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Greeting bro,I need your support to solve the attached file assignment, please follow the instructions and avoid pilgrims also I will provide you in the next message with course material that will help you to answer the assignment file. this assignment is connected to assignment-1 information and answersso I will provide you with the answer file for assignment 1.Also here is the discussion questions file that needs to answer two questions.
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Based on this course lectures, our discussions in the virtual classes, and your own
opinion, answer ONLY two of the following three questions:
1. What is Word-of-Mouth marketing? Discuss how entrepreneurs can build a Word-ofMouth marketing strategy.
2. Discuss three primary strategies that should be well-considered when small businesses
encounter an increase in costs.
3. Explain in detail at least two strategies used to ensure the success of e-commerce.
*You can answer two questions of your choice or reply to at least two classmates of
yours, agreeing or disagreeing with their arguments.
*Your answers/replies should be supported enough by examples and explanations.
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment-3
MGT 402-Entrepreneurship and small business
Due Date: 02/12/2023 (End of Week-7) @ 23:59
Course Name: Entrepreneurship and
small business
Student’s Name:
Course Code: MGT402
Student’s ID Number:
Semester: First
CRN: 12083
Academic Year: 2023-24
For Instructor’s Use only
Instructor’s Name: Abdulrahman I. Almanie
Students’ Grade: / 10
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via
allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented; marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students
or other resources without proper referencing will result in ZERO marks. No
exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced)
font. No pictures containing text will be accepted and will be considered
plagiarism).
Submissions without this cover page will NOT be accepted
• Place of Submission is Blackboard.
• Weight 10 Marks
Learning Outcomes:
1. Describe the place of small business in history and explore the strengths and weaknesses of
small business.
2. Design a solid projected financial plan and conduct a breakeven analysis for a small company.
3. Demonstrate the ability to deliver and communicate marketing massages in coherent and
professional manner.
4. Illustrate the ability to think independently and systematically on developing a viable business
model.
Assignment Workload:
This assignment is an individual assignment.
Start-up Business Plan
Assume yourself as an entrepreneur of a small-scale business in Saudi Arabia.
(In Continuation to the Assignment -1)
3. Products and Services (4 Marks)
a. Describe in depth your products or services. (Technical specifications)
b. What factors will give you competitive advantages or disadvantages? Examples include level
of quality or unique or proprietary features.
4. Marketing Plan (6 Marks)
a. Market Research- Why?
b. Market Research- How? Primary or Secondary Data?
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The
marketing plan will be the basis, later on, of the all‐important sales projection.
Product
• Describe the most important features. What is special about it?
• Describe the benefits. That is, what will the product do for the customer?
Customer
• Identify your targeted customers, their demographics
Competition
• What products and companies will compete with you?
• How will your products or services compare with the competition?
Strategy
• Outline a marketing Strategy.
Promotion
• How will you promote your Product?
• What will be your promotional budget?
Distribution Channels
How do you sell your products or services?
Answers:
1.
2.
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment-1
MGT 402-Entrepreneurship and small business
Due Date: 14/10/2023 (End of Week-7) @ 23:59
Course Name: Entrepreneurship and
small business
Student’s Name:
Course Code: MGT402
Student’s ID Number:
Semester: First
CRN: 12083
Academic Year: 2023-24
For Instructor’s Use only
Instructor’s Name: Abdulrahman I. Almanie
Students’ Grade: /10
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via
allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented; marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students
or other resources without proper referencing will result in ZERO marks. No
exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced)
font. No pictures containing text will be accepted and will be considered
plagiarism).
Submissions without this cover page will NOT be accepted
• Place of Submission is Blackboard.
• Weight 10 Marks
Learning Outcomes:
1. Describe the place of small business in history and explore the strengths and weaknesses of
small business.
2. Design a solid projected financial plan and conduct a breakeven analysis for a small company.
3. Demonstrate the ability to deliver and communicate marketing massages in coherent and
professional manner.
4. Illustrate the ability to think independently and systematically on developing a viable business
model.
Assignment Workload:
This assignment is an individual assignment.
