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This assignment is based on analyzing the assessment of risk, the competitors along with strength, weaknesses, opportunities, and threats of the business plan. In addition, this assignment has focused on making a business plan, within which all the component of marketing analysis has been done. Furthermore, the aim of this assignment is for obtaining an ashtray for dumping the ash easily without making any mess and sells the perfect of Bbq for the outdoor patients.
Identifyingand characterizing the threats
High: It can stop the effect spread by the threats
Involving the risk assessment team
Analyzingthe vulnerability of the critical assets to the specific threat (McNeil, Frey & Embrechts, 2015)
Medium: It helps to the system including the files, reports and storage system for getting affected by the threats
Developing the strategy involving the principles of risk assessment
High: It can stop occurring of new threats in future because the symptoms can be recognized
The team of risk management needs to be the part of decision-making process
Controllingthe ways of reducing the risks
High: It can help the team in implementing the ways in the future threats
Adopting the ways such as reviewing an existing system of the internal control
Reducingand Prioritizing the measures for reducing the risk
Medium: Owner of business needs to take the control of every company, assessing the risks, which are inherent in both the industries and firms.
Employing the services based on consultants associated with internal control (Hull, 2012)
In the viewpoint ofBarney (2014), acompetitor analysis is one of the most crucial elements of a business plan. After the evaluation of a competitor analysis, a business product can be generated and their extent of uniqueness is evaluated. In the formulation of a marketing plan, it also helps in attaining an understanding about the strategic management, which is required for the effective formulation practice of a business product.
When a business product is being launched, it is important to do a proper market research before the launching of the product. As per commented byMcGivern(2013), this is because, a proper market research facilitates the idea of the extent to which the product will gain an optimistic result. By the use of survey or questionnaire, it will be easier to conduct proper market research.
A market targeting helps to understand the target of the business products by the proper analysis of the business product. The business plan, which is to be implemented, must include the target market of the product. A target market helps to analyse the types of consumers it will attract.
After the attainment of the market research, it is also important to do an environmental analysis for the purpose of business plan implementation, which helps in the convenience of attaining information regarding the business product and the future prospect of the business process.
The size of market is another important aspect, which needs to be taken into consideration. This is because, market size matters when it comes to the launching of a business product. Furthermore, it can also be speculated that, if the market size is small, then the business product, which is of an elevated value will not be able to prosper properly.
After analyzing the given situation, it can be stated that making a business plan requires an effective marketing strategy, which includes SWOT analysis and competitor analysis. In addition, the outcome can be achieved if the marketing department of an industry can work and control the weakness of that company, this can contribute to growth and success of the industry.
1. Barney, J. B. (2014). Gaining and sustaining competitive advantage. Pearson Higher Ed.
2. Bohari, A. M., Hin, C. W., & Fuad, N. (2017). The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 9(1).
3. Hair, J. F. (2015). Essentials of business research methods. ME Sharpe.
4. Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
5. Hull, J. (2012). Risk management and financial institutions,+ Web Site (Vol. 733). John Wiley & Sons.
6. McGivern, Y. (2013). The practice of market research: an introduction. Pearson Higher Ed.
7. McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.
8. Wheelen, T. L., & Hunger, J. D. (2017). Strategic management and business policy. pearson.
9. Yuan, H. (2013). A SWOT analysis of successful construction waste management. Journal of Cleaner Production, 39, 1-8.