From: Admin Askari <vuaskarihelpline110@gmail.com>
Date: Thu, Jan 6, 2011 at 10:29 PM
Subject: ::::|| VU Askari ||:::: MGT602-Idea Solution/ Layout for Assignment # 2
To: askari-management@googlegroups.com, AskariVU <askarivu@googlegroups.com>, vu-MBA-1@googlegroups.com, vu-askari@googlegroups.com
Please see this and make your solutions on following lines. I have given ample details to make the solutions by each member separately, without copying from each other. You just need to understand a few out of them and make your own objectives for the business. The objectives should not be more than 6-8. We wish you good luck: Link on our website for the same is http://www.vuaskari.com/thread-8551.html
Question
You are planning to start a fast food restaurant. Being an entrepreneur you are required to develop below mentioned portions of business plan.
• Define specific and realistic business objectives. (10)
Objectives give the business a clearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.
The most effective business objectives meet the following criteria:
S – Specific – objectives are aimed at what the business does, e.g. a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.
M - Measurable – the business can put a value to the objective, e.g. €10,000 in sales in the next half year of trading.
A - Agreed by all those concerned in trying to achieve the objective.
R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available.
T- Time specific – they have a time limit of when the objective should be achieved, e.g. by the end of the year.
The main objectives that a business might have are:
Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.
Profit maximisation – try to make the most profit possible – most like to be the aim of the owners and shareholders.
Profit satisficing – try to make enough profit to keep the owners comfortable – probably the aim of smaller businesses whose owners do not want to work longer hours.
Sales growth – where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.
A business may find that some of their objectives conflict with one and other:
Growth versus profit: for example, achieving higher sales in the short term (e.g. by cutting prices) will reduce short-term profit.
Short-term versus long-term: for example, a business may decide to accept lower cash flows in the short-term whilst it invests heavily in new products or plant and equipment.
Large investors in the Stock Exchange are often accused of looking too much at short-term objectives and company performance rather than investing in a business for the long-term.
Alternative Aims and Objectives
Not all businesses seek profit or growth. Some organisations have alternative objectives.
Examples of other objectives:
Ethical and socially responsible objectives – organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate.
Public sector corporations are run to not only generate a profit but provide a service to the public. This service will need to meet the needs of the less well off in society or help improve the ability of the economy to function: e.g. cheap and accessible transport service.
Public sector organisations that monitor or control private sector activities have objectives that are to ensure that the business they are monitoring comply with the laws laid down.
Health care and education establishments – their objectives are to provide a service – most private schools for instance have charitable status. Their aim is the enhancement of their pupils through education.
Charities and voluntary organisations – their aims and objectives are led by the beliefs they stand for.
A business may change its objectives over time due to the following reasons:
A business may achieve an objective and will need to move onto another one (e.g. survival in the first year may lead to an objective of increasing profit in the second year).
The competitive environment might change, with the launch of new products from competitors.
Technology might change product designs, so sales and production targets might need to change.
• Define marketing strategy and action programs. (10)
Step 5: Defining Marketing Strategy and Action Programs
Strategy and action decisions respond to the question "How do we get there?" It incorporates:
1. Product or Service
This includes a description of the product and may include more than the physical characteristics. It involves packaging, brand name, price, warranty, image, service, features, and style.
2. Customer Service • Meeting customer needs and creating loyalty involves a number of low-cost steps:
• In writing develop a statement of customer service principles. Train those employees who have direct contact with customers.
• Establish a process for evaluating customer service. • Reward employees who are most effective in providing quality customer service.
• Make regular contact with customers.
• Invest in quality telephone equipment.
• Meet customer expectations.
• Customer service is especially important for e-businesses.
3. Pricing. One of the difficult decisions is determining the appropriate price for the product. Factors such as costs, discounts, freight, and markups must be considered. Marketing research can help determine a reasonable price that consumers are willing to pay.
4.Distribution. This factor provides utility or makes the product convenient to purchase when it is needed. This variable must be consistent with other marketing mix variables. Type of channel, number of intermediaries and location of members should be described. Regardless of the type of business, it is usually necessary for the new venture to have a website. The Internet will become an increasingly important medium for information and distribution. Direct mail or telemarketing may be considered. Direct mail marketing is one of the simplest and lowest in entry costs. But the direct-marketing or Internet strategies are not a guarantee for success. The entrepreneur should evaluate all possible options for distribution.
5.Promotion. The entrepreneur needs to inform customers as to the product's availability using advertising media such as print, radio, or television. Usually television is too expensive unless cable television is a viable option. Larger markets can be reached using direct mail, trade magazines, or newspapers. A website may also create awareness and promote the product and services of the venture. It is possible to make use of publicity as a means of introduction. It is important that the marketing strategy and action programs be specific and detailed enough to guide the entrepreneur through the first year.
--
Join us on www.vuaskari.com
Admin Askari
 |
| Subscribe to ::::::II VU ASKARI II:::::: |
| Email: |
| Visit this group |
--
"Zalimon per Allah ki Laanat" (And we think Hackers when working against any one with negative attitude or to destroy some one, is also doing Zulm.)
Please visit www.vuaskari.com, get registered for old papers, quiz, assignments and GDBs...
You received this message because you are subscribed to the Google
Groups "VU ASKARI" group.
To post to this group, send email to vu-askari@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/askarivu?hl=en?hl=en
http://groups.google.com/group/vu-askari?hl=en?hl=en
--
| |||||
| MBA -III (Finance Group) |
اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة
--
You received this message because you are subscribed to the Google Groups "Virtual University of Pakistan" group.
To post to this group, send email to discussion_vu@googlegroups.com.
To unsubscribe from this group, send email to discussion_vu+unsubscribe@googlegroups.com.
For more options, visit this group at http://groups.google.com/group/discussion_vu?hl=en.
No comments:
Post a Comment