Introduction to Business in a Market Economy Business

Introduction to Business in a Market Economy Business Growth Plan – Submission 1 This is your final project for Introduction to Business. You will develop a Business Growth Plan for an existing business to expand into Southern Maryland or for a new startup business that has not yet been created. You can work individually or in small groups of 2-3 students. An existing business can be a corporation, non-profit, or small business. If you would like to create a plan for a new, non-existent business, you must first discuss with and receive permission from your instructor. With either option you choose, you will create a plan for growth of this business in Southern Maryland. Use the outline below as a checklist for your Business Growth Plan. Your first submission for your Business Growth Plan should include the following main sections Business Description This is a shorter description, but it should include the name, the type of business, a summary of the products or services offered, your target market(s), location and hours of operation, history, and start-up date. You should also include the business form of organization (partnership, LLC, S Corporation, etc.) and note number of employees and key positions held by management at the Southern Maryland location. Competition You will want to complement your research by visiting your competition - store(s) or business - to analyze the competition more fully. Identify your competition. -Who are your competitors? -What types of products does the competition sell? Or what type of services are offered? -What are each competitors strengths and weaknesses? -How might you succeed in beating the competition? E.g. what is your competitive advantage? Marketing Market Analysis (Local). -What is the size of the local market in Southern Maryland? -What share of the market will you attempt to capture?