A business plan is defined as a document that illustrates about a new business as well as its services. An entrepreneur as a part of the start-up procedure creates a business plan however, existing global businesses also creates a business plan in order to change their direction or strategy. Google that deals with two great plans has reflected an example of a good business plan. The company included idea related to the search engine and tapping into a new revenue stream. The first business plan dealt with search engine that aimed to end all the other search engines (Fernández-Guerrero, Revuelto-Taboada and Simón-Moya, 2012: 2400). The second business plan dealt with employing fresh talent who helped tapping into a new revenue stream. This helped the company to turn into a great search engine thus auctioning advertising space at a premium. The example of a bad business plan has been that of Yahoo that doomed the future of the company (Jones and Penaluna, 2013: 810). The bad business plan did not help Yahoo to change their business strategy thus leading to completely meaningless tactical plans. If I would have been the charge of the business plan, I would have determined the objective of the business plan based on the company profile.
The business plan as well as the aspects that have helped Apple Inc to become a successful company has been considered to initiate a successful business plan. The good business planning has been initiated Apple Inc. as an example. The business plan of Apple Inc. is regarded to be a good one as it clearly states that the success of the company is majorly due to the marketing strategy as well as product mix strategy. The business plan has mostly aligned with the management team to initiate a common objective (Howcroft, 2013).
The business plan of Apple has been clearly highlighted deals with geographical segmentation where it plays a major role in the marketing approach. The target market strategy of the company defines vertical markets of the company dealing with high-tech commodities. The business pan has mostly involved market strategies that has helped the company to hold a competitive position in the market (Teece, 2010: 180). As a result, the comparison has not been made like the way it should have been. The business plan of Apple Inc. only deals with a good business plan thus looking for ways that will help to improve the business planning that has been proposed. The business plan of Apple is regarded as a combination of a good strategy that leads to innovative marketing as well as exceptional products.
The business plan has been defined as a core strategy that is responsible for controlling future as well as existing plans of a company. The business plan of Dove has been clearly has been regarded as a certification of destruction as the real beauty campaign of the company has been regarded as one of its poor choice. The skincare company has not been able to initiate a good marketing part in its business plan. Due to the poor choice of business plan, Dove as a company that failed within the marketing section of a business plan. The business plan by the company has not been accepted properly by the public as it has been deemed to be racist (Stutely, 2012, Chapter 5). The business plan that has been presented by the company has been mostly sloppy thus leading towards contradictory margins.
Due to an incomplete plan, the company has not been able to create or approve its content. As a result, Dove has not been able to portray any type of imperative message with the help of its advertising strategy. The business plan of Dove has also failed to advertise a new product and depict an imperative message. It also does not state about how to initiate a good business plan that will improve the performance of the company. The bad business plan has been mostly because it has not been approved or drafted correctly (Chwolka and Raith, 2012: 390).
The business plan deals with billions of dollars in order to fulfill diligence that are implemented by a business. In other words, a business requires to be started by keeping in mind the budget as well as working hours. It deals with budgeting as well as timing that is required to initiate a business plan. Without such thought procedure, a business plan is regarded to be incomplete thus lacking a detailed financial projection. The best part of Apple Inc is that it reflects on both good example of a business plan whereas, Nokia reflects on a bad example. The good business plan has been reflected on Iphone whereas; the bad business plan has been reflected on Nokia. The business plan has been more descriptive while reflecting on cause behind success as well as failure of business plan has been clearly illustrated (Brand Minds, 2017).
With the help of this the illustration of the business plan, it has become very clear that Nokia has been dominating the cellular market throughout the 90s however, the lack of an appropriate business plan did not allow the company to maintain its brand in the cellular market. Apple has been able to increase its market share as compared to Nokia as it focused completely on the technological development after accomplishing profit from iPod. The illustration has properly reflected on the good as well as bad aspects of a business plan by illustrating the success of Android that has been introduced by Google. The example that has been provided as a part of Android business plan has been Samsung that managed to provide tough competition to Apple (Rothman, Pratt, Rees and Vogus, 2017: 50).
The researcher and the way the researcher has undergone the internet to reflect on the examples of Coca Cola has been the major highlight thus reflecting on the example of a poor business planning. The business plan that has been undertaken by Coca Cola reflects on the thorough research that has been undertaken by the researcher thus providing an overview about the terrible blunder that has been caused by Coca Cola as a part of its business planning. With the help of this illustration it has became clear how the company witnessed a downfall due to poor planning. It has been discussed that the company decided to change their recipe completely that did not get down well with Coca Cola. The company did not initiate an adequate research before altering the recipe. They did not regard the risk that has been associated with a bad choice of business planning (McGrath, 2010: 250). As a result, this led to decrease in overall sale as well as backlash by the government. It has been clearly stated that wasting time behind an unsuccessful business plan only leads to waste of time as well as money thus giving nothing in return. The success of a business plan also properly illustrates about how the business planning could be improved thus developing the upcoming future of the business.
