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Homework answers / question archive / The Cost of an Effective Launch Before you can bring a new idea to the market, you have to understand the costs associated with developing and launching your business

The Cost of an Effective Launch Before you can bring a new idea to the market, you have to understand the costs associated with developing and launching your business

Business

The Cost of an Effective Launch

Before you can bring a new idea to the market, you have to understand the costs associated with developing and launching your business. As we have learned from the case of Tio, there are many costs associated with a new concept.

Review the definitions below: 

KEY RESOURCES: Describes the most important assets required to make a business model work. 

KEY ACTIVITIES: Describes the tasks or milestones that need to be accomplished. Examples would be creating a website, developing a prototype product, purchasing or renting real estate and equipment, etc. 

COST STRUCTURE: Describes all the costs incurred to operate a business model. 

For your initial post, respond to the questions below:

  • Which Key Resources that you identified in the Week 4 Discussion are the most expensive?
  • Looking at your current plan for your business model, which Key Activities are most expensive? 
  • What is the one thing you will have to do to brand your product to your target market? 

Running head: NEW VENTURE 1 Assignment 1: New Venture – Game Plan Veronica Mccullough JWI 575: New Business Ventures and Entrepreneurship Linda Liebert-Hall July 25, 2021 NEW VENTURE 2 COMPANY DESCRIPTION Area Blue Technology is a consultancy firm dealing in research and planning for new products in the market. The company will focus on a supply chain logistics technology-based program that will ensure smooth, virtual, and accurate handling of various forms of merchandise. The company will launch the startup business in five months after all the necessary preparations have been made and the business's operations have been clearly outlined. The launch is scheduled to occur after the organization has met and fulfilled all the requirements and regulations for an entrepreneurial startup. The mission of Area Blue Technology will be to offer consultative and research insight to companies to streamline their supply chain operations and effectiveness. The company will provide practical answers to the supply chain's problems, particularly for multinationals and logistics firms. Organizational Chart NEW VENTURE 3 Area Blue Technology will launch with around seven employees. These are the parties involved in the core operations of the business, which is consultancy. The CEO will be the overall leader of the organization. They will be subordinated by the president, who will be instrumental in coordinating the operations of all the other segments, which include finance and accounts, operations and research, customer service and marketing. The company is a startup that will be offering consultancy services to other businesses and entrepreneurs. While starting a unique business can be challenging, the company will market its operations from the start and plans to see its services and operations pick up within three months. Further, since the company is eager to see the business begin to grow immediately, it will set monthly growth and projections goals. The business will be in Anderson South Carolina but will be able to perform its operations all around the United States as it researches different supply chain logistics operations. NEW SERVICE IDEA The Area Blue Technology aims to provide consultancy services for business firms. It is unique because it will be dealing in research and planning for new products in the market, specifically focusing on supply chain logistics. The uniqueness of the service arises from the fact that businesses are operating in a highly dynamic environment. They need to ensure that their entrepreneurial practices do not follow the old, outdated modes but are informed by the prevailing situation in the market. The service will meet the customers need by addressing the challenges that entrepreneurs encounter as they launch new products into the market. The company will step in and help research and plan on the new product and how the company can successfully launch it into the NEW VENTURE 4 market. It will offer insight on supply chain logistics, making it possible for the company being serviced to have smooth, virtual, and accurate handling of various forms of merchandise. The company's value proposition will offer companies all the insight they need to ensure that their product launch is successful and that their supply chain logistics are well developed and integrated to attain the desired success. The essential resources that the company will provide are qualified and highly skilled talent to research the company's new product and help plan and successfully launch the product. SWOT ANALYSIS NEW VENTURE 5 A review of the business idea shows that it is the right time to implement it since market trends have drastically changed over the past few years. As such, organizations need to adapt their operations to the new changes rather than following outdated practices. The business idea is innovative in that it seeks to work with existing businesses to offer them the service that will see them improve their operations by focusing on supply chain logistics. Conducting a SWOT analysis enables an organization to get a realistic outlook on their standing based on fact and their competitive position (University of Notre Dame, 2020). Assessing the information is instrumental in understanding the company’s current and future potential. (Kenton and Scott, 2021). A look at Area Blue Technology shows that in terms of strengths, the business idea of a consultancy firm dealing in research and planning for a new product in the market is significant since it offers a needed service in the entrepreneurial market today. It enhances operations within the supply chain and provides a comprehensive view by addressing every element within the supply chain. On the downside, the business idea also sustains some weakness because it's a new business idea that has not been tried yet, and its success cannot be attested for. Further, since the idea is new and yet to be tested out, the company cannot affirm its likelihood of success in supply chain logistics until testing is done. More research is carried out before its full implementation. This means that research supply chain experts need to be brought on board and their insights to gauge the likelihood of success of the idea in the field before it is finally rolled out. Experts are great stakeholders in this stage since their observations dictate whether the