Answer to Question #218653 in Management for taylor

Question

Before starting Batter Master, Zuzie had to plan how she would turn her newly acquired business into a successful venture. With the use of examples, outline the planning process Zuzie might have considered.

Answer 1

Planning is a vital activity that has an impact on a company's overall functionality. Business ventures are typically started on a small scale. Money or capital can often be invested by multiple individuals or organizations. Zuzie's primary motivation for investing in the Batter Master business is to increase her profits. In a competitive market, business initiatives are started in response to market demands or a lack of supply. She should examine legal aspects while organizing a business endeavor and conduct an analysis of various sorts of business concerns based on their risks, rewards, and restrictions, as well as analyze sources of money for various company worries. Zuzie should research the market conditions that will affect the start-up of a new firm. Conducting a PEST analysis of the market can be used to efficiently analyze market conditions that have an impact on a company initiative. She should also discover market gaps for potential products, analyze target markets for a business endeavor, design the company's mission, vision, goals, and objectives, interpret external variables to justify the necessity for your company's product, and offer documentation to back up her proposal.