Evaluation of Business Planning Theory and Practice - Essay Example

BUSINESS TECHNIQUES Name Course Professor Institution Date Introduction A business plan is a proper statement of enterprise goals, explanations of why they are achievable, and plans for accomplishment those goals. It may contain background information about a company trying to achieve the target goals. Therefore, a business plan entails techniques of meeting organization goals. Various techniques enhance the achievement of the target goals (Finch 2013). The frameworks include PESTEL and market mix and Tuckman model. PESTEL involves political, economic, social, technological, legal, and Environmental factors. The factors are critical in making a business plan. The other technique that is market mix involves the use of 4ps appropriately in a business plan. The 4ps epitomizes price, product, promotion, and place. Tuckman model entails group development in sub- theories that include forming, storming, norming, performing, and adjourning approaches. These techniques and other plays a vital role in business planning. Our focus is the frameworks used in our project. Therefore, the paper seeks some of these techniques together with principles of business planning and project management (Barrow, Barrow & Brown 2012). Human resources aspect Human resource aspect entails a strategy that links up practical activities of employees with functions of business. Therefore, human resource issue focuses on the organization structure which comprises the approach of running a business. A great organization structure entails a healthy culture where people are free to express their ideas particularly those that enhance the growth of an enterprise. Also, the structure encompasses organization motivation by forming teams that in turn leads to the development of great ideas that help a project development. Virtual communication is significant for businesses to share ideas by a continuous contact with people. The structure also entails better plans for the budget and expansion of business to more sectors. An excellent development policy should focus on good communication between the sectors. It is significant always to put the customer first in organizational culture. A successful culture that consists of can-do togetherness attitude and care to the clients (Blackwell, 2008). In our scenario, we applied the human resource element in coordinating and focusing on the app strategy that serves customers journalism interest. The can-do attitude enabled the effort of guaranteeing the customer satisfaction. The app focus was to make our clients contented with detailed information gathered and leave to remember a good experience. Therefore, through togetherness, the organization ensures uniformity and consistency in service delivery and good interaction with the customers. The organization culture entailed honoring customer promises. Hence, whenever the business promises to deliver another version of the mobile App that has improved features, then the organization provides this on time and as expected. Also, the framework ensured motivation of employees, teaming up and working hard to deliver services to our clients. Therefore, the technique has enhanced the growth and development of our plan. The method improved innovation leading to the achievement of the enterprise goals (Randolph & Posner, 1988). Primary/Secondary market research Marketing research informs companies whether they meet customer needs and expectations. The businesses research answers to precise questions to know the necessity to change product design or offer additional services. Market research comprises of primary and secondary research. Primary research entails gathering data from the analysis of the current sales and practices. The method includes interviews, questionnaires, surveys and focus groups. On the other hand, secondary research involves analyzing data that has previously been published. Business can identify competitors, recognize target segments and create benchmarks (Saunders, Lewis & Thornhill 2012) In our scenario, primary data was gathered to determine the customer needs and match them with our App. The primary data enabled our team to realize additional features that were applicable in our App. Also, the data helped our team develop an App that fulfilled the wishes of the clients. On the other hand, the secondary research helped our team to study in detail and analyze our competitors. The information contributed to the development of a better strategy to attract more customers than our competitors. The secondary research enabled us to plan and determine price better price and better promotion for our brand. Also, the information helped us to create reasonable targets that were achievable. Therefore, primary and secondary research contributed to our app development and project growth (Randolph & Posner, 1988). Digital Marketing The framework involves using electronic media to promote and advertise products or services to attract more customers. Digital marketing is essential as it passes information to many people some who might be interested. The technique determines the time taken for a project to break even. Also, it determines the amount of revenue expected to be collected. The framework is best suited in branding the App image thus enhancing project growth (Blackwell, 2008). The technique had a great significance in our project. In our scenario the digital marketing involved landing page, app store entry, poster and QR code. The poster listed the app features and its screenshot with all other relevant details. The Landing page further informed the user more about the app including an introduction video and a persuasive text. Also, the app entry had some other features like engaging text. The digital marketing using social media platform like Instagram, Facebook and Twitter help spread information about our App. The technique was beneficial as it the project achieved the goal of reaching to many people (Randolph & Posner, 1988). Conclusion The most efficient approach was Primary/secondary research. The method gave us detailed information of what customers expected from our App, features that were not available to our competitors. Therefore, our App acted more superior than the rest of the market. Also, secondary research gave use the competitive edge. The information gathered from the published materials gave us a full understanding of the market, the challenges and ways to overcome them. If I were to do the project again, I would focus more on primary and secondary research to get the imaginary features of customer’s expectation of a good App. Also, I would emphasize more on marketing strategy through social media to create awareness of the App. Finally, I would offer free use of our App for a period before the customer starts paying (Stutely, 2012). Reference Barrow C, Barrow P & Brown R (2012) The Business Plan Workbook, 7th edition, Kogan Page. Blackwell, E. (2008) ‘Chapter 9: How not to write a business plan – or run a business’ In How to Prepare a Business Plan, 5th Edition, Kogan Page, p133-139. Finch (2013) How to write a Business Plan, 4th Edition, Kogan Page. Randolph WA & Posner BZ (1988) ‘What every manager needs to know about project management’, Sloan Management Review, Vol 29, No 4, p65-73. Saunders M, Lewis P & Thornhill A (2012) ‘Chapter 12: Analysing Quantitative Data’ In Research Methods for Business Students, Sixth Edition, Financial Times/Prentice Hall, p472-543. Stutely R (2012) The Definitive Business Plan, 3rd Edition, Financial Times/Prentice Hall. Read More