Business Plan for a Software Business Plan

Pages: 10 (2626 words)  ·  Bibliography Sources: ≈ 7  ·  File: .docx  ·  Level: College Junior  ·  Topic: Business

SAMPLE EXCERPT . . .

3. Promotional Strategies:

Nerd Patrol is a purely service oriented company in the Information Technology industry. In addition to a large number of potential individual customers, the significant portion of Nerd Patrol's target market constitutes high profile businesses from almost every type of industry. Therefore, it will have to promote its services in all the major promotional and advertising mediums to attract the largest number of customers from all over the country. First of all, Nerd Patrol should develop a comprehensive website as an introductory marketing medium for its business. This website will serve as the information agent for its customers as well as potential investors and other primary stakeholders from the country (Stair & Reynolds, 2010).

Nerd Patrol should ensure that its website contains all types of information which a customer, investor, employee, or a supply chain member may need from it. For example, it should provide information like: services offered by the company, buying and maintenance charges, discounts, technical solutions and training, and company profile, including location, ownership, investment opportunities, etc. The website must have different sections for every stakeholder of the company. For example, the customers can find all kinds of information in the 'customers' section and contact the company for their required product or services. Similarly, the investors can look over the financials of the company and make their investment decisions accordingly.Download full Download Microsoft Word File
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TOPIC: Business Plan on Business Plan for a Software Assignment

Another marketing strategy would be to promote the Nerd Patrol business on the social media networking sites. These sites will provide the cheapest and the most innovative marketing platform to the company. The owners can develop their business presence on the social media network in order to connect with other industry participants, potential business partners, and customers at large. In addition to these modern marketing mediums, Nerd Patrol business can also be promoted on newspapers and web or internet related publications (Havaldar, 2010).

4. Place/Location Strategies:

Nerd Patrol will set up its physical as well as online business presence. The technical team and managers will work for the company at its headquarters and take orders from individuals and business customers through website, emails, and telephones. In order to establish its presence with a rapid pace, Nerd Patrol will have to serve a larger target market. It can be done by taking software development, upgrades, maintenance, and other orders from a wider geographical region.

Competitive Analysis:

Nerd Patrol will operate in the IT industry which is highly concentrated with large IT giants like Microsoft, Adobe, Oracle, Google, Yahoo; and numerous small scale software and hardware manufacturers. In order to compete with these industry rivals, Nerd Patrol will have to focus on each and every aspect of its marketing efforts and business activities. On its operational setup, Nerd Patrol will have to develop reliable and effective software solutions and provide efficient technical services at the most competitive rates. At the same time, it will have to expend a large amount on the promotional and advertising efforts in a view to develop its brand image in the minds of potential target customers (Stefan, 2003). Nerd Patrol can take the advantage of low pricing as compared to large IT companies. It can provide software and hardware upgrades and maintenance services at cheaper rates and keep its profit margins low. This strategy can also help it in beating the small scale software companies in the industry (Havaldar, 2010).

Nerd Patrol Operations

As mentioned in the place strategies, Nerd Patrol will operate at both physical and online platform. However, it will mainly serve its clients at their business setups, e.g. while implementing business software, maintenance of existing software, hardware troubleshooting, networking solutions, and various other computers and web-related services. The company will operate 24-hour a day and six days in a week. The Management team will be available for the strategic direction and supervision of day-to-day operations during the day time. However, the technical staff and customer representatives will be available at 24/7 helpline to deal with the customers' queries and issues (Stair & Reynolds, 2010).

Major Operational Structure:

The major operations of the company will be to provide a wide range of hardware and software solutions; including troubleshooting and debugging, new connections, business resource planning software, web designing and promotion, software up-gradation, maintenance and control, and training services for the technical staff of business customers. All these operations will be the primary source of revenues for Nerd Patrol. The most significant operational issue for the company will be to understand each customer's unique needs; and then develop customized software products which best meet those needs. The company will also have to face a stiff competition from large industry rivals which are more specialized and innovative in their software development and maintenance services.

Legal and Sundry Issues

In addition to the competitive forces and environmental challenges, Nerd Patrol will have to adhere to the local laws and regulations in order to operate in a lawful way. First of all, it will have to register itself as a software development and web-related services provider with the local Ministry of Information Technology. Secondly, it will have to get its intellectual property secured. For example, it will have to register its trademark, logo, slogan, and other properties which are its sole identity in the entire IT industry (Kurtz & Boone, 2011).

Commercial Law:

The commercial law of the country will also put legal pressures on the company. Nerd Patrol will have to operate within the legal boundaries and structural framework defined by the local government for the local IT and specifically the software companies. Nerd Patrol will have to follow this framework in order to keep itself on the safest end and avoid any legal issues and criticism by the government and stakeholders respectively. In case the company faces some legal issue, it can get it resolved through its in-house attorney or by taking legal services from outside parties.

Major Challenges

The major challenges which Nerd Patrol may have to face in its industry include economic challenges, political and governmental response, technological innovations, business ethics, and environmental protection. The owners will start Nerd Patrol from a quite small scale. However, the business is being established in the IT industry which needs huge investments and business start-up costs.

Economic Challenges:

For Nerd Patrol, the biggest economic challenge would be to recover its initial investment in the shortest possible time. In the light of projected income statement for the initial 12 months of Nerd Patrol's business, it can be said that it will earn attractive revenues throughout the year. Reason being, there is a huge target market of both individual and corporate clients that are going to upgrade their business software in the coming years. By making effective marketing and promotional efforts, Nerd Patrol can attract these… [END OF PREVIEW] . . . READ MORE

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