business plan marketing mix and product and pricing

Module 1 assignment: (DREAM COMPANY); With the sufficient funds available, one would preferably open up a private scientific research institute. This institute would be occasionally hired by both private and public companies and institutions to conduct various studies on a wide range of emerging issues. The institute would mainly be used to conduct studies on branches of science such as physics and technology as well as engineering. Furthermore, the institute can also be used as a learning institution where other institutes of higher learning can bring their students for exposure and further research on the services being offered by the institute. Such activities would be aimed at improving the level of scientific development in the general society and providing deeper insight into the existing concepts currently being taught and exposed. Due to this fact, the institute would be named Deep Horizons Institute of Technological, Physical Sciences, and Engineering Research. Some of the leading partners that the institute would collaborate with our other similar institutions such as CERN as well as universities such as MIT and John Hopkins University. The idea of coming up with the mentioned business plan was inspired by the existence of other existing similar companies in the market and the kind of activities that were carried out in such organizations. Among the many institutions that have the same nature of activities as the New Horizons research institute, two particular institutions, discussed. These are CERN and the Los Alamos Laboratory..

TODAY’S ASSIGNMENT: Continuing with your business idea from Module 1, you will find companies that have the same great idea as you for providing a product or service to consumers. Research how these companies started, what their plans were for success, and how well they are doing now. How are they similar to what you wish to do with your business? What do they offer that you had not considered offering with your business? Incorporate these thoughts and any new ideas into your overall business plan.

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Additionally, consider this: All good business executives watch competitors to see what they are doing to be successful. Differentiating from the competition is an excellent way to stay ahead in business, but, to do so, business leaders must keep a finger on the pulse of what is working, what is selling, and what is stagnant in order to plan a strategy for success.

Instructions

Part 1: Marketing Mix

For this business plan assignment, consider staffing as well as marketing.

  1. Discuss your marketing mix.
  2. If place (distribution) doesn’t apply, explain why.

Part 2: Product and Pricing

For this part of the business plan assignment, you will revisit your dream company and talk about the products/services you will be providing to your customers. Consider pricing strategies and tactics, distribution, and promoting products.

  1. Look through the How to Price Your Small Business’ Products and Services (Links to an external site.)Links to an external site. page on the SBA website. This page describes pricing and distribution as critical aspects of a business.
  2. Research the Internet for two companies that provide a product/service similar to yours. They should be from two different cities or states.
  3. For each company, list its name and identify its physical location and Web address (URL).
  4. List three items (either products or services) both companies sell that are similar or identical to the products/services your company will offer.
  5. Create a table listing the cost of your products or services. Then, list the costs of the products/services from the other companies you researched to show the comparison.
    1. If you need help creating a table in Word, click this link: Insert or Create a Table (Links to an external site.)Links to an external site..
  6. For each item, describe how they are different or similar in their pricing.

The following should be included in the document you submit:

  1. Respond in three to five sentences for each question.
  2. Use separate paragraph(s) for each answer and be sure to number them.