Therefore, in order to match consumer needs, the online platform was created for music downloads. Moreover, the “PEST” analysis was highly useful to track the environment that the company operates in (Mullins 2013). For example, economical factors such as low income among young consumers have influenced the company to create a free downloading website. The business plan also contained the marketing plan, which included the theories of Ansoff’s product matrix, Porter’s 5 forces, the STP process and in-depth research of company’s marketing mix (Wood 2010). The following part has helped us to understand the website’s purpose and value provided in more details, as well as the direction the company should follow. For instance we established that in the coming years, to attain the break-even point and to increase brand awareness, the most suitable strategy for MixtapeMadness would be to use the penetration strategy (Bradley 2010). Then, after attainment of its product awareness and profit is made, the company can expand further into the global market and enter into a market development strategy (Egan 2007). The third part of the business plan was the financial part, which analysed the cash flow forecasting, break-even analysis and forecast of revenues (Fortes 2011) (Appendix A).The main strength of our business plan is that it is well structured with numerous academic sources having been reviewed to help us understand the structure of a business plan, such as the need to build a macro-environment research first, then followed by the corporate, strategic and functional levels (Fill 2011; Mullins 2013; Wood 2010). Also, the structured document helped us to follow the same strategy to build the poster for the presentation. The poster did not have all the theories we included in the business plan, but the structure of the poster was useful as we clearly positioned “where the business is now” and “where we want to be as a company”. The poster was clear enough for judges to understand how we established our research. Another strength is that the plan is well researched with the knowledge gained from lectures helping us on how to search for different sources which was useful in strategy formulation. However, as the company is private, limited financial statements were available for computation of forecasts.
Please type your essay title, choose your document type, enter your email and we send you essay samples