Devise a development process for their venture product or service
Initiate the business planning process by identifying their product or service
The discussion assignment for this week includes a review of the Key Assignment outline completed by one of your classmates, as well as a substantial response to at least 1 other student.
Primary Task Response: Your first task is to post your own Key Assignment outline to the discussion area so that other students are able to review your plan. Attach your document to the main discussion post, and include any notes that you feel are appropriate. The purpose of this assignment is to help improve the quality of the Key Assignment Draft that you will complete next week.
The below is what is done priviously
A Preliminary Environmental and Market Scan
Soon I hope to have a successful business in the food and beverage industry. The three companies I identified are Nestle, Coca Cola, and PepsiCo, who are all producers of different beverages for varied consumer groups. Geographically, all three companies are multi-national firms which operate in different countries worldwide and have their headquarters in the United States. In demographics, their customers are from different age groups. For example, Nestle manufactures products for both adults and infants; Coca-cola and PepsiCo sell their products to adults and children but not infants. Based on their marketing campaigns, all three companies aim at reaching out to people whose lifestyles cut across all three socioeconomic classes, the lower, middle, and upper class. The interests and hobbies vary per company; for example, coca-cola and PepsiCo attempt to attract customers who love leisure, fun, and relaxation while Nestle attracts those who are in careers and family life. A significant portion of the clientele has a behavioral attribute of loyalty, meaning that they are frequent users of the products.
The firms reach out to different segments of the market. Although all three firms target specific groups, the totality of their target population is varied. Nestle reaches out to adults, infants, and children by having a comprehensive portfolio. Some examples of products are Nestle Toll House, Kit Kat and Gerber (Nestle, n.d). Coca colaâ€s target population includes children aged above four years and adults. The products include diet and carbonated drinks (Coca-Cola, n.d). The diet sodas are excellent for children and carbonated drinks which can be consumed by adults. Some of their products for PepsiCo are mountain dew and Mug root beer (PEPSICO, n.d). PepsiCo also has two distinct target populations, which are also children above four years of age and adults who consume each of the products respectively.
These target populations have many similarities to the people I would like to reach. For my company, I would like to reach out to children and young adults as they are versatile and I believe my products would be most relatable to these groups. As such, there are several similarities to the groups mentions above for the three companies. For instance, in my company, I would like to make cereal drinks which are suitable for children above six months of age. These products serve the same population as Nestléâ€s Gerber baby food. Additionally, I also hope to manufacture processed fruit drinks of different flavors as well as fruit powder, which can be e mixed with a liquid to form a beverage. These products target children above four years and adults. The same target populations are targeted by Coca Colaâ€s and PepsiCoâ€s soft drinks and carbonated drinks. As such, there are evident similarities between the target populations of the three companies and those that I hope to reach.
*The below is what one of my peers discussed.*
One of the businesses that I decided to research is a consultant firm I have worked with before with my current employer; McIntosh & Associates. McIntosh & Associates is a consultant firm that specializes in call centers. McIntosh & Associates is based on Texas but their customers are nationwide. A few of the industries that they support are Healthcare, Retail, Telecom and Media, Manufacturing and Financial Services to name a few. The common denominator is that their clients operate some sort of call center. From my experience with working with them, McIntosh & Associates provides support and guidance to leaders as well as how to build effective training programs. There customers consist of well established companies, mainly large business; Fortune 500 companies.
Another business that is similar to what I want to do is a company called TrainSmart Inc. This company specializes in corporate learning and development. TrainSmart Inc. is a global company that provides instruction design services, training support and helps to improve operations to their clients. This consultant firms also supports all industries such as healthcare, financial services, retail, manufacturing, food and beverage industry and many more.
Glenn Smith Executive Coaching is a business that is similar to a services I would like to provide in my consultant firm; to assist small business owners with developing their business. The customers are different in this business compared to the other two companies I have mentioned. This company focuses on the smaller business where as the other two carter more towards the Fortune 500 companies in my opinion. The customers are similar in the aspect that they are all seeking to grow within their business. The difference is all of these customers are not managing a call center and may not need to services of training and development for their business. Glenn Smith Executive Coaching focuses more on developing the people compared to developing the business.
I do believe all of these customers are similar to the customers I am seeking to market to. I want to offered more than just helping the business; I want to develop the individual. I believe part of the success of the business is not just having great marketing, flawless process but having the right people in place to run the business. If I can educate and develop the business on an individual level, that will in tur help the business owner run their business more efficiently. The big different between majority of their customers and the customers I am seeking to assist, is I want to specialize in small businesses and new entrepreneurs. My customers will be someone in my very shoes. Someone who has a dream and the desire to start a business but needs the guidance and coaching to get there. I want to take what I have learned from my studies and experience and help other become entrepreneurs. A big difference from the customers from the companies I have listed is that their customers are fully established and are seeking a change. My customers would most likely have not gotten started on forming their business yet. This is the biggest difference between our customers. My goal is to provide the entrepreneur the tools they need to be successful in the beginning to avoid them having to feel the need to constantly seek consultant firms in the future.
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