Business plan Essay

Submitted By geyiyi1018
Words: 1657
Pages: 7
Open Document
Course Name: Project Risk Management
Project Risk Management for Magic Pen

Methodology
Risks can be identified from a number of different sources. Some may be quite obvious and will be identified before the project starts, and others will be identified during the project lifecycle. Every project team member will be aware and responsible for identification and determination which risks are likely to affect the project and documenting the characteristics of each.

Brainstorming – Identifying risks can be straightforward if started correctly and needs to be well thought out and regularly updated. My project will use brainstorming as an idea generation tool for identifying potential project risks, and requirements for correction of these risks.

Questionnaires – Questionnaires and surveys are well established tools for assessing risks and I will use these tools throughout the project life cycle. And I will create a database to record all customers’ contact information. In addition, I will send electronic survey form to collect their feedback. According to these survey forms, I can conclude whether magic pens do reach their expectation or not. In my opinion, customers’ satisfaction really matters success of my project. As the saying goes, “customers are Gods”. To own stable market shares is of great importance to merchandise company.

SWOT – My project will examine the project from each of the SWOT (strengths, weaknesses, opportunities, and threats) perspectives to identify risks. Brainstorming technique will be used throughout this process as well.

Strength:
Magic pens adopt latest material called alpha gel which is elastic and smooth. This kind of material will not make your hands feel comfortable. Your fingers will not get hurt anymore if you are holding pens all the time. The main function of this material is to relieve fatigue.
Magic pens are all with inspirational message on the surface of them. These uplifting messages will encourage you when you get tired to a degree. You can also customize your own unique pen and put your motto on it. I believe a lot of customers like customization very much.
Our selling point are everywhere on campus. It is very convenient for students and faculty. Thus we also can cut advertising expenditures which is a big fortune to a new company because customers will see magic pens every moment. Repeating occurrence will impress customers to a great extent.
Weakness:
Magic pens are new product. Generally speaking, customers will seriously doubt magic pens are really that amazing like the advertising says. Some conservative customers are not willing to give it a shot.
Limited budget really matters. All the members of Magic Pen agreed to provide a minimum investment to the company in the amount of $15.00. The money will be used to start-up the Company and purchase any necessary materials needed.
Opportunities:
Apart from some conservative customers, there are large sums of potential customers who like new things very much. These customers are our main resources. If they think magic pens are that good, they will spread good things of magic pens to others. Customers’ reviews are best proof to magic pens.
We also can cooperate with Delaware State University bookstore and Staples. The Principal of Marketing department can make a deal with these two suppliers to sell our magic pens in their stores.
We are students of Delaware State University. We know a lot of students, professors, and faculty here. We can give some free samples to let them have a try. Their positive feedback spread all over the school. It will be quite helpful to our sales.
Threats:
Delaware State University bookstore and Staples are two main competitors to us . Both of them have great reputation around the school. The pens sold in bookstore and Staples do have good quality. And there are various kinds of pens in these two stores.
Show More

Related Documents: Business plan Essay

Business Strategy: A Marketing Plan For A Business Plan

Executive Summary...........................................................................................................3 Product Profile……………...............................................................................................4 Business Review….............................................................................................................6 Key Issues/Key Learnings……….....................................................................................9 Planning Conclusions……

Words 8317 - Pages 34

Business Plan Essay

Neuromuscular Center Business Plan XXXXXX HCA 311 Health Care Financing & Information Systems XXXXXXX June 8, 2012 Executive Summary In general, your executive summary should highlight at least one important statement from each of the other sections in your business plan. Think in terms of giving the recipient what they need in order to make a decision about whether or not to invest in your business. If the reader only reads the executive summary, he or she should have a very clear idea…

Words 2818 - Pages 12

Business Plans Essay

Business Plans 7th Period March 4th, 2013 A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are possible. Business plans are essentially strategic. You will get to a point in the future (usually three to five years out) in time when your business has a different set of resources and abilities as well as greater productivity and increased assets. This plan will show how…

