Marketing Management

Marketing Management

Marketing Management

Task B)

Every business faces a number of different decisions that must be made every day. All of these decisions must be made with the intent of meeting the overall goals and benchmarks of the company. This is especially true of businesses encompassing several different departments pursuing their own goals. Without a business plan guiding decision making, the different departments are likely to overemphasize their importance, which can be detrimental to the overall goals of the business.

While both the decision-making and implementation stages of a project or plan require strong leadership, the type of leadership strategies used differ. Leadership for decision making requires experienced, creative individuals capable of assimilating and analyzing research. They study the results of planning tools and techniques to reach a decision regarding a plan to be implemented. Leaders of successful implementation focus actions on specific tasks to achieve measurable results. They monitor progress and are accountable for meeting the timeline and budget set during decision making.

Important decisions needed for implementation requirements include identifying the human and financial capital required, and choosing communication methods and timelines. Begin decision making by determining leadership roles and responsibilities, and getting commitment for budget and equipment required. Decide on a timeline for task completion and review dates, then identify tasks or areas of the plan that may require additional hires or external consultants. Choose a method and timeline for communicating updates on the project or program to staff and/or customers.

The first portion of the business section should provide an overview of the industry the firm is entering. According to Sahlman (2007), the information investors want from this section is whether or not the total market for the venture's product or service is large or rapidly growing and whether the industry is structurally attractive. Investors look for large or rapidly growing markets because it is easier to break into a growing market than it is to struggle against competitors in a stationary market. Ideally, financiers would like to invest early in a market that has high growth potential. If the industry has high potential, the business plan should state explicitly how and why this is the case. Negative information about the industry should not be excluded. Discussing possible future challenges indicates a realistic view of the market. However, if the market is not growing, the business plan needs to convince the reader that the venture will still be able to make sufficient profit, making it beneficial for investors to participate (Sahlman, 2007, pp. 45).

Pricing is another subject addressed in the business section: how much will be charged for a product or service and how that price was derived. Investors will naturally look for opportunities in markets with value pricing; i.e. markets where the costs of production are low and consumers will still pay a lot for it (Sahlman, 2007, pp. 120). However, if value pricing is not evident in the product or service described in the business plan, this does not mean financing is ...