The Business Plan Component (Essay Sample)

Business plan component
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Business plan component
Market analysis is a critical element when composting an elaborated and efficient business plan for any organization. It gives a basic understanding of the potential market that guides the implementation of the business plan and decision-making. The business must examine quantitative and qualitative data, conduct thorough data analysis, and familiarize with the market environment before the conception of the business. This study seeks to complete a market analysis of a hand sanitizer and water purification company and develop a report within the company's business plan. It further analyzes the companies market overview, the targeted market competition rate, and its value proportion and makes the necessary recommendation based on the study results (Erkut, 2018).
Lakeside Innovators is an East Africa-based company that provide goods and services globally. The company that has been undergoing early stages of development for four years is managed by a seven-member board of directors and a patron who is a Chief Executive Officer of the company. It has an administrative office composed of the chairperson, treasurer, secretary, and organizing secretary who performs duties delegated to them by the board of directors. The board adopts collective discussions and decision-making to generate innovative ideas, marketing, sales, and computer knowledge to enhance innovation and mass production of hand sanitizers, water purification, and steady sales. The mission statement of Lakeside Innovators is to confront community challenges through leveraging innovative ideas, academic research, technology, and entrepreneurship that would lead to a permanent relationship with stemmed customers and the community at large (Gonzalez, 2017). The company's vision is to create an environment where young and vibrant graduates actively address the prevailing problems through innovation and entrepreneurship.
The potential market description of the Lakeside innovators ranges from learning institutions, the medical sector, offices, religious institutions, and restaurants within and beyond the region. The business aims to reach its market through promotions and media advertisement strategies. It targets an average population of five thousand households daily expected to shoot following the emergence of the Corona Virus pandemic. At least a hundred competitors have been identified, however, following a comprehensive target analysis, the Lakeside Innovators expect to dominate a minimum of 60 percent of the target market within the region, the remaining percentage being shared among hundreds of competitors. The young innovation company's goods and services focus on getting strength from the market shares, strategy, and distribution channel. The organization has put various marketing strategies to build a strong relationship with the stakeholders through advertisements on websites, national televisions, celebrities, roadshows, radios, and print materials (La Rocca, 2020). The company will strive to provide the best services and quality goods. This will be attained by ensuring qual