1Running Head To Build or BuyTo Build or BuyIntroduction.docx
- 1. 1 Running Head: To Build or Buy To Build or Buy Introduction Any Business is based on the following four basic steps :- 1. Planning 2. Organization 3. Leading 4. Control Business is always built up on a strategy. Business management is the art, discipline, and craft of verbalizing, implementing and appraising cross-functional conclusions that will allow a company to attain its long-term purposes. It is the procedure of stipulating the organization's assignment, vision and purposes, developing strategies and plans, often in relations of projects and databases, which are intended to achieve these purposes, and then assigning resources to device the strategies and plans,
- 2. schemes and programs. Strategic administration seeks to direct and assimilate the actions of the several functional zones of a business in direction to accomplish long-term and short-term managerial goals. My visit to a business I want to relate a business of utility store which I observe once a month or occasionally for the purpose of grocery and having basic necessities of life. The business strategy to set up a grocery store can be of various types like :- · Financial strategy plan (Functional strategy plan) · Marketing strategy plan (Business/promotional strategy plan) · Corporate Strategy plan Diverse types of retail productions will incur unlike types of start-up charges due to a variety of inventory wants. Much of the monetary control is based on the availability of resources, budget plan and range of human resources available. The startup cost is the main factor that decides many levels of a retail operation which all business owners require to achieve long term and short term goals of the business. Strategy for a business concept that would directly compete with the small business you selected Strategic making for any business is the top most level of any administrative role in the organization. Strategies are classically planned, fashioned or directed by the Owner or hired manager of the store. Strategy for a business concept that would directly compete with any other store running in the same market can be followed according to the following steps :- · Defining the vision and mission of the business · Know your customer type
- 3. · Learn from the competition of the market · Describing short term and long term objectives of the business · Financial budget planning · Recognizing the marketing strategy · Controlling the flaws Such type of strategy provides inclusive direction to the creativity and is carefully related to the betterment and progress of the business. In the field of grocery store business, it is valuable to know about the strategic alignment and strategic consistency of the business. There is a strategic consistency when the movements of a business are consistent with the prospects of management, and these in chance are with the marketplace and the situation.(Arieu, 2007). Whereas the retail store I visited was not following this strategy planning. This is the reason why this store lacks behind in the market competition. Now a day, modern technology has taken over and market competition between the brands is tough. It is hard to run a business more distinctively and more successfully. So a manager should have the innovative and creative sense to implement new strategic policies with the passage of time. 2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning. In my opinion, it would make more sense to open a new business with the new strategy planning that has customer satisfaction at the top of the list of its missions and goals. Because the old business is just working on no particular planning. They have no incentives for the consumers. The budget planning level is low and they do not agree to put money on promotional and operational campaigns. They do not understand the need of time or market competition. Hence, the
- 4. new business implemented would follow the following steps to create a new strategy :- •Recognizing the target market type: The first and foremost step for creating a new grocery store business plan is recognizing and understanding the type of target market present there. Focusing on customer needs up to 80% and focusing on the resources of the business up to the range of 20 % is important. It really makes intellect then to undeviating the time and energy towards those consumers who are covering the major profit area of the business. For example, if a large number of consumers buy the sugar packets as it is the basic need then these sugar packets should be more focused. The sugar must be refined and clean. So that it may fulfill the needs of the consumer completely. •Select the most suitable Target Market: the drive to do this is to further be eligible and regulate which client’s needs are meeting the corners of success. The strategy is to place the business at the similar level as the mainstream of the customers to be targeted. It is serious to symbolize the best and regular customers that visit the store on daily or weekly basis so that the position in the market can be identified. •Classify Tools, Strategies and Approaches: The rule of thumb is that the market which a business do not recognize is the market that the business cannot serve. And making customers aware of your particular product or service is important. It is significant to create an impact of your brand that customers will be firm to buy the product by your brand name. For this purpose, tools, strategies and approaches should be adopted by the new business which are being used in the markets and services. For example, now a days online marketing of a product is in a trend. Various business gives advertisement of their product or service online on internet so that international market can also watch it. •Test Marketing Tools: the expectations we do not confirm are characteristically the ones that have the possibility to generate
