Alexandria Feasby (4176069) American Military University Professor Edward Sakiewicz 01/25/15
MENS ESSENTIAL NEEDS
2 The proposed offer is well written, as it describes all the ins and outs of what a business plan requires. Mens Essential Needs provides major points like the executive summary, the background of the company, its vision statement, the market analysis and competitive analysis, its strategy, products and services and how those products and services will be marketed, as well as operations. The business plan also offers an exit strategy and is accompanied by a few financial statements. It could use a few revises, but otherwise is rather sturdy in stature. The business plan has no grammatical errors and is well written, using excellent formatting. Executive Summary Mens Essential Needs is a good business opportunity, as the entrepreneurs behind the business idea have a solid executive plan. The executive summary of a business plan should pique the investors interest, provide a general overview of the business idea, explain how the business is going to work, and place emphasis on the main issues. The executive summary described key elements needed in a business plan: who, what, when, where, how, and why (Kaplan & Warren, 2013). The who is the customers (mainly metrosexuals), the what is the product (hair products), the when is the timelines of the first five years, the how is established as the steps the company will take, and the why is determined as providing quality products and excellent service (Mens Essential needs, n.d.). The when and where were a little unclear, as Mens Essential Needs never established an open store date or an initial location. This information is made known in other parts of the business plan. Marketing The marketing section displays different strategies than what the business plan previously illustrated in the executive summary. The main categories of the products Mens Essential Needs is offering has changed in the marketing section. The market segment for the company is too
MENS ESSENTIAL NEEDS
3 large, as the farther the company tries to stretch its products and advertisements by directing them at different sets of customers, the less effective it will be. The figures shown in the companys marketing research does not display an effective use of the under 18 years of age market segment, nor does it appeal to the other extreme end of the market segments, the 55 and older. The survey results do not show a satisfactory amount of potential customers for Mens Essential Needs to be providing targeted advertisements to these two groups. Mens Essential Needs should more accurately and closely target the young professionals market segment, as stated in the executive summary, as this segment will be where any competitive advantage lies. Competitive Advantage In the competitive analysis portion of the business plan, Mens Essential Needs does not outline a real competitive advantage. The research the company conducted shows 77% of adult men do not change the brands or types of styling products they use. Once the consumer finds one that works for him, he sticks with it for life. This will make an exceptional barrier to entry for Mens Essential Needs. Nowhere in the competitive analysis did it explain how it would overcome this barrier. Recommendations Recommendations to this business plan would include revising the executive summary to match the marketing strategies. They conflict each other by explaining different strategies on different products. The market segment should be confined to the young professionals, as stated in the executive summary, as the numbers analyzed in the marketing segment of the business plan show this is where the money is to be made. The competitive analysis of Mens Essential Needs business plan should also be revised, as it does not stimulate any sort of competitive advantage. Why would the target market choose Mens Essential Needs products over another
MENS ESSENTIAL NEEDS
4 brand? What sets the company apart? The marketing analysis and strategy analysis do not show either solution. The last main item that is worrisome within Mens Essential Needs business plan, is the operations section. The key personnel do not seem adequate enough for the companys planned growth and operations. The Director of Operations, Director of Marketing, and Director of Advertising positions are all being filled by individuals who have no experience in these fields. All of the candidates have some kind of training in either civil or electrical engineering. It is advised these positions be filled with individuals more their speed. For example, for the Director of Marketing, perhaps a marketing graduate, as the student-status seems to be a current trend in the company. The Director of Advertising is the same why not hire someone who has been educated and trained in how to perform effective advertising? The Director of Operations chair should be filled with someone with a little more experience than a survey technician for an engineering company. If Mens Essential Needs is going to grow as fast as it says it is in not only the executive summary, but other parts of the business plans the key personnel need to be suited more for their jobs to ensure success in the years to come.
MENS ESSENTIAL NEEDS
5 References Kaplan, J. M., & Warren, A. C. (2013). Patterns of entrepreneurship management (4th ed.). 16. Hoboken, NJ: Wiley. Mens Essential Needs. (n.d.). Business Plan. Retrieved from http://bcs.wiley.com/hebcs/Books?action=chapter&bcsId=7492&itemId=1118358538&chapterId=82440