Kodak has been the first company that has been known for inventing the digital camera in the year 1975. However, the company has not been able to prosper due to an unsuccessful business plan. The researcher has illustrated the business plan as a roadmap that helps to outline objectives of a business. The bad business plan example on Kodak clearly states that the company has been involved in a monumental error thus not being able to develop. The researcher has not only reflected on the concept of business planning but has also provided an overview about Kodak. Although it did not provide an example of a good business plan, however it clearly stated the bad aspects that did not make Kodak successful as a business. It has been clear that it has been required to initiate an improvement strategy that will help Kodak to improve its business plan.
It has been clear that starts with the introduction of a business plan is requisite to get a knowledge about the plan however, it is also imperative to provide an accurate description. The best conversation that has been put forward out of every discussion posts has been the third discussion that reflects on both good as well as bad business plan by reflecting on two diverse companies. Apple has been able to increase its market share as compared to Nokia as it focused completely on the technological development after accomplishing profit from iPod however, the success story of Android that has also followed a good business plan. The example of a bad business planning has been illustrated about a terrible blunder committed by Coca Cola by changing their recipe completely however, it did not go down well with the company (Jasra et al., 2011, Chapter 2). The reflection on diverse examples on both good as well as bad business plan has made it easier to comprehend about the concept of business planning however, it has reflected only on a bad business example rather than dealing with a good business example.
There are multiple impacts that a business planning has on both personal as well as professional life. In case of professional field, a business planning involves a prevalent aspect that is persuaded by government agencies as well as other consultants. The impact of a business plan on professional area does not lead to a negligible impact. Rather its efficacy is regulated by the context that deals with a proper business plan. The performance of an entrepreneur is largely influenced by the ability of a business plan that helps to exploit multiple profit opportunities. It also helps to develop a business strategy that is majorly subject to market research. In the individual field, a business plan provides a positive influence by providing the ability to think as well as act in response competently (Burke, Fraser and Greene, 2010: 400). It helps to tackle any issues that are related to lack of information thus providing fruitful result to the individual. As a result, the major role that is played by a business plan is to solve the issue that is related to the lack of information that is available from third parties. The improvement of a the performance of a company is the major role that is played by a business plan thus aiming to raise the knowledge of an individual.
References
Brand Minds., 2017. Why did Nokia fail and what can you learn from it? Medium.com. Online at: https://medium.com/multiplier-magazine/why-did-nokia-fail-81110d981787[Accessed: 27 November 2018].
Burke, A., Fraser, S. and Greene, F.J., 2010. The multiple effects of business planning on new venture performance. Journal of management studies, 47(3), pp.391-415.
Chwolka, A. and Raith, M.G., 2012. The value of business planning before start-up—A decision-theoretical perspective. Journal of Business Venturing, 27(3), pp.385-399.
Fernández-Guerrero, R., Revuelto-Taboada, L. and Simón-Moya, V., 2012. The business plan as a project: an evaluation of its predictive capability for business success. The Service Industries Journal, 32(15), pp.2399-2420.
Howcroft, D., 2013. The Apple business model: Crowdsourcing mobile application. Online at:https://www.sciencedirect.com/science/article/pii/S0155998213000306 [Accessed 27 November 2018]
Jasra, J., Hunjra, A.I., Rehman, A.U., Azam, R.I. and Khan, M.A., 2011. Determinants of business success of small and medium enterprises. International Journal of Business and Social Science, 2(20).
Jones, C. and Penaluna, A., 2013. Moving beyond the business plan in enterprise education. Education+ Training, 55(8/9), pp.804-814.
McGrath, R.G., 2010. Business models: A discovery driven approach. Long range planning, 43(2-3), pp.247-261.
Rothman, N.B., Pratt, M.G., Rees, L. and Vogus, T.J., 2017. Understanding the dual nature of ambivalence: Why and when ambivalence leads to good and bad outcomes. Academy of Management Annals, 11(1), pp.33-72.
Stutely, R., 2012. The Definitive Business Plan (3rd Ed). Harlow: Pearson Education Limited.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning, 43(2-3), pp.172-194.
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