- 5. business difficulties. Time should be taken to test all business conventions, particularly when they are making major expenses. 3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation). The form of business ownership defines how a business is officially and lawfully set up. The legal structure of the business is mentioned in the ownership. Mostly there are three forms of ownerships of a business :- · Sole proprietorship · Partnership · Corporation Business ownership and type of business are two different things to be analyzed. In the start of any business to be launched, it is very important to choose a right form of ownership. According to the new business set up strategy, sole proprietorship will be the best option for retail store. Every form of ownerships has its own rules, regularities and responsibilities. The corporation and partnership have more liabilities and responsibilities to be fulfilled as compared to sole proprietorship. So the most effective form of ownership for a small new business would definitely be sole proprietorship. The procedure to get a business registered and legalize is different for each form of ownership to be handled. It depends upon the culture, community, the legal institutions and most importantly what rules and regulations are to be followed over there. A sole proprietorship is also known as a sole trader. It is a kind of business entity that is possessed and tracked by single owner and in a condition where no difference of laws is to be followed between the business and the owner of the business. The owner obtains all revenues with the implementation of the taxation laws followed by the country at that time and has limitless responsibility for all sufferers and obligations. Every
- 6. advantage of the store is possessed by the proprietor and all arrears of the business are the responsibility of the owner which is called as proprietor. It is a sole proprietorship in difference with corporations. A sole proprietor may utilize a trade term or business designation other than lawful name. It is very significant to use any form of ownership as a tool and strategy to any business for achievement of its goals. A professional consultant can be hired in many businesses for this purpose to have a right consultation method. 4. Outline a business plan for your business Running a successful business always needs a business plan to be followed. A business plan outline is the first document a company or business owns in which mission, vision and other goals are written. The outline of a business plan is given as follows :- Title Page TABLE OF CONTENTS I. EXCLUSIVE SUMMARY In this section a specific description of the business and the rules on which it is laid is explained. The methods and ways how a plan should be implemented is explained. The financial and operational budget of the plan is described. The human and financial and operational resources required by the business are explained in this section. II. BUSINESS DESCRIPTION In the second section of the business plan, the business, its history is mentioned, how and why it is made? What are the inspiration ad motives behind a business. The missions, motives and goals to be achieved in the next ten years is explained in this section. What are the main industry trends, market
- 7. technology etc is mainly explained in this section. What is the type of organization, the form of ownership, management, personnel and legal advisors are hired in the next five years will be discussed in this section. III. THE MARKETING PLAN A very important section is the market analysis. What are the trends focused in the market, the competition trends, products, facilities and incentives provided to the customer. Similarly, location analysis and strategy for fixing prices, the rate of sales and other marketing strategies. IV. THE OPERATIONS PLAN The implementation plan is focused in this section of the business plan. The materials and sources of supply is done by which means? The decision to build or buy a warehouse where all the products are manufactured or imported from the other city. What will be the methods of production? The services or products will be manufactured for what timeline? Similarly, recordkeeping and bookkeeping of all the raw material is observed. Other issues like legal complications, risk management and retail marketing methods are also analyzed in this section. V. THE MONETARY PLAN All the financial and operational dealing is analyzed in this section of the business plan like cashflow projections, bank statements, calculations of fixed and liquid assets, liabilities, capitals, revenues, incomes generated from the business for the next five years is being planned under this section of the document. Financial statements analysis and break even analaysis is also done. This section is considered to be the backbone of the business plan because it defines the resources a
