NOTE: 2000 TOTAL WORDS , Ai and similarity must not exceed 10%
The Case:
The business environment nowadays keeps on changing rapidly due to the advent of technology. With this, new things (product, process, resources, etc.) are introduced every now and then because of this change. So many nations like Oman are also facing different challenges because of the environmental changes especially in the economic environment. To cope with the change, the government of Oman is encouraging its constituents to take a share in developing the country’s economy by putting up small businesses by providing initial capital for start-ups.
Assume that you are awarded OMR 50,000 by the government through Al Rafd Fund, and you need to use this amount to start a small new venture that helps augment your financial needs. For you to do this, you are expected to do an environmental scanning or environment analysis to determine a particular need that can be a good support for you to generate business ideas. From that case, you are required to do research work and develop a report based on the patchwork specified below.
Patch 1: As a result of your environmental scanning or environment analysis, describe a particular need that you have identified. Lay out some reasons why it becomes a need and recommend a good business idea out of this that you think will give you a good business opportunity (could be your own creation or innovation).500 words
Give the details of the business idea that you would like to recommend in terms of:
The industry you are entering (in a historical and geographical sense).
Look at changes, advancements, and trends over the last 3-5 years (local, national, international)
Describe how and where your business fits into the industry and why there is an opportunity for your business.
Patch 2. Prepare a marketing plan for the business idea which will only cover the 4Ps of the Marketing Mix. Include the specific target market and the competitive edge. 500 words
Patch 3. Develop and design an organisational plan that shows details of the management plan of your human resources, roles, responsibilities, qualifications, and relevant expertise needed. 500 words
Patch 4. Plan out the logistics, supply chain management, the process of producing your product (goods or services), and other operational activities in order to bring this to the identified target market.
Draw out the possible needs and the expenditure that you may incur based on your available source of funds and needs. 500 words
Patch 5. Prepare a reflective summary for each patch of what you have done (from the identified needs and the idea you have developed). Reflect as to what you have learned from the process of doing this patchwork portfolio.