SCENARIO
Select the business plan scenario assigned to your degree program from the list below:
Information Technology Management Majors:
Develop a business plan for a start-up company that offers information technology (IT) products or services (e.g., IT consulting, software, computer repair, IT educational services, help desk, web development).
Marketing Management Majors:
Develop a business plan for a start-up company that offers a marketing product or service (e.g., marketing consulting, digital media marketing, advertising company, public relations, market research).
Management Majors:
Develop a business plan for a start-up company that offers a product or service (e.g., landscaping, food services, cleaning company, pet care, consulting).
Human Resource Management Majors:
Develop a business plan for a start-up company that offers human resources products or services (e.g., training company, benefits consulting, human resources consulting, health and benefits programs, payroll).
Note: Franchises and non-profit organizations are not allowed for this project.
REQUIREMENTS
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Create a business plan for your hypothetical start-up company in which you do the following:
Note: You are required to utilize the attached “Business Plan Template” in creating your business plan. If the attached WGU template is not completed and submitted, your work will automatically be returned to you without being evaluated. The template is located in the “Supporting Documents” section.
A. Write an executive summary (suggested length of 1 page) in which you do the following:
1. Identify the company’s name and location.
2. Describe the mission of the company.
3. Discuss two business goals in support of the company’s mission.
4. Discuss three keys to success for the company.
B. Write a company summary (suggested length of 2–3 pages) in which you do the following:
1. Describe the history of the industry in which the company will operate.
2. Identify the legal form that the company will take.
3. Describe the location and type of facilities needed for the company.
4. Describe the management structure, including key positions and specific responsibilities.
5. Describe the products and services offered by the company.
C. Develop a market analysis (suggested length of 2–3 pages) in which you do the following:
1. Describe the target market for the company’s products and services, including the specific location, demographics, etc.
2. Complete an industry analysis for the company, including current trends and statistics.
3. Complete a four-square SWOT analysis for the company in which you do the following:
a. Identify three strengths, three weaknesses, three opportunities, and three threats.
b. Explain each of the identified strengths, weaknesses, opportunities, and threats.
D. Develop a market strategy (suggested length of 2 pages) in which you do the following:
1. Discuss each of the four Ps of marketing as they relate to the company’s products and services.
2. Develop a price list for the company’s products and services.
3. Develop a promotional strategy, including specific tasks, target dates, and responsible parties.
E. Develop an implementation strategy (suggested length of 1–2 pages) in which you do the following:
1. Summarize the overall strategy that will be utilized to launch your business, including target dates and goals for implementation.
2. Develop a post-launch monitoring plan (e.g., financial impact, quality control, customer satisfaction, monitoring schedule) to evaluate the success of the company in meeting milestones.
F. Write a financial report for the company by doing the following:
1. Develop and calculate the projected sales revenue, operating expenses, and net income or net loss.
a. Develop a projected sales revenue for the company’s first month of operations, including the assumptions utilized in developing this projection.
b. Develop a projected categorized list of monthly operating expenses for the company’s first month of operation with the corresponding cash amount for each expense, including a total monthly operating expense amount.
c. Calculate the net income or net loss for the company’s first month utilizing the projected sales revenue from part F1a and the projected total monthly operating expenses from part F1b.
Note: Net Income or Net Loss = Sales Revenue – Total Operating Expenses
d. Explain the impact of managing the company’s revenue and expenses each month.
2. Identify the long-term assets needed to launch the company.
a. Discuss the capital investment needed to purchase the company’s long-term assets.
b. Discuss the depreciation of the company’s long-term assets over time.
3. Describe one example for each of the three following activities of cash for the company:
• operating
• investing
• financing
4. Explain the purpose of each of the three primary financial statements (income statement, balance sheet, and statement of cash flows) in determining the financial position of the company.
G. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