idea should be rolled out or not and how the company should do it. Similarly, since the concept is new to supply chain logistics, partnering with a company within the field will help reduce the risks of commission NEW VENTURE 6 and omission when rolling out the idea. Such an understanding brings attention to the other weakness: the concept still needs to be adjusted and streamlined before implementing it. The business idea also presents opportunities that can be exploited for business operations and success. On the one hand, the entrepreneurial or business market is constantly changing, requiring new insight to understand how to operate and succeed. Further, there is a gap in the market since the existing technologies can only help business operators keep track of their goods. More services are necessary to enhance the operations of the supply chain. Like any business idea, there are threats to operating in a market. In this case, the firm is likely to face competition from firms in the market that offer similar services or other startups. There is also the threat of having the targeted entrepreneurs be reluctant to embrace the service as a necessity and changing business regulations that are in operation within the field. NEW VENTURE 7 References Kenton, W. and Scott, G. (2021). Strength, Weakness, Opportunity, and Threat (SWOT) Analysis. Retrieved from https://www.investopedia.com/terms/s/swot.asp University of Notre Dame (2020). What is SWOT Analysis? Retrieved from https://www.notredameonline.com/resources/business-administration/what-is-swotanalysis/ Question One The value proposition refers to the value a Company promises to deliver to customers if they choose to buy their product. The resources of an organization allow it to create and offer a value proposition that ensures customer satisfaction, maintains engagement with customers and reach other markets. Key resources needed in delivering the value proposition include employees, buildings, expert knowledge and computer software. Question Two The relationship between the organization and the customers is extremely important. It influences whether the organization retains their customers and the demand for the products and goods offered. Resources needed to maintain good customer relationships pertain to good communication (Zott et al, 2011). For instance, it is emphasized that the organization keeps their customer engaged and curious at all times. They need financial and human resources to actualize this. Question Three For the distribution channels and revenue streams to function, the organization needs various resources. First, they need financial resources to further their objectives, physical and tangible assets to be used in creating their value proposition and human resources to carry the plan through. It is essential for an organization to have these resources for its revenue streams to function effectively. Questions for Intrapreneur Question One To fund my idea and concept, my internal leadership requires patience and understanding. These are some of the most important qualities of a good leader. Patient enables a person to stay calm in difficult and challenging situations. It also promotes emotional intelligence, which is an important tool when dealing with a group of people. My internal leadership influences the relationships I have with other people and the workplace environment. Question Two To build stable and good customer relationships, resources such as customer service are needed. This ensures that the customers are inherently satisfied and that their needs and wants are attended to. To ensure customer engagement and build good relationships, an entrepreneur requires a good and stable stream of financial aid and the support of human resources in the organization. Question Three To build a good revenue stream and distribution channel, the entrepreneur requires resources. For instance, intellectual resources are a necessity as they influence the making of good decisions. Physical resources are also required in building collateral and showing proof of ownership and financial resources. Lastly, human resources are required to establish and promote these relationships. References Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research. Journal of management, 37(4), 1019-1042. https://journals.sagepub.com/doi/abs/10.1177/0149206311406265 The value proposition refers to the value a Company promises to deliver to customers if they choose to buy their product. An organization's resources allow it to create and offer a value proposition that ensures customer satisfaction, maintains engagement with customers, and reaches other markets. The value proposition will explain the relevancy of the project, the differentiation methods to be used and the quantified value of the project. To create an effective value proposition, both financial and human resources will be needed. Human resources will help in presentation, i.e., in this case, the core seven employees identified will contribute towards choosing what is viable to present to the stakeholders. On the other hand, financial resources will be required to design an effective value proposition for the project. This will also contribute towards implementation. The relationship between the organization and the customers is extremely important. It influences whether the organization retains their customers and the demand for the products and goods offered (Zott et al., 2011). For this specific project, I will combine three resources to build customer loyalty and maintain good relationships. These include relationship selling, consultative selling and partnering for a good profit. It is essential to note that the human resource in the organization is well versed on how to handle customers and they are the key resource here. For instance, emphasis is placed on good communication skills and creating an environment where customers are actively engaged and comfortable. For the distribution channels and revenue streams to function, the organization needs various resources. This specific project will require physical, intellectual, and human resources. Physical resources include assets such as buildings, vehicles, and machines. Physical resources are often capital intensive and will help generate revenue or capital for the start of the project. The project will also require intellectual property such as proprietary knowledge, patents and copyrights. Other things to be included are customer databases, as they form a critical component of a strong business model. Lastly, human resources are crucial for this project as it is knowledge and creative intensive. Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research. Journal of management, 37(4), 1019-1042.

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