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What is the difference between a policy statement and an action plan?
StrategyStrategy of a business organization is reflective of the thinking of those at the top of its management and the action that the management plans to take. It is the job of the management to set goals that are sought to be achieved and the strategy is a statement that lets stakeholders know the thinking of the management as to how they plan to achieve these goals. To an investor or a shareholder, the strategy document is an important reminder regarding the thinking process of men who matter in a company.In sports, different players are known to adopt strategies of defense or attack or make moves to confuse their opponents. In team games, strategies are made beforehand where there are plan A, plan B, and plan C ready to be applied in different circumstances.PolicyA policy lies at the core of all decisions taken by the management of a company. It serves as a guide while taking decisions though the policy is not a statement that is written in black and white that has to be applied in day to day operations. Policy statement is like a guidebook that helps management to take important decisions and clears all doubts as to the direction a company should take.If a company has made it a policy not to make use of services of middlemen, it sticks to its decision and becomes famous for its policy. Honesty is the best policy for success in any endeavor, they say, and this holds true even today.
What is an event management company?
Event management involves studying the intricacies of the brand, identifying the target audience, devising the event concept, planning the logistics and coordinating the technical aspects before actually launching the event. Post-event analysis and ensuring a return on investment have become significant drivers for the event industry.[1]The recent growth of festivals and events as an industry around the world means that the management can no longer be ad hoc. Events and festivals, such as the Asian Games, have a large impact on their communities and, in some cases, the whole country.The industry now includes events of all sizes from the Olympics down to a breakfast meeting for ten business people. Many industries, charitable organizations, and interest groups will hold events of some size in order to market themselves, build business relationships, raise money or celebrate.
How do you conduct a feasibility study?
Conducting a Feasibility StudyThis page provides a step-by-step overview of how to conduct a feasibility study and market research, including:* the difference between a feasibility study and a business plan;* major components of a feasibility study;* key market analysis, organizational, financial questions in your feasibility study;* techniques for conducting market research; and* where to obtain information you need to conduct market research.Feasibility studies and business plans are identified in Chapter 4 as key steps to starting a cooperative. This section explains two vital issues: how to conduct a feasibility study and how to do market research. First, some definitions.What is a Feasibility Study?A feasibility study is designed to provide an overview of the primary issues related to a business idea. The purpose is to identify any "make or break" issues that would prevent your business from being successful in the marketplace. In other words, a feasibility study determines whether the business idea makes sense.A thorough feasibility analysis provides a lot of information necessary for the business plan. For example, a good market analysis is necessary in order to determine the project's feasibility. This information provides the basis for the market section of the business plan.Because putting together a business plan is a significant investment of time and money, you want to make sure that there are no major roadblocks facing your business idea before you make that investment. Identifying such roadblocks is the purpose of a feasibility study.A feasibility study looks at three major areas:a. Market issuesb.Organizational/technical issuesc. Financial issuesAgain, this is meant to be a "first cut" look at these issues. For example, a feasibility study should not do in-depth long-term financial projections, but it should do a basic break-even analysis to see how much revenue would be necessary to meet your operating expenses.The purpose of the business plan is to minimize the risk associated with a new business and maximize the chances ofsuccess through research and maximize the chances for success through research and planning.University of CaliforniaCenter for CooperativesWhat is a Business Plan?If the feasibility study indicates that your business idea is sound, the next step is a business plan. The business plan continues the analysis at a deeper and more complex level, building on the foundation created by the feasibility study. For example, the financial section of the plan would include pro forma (estimated) financial statements and 2-3 years of financial projections.A business plan gives you an opportunity to find any weaknesses and reveal any hidden problems ahead of time. It serves two purposes: first, it is an analysis of how well the business will work; and second, it is a written document necessary to