Words 1426 - Pages 6

Essay on business plan

BUSINESS PLAN Tippy B's Diner 1234 Jackson St, Jackson Hole, Wyoming January 30, 2014 Table of Contents Executive Summary a. Vision Statement…..4 b. Mission Statement…..4 c. The Company…..4 d. The product.....4 e. The Market…..4 f. The Competition…..4 g. The Operations…….4 Business Plan a. Vision Statement…..5 b. Mission Statement…..5 The Company a. Company History…..5 b. Company Goals and objectives…..5 c. Company Ownership Structure…..5 d. Company Management…

Words 1627 - Pages 7

Description Of Business Plan

Foundation for Free Enterprise Summer Business Camp 2013 BUSINESS PLAN COMPETITION Rules and Guidelines OVERVIEW As you may have learned already, the ‘entrepreneurial spirit’ is the key driver of sustainable business growth, the backbone of a free market and is critical for innovation. This competition has been developed to have you gain some hands-on practical knowledge, utilizing the concepts that you have learned through the first portion of our summer program. All businesses MUST be…

Words 639 - Pages 3

A Business Plan For An Entrepreneur

A Business Plan for the Entrepreneur Reasons for Constructing a Business When setting up a business it is sometimes easy to focus only on the day-to-day running of the business rather than what may happen in the future to the business. Lack of attention to the future of the business could possibly lead to problems such as bankruptcy. A business plan is a ‘living document’ which considers details about where the business wants to end up in the near and distant future. As a business changes, the…

Words 944 - Pages 4

Business Continuity Plan

A Business Continuity Plan (BCP) is a contingency plan that covers a range of internal and external threats that a company can be exposed to. It helps determine the prevention and recovery methods that a company must make in order to keep an operational status during any type of disaster. There are ten items that a Business Continuity Plan needs to include. They are: 1. Analysis of Potential Threats. Disasters can be any type of natural occurrence such as a flood, fire, hurricane, or tornado…

Words 562 - Pages 3

Examples Of Business Plan

BUSINESS PLAN 2014 – 15 | 2016 – 17 WE WILL DEVELOP STRONG AND PRODUCTIVE PARTNERSHIPS WITH STAKEHOLDERS AND WE WILL CONTINUE TO INVEST IN OUR PEOPLE AND CULTURE, ENHANCING THE WAY OUR PEOPLE WORK AND PROVIDING THE RIGHT SYSTEMS TO SUPPORT THEM. Jennifer Williams | Chief Executive CONTENTS 1.0 MESSAGE FROM THE CHIEF EXECUTIVE 02 3.3 2.0 OUR VISION, MISSION AND VALUES 05 4.0 RESEARCH AND DEVELOPMENT PROGRAM 27 3.0 STRATEGIC PLAN 06 5.0…

Words 8583 - Pages 35

Essay on Business Plan

Strategic Plan, Part 1: Conceptualizing a Business Kandis D Lewis BUS/475 March 11, 2014 Timothy Harrington When starting a business it important that you take into consideration the vision, mission and values that you would like for your company to have when creating a strategic business plan. With implementing these; three key functions into your plan, will provide your business the opportunity to become a successful business. The business idea that I would like to one day pursue would be a…

Words 630 - Pages 3

Essay on Business Plan

Southern Belle Dance Academy Southern Belle Dance Academy Located in Bossier City, La Located in Bossier City, La Business Plan Homework Assignment 1 February 1, 2013 By: Cori Jenkins Executive Summary: The Southern Belle Dance Academy is committed to giving quality and affordable dance instructions to the Shreveport-Bossier area. We offer different styles of dance; such as, ballet hip-hop, jazz, and lyrical. We will teach children between the ages of 4 and 15. The Southern Belle Dance…

Words 437 - Pages 2