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Describe the product or service on which the company is focusing, including the company’s name and its significance.

Describe the product or service on which the company is focusing, including the company’s name and its significance.

The specific requirements for this assignment are to write a 3–5 page paper in which you:

  1. Describe the product or service on which the company is focusing, including the company’s name and its significance.
  2. Revise the company’s mission statement based on feedback received in the Week 1 discussion thread, including the rationale for each component of the mission statement.
    • Place the mission statement within quotation marks.
    • Use the Mission Statement Worksheet on pages 72–73 of your textbook as a guide.
  3. Describe the trends in your specific industry, focusing on your particular type of product or service.
    • Research and outline industry trends. Be sure to consider the size and growth rate for the overall industry and for the specific product or service on which you are focusing.
    • Search the industry associations, and reliable websites for recent data.
  4. Select the strategic position from the course text (pages 146–147) that you believe is the best one for your chosen company and explain how you will implement it to distinguish your product or service from the competition.
    • Consult Chapter 9, “Strategic Position & Risk Assessment” of your text for help in crafting this portion of your business plan.
  5. Describe the company’s distribution channels and provide the rationale for your selection.
    • Sample questions to ask when choosing distribution channels:
      • Will you sell your product in grocery stores, restaurants, or sports venues?
      • Will you sell your product online or as a subscription?
      • Where will the service be offered?
  6. Revise your selected company’s SWOT matrix based on feedback from the Week 2 discussion thread and summarize the key learnings from your matrix.

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