Mbaf 503 Business Plan Assignment Answers
Vision: (Where do you see your business in the next 1-3 years?)
Mission: (Who are we? Who are our customers? Where are they and how do we reach them?)
Goals: (Your goals need to be concrete, i.e., Reach $1M in gross revenues by December , not vague Increase sales this year.)
Strategies: (Ok, now how do you accomplish your goals? Big picture.)
Action Plans: (What actions do you need to take tomorrow to implement your strategies?)
Answer:
Vision
The vision of the success of the product is that within the next 1-3 years, the product may replace the general mobile chargers that are used currently for charging the mobile phones.
Mission
The mission of the company is to support the need of the customers and ensure that the power bank becomes a worldwide product. The target customers for the product include people that have travelling jobs can provide charge to the phones on the go. These customers can be found by promoting the product through advertisements in various social media and newspaper.
Objectives
- To promote power bank in the market for the convenience of the customers to charge their mobile phones
- To ensure that the power banks gain the recognition required for its proper function in the market
- To provide the users with comfort and a convenient manner of using the power bank
Strategies
The goals can be accomplished by promoting the product via social media and newspapers. Digital marketing can be made so that people can identify the product and the facilities it provides. Companies selling the power bank can organise campaign so that people can gain a firsthand experience of the use of the product and its accessibility.
Action plans
Action |
Measurement |
Responsible person |
Time limit |
|
Promote the power bank using social media like Facebook or Instagram |
Response of the people by calculating the likes, shares and comments |
Marketing managers |
Need to be done within end of October |
Table: Action plan
(Source: Created by author)
Bibliography
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Lessem, R., & Schieffer, A. (2016). Integral research and innovation: Transforming enterprise and society. Routledge.
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