Homework answers / question archive / Investigate business opportunities and Research and develop business plans Task 2: Develop a business plan As the General Manager Marketing, this task will require you to base the preliminary information from Task 1 and to conduct market research for each of the new business options

Investigate business opportunities and Research and develop business plans Task 2: Develop a business plan As the General Manager Marketing, this task will require you to base the preliminary information from Task 1 and to conduct market research for each of the new business options

Business

Share With

---

Investigate business opportunities and Research and develop business plans
Task 2: Develop a business plan

As the General Manager Marketing, this task will require you to base the preliminary information from Task 1 and to conduct market research for each of the new business options.

 

Activity One: Develop a business plan for the organization

 

To complete this task, you must:

•             Identify an opportunity for Bounce Fitness to develop a business plan for a new business venture.

•             Identify two (2) business objectives

•             Provide an analysis on the current business scenario covering

o             PESTEL analysis

o             SWOT analysis

•             Identify potential business development constraint/s

•             Access and review each business ventures by identifying information on:

o             Defining the nature of each business

o             Deciding on the organization’s strategic positioning

o             Identifying relevant general resources need by each business

o             Determining each businesses’ required specialists’ services

o             Estimating investment each business requires

o             Identify relevant specific requirements and infrastructure consideration for each business

o             Relate at least three (3) applicable general legislative frameworks for each business and explain at least two (2) legislation

o             Relate at least three (3) applicable specific legislative frameworks for each business and explain at least two (2) legislation

o             Identify at least three (3) internal risk priorities each for business development options

o             Conduct a quantitative risk assessment for external business risks

o             Identify required business and technology factors related required to support the business options

o             Identify required finance technology factors related required to support the business options

o             Identify target market’s demographic and lifestyle variables

o             Calculate the budgetary requirements of the each of the business options

o             Provide a Cost Benefit Analysis for each of the business options.

o             Facilitate an ideation session to define which business options should the company to decide

o             Provide a justification on the shortlisted business option
•             Review Bounce Fitness’ Financials and using Years 1 to 3, to determine the projections for both cash flow and budget targets for Years 4 and 5 covering:

o             Prepare cash flow projections and budget targets for Years 4 & 5

o             Calculate the current ratio to determine if the company can use its current/ liquid assets to address its current liabilities.

•             Developed the Bounce Fitness’ new business option strategy and objectives that aligns to organizational requirements covering:

o             Identify the organization’s marketing KPIs

o             Identify growth strategy for the new business opportunity

o             Identify the business venture assumptions

o             Shortlist a business option

o             Identify the business option’s target market

o             Determine the pricing strategy for new business

o             Determine the Place/ access

o             Identify the Promotion activities

o             Identify potential risk associated with viability of business

Activity Two: Develop a risk assessment plan to address business risk

•             Develop a risk assessment plan to prepare for the unexpected risk identified that may impact the business

Activity Three: Develop a contingency plan to support the business plan

•             Develop a contingency plan to address plausible risks covering:

o             Identify the scope of the contingency plan

o             Discuss the contingency phases

o             Provide contingency assumption

o             Highlighted critical success factors and issues

o             Determine contingency notification and activation

o             Determine recovery operations progress and return to normal operations

Activity Four: Seek approval from relevant stakeholders and record improvement areas

Obtain feedback on your Business Plan to assess likelihood of non-conformance with each component of business plan and confirm the CEO’s approval to support the planning outcomes. Upon completion, you are required to complete the area of improvement log on the identified areas of improvement and seek approval from the CEO (your classmate or alternatively, your Trainer can undertake this role) for the Business Plan.