ToolsCorp Corporation - Business Plan Assignment
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Question 1. A preliminary market analysis of the market(s) into which ToolsCorp expands
ToolsCorp Corporation is a financial service company that provides insurance, banking and investment services to the people. The market analysis shows that it is beneficial for the company to expand its business in the Tennessee City of the United States (Kotabe and Kothari, 2016). The main reason for expanding the business in this market is to fulfil the consumer needs that present in this location. It is analyzed that in this selected market, no such financial service corporation are present that can fulfil the consumer desires. Due to this reason, after doing preliminary analysis, it is seen that Tennessee is the city where the new firm can expand its business. The analysis demonstrates that after expanding the business in this market, the firm can increase its business performance by grabbing a high number of consumer base towards their brand(Esposito, Tse and Soufani, 2017). Tennessee market also helps the firm to satisfy the people needs, which can influence them to enhance their productivity of the business.
Question 2. Key operating principles as you will apply them.
In order to provide a complete mission statement based on the nine components, it is essential for the ToolsCorp Corporation to follow some fundamental operating principles. The mission statement should be constructed in such a manner that it demonstrates the core value, philosophy, aspirations and credo related to the business(Capps III and Cassidy, 2016). Thus one of the operating principles that should apply is the firm should collect appropriate information community and consumer demands over the financial services that can drive their business operations. Another principle is to analyze the philosophies, values and beliefs of the business that can guide the organization to improve their competencies, strengths and competitive advantages in the selected country market. The critical operating principles help the firm not only to improve their financial services but also help them to make an appropriate mission statement that should completely follow the nine component related to their business. If the firm follows these principles, then they can easily enhance its market performance in the United States.
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Question 3. An outline of the business plan to be developed for ToolsCorp's strategic initiative
The outline of the business plan that should be developed by the ToolsCorp Strategic Initiative are as follows:
ToolsCorp is a financial service firm that focuses on providing all banking, insurance and investment services to the people of the Tennessee City of the US. In this section, a brief description of the business plan has been provided. The part demonstrates the objectives, mission, market analysis procedure, strategy and implementation, web plan, management and financial plan of the firm(Christensen, Bartman and Van Bever, 2016).
In this section, the primary goals of this financial service company have been described. It includes both the market and financial objectives of ToolsCorp Corporation Company(Christensen, Bartman and Van Bever, 2016).
The part describes the mission statement of the financial service company based on the nine components of their business such as consumers, services, technology, markets, concern for survival, self-concept, philosophy, interest for employees and concern for public image.
Market analysis summary
In this section, a review of market segmentation has provided based on demographic, physiographic, behavioural and geographic segments. The part also demonstrates the target market strategy, competition, and buying a pattern of the firm(Duygulu et al., 2016).
Strategy and implementation
In this part, a brief description of competitive edge, sales forecast, marketing as well as sales strategy of the firm are provided. The procedures are made as per the organization primary goals.
In this section, the web marketing strategy, along with the development requirements of the firm, are provided.
The part demonstrates the management summary of the business, along with the personnel plan that should be needed for the growth of the company(Duygulu et al., 2016).
A predicted financial assumption of three years has been provided briefly in this section. The business plan discusses the break-even analysis, projected cash flow, and balance sheet and profit and loss statement of the firm.
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