- 8. business holds. VI. APPENDIX All the back up of any business is planned in this section of the business plan where resumes of the employees to be hired or currently hired are submitted, their job descriptions, portfolios, salary packages, leave rules, promotion strategies is being analyzed as according to the budget and rules of the company. The paln of interior, maps and exterior building mapping is saved in this section, all confidential documents related to the business is saved in this section of the business plan. Products and services photos are also mentioned in this. Concluding Summary It is very easy to create a business plan but it is not easy to create an effective business plan. It is important to evidently define what one business is actually selling. Obviously, no business can make a strategy that is acceptable or effective for all kinds of businesses but every plan is connected with the nature of business one is trying to set up. Those factors must be controlled side by side that can have a negative impact on the business. For small businesses like grocery or retail stores, the best strategy is to diversify the products and services into various market segments. As far as specialization in the business is concerned, small operations can offer specialized products and services for the particular buyers. A market survey is again the key that plays the vital role in implementing any business strategy to a new business. References Eric S. Siegel, Brian R. Ford, Jay M. Bornstein (1993), 'The Ernst & Young Business Plan Guide' (New York: John Wiley and Sons) ISBN 0-471-57826-6 Pinson, Linda. (2004). Anatomy of a Business Plan: A Step-by- Step Guide to Building a Business and Securing Your Company’s Future (6th Edition). Page 20. Dearborn Trade: Chicago, USA. Lisa McQuerrey, L. (N.D.). Demand Media. Start Up Costs for
- 9. Running a Retail Business. Chrone. Retrieved from :- http://smallbusiness.chron.com/start-up-costs-running-retail- business-14547.html Greg Balanko-Dickson. (2009). BPlans. Business Startup Strategy. Retrieved from: http://articles.bplans.com/starting-a- business/business-start-up-strategy/73#ixzz2lLoPN1HI Ward, S. (2008). Forms of Business Ownership. Small Businesses in Canada. Retrieved from :- http://sbinfocanada.about.com/od/startup/g/bizforms.htm Write a paragraph response that defends the position that the constructivism view toward learning being a collaborative effort to build a common knowledge base is an effective theory for 21st century educational technology? Cognitive research has uncovered successful patterns in tutorial, mentoring, and group discussion interactions. However, typical Internet chat and bulletin-board systems do not support a constructivist approach to learning and instruction. During the 1990s, researchers created tools such as Knowledge Forum, the Knowledge Integration Environment, and Co Vis to more fully address constructivist principles. Each of these tools invites collaboration by structuring the kinds of contributions learners can make, supporting meaningful relationships among those contributions, and guiding students' inquiries. Teachers who use information and communication technologies in their classrooms are more likely to have a constructivist perspective towards learning and instruction. Additionally, sophisticated information and technology communications tools can capture the cognitive processes learners engage in when solving problems. This affords teacher reflection and coaching to aid deeper learning. It also affords teachers the chance to learn from each other. Actually I cut and paste these from the internat. Please I want you to look at it. Does it answer the question or not. If yes, please rewrite it in simple word and if
- 10. not, answer it please. What is the factors underlying the digital divide? Digital divide is the gab between people who have access of internet and those who are not. There are many underlying cause of digital divide which are Access, gender, cost, culture, language, and education. People who live in digital have countries have great access to variety of communication media and information, while other who live in digital have not countries cant access and use internet. Also, some people can afford internet access, while other cant, so it is cost factor. Education play role of digital divide because internet will not be useful for people who can not read. Geographical location may influence a person’s wealth or education. Wealthier families are more likely to have internet access at home. Furthermore, language is an important determinant of internet use, because of the majority of internet is English, so people who cant read English will not use internet as much as other people who know English. Gender is another factor. Most women have been online less than men and when they do go online they spend less time than the men do (Kennedy,Wellman&Klenent(2003). That may be because some cultural gender role on society. Please rewrite this paragraph for me. Identifying the factors that in your opinion required education to adopt a systematic approach to addressing educational technological needs. There are some process that we need in order to address educational technological needs. We need to make an strategy plan that let us to know where we are now and where we want to be in the future. The first step we need to conduct a survey for students and staff to provide some inputs. Then we should look for the survey findings to see what are the needs. After evaluating the need we should write a professional development
- 11. plan that consider how the organization assess the technology professional development need of certified staff, administration, and non certified staff, technology professional development training available to certified staff, and how the effectiveness of the professional development training. We will also do other assessment to see if we achieve all the goals or not. If not we need to develop our objects. Moreover,we will look at first the money that we have and the type of technology that each class need. Please arrange and develop my idea. What is AECT, ISTE,COSN, and SITE and what is the major different between them? No more than one or two paragraph.