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Running Head: Business Plan 1

Business Plan

Student’s Name

Institution Affiliation

Business Plan 2

Introduction

Starting a business without a business plan (BP) can be compared to driving a car without

a steering wheel. A business plan is a guide or a roadmap for any business which highlights the

set goals and objectives and also the methods to be used towards realizing those goals. Having a

beneficial and productive plan presents the following benefits within a business. First, it paints a

complete picture of a company since it contains all the details pertaining that entity. It includes

official information including naming, implementation strategy, and growth, both short and long-

term goals. Secondly, the plan gives a company a strategic focus by highlighting the target

market and identifying the right products and services to present. Thirdly, it helps in setting

priorities since a business cannot sell every product or even render all the services, having clear-

cut priorities promotes business in the allocation of time and resources (Zarezankova-Potevska &

Potevska-Kolevska, 2017). Arguably, a business plan assists in managing changes within the

industry and its environment, for any company to thrive in the current dynamic environment a

flexible plan should be put in place. Also, a business plan helps in developing accountability

since it runs from the setting of a budget and allocation of resources and all the finances within a

business. An ideal plan also covers financial metrics and the business’s prospects going forward

(Grosser, Moon & Nelson, 2017). This is achieved by always checking how cash flows within

the business and also preparing profit and loss accounts (Hsieh, 2017). Notably, companies such

as Mediequip should focus on creating an ideal plan that simplifies and exemplifies its focus and

strive to become a viable entity in the world. A perfect marketing plan would promote the

company into a significant body. In this paper, we focus on the implementation, marketing and

core variable affiliated to the business.

Business Overview

Business Plan 3

Mediequip is a private limited company in the medical industry. It is aimed at providing

medical equipment, disposables, implants, and software for diagnosis, monitoring, aid in

treatment and even alter the psychological processes. Due to the continuous development of new

medical devices, the company aims at better utilization of resources through needs assessment,

efficiency and safety verification, preventive maintenance, proper installation and rational

procurement. The company has a role in championing the development of new medical

equipment, development of better world health among individuals and making sure that the

equipment is supplied where they are needed. Notably, the business strives to center on better

service delivery in a society that is filled with complex societal demands.

Personnel Involved

In every business entity, there is a need to ensure the stakeholders has a specific role to

accomplish. Additionally, businesses that have well thought out personnel handling and

overseeing internal and external operations is instrumental in boosting set goals and business

demands. The business comprises of the founding team which entails a managing director,

market research director, finance director and finally a marketing director. The managing

director oversees the overall performance of the company and answers to the board of directors if

present. He is an instrumental person, and his duties within the company are to oversee all

operations. A market research director handles all the research activities to be undertaken by the

company to enhance the implementation of the marketing mix elements. A finance director deals

with the management and allocation of cash within the organization and later preparing a profit

and loss account. A marketing director implements the plans put in place after conducting market

research.

Business Plan 4

Mediequip is a partnership which draws fund from shares held by the stakeholders; the

partners use the shares as a measure of proportion on which to invest in the business. A

partnership has the following advantages over a company; in partnership raising of capital is easy

since the total amount is shared among the partners regarding shares. Secondly, the partnership is

a better way of sharing losses, whereby any loss incurred by the business is divided among the

partners. The partnership is useful for making sound and informed decisions since partners have

different professions which are crucial in developing a business (Grönroos, 1997). On the other

hand, a partnership has several disadvantages such as; decision making takes time due

consultations which are done in consideration to all the sediments of every stakeholder. In this

form of ownership, all the profits are shared among the stakeholders. However, this lowers

morale during participation towards the realization of the organizational goals. Finally, in

partnership, the distribution of power within the partners pauses a high risk of discomfort since

each position is attached to a different authority.

Marketing Mix

A marketing mix is a broad approach in making marketing decisions; it mainly deals with

the how a product is designed, the viable pricing options available, an ideal place to implements

business prospects, and how best to promote them (Dadzie et al., 2017). These four elements

explain how a business can link them up to create a valid product. A product should be unique

and of high quality, for it to compete in the market (Huang and Sarigöllü, 2014). Price is the

second aspect which should be keenly observed. A moderate rate should be identified to

facilitate profitability and fair competition in a market (Yoo, Donthu and Lee, 2000). Place is

another element of the marketing mix which should be highlighted since it covers the physical

location and hence transportation of the product to its end users (Kalyanam, and McIntyre,

Business Plan 5

2002). Finally promoting the product is crucial in creating awareness and educating the target

market of its existence within the market (Hall, 2008). Arguably, Mediequip’s approach towards

harnessing its marketing prospects is helpful in contextualizing its impact in advancing its set

goals.

The business has come up with the following marketing strategies to assist in reaching

the targeted market and create awareness of the product and services offered. A viable approach

to improve customer awareness of its functions is through advertising. Advertisements are bound

to create awareness, and an ideal method is through the creation of business literature marketing

its services. Through fliers, a company can include a summary of core units, its primary service

and how they can impact the community. Further, the business can use include its address

thereby improving its efficiency in service provision.

The other ideal method to help raise awareness about its existence is through the creation

of a website. Notably, the advent of information and technology has seen an increase in new

business marketing themselves online. Having a webpage that has all relevant information about

its service can result in significant improvement in service delivery. Further, the company can

reach a broad audience as a website transcends location (Constantinides, 2006). Further creating

an information video can also help market its services efficiently. This would also assist in

raising awareness with other partners and boots its networking prospects. Another important

approach to boost awareness is through marketing tests (Lee, 2017). The company can

effectively interact with potential clients via its online portal, engage them and ask them to try

out some of its services.

Business Reward Systems

Business Plan 6

In every service rendered, there has to be an anticipated reward accrued. In this regard, it

is always prudent for companies to strive to pay or reward its stakeholders well. For a business to

succeed proper employee reward systems should be put into place, such systems aids in

motivating the employees to work towards the success of the business (Klimkiewicz, & Beck-

Krala, 2015). For Mediequip, the ideal reward system is through compensations. The company

can offer best payout rates and create a functional environment for them to prosper in their

association with the business (Meyer, 2016). Through enactments of a payout plan that each

employee feels they are not overworked and underpaid, the company can mold employees who

are focused on fulfilling company goals.

The other reward system is through recognition and appreciation. Appreciation is an

intrinsic reward system used towards employees; this can be either written or in word of mouth

(Debouk, 2017). Arguably, it boosts productivity as the workers acknowledge that the company

they serve understand their input is not in vain (Lee, 2017). Appreciation is a primary motivator

which encourages the person to continue working towards the success of the business.

Additionally, benefits are another reward system which entails giving an employee a company

car, housing, medical cover, insurance, travel, and meals with the aim of motivating them.

Through such amenities, employees are influenced positively and work towards advancing better

service delivery. According