Marketing
Business planStudent’s NameInstitutional AffiliationIntroductionMost of the successful businesses attribute their success to effective marketing planning. Thus, the adage failure to plan is planning to fail. A marketing plan is essential in helping a business organization identify its competitors and customers and establish appropriate strategies to gain a competitive advantage over others. Moreover, as a business, you will be able to trace your progress alongside the set objectives and targets and help make appropriate corrective measures in case of deviations (McKinney, 2003). This essay seeks to provide a look at the components of a business plan based on a case study of the mobile phone industry. ContextEnvironment factorsLocal economy: The level of economic stability directly affects business. Just like any other industry, the mobile phone industry is also affected by the position of the local economy (Jayachandran, 2004). There are numerous economic factors that are likely to affect my mobile phone business. A higher inflation rate or higher interest rates will increase the costs of production thus negatively impacting the business; however, a decrease will be beneficial to the business (Fiore, 2005). Similarly, a higher disposable income, credit accessibility or higher employment rates will increase consumers ability to purchase my products thus will positively affect my mobile phone business.
Population: From an economic perceptive, a population increase will positively impact my business as their will be increased the market. However, the population increase should be accompanied by their ability and willing to purchase mobile phones. The increased population who are willing and able to use my products will positively affect my business. Cultural trends also affect the viability business (McKinney, 2003). Cultures that embrace technology will positively impact my business. Driving forces The major driving forces of the business are increased consumer income and changes in tastes fashion and preferences. Over the recent years, the demand for mobile phones has increased at unprecedented. This increased demand is pegged on the fact that people are embracing new technology. Statistics show that demand for these products will still be on the rise due to continuous changes in consumer’s tastes and preferences. Most young people want to have the most recent gadget and get rid of old and outdated phones; this makes them constantly purchase new models to be on par with their peers (Carraro, 2004). The major trend in the industry is the constant innovations. This trend is expected to continue as the consumer needs and wants keep changing. The properties and designs of phones are constantly changing to more appealing, effective and efficient to meet and surpass customer needs. These innovations are what differentiate a firm from other producers.