Market Entry Plan
Committing financial and personal resources to owning and operating a franchise or independent business is a serious undertaking. The success of the enterprise will depend on how diligent you are at each of the five phases of being in business, namely (a) Deciding on self-employment or employment, (b) Getting ready for business, (c) Starting the business, (d) Growing the business and (e) Exiting the business. For this assignment, you have decided to go into business. You have brought a new franchise from an existing franchise brand – Bakers Delight. Each mode of entry requires a different approach before, during and at the end of the business life cycle. You are required to prepare a marketing entry plan comprising a business canvas and supporting information. You are required to prepare a Market Entry Plan comprising a Business Canvas that addresses and defends the following:1. Your reason for choosing self-employment 2. Your choice of industry 3. Your choice of participating in business- buy an existing business 4. Your choice of channel to market – physical/ Online 5. Your choice of business model – franchise 6. Your choice of legal structure – E.Gsole trader, partnership, company or trust 7. Your decision regarding contracts and agreements, tax registrations, insurance, human resource, corporate image, marketing, digital presence/SEO, licenses and banking arrangements 8. Your choice of financing the business 9. Your revenue and cost budget 10. Your plans for resource management, staff training and incentives and customer relationship management (CRM) 11. Your key performance indicators (KPIs) to monitor business performance 12. Your local area marketing, advertising, promotion and resourcing plans 13. Your plan to manage your supply chain and your capacity to grow intellectual property assets 14. Your plan to exit the business Length: 2,000 words – Report Format
