MGMT 695 – Business Planning Template #3
UoR Team Members:
- Sequoia Capital
- Bain Capital Ventures
- Bessemer Ventures Partners
- The European Founders Fund
Name of the Business: TBD.com
- The products or services you would advocate your client sell to generate revenue:
- Servicing social networking between business, universities, and students.
- Marketing of new opportunities for potential interns and employees, where parents will service the fee.
- Linking institutions and businesses to their preferred employees with relevant knowledge and skills.
- Offering massive open online classes to students from linked institutions
- Ensuring that school counsellors are aware of the market trend so that they can inform students and their parents
- Provision of scholarship advertisements
- Helping students develop their careers and ultimate jobs of their choices
- Complementing their services with other online platforms such as LinkedIn, Facebook, and Google Plus to reach more clients.
- What unique or proprietary features do you foresee incorporating to give your products or services to gain competitive advantage?
The business is aimed at linking the main application to multi-platforms which will enable sharing of the business’ ideas to other clients on other sites. This is expected to have a competitive advantage as compared to the majority of our competitors who have not yet developed connections with other sites. The feature is expected to attract more users.
The business is founded on sound pricing strategy. As price determine attraction and retention of customers, the business will develop proper and considerate pricing plans depending on prevailing market trends. For new subscribers, offers will be issued depending on the subscription plans. Additionally, the business will ensure that clients who bring in other customers are awarded referral bonuses. This is expected to create competitive advantage since our competitors have no such strategy.
Our business will be committed to seeing success stories of connections. This will be made by having a team that will be checking on the progress of clients, both students and institutions so that we ascertain that employees secure jobs of their choice that match their profession, while institutions and businesses acquire the personnel.
Our business will only include parents, universities, and businesses as the only paying customers. Therefore, students will have access to basic services for free.
Our customer service will readily be available for communication with customers. This will ensure queries and grievances are addressed without delay.
The team will ensure loyalty to customers through meeting the value of their money and an effective connection of various clients.
The business will value insights and customer views for the purpose of improving our efficacy. Therefore, there will be the frequent conduct of surveys on various customers to solicit data on how to ensure customer satisfaction and experience.
The business will be founded on corporate social responsibility to ensure a good image from the public around all states where it will be located. Through this strategy, the business will hire community members as staff and also, ensure that local institutions, business and students are encouraged to enrol through the creation of awareness and relevant ads.
- What prices will you charge for each of your products and services?
The prices are made in form of subscriptions. The subscriptions are divided into monthly and yearly subscriptions. In the subscriptions, there are classifications for silver, gold and platinum.
The above prices will be subject to pricing to only businesses, universities and parents. However, students who opt to have the subscriptions will also be subject to similar pricing.
- Describe the location and geographic size of your company’s target market in the first year of your plan:
The business is projected to first expand its size within the United States. The initial target of the business is students in CA. After that, the business will expand into all states in the United States, then further extend its territories to Canada and across all English-speaking states. After strengthening internal markets, the business will be ready to expand its territories to other states, starting with developed states.
- Describe customer preferences and trends in your target market:
With the increasing use of technology in reaching job and market opportunities, the business customer’s preference is expected to be characterized by the ability to access a wide range of institutions and personnel. Their preference will primarily include easy access to job opportunities for students. Similarly, students’ preference will include having opportunities for internships in recognized institutions which will expose them to higher chances of being employed by the institutions. The students’ inclination will also include having informative and constructive discourse with experienced instructors and moderators through online classes. They expect that the online classes to be courtesy of popular and recognized institutions, which the company will uphold and ensure that their satisfaction is reached.
Institutional and business preference will include having opportunities to market their institutions for students to enrol. They expect to have self-motivated students who are willing to study and meet their career jobs through sacrifice and willingness. The company will value and uphold customer preference through soliciting feedback from customers to assess quality.
- What barriers might keep new entrants from joining you in your target market? Some typical barriers are:
- High capital costs
- High production costs
- High marketing costs
- High cost of gaining consumer acceptance and brand recognition
- Highly specialized workforce required
- Unique technology and patents
- Union opposition
- Shipping costs
- Too small a market for mid-cap and large-cap companies.
- And of course, how will you overcome the barriers if your company is a startup?
- As my company faces various hurdles, the company will make its best to minimize the barriers through actionable plans which will help in procuring grants.
- The company will avoid high paying career path and personality mismatches so as to reduce the high capital cost.
- The company will also implement actionable intelligence to avoid overspending and maximize
- In minimizing marketing cost, the company will use social media to maximize promotion and exposure of its services.
- The company will also devise strategies which will maximize career potential for clients and alleviate underemployment.
- The company will maximize on college credits paid by the state to ensure capital for the business.
- In ensuring customer satisfaction and positive experience, the company will ease navigation from academic sites to career sites and descriptions, corporations, and online interaction between colleges and universities.
- How could the following affect your company?
- Change in technology
- A change in technology will directly affect my company since the business relies on online access to various applications. Therefore, this will require customers and potential clients to familiarize themselves with technological updates. Change in technology may affect the business in the sense that the application will rely on online connections. Therefore, software updates will require equal updates from all customers to continue enjoying the services.
- Change in the economy
Change in the economy will shape the direction of the company. The decline in the economy might affect the company because customers might as well be unable to pay for the subscriptions on time. Boom period could mean a period of higher demands from clients with a major enrollment of more customers and subsequent subscriptions.
- Change in your industry
Change in my industry could affect the interaction between staff and the customers. Change in staff could mean that training and recruitment of other staff is done. The overall effect will be felt by the company since the management will be forced to adjust and at the same time ensure hiring of quality personnel who will maintain quality services for the overall company.
- What do you think will likely keep the owners of your business up at night?
- Ø The owners will be kept up at night by the company’s objectives and values. The company will be committed to rewarding dedicated members.
- Ø Great leadership by managers will be acknowledged through incentives and promotion by the organization’s management.
- Ø Through rewarding of efforts and quality insights, members will stay motivated to see the success and development of the company.
- Ø Additionally, the presence of accepted business ethics and culture will keep up members late at night to see the success by the virtue that the company belongs to all members and that ultimate success will translate to the team’s success. Therefore, out of motivation and the urge to see the team grow, members will dedicate their efforts to see the development of the business.