANCIAL COMPONENTS:
- ROLE OF ACCOUNTING:
When a business starts it is important to keep a closer check than a running business as you are investing money and there is no goodwill so the risks are higher. Hence accounting will help in the systematic recording and keeping track of the transactions that take place daily. It will also play a role in keeping track of the assets that the business owns and the cash flow cycle.
- WORK CHARACTERISTICS:
They should be vigilant and trustworthy to begin with whom does not manipulate the books but presents the current situation of the business and those who expense everything with a bill or receipt.
They should have a degree of bachelors or a master’s degree in accounting. Chartered Accountants are also preferred for the job. Those with MSc in finance are also suitable.
- INTERNAL CONTROLS:
We have to make sure that all the steps that is activation, media planning and ambient marketing is done under the budget. This would mean that the budget should be divided for the respective steps and controls should be put into place that all the costing is under the budget. Moreover, since it is a new business, customer should be charges less to build up the clientele. Inventory controls are not needed since it is a service company and costing is the most important aspect and vendors with the minimum cost n highest quality service should be hired.
- FORECASTING TECHNIQUES:
You can use financial information of other companies to analyze the trend of the industry and apply it to your company as your company has just started and there is minimal financial background information and predict where your company is going.
From this information the managers will be able to make pro-forma financial statements which will help them in predicting the outcomes for your business. With this prediction the managers will know how much working capital they require for cash budgeting. Once you analyze other industries if they have a net profit ratio of 20% then we need to achieve somewhere close and they will know they are not competitive in your industry. Hence, the manager will be able to direct the company towards the future.
Jeffery A Timmons, A. Z. (2004). Business plans that work:A Guide for Small Business.
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