An entrepreneur Start-up
Business Plan
A business plan is any simple plan, not only limited to the business start-up plan that helps the
management to understand the current situation of the enterprises (strengths, weakness,
opportunities and threats) and look forward into the future. A start-up plan is a business plan which
consists of the mission, vision, objectives and action plans for the future of the new enterprises
while the business plan drawn during the operation of the firm is vital for running the firm
effectively, acquire new customers, partners, loans and so on. According to Fiore (2005), a
business plan involves two dimensions; an organizing tool to simplify and clarify your business
goals and strategy, the second one is a selling document that sells the business idea and shows that
a product or a service can make a profit and attract funding and company resources.
Imagine you started a new business as an entrepreneur in Saudi Arabia. Briefly mention the
specific steps which you consider necessary to a successful business plan.
Please, think and share information on the following items:
1. Owners, capital structure and company profile (2 Marks)
a. Your Business Name, Address, E‐Mail
b. Form of ownership: What is the legal structure? Sole proprietor, Partnership,
Corporation….
C. Investment capital
2. Company Business Description (300 – 400 words)
A. Scope and type of business (4 Marks)
What business will you be in? What will you do? What market segment will you
choose?
• Business idea: what is your big idea? Is it a product or a service? What makes your
idea different?
• Mission Statement
• Company’s short-term and long-term goals and objectives.
• Target market and demographics: Who will your customers be? Where do they live?
What is your target market passionate about?
B. Business Philosophy (4 Marks)
What is important to you in your business?
• Describe your Industry: Is it a growth industry? What long-term or short-term changes
do you foresee in the industry? How will your company take advantage of it?
• Describe your most important company strengths and core competencies: What factors
will make the company succeed? What do you think your major competitive strengths
will be? What background experience, skills, and strengths do you personally bring to this
new venture?
• Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT.
•Who is your competition and how do you beat them?
Note: Use APA style of referencing
Answers:
1.
1. Owners, capital structure and company profile
a. Your Business Name,
Name: GulfEnergy Solution
Address: XYZ
E-mail: [email protected]
b. Form of ownership: What is the legal structure? Sole proprietor, Partnership, Corporation…
The business will be organized legally as a corporation.
C. Investment capital
$700,000 total is the investment money.
2. Company Business Description
A. Scope and type of business
•
What business will you be in? What will you do? What market segment will you
choose?
Saudi Arabians can save 40% on their energy bills because of the company’s unique variety
of products and services. Solar energy, alternative power systems, tubular skylights, as well as
solar photovoltaic systems are among the products and services provided. The market segment that
will be used is value segmentation, which includes collecting the market based on the transactional
worth of the customers.
I decided the core focus of the study will be on market segmentation, which is generally
based on demographics. When demographic segmentation is employed, the target market of a
corporation is divided into groups based on factors such as gender, age, income, education, and so
forth. A company’s target market may be divided into subgroups based on education level, gender,
age, and others for more specialized marketing. It enables companies to understand client needs
better and fulfill those needs. Rather than attempting to reach and cover the whole market,
businesses may utilize demographic segmentation to concentrate their efforts as well as resources
on those categories that comprise consumers who are most likely to make purchases and are thus
the most important to them in terms of revenue. The simplicity with which businesses may, most
of the time prefer to obtain the data required mainly for demographic segmentation due to census
data is considered one of the most important benefits of this market segmentation. You can access
official census data in the majority of nations. Demographic segmentation may help you in many
useful ways; this includes targeting as well as understanding your customers more correctly and
precisely, which may increase the number of customers returning to your store to make more
purchases. Thus, it can boost both client loyalty as well as retention. It is probable that potential
clients will identify and proceed with the purchase by utilizing the demographic segmentation.
This allows you to identify your target market more precisely. Once you’ve identified correctly
and appropriately your target market, you may establish the ever-best marketing techniques
adapted explicitly to this group, boosting your campaigns’ effectiveness.
•
Business idea: What is your big idea? Is it a product or a service? What makes your
idea? Different?
Customers may lower their energy expenditures by using the company’s goods. Many
individuals’ wastage figures are up to 50 percent of their energy, but thanks to the product we’ll be
selling, people could be able to save the energy they consume every day. This sets our proposition
apart.
Take on the issues you face in order to produce business ideas quickly as well as efficiently.
The second-easiest job is assisting others in their difficulties. Many items you’ve become used to
using had a definite purpose when created. Timing is everything when it comes to new products.
