English for Career Development (Coursera, week 3)

English for Business and Entrepreneurship (week 3)

 

What I learned about the course:

English for Business and Entrepreneurship (week 3)

Why write a business plan?

Why are business plans important? These plans can attract investors, employees, and suppliers. All of these are needed by the entrepreneur. A well-written business plan can convince these 3 groups that the entrepreneur knows what they are doing and can succeed. Business plans can also be used to attract suppliers. Working with a startup can be risky for suppliers if the new business fails and it cannot pay for the supplies it has bought. Therefore, a strong business plan can help persuade a supplier to work with a new business. We will also have two language focuses in this unit that provide some of the language needed to write an effective business plan.

The purpose of the business description section of a business plan is to describe the new product or in some cases, set of new products. And explain the way the business will be managed and operated. Detailed business plans may even include specific information about each employee and pictures of the store or office space. A simple plan may only include the number of managers and employees, as well as a general description of the organization.

 

Marketing

Marketing is the work of advertising and offering goods or services for sale. Another common definition is putting the right product at the right price in the right place at the right time. If customers do not like how a product looks it's the wrong product, are not happy with the price of a product it's the wrong price. Cannot find or get a product, it' s in the wrong place, or if you feel they do not need the product, it's being sold at the wrong time, the product will not sell. This means that just having a great new product that presents a good opportunity and a market, is not enough.

By selecting a marketing mix: product, price, location, and promotion, marketing is an important part of selling every new product. To build the greatest chance of success for their new product, entrepreneurs and companies should connect clearly and efficiently with their target market.

When there are many competitors, an average price or the most common price may also be used. Indirect competition includes a short list of substitute products.

Example:

·         Paperclips have three direct competitors and three indirect competitors in the local market.

Direct competitor's price, $1 per box of 100. Indirect competition from staples, string, and tape.