Business Plan Template

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School

University of South Carolina *

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Course

301

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by CoachOryx1308

Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju 1. Name: Glow 2. Mission: to provide women with glowing tanned skin that leaves them smelling fresh and confident about themselves. 3. Industry: Beauty industry 4. Product or Service: Self Tanner 5. Team Roles : Title: Alex- COO Elizabeth- Marketing Manager Lauren - CEO Carly - CFO Sruthi - HR Manager Responsibilities: Alex- Oversee daily operations of the company and track company growth to promote company culture and vision. Elizabeth- Create marketing strategies for products, evaluate pricing for products, analyze market trends, etc.

Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju Lauren - Responsible for managing a company's overall operations. This may include delegating and directing agendas, driving profitability, managing company organizational structure, strategy, and communicating with the board. Carly - Officer of the company that oversees and is responsible for the company's finances, including financial planning, budgeting, forecasting and negotiating. Sruthi - Planning, coordinating, and supervising the administrative functions of an organization. This includes, recruiting, interviewing, and hiring of new staff; consulting with top executives on strategic planning; and serving as a link between an organization's management and its employees. Staff needed to perform task: Alex- the managers of each division throughout the company Lauren - the board members and all the department heads Carly- the board members of the companies financial department Elizabeth- marketing team Sruthi- all of the employees within the company, along with other employees on the hr team Why are you a good fit for the job? (True colors, Major Videos): Alex- I am a good fit for the job because my color, blue, reveals that I am very cooperative and work to find harmony. The major videos for the operations major were very intriguing to me and I could see myself potentially pursuing a career in this industry because of my need to feel in charge of the operations taking place.

Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju Lauren - I am a good fit because my true colors worksheet was orange which reveals that I am spontaneous, a risk-taker, thrive on crisis, and are drawn to action jobs. I also have an interest in owning my own business one day or possibly working in finance so it makes sense for me to be the CEO. In addition, the major videos that I took particular interest in were the entrepreneurship, finance, and marketing videos. Carly- I am a good fit for my job position based off of my true color result of orange. This color type is an impulsive risk taker, is drawn to tools and crises, brings excitement to society along with variety and action. I am a very strong math and number oriented person, making me the perfect fit for this position. I am very organized and like predicting future events. I also enjoy taking charge in environments. Instead of sitting back and doing the easy work, I like making sure everyone and everything is on track. The Chief Financial Operator makes sure that all budgeting and finances are on track. Elizabeth- I am a good fit for this job because of my true colors results. In the true colors inventory survey we took in class, it was revealed to me that I have a “blue” personality type. Some of the things that make up this personality type are looking beyond the surface, getting involved in causes, compromising, cooperating, committing to ideals, etc. These things all relate back to marketing because marketers must work together with their team to be creative and properly market for their company. Also, after watching the major videos, it is clear to me that marketing is the major I am most interested in pursuing as it aligns with all of my interests and strengths.

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Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju Sruthi- I am a good fit for the company because of my true colors result is blue. The blue color type values people, the unity within a community, and cooperation. This allows me, as an HR manager, to care about the wellbeing and environment within the company and its employees with care and rational thought. Also, the Managment major video was one of the few videos that intrigued me and caught my attention. What will you contribute to the company?: Alex- I will contribute order and efficiency to get the products made and the company running smoothly. I will communicate with people in other departments to make sure everything is being taken care of and that everyone is doing what they need to do. Elizabeth- I will contribute to the company by creating a marketing strategy that will set our product above and beyond similar products in our market. I will also communicate and compromise with the rest of the team in order to have a company with good flow. Carly - I will be able to contribute an efficient way of ensuring that the company develops the skills, mindset and behavior required for long term success. I will keep track of the company's financial operations as well in a proper and secure manner. Lauren - I will contribute to managing the company's overall operations. I will communicate to the heads of each department to make sure everything is running smoothly and efficiently.

Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju Sruthi- I will contribute in managing the teamwork of employees, the cooperation between executives and staff, and the company environment. The HR manager also contributes giving advise to upper executives and relaying messages from employees to the upper levels in the company. 6. Business Goals: a. Short Term: Expanding our business to sell in different parts of the world and cater to more people. Have our products sold in Ulta, Target, etc. b. Long-term: expanding our business to sell in different parts of the world and cater to more people. Have our products sold in Ulta, Target, etc. Create a lasting product that is effective, affordable, and successful in the beauty industry. 7. Predicted Profit: *Use gross profit product calculator* a. 1 year: $80,000 b. 5 year: $200,000 8. Product: a. How does your product/service fit into the market?: It is an applicable product many females need and want to use year round to keep a natural tan look, that doesn’t smell or rub off on your clothes. b. Could you see adding additional products/services if this succeeds?: Yes, tanning gloves, moisturizes applicable for tanning (before and after), strictly face tanner.

Alex Adams, Carly Hanin, Elizabeth Ostop, Lauren Schoff, Sruthi Sanju 9. Competition: a. Who is your competition?: Other tanning products in the beauty industry: St. Tropez, Bondi Sands, Isle of Paradise, Tanologist b. What are your company’s SWOT?: *Strengths, Weaknesses, Opportunities and Threats* Strengths: The product is accessible (don’t have to go to tanning beds). Weaknesses: Caterers towards one gender, but we are actively working to make it a friendly product for all genders. Opportunities: Social media marketing, TV marketing Threats: A lot of already established fake tanning brands are already on the market. 10. How will you evaluate overall company success? We plan to evaluate overall company success through many different ways, one way being reporting employee/managerial contribution towards the company. A few other ways of evaluating company success over a period of time is tracking our progress towards business goals and growth of product distribution within the market. The financial and holistic way of evaluating our company is using company profit and standing within industry along with relevant competition in correspondence with the SWOT chart. Doing this will evaluate the company within itself and with competition with other companies in the industry.

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