Accepting your idea could be challenging if it is the first of its kind. It won’t be competitive in the
market if it’s too late. The success of your product is heavily influenced by knowing when to take
action. Don’t produce your stuff alone. It’s crucial to do research, design prototypes, and refine
your elevator pitch. As you go along your road, the tools at your disposal will be helpful to you
(Martinelli & Milosevic, 2016). Don’t forget to protect your assets, concepts, and business. Start a
new firm, register your company name as a trademark, and file a patent application for your
innovative concept if you want to stand out.
• Mission Statement
To provide consumers interested in lowering their energy consumption and carbon footprint with
high-quality goods and services.
• Company’s short-term and long-term goals and objectives.
Short term objectives
•
Excellent client care
•
Create novel items
•
Increased productivity at work
Long-term
•
Raise brand awareness on a global scale
•
Generate a new source of income
•
Reduce future electricity expenses
•
Increase corporate revenue by 20 percent during the next three years.
•
Target market and demographics: Who will your customers be? Where do they live?
What isyour target market passionate about?
Independent shoppers, environmentalists, solar lovers, as well as engineers are among the
target market; many of the people like to be in charge. Our main emphasis will be on customers
since they favor and support energy conservation and are the greatest place to start. We will
concentrate on those who own small enterprises, work from home, and work in offices. Most
individuals want to lower their energy costs at the top of the priority, and the business will teach
them how.
A target audience is very important to establish, and all important information from
demographic studies in order to achieve and succeed in the current intensive competitive industry
(De Loecker et al., 2021). Marketing research specialists apply explicit analytical techniques to
create effective e-mail-based marketing campaigns, content marketing initiatives, and initiatives
that help firms provide customers with a more individualized like never before experience Because
it has been shown to help companies connect with clients much more rapidly, enabling them to
guarantee that they provide the best experience to a particular group of interested clients (De
Loecker et al., 2021). When customers feel they can connect to a company emotionally and
empathically, they are more likely to purchase and develop relationships with them. This enhances
the likelihood that businesses will get full value from consumer loyalty. The most crucial thing to
remember regarding marketing is that it’s all about creating lasting connections with people and
relationships that provide companies with a reliable source of revenue. Marketing experts can
modify and change their marketing plan after market segmentation is finished since they will know
more about their target audience. They could discover specifics of the client’s decisions,
justifications, everyday activities, and other facets of their way of life. The usage of all of this
crucial data may be advantageous to a business.
B. Business Philosophy.
What is important to you in your business?
•
Describe your Industry: Is it a growth industry? What long-term or short-term
changes do you foresee in the industry? How will your company take advantage of it?
One of the industries in Saudi Arabia that is expanding significantly is solar energy, which
has become one of the most reliable power sources. Since most people utilize solar energy and the
sun is powerful year-round, the industry will see long-term changes. Solar panels that need less
maintenance, environmental friendliness, and long-term cost savings from solar electricity are a
few long-term advances. Our company will provide the customers’ desired solar energy products
at affordable prices.
Long-term objectives that may be part of the planning and policy-making include creating
the desired corporate culture or protecting a company’s brand name. As a result, it is critical to
consider how choices will impact those aspects of your business (Farajet al., 2021). You most
certainly have a vision for how your business will grow over the next five, ten, or even twenty
years, not only in terms of revenue but also in terms of objectives connected to customer happiness
or your reputation in the community. It would help to consider how each choice will affect your
long-term goals.
•
Describe your most important company strengths and core competencies:
What factors will make the company succeed?
•
Productivity in manufacturing
•
Strategies, both tactical as well as strategic
•
Excellent marketing and client service
•
Solid decision
•
Solid decision
What do you think your major competitive strengths will be?
•
A significant market share
•
Affordable and reasonable production
•
Positive character
What background experience, skills, and strengths do you bring to this new venture?
Many people will use the establishment of a solar energy company as a trustworthy power
supply. I’ve seen how hard it is for people to lower energy prices in many places. My skills are
effective and exceptional communication, critical thinking, customer service, business
management, teamwork, and leadership. Among my many skills are creativity, risk-taking,
opportunity-spotting, initiative, and flexibility. By learning about business, you or your company
will be able to:
•
Maintain high product quality.
•
Set high expectations for customer involvement and customer service.
•
You may improve execution, productivity, and effectiveness by strategically planning,
controlling, and carrying out corporate objectives and goals.
•
Establish a sound financial base and have a reasonable financial policy-.
•
Sustain a productive and upbeat work environment.
•
Support employees to give it their all.
