Question

Feasibility Analyses and Business Plans Please respond to the following: Develop an idea for a new business and conduct a feasibility analysis. Please be as creative as you like in the development of your idea (but as careful as you can be in your analysis of that idea). Analyze the steps involved in crafting a wining business plan and make at least one recommendation for improving the process. Explain your rationale for making the recommendation you did.

Answer 1

Feasibility Analyses and Business Plans

For making the business sustain and highly influential in the aspect of growth the correct formulation of strategies are required to be undertaken with a clear approach to the understanding of the market demand and the customers.

Plans with feasibility:

1.     Proper marketing planning: To launch a product in the market all factors of the promotion process are likely to require to be formulated

2.     Formulation of marketing channels: The most targeted channels are the social media platform it is necessary to be correctly created and the important factor is the interaction of the customers that are necessary to be correctly done to obtain their demands, likes or dislikes.

3.     Demographics and Geographic’s factors: To position or place an organization product the demographics and Geographic’s factors are likely required to be checked to understand the customer willingness in the genre of product that it is targeting to attract the customers. As per the population and place, the product is likely requires targeting in the market.

4.     Competitive market: The market analyses are required to be done by a stable decision-making process with considering the certainty factor to stabilize the growth in the organization. Therefore, if the strategies are not correctly formulated, the competitors can make this as constraints they can create a negative impact on the business.   

5.     Production, supply chain: The process of production that can be also termed as manufacturing is necessary to be correctly done to implement the growth of the organization. The suppliers are the key role players in the business to maintain the consistency in work. The supplier’s relationships are required to be kept with the highest priority so that the best product can be obtained.    

6.     Global outreach: To make the business globally surrounded, the budget analyses are required to be done so to expand the business all across the globe. The market demands are required to be checked and promotional activities with higher customer support are highly effective to get positive outcomes in the global market.

Recommendations:

The recommendations are the effective communication with the customers, transparency in the dealing process, following ethical and legal practices in the organization, and a constant uplifting of the creativeness or innovativeness that will help to maintain the mostly growing organization with high rise of profit. The implementations of the correct decisions making processes are also highly effective to keep a collaborative environment.