obtain a loan.Although business plans are often submitted to a bank as part of a loan request, that's not the most important thing about them. The really important thing about this process is that it forces you to think.A business plan is sometimes described as a document of your thought processes as you analyze your competition, the market, your operating expenses, management and staffing needs, manufacturing process, etc. It forces you to clarify your goals and objectives. Therefore, the feasibility study and business plan are more important for the company's owners than for anyone else, including loan officers.Planning, however, won't guarantee success in business. The plan must be realistic and based on valid assumptions. Most people have to work at retaining their objectivity if they are doing the feasibility study and/or business plan themselves. After all, if you are closely involved in organizing this business, you probably have some emotional investment in it. It is easy for people in this position to overlook or minimize potential problems or hazards. Remember that planning, no matter how good it is, will never make a bad business idea feasible.Conducting a Feasibility StudyAs noted above, the feasibility study is organized into three major sections (market analysis, organizational/technical analysis, and financial analysis). Each section below discusses the key questions which must be addressed in the plan.Market analysis begins by asking:What, precisely is the market?The more specific you can be, the better.Is the market growing, shrinking, or staying the same?Is it worth your while? Is the market you've identified big enough to make it worth the time?Eric S. SiegelThe Ernst & Young Business Plan GuideInformation generated in one part of the plan will reveal the need for more information on another part of the plan oranswer questions that may have been left open in another section.William R. OsgoodBasics of Successful Business PlanningThe purpose of market analysis is to thoroughly acquaint yourself with all aspects of your market so that you canformulate a plan to capture a share of it.Harold J. McLaughlinBuilding Your Business Plan1. Market Analysis ResearchThe key questions that should be answered in the Market Analysis section of the feasibility study are presented below. In nearly all cases, research is required in order to obtain enough information to answer the questions. See p. 7 of this chapter for techniques for conducting market research. If these questions cannot be answered adequately, the project is not feasible.a. What is the current or projected demand for your proposed products or services? In other words, how many units can you reasonably expect to sell each month?b. What are the target markets for this product or service? What demographic characteristics do these potential customers have in common? How many of them are there?c. What is the projected supply in your area of the products or services needed for your project?d. What competition exists in this market? Can you establish a market niche which will enable you to compete effectively with others providing this product or service?e. Is the location of your proposed business or project likely to affect its success? If so, is the identified site the most appropriate one available?The market analysis should be conducted first because it is critical to the success of the business. If you cannot substantiate through research that adequate demand for your product or service exists, or if you cannot obtain sufficient quantity to meet expected demand, then your project is not feasible. You should not continue to the next step in the feasibility study.One...major reason for business failure is incompatibility of goals among owners. This often leads to a breakdown ofcommunication and conflict about use of resources.Harold MC LaughlinBuilding Your Business Plan2. Key Organizational and Technological IssuesOnce market issues have been addressed, it is time to take a look at key organizational and technology issues that are relevant to your project.Organizational IssuesKey questions to answer include:a. What organizational structure is the right one for your project?Remember that cooperatives are not the best form of legal business structure for every project.b. Who will serve on the board of directors? What are their qualifications?c. What qualifications are needed to manage this business?d. Who will manage the business (if possible)?e. What other staffing needs does the co-op have? How do you expect staffing needs to change over the next 2-3 years?Because all subsequent decisions depend on the organization's legal business structure, the first question is critical and should be answered before you continue with the feasibility analysis. It is an important question and may take some research. Don't hesitate to call on a qualified attorney or other advisor if necessary.While you need not know the answers to all the other questions in order for the business to be feasible, they must all be satisfactorily answered before you begin operations. This is a good time to begin the process of identifying appropriate individuals for the board, management and other staff positions, and to think carefully about what qualifications are necessary to manage this business.Be specific, and detailed, yet concise as possible. Don't think bulk is a substitute for vigorous research and thinking.Harold MC LaughlinBuilding Your Business PlanTechnological IssuesThe cost and availability of technology may be of critical importance to the feasibility of a project, or it may not be an issue at all.For example, a service organization, such as a child care center, will have a few equipment and other technology- related issues to address. A manufacturing enterprise, on the other hand, may have a number of complex technology questions to analyze in order to determine whether or not the business is feasible.Key questions to answer include:a. What are the technology needs for the proposed business?b. What other equipment does your proposed business need?c. Where will you obtain this technology and equipment?d. When can you get the necessary equipment?How does your ability to obtain this technology and equipment affect your start-up timeline?e. How much will the equipment and technology cost?Keep in mind that technology doesn't necessarily mean complex machinery; if your business simply needs a personal computer, printer, and fax machine, those are your technological needs.However, making wise decisions on even simple purchases such as office machines may require some research. Obviously there are numerous types of personal computers on the market. You many want to check Consumer Reports for their recommendations, do some comparative shopping, and ask acquaintances about their experiences with different companies. Your cost estimates (question #e) will get plugged into your financial projections.Naturally, the more complex the technology you need, the more research that will be required to make good decisions about it. Don't skimp on this foot work; you may regret it.3. Financial IssuesOnce your analyses of marketing, organizational and technology issues have been completed, the third and final step of a feasibility analysis is to take a look at key financial issues. Answer the following questions as well as you can at this point and identify key issues that will require additional research.Note that some of the questions below -- specifically revenue projections -- are directly based on your market analysis (the first step in the feasibility study), in which you estimated the number of units of product or service you could sell. If you didn't do that part of the feasibility study thoroughly, you won't be able to do the financial analysis adequately.a. Start-Up Costs: These are the costs incurred in starting up a new business, including "capital goods" such as land, buildings, equipment, etc. The business may have to borrow money from a lending institution to cover these costs.b. Operating Costs: These are the ongoing costs, such as rent, utilities, and wages that are incurred in the everyday operation of a business. The total should include interest and principle payments on any debt for start-up costs.c. Revenue Projections: How will you price your goods or services? Assess what the estimated monthly revenue will be.d. Sources of Financing: If your proposed business will need to borrow money from a bank or other lending institution, you may need to research potential lending sources.e. Profitability Analysis: This is the "bottom line" for the proposed business. Given the costs and revenue analyses above, will your business bring in enough revenue to cover operating expenses? Will it break even, lose money or make a profit? Is there anything you can do to improve the bottom line?ConclusionYour feasibility study should give you a clear idea whether the proposed co-op is a sound business idea. Some techniques for conducting the Market Analysis part of the feasibility study are presented on the following pages.FEASIBILITY STUDYTable of ContentsThe following is a Table of Contents for an actual feasibility study conducted by the authors. It is presented here as an example of a study that generally follows the guidelines presented in this chapter. Please see Appendix F for excerpts from additional feasibility studies.I. Introduction and Scope of StudyII. Market AnalysisA. Domestic Market ProfileB. Overseas Market PotentialC. Target MarketD. Overall Market FeasibilityIII. Producer Survey and Supply AnalysisA. Review & Analysis of Survey ResultsB. Supply OutlookIV. Organization & Technology AnalysisA. Organizational Capacity AnalysisB. Technology & Equipment NeedsC. Operational ScenariosV. Transportation and Processing AnalysisA. Map of Producer LocationsB. Supply OutlookVI. Financial AnalysisA. Financial Summary and FeasibilityB. AssumptionsVII. Overall Feasibility EvaluationA. Summary and ConclusionsB. RecommendationsConducting Market ResearchNow that you know what questions to ask, exactly how do you go about answering them? This section will explain some of the techniques used to conduct the market analysis research recommended as the first step in a feasibility study. This section reviews the key questions from Step 1 of the feasibility study instructions (p. 4 of this chapter), providing guidelines on how to answer each.Don't think of market research as highly sophisticated, expensive and complicated. It can be very much a do-it yourself thing.Market analysis results in information about the market potential, which provide the basis for accurate sales forecasts and your marketing strategy. Its basic components include:* an estimate of the size of the market for the product/service;* projected market share;* information about your target market; and* analysis of the competition.Market research involves activities designed to obtain data about the market, and falls into two main categories:primary research is that which collects new data through market surveys and other field research -- specific studies that areconducted on behalf of your company; and secondary research includes gathering pre-existing information from published sources.In addition to conducting research, it is valid to rely somewhat on your own opinions and observations, especially if they have to do with your local community. No one knows a community like the people who've spent their lives there. However, it is important to back up your opinions with data and research. Don't rely solely on your gut feelings; they're probably not enough to go to the bank with. Resist the temptation to only look for data that confirms your opinions!All this information goes into estimating the sales your company will achieve during its first few years of operation. The rest of the feasibility study and business plan is built upon these estimates. Because it is one of the principal tools for determining whether the business will work, it is worth making an investment in market research. The quality of information in the market analysis is dependent on the amount of energy that went into obtaining it!You need to be as specific as possible about the dimensions (size, trends) of the opportunity your business faces. Since a new business doesn't have a track record, your research must be thorough to enable you to make realistic sales estimates.MARKET RESEARCHHave a need and a market been clearly identified?Has a clear, persuasive case been made as to how sales will be generated?Does this section serve as a sound basis for the implementation of a marketing strategy?Eric S. Siegel, et. al.The Ernst & Young Business Plan GuideIt is beyond the scope of this Manual to cover the entire subject of market research. A good book on this subject isPractical Marketing Research by Jeffrey L. Pope, published by the American Management Association.Cooperatives only work when they are market-driven... [You must] ensure that accurate market projections precedeother development steps. Madison PrinciplesExisting Demand Adequate?In the Market Analysis section of the feasibility study, we suggested that you determine whether adequate demand exists for your proposed co-op's products/services. How do you figure this out?Much of this information can be obtained through secondary research. A lot of the information you need is available to the public, from government statistics, computerized data bases, and the Yellow Pages. And of course the Internet is a potential source of information. Many public libraries now have access to the Internet, if you don't. A lot of information exists out there; the best place to start is your local library. Talk to the research librarian!Remember that the government collects a lot of information about you and others. Use your imagination to find the information you need. The U.S. Industry Outlook, for example, provides an economic and market overview of hundreds of industries. Other sources for industry information are in the sidebar below.Obtain Industry information from:Dun & Bradstreet: 800-552-3867Moody's Manual of InvestmentsStandard & Poor's 800-437-3528Value Line 800-654-0508Figures can be obtained for average sales in many industries (except for entirely new products). Robert Morris & Associates publishes an annual survey of major industries, organized by Standard Industry Classification (SIC) number. Using this book, you can look up the average sales of companies in each SIC category.For example, if you plan to open a convenience store, you can find the annual sales, net margin, and lots of other financial information about retail convenience stores. These can be a very useful starting place for your sales estimates. Use them with some caution, however, as your sales will probably fall below those of more established businesses.There is a national or regional association for almost every industry under the sun. Your public library may have a Directory of Associations in which you can look up the appropriate industry group. These groups are often a wealth of information, some of it free. Call them and explain you are considering going into this field, and ask for any information they may have available. If possible, get their membership list. The members of the association are doing exactly what you want to do, and many of them will be glad to talk to you (with the exception of the ones who will be your local direct competitors). If the association requires that you join in order to get their information, do so. It couldbe the best money you ever spent.HELP WITH MARKET RESEARCHNote that a local business school or small business development center can help guide you in conducting your own marketresearch. College students may be a good source of labor for conducting telephone or other type of interviews.Target MarketsWhat are the target markets for this product or service?What demographic characteristics do these potential customers have in common?How many customers are there in your target market?How many units of your product or services is each customer likely to buy monthly?Target MarketsIdentifying a target market allows you to focus your efforts on marketing to a distinct class of customers. This is also called market segmentation. It is the act of dividing a large potential market into smaller groups, which are more easily approached.One of the advantages you gain from targeting a particular niche is the ability to respond quickly when customer tastes and needs change. In order to serve your customers, you have to know who they are, where they live, what their behavioral characteristics are.Describe your target market in terms of:Geographic Characteristics. Do your customers live primarily in a certain area or region?Demographic Characteristics. (Age, sex, family status, education, income, class, occupation, education; and, if relevant, religion and race.)Psychographic Characteristics. (Life style, personality types; attitudes; interests, and buying motives.)For example, a manufacturer of educational computer games might identify its target market as primarily at-home users, with a secondary market segment of schools. Then the manufacturer would describe each target market in terms of its typical demographics (household income, education, family status, and using habits). Their description might read something like this: The typical buyer in our target market is married, living in a two-income household with an average of two children, has a college education, is employed as a professional, and has at least one personal computer at home. They buy our computer games to provide educational, yet fun experiences for their children.If you find that you have more than one target market, you should discuss the relative importance of these target market segments. Do the in-home users generate a higher margin than the small businesses? Is the market among small businesses growing faster than that of home users? Will this relative importance change over the next few years?Customers are natural allies, worthy of products that are safe, wholesome and priced fairly.Bill PatrieNorth Dakota Assn. ofRural Electric Co-opsProjected SupplyWhat is the projected supply in your area of the products or services needed for your proposed business?This question should be a little easier to answer than the demand questions. Your projected supply is the amount you can obtain of the goods or the amount of the service(s) you can provide, within a given time period. Limitations on this will include your manufacturing capacity, suppliers' ability to provide raw materials to you, and your personnel (how many services can your staff realistically provide in one month?).Many cooperatives obtain supply information directly from the co-op's potential membership through a survey (surveys are also useful for collecting information about the co-ops potential customers). Please see Appendix E for information about how to conduct a survey.What About the CompetitionWhat competition exists in this market?Can you establish a market niche which will enable you to compete effectively with others providing this product orservice?How much is your competition charging for similar product?Competition AnalysisIdentify your 3-4 leading competitors and specifically explain why your company will be able to compete effectively with them. Be as realistic and as specific as possible; stay away from generalizations about your competition. Try to find out what market share each one has of the market. Also write up an assessment of their strengths and weaknesses; and how your product or service stacks up against each.How crowded is the market? If your market is already crowded with competitors, what market share would be available to a new company? If the overall market is growing, then you may be able to capture part of the new market.Competitors are not enemies, they do not need to be defeated. Alliances are possible with competitors.Bill PatrieNorth Dakota Assn. ofRural Electric Co-opsConclusionFeasibility studies require a lot of hard work, and the market analysis research is the most difficult part of the process. We hope the questions we've identified above and the guidelines for answering them are helpful.Excerpts from actual feasibility studies are provided in Appendix F.If the study indicates that your business idea is feasible, the next step is a business plan. The business plan continues the analysis you've begun at a deeper and more complex level, building on the foundation created by the feasibility study.REFERENCESGumpert, David E. "How to Really Create a Successful Business Plan." Boston: Inc. Magazine Publishing, 1994.McLaughlin, Harold J., "Building Your Business Plan." New York: John Wiley & Sons, 1985.Osgood, William R. "Basics of Successful Business Planning." American Management Association, 1980.Pope, Jeffrey L. "Practical Marketing Research." American Management Association. 1993.Siegel, Eric S., et al., "The Ernst & Young Business Plan Guide." New York: John Wiley & Sons, 1987.Information obtained from the University of Wisconsin Center for CooperativesLast Revised: August 29, 2001Home Page What We Do Accomplishments Awards Cooperative News Upcoming Events Helpful Links Board of Directors Return to Co-op Info
Advantages and disadvantages of AI systems over traditional business processes?
Advantages of Artificial intelligence includes Games playing: programming computers to play games such as chess and checkers Expert systems: programming computers to make decisions in real-life situations (for example, some expert systems help doctors diagnose diseases based on symptoms) Natural language: programming computers to understand natural human languages Neural networks: Systems that simulate intelligence by attempting to reproduce the types of physical connections that occur in animal brains Robotics: programming computers to see and hear and react to other sensory stimuli. Natural-language processing offers the greatest potential rewards because it would allow people to interact with computers without needing any specialized knowledge. You could simply walk up to a computer and talk to it. Unfortunately, programming computers to understand natural languages has proved to be more difficult than originally thought. Some rudimentary translation systems that translate from one human language to another are in existence, but they are not nearly as good as human translators. There are also voice recognition systems that can convert spoken sounds into written words, but they do not understand what they are writing; they simply take dictation. Even these systems are quite limited -- you must speak slowly and distinctly. Machines can be used to take on complex and stressful work that would be otherwise performed by humans. Machines can complete the task faster than a human assigned to do the same task. Use of robotics: to discover unexplored landscape, outer space and also be useful in our home activities. Used for games to create a atmosphere where you don't feel like you are playing against just a machine. Understanding complex software can be made in to easy-to-understand types with the aid of artificial intelligence Less errors and defects. Good for complex problems where humans have expert knowledge & Expressiveness and intuitiveness- Rules can be understood by a non-programmer & Simplicity (uniform KR) & Modularity and modifiability- Individual rules can be changed and added - But it is hard to analyze the effect of each new rule on performance. Minimized time and resources: Time and resources are not wasted but effectively used to achieve the end goal. Their function is infinite. Disadvantages of Artificial Intelligence Lacks the human touch: Human qualities are sometimes ignored. The ability to replace a human job: This gives rise to humans feeling insecure and may have the fear of losing their job. Human capabilities can be replaced: using a machine and therefore can foster feelings of inferiority among workers and staff. Artificial Intelligence can malfunction: and do the opposite of what they are programmed to do. It may corrupt the younger generation. There is no filtering of information. This type of technology can be misused to cause mass scale destruction.
What is a fun way to introduce team members to each other?
One fun way to introduce team members to each other is through team-building activities or icebreaker games. These activities can help break the ice and create a positive and engaging atmosphere for team members to get to know each other better.
Why do chess players take notes during their games?
Chess players take notes during their games to track their moves, analyze their strategies, and learn from their mistakes. This helps them improve their skills and develop better tactics for future games.
What is the best way to learn good chess strategies and tactics effectively?
The best way to learn good chess strategies and tactics effectively is to practice regularly, study classic games, analyze your own games, and seek guidance from experienced players or coaches. Additionally, utilizing online resources and playing against opponents of varying skill levels can help improve your understanding and application of chess strategies.
What do rules for games and recipes have in common?
help you follow a sequential order.
Why do chess players record their moves during a game?
Chess players record their moves during a game to keep track of the game's progress, analyze their strategies, and learn from their mistakes for future games.
How can you analyze trust in The Hunger Games?
not showing fear
Are there any strategies or tips for dealing with freecell unsolvable games?
Yes, there are strategies for dealing with unsolvable FreeCell games. One approach is to carefully plan your moves and consider all possible options before making a move. Another strategy is to use the undo feature to backtrack and try different moves. Additionally, seeking advice from online forums or using computer programs that can analyze the game and suggest possible moves can also be helpful.
When did Business Games happen?
Business Games happened in 1983.
When was Business Games created?
Business Games was created in 1983.
What strategies can I use to improve my Go games?
To improve your Go games, you can focus on studying professional games, practicing regularly, analyzing your own games for mistakes, learning common tactics and strategies, and seeking guidance from more experienced players.
Where can I get a video game development degree?
The University of Colorado Denver Business School let the students or people who are interested in video games know to become better as they are being expert in video games. Lots of strategies are given to those who wanted to study in there and it enhances the students capability to be expert about video games.
What are some strategies for improving performance in LGS games?
Some strategies for improving performance in LGS games include practicing regularly, studying game mechanics and strategies, watching professional players for tips, staying calm under pressure, and communicating effectively with teammates.
What happens when more an more companies get into the games business?
More companies entering the Games business should lead to more competition and a lowering of prices.