•
Make efficient sales and marketing channels.
•
Risk Assessment: Evaluate the strengths and weaknesses of your business using
SWOT.
SWOT Analysis
Gulf Energy Solutions is well-positioned in the solar energy sector because of a number of
its advantages. First off, the business has a proven track record of effective solar installations that
demonstrate its technical proficiency and experience. Second, it has built up a strong network of
supplier alliances that provide it access to high-caliber solar equipment and panels at affordable
prices. In addition, Gulf Energy Solutions offers a varied portfolio of solar projects covering the
residential, commercial, and industrial sectors, which helps reduce market risk. Last but not least,
the firm’s dedication to sustainability and green energy is in line with the expanding worldwide
emphasis on renewable resources, making it popular with investors and environmentally sensitive
customers.
Gulf Energy Solutions has certain limitations despite its advantages. The initial high
financial investment needed for solar systems is one noticeable issue that may put off prospective
clients. The solar sector is also quite cutthroat, with several firms fighting for market dominance.
To be competitive, Gulf Energy Solutions must consistently make investments in marketing and
client acquisition plans. The dependence on government incentives and subsidies for solar projects
is another possible issue since changes in government regulations may have an influence on the
company’s income sources. Finally, the business has to keep up with the most recent developments
to be relevant since solar technology develops quickly.
There are several possibilities for Gulf Energy Solutions to investigate. A favorable market
environment is created by the increased focus on clean energy and the move away from fossil fuels
on a worldwide scale. The business is able to take advantage of the rising demand for solar energy
products among both residential and business clients looking to lower their carbon footprint and
energy expenditures. Opening up new markets or locations with weak energy infrastructure might
potentially provide new economic opportunities. Additionally, as energy storage technologies
advance, Gulf Energy Solutions may be able to provide integrated solar-plus-storage solutions,
increasing the dependability of its services.
Gulf Energy Solutions has to take into account a number of possible risks in the solar
energy sector. First off, changes in government laws and subsidies for renewable energy may have
a big effect on a company’s bottom line. Costs of manufacturing may also be impacted by the
fluctuation of raw material prices, including silicon for solar panels. It might be difficult to
compete with bigger, more established energy firms that have a strong market presence and enough
resources.
•
Who is your competition, and how do you beat them?
Different companies in the solar energy sector compete with GulfEnergy Solutions both locally
and internationally. Established solar energy firms, fresh startups, and global corporations with a
focus on renewable energy solutions might all be rivals. GulfEnergy Solutions may use a number
of tactics to stay ahead of its competitors and perform better. First of all, GulfEnergy Solutions
may benefit from its existing client contacts and strong regional presence in the Gulf. A corporation
may adjust its goods and services to satisfy particular regional demands by keeping a thorough
awareness of the local market dynamics, consumer preferences, and regulatory environment. This
gives the company a personal touch that foreign rivals might not have.
In order to maintain its position as a leader in solar technology, GulfEnergy Solutions may also
continue to make research and development investments. The business may stand out from rivals
and attract clients looking for the most recent developments in renewable energy technology by
continually providing cutting-edge and creative solutions. Beating the competition may also be
accomplished via collaboration and collaborations with other business stakeholders, academic
institutions, and governmental organizations (Lozano, 2008). These partnerships may provide
GulfEnergy Solutions access to tools, capital, and market knowledge that aid in preserving and
extending the company’s competitive advantage. In the solar energy sector, scalability and costeffectiveness are key considerations. GulfEnergy Solutions can provide competitive pricing to its
clients while maintaining profitability by streamlining its operations and supply chain. Accepting
energy storage options and broadening its product line might help it become more competitive in
the market.
References
De Loecker, J., Eeckhout, J., &Mongey, S. (2021). Quantifying market power and business
dynamism in the macroeconomy (No. w28761). National Bureau of Economic Research.
Faraj, K., Khaled, M., Faraj, J., Hachem, F., &Castelain, C. (2021). A review on phase change
materials for thermal energy storage in buildings: Heating and hybrid applications. Journal
of Energy Storage, 33, 101913.
Lozano, R. (2008). Developing collaborative and sustainable organisations. Journal of Cleaner
Production, 16(4), 499-509.
Martinelli, R. J., & Milosevic, D. Z. (2016). Project management toolbox: tools and techniques for
the practicing project manager. John Wiley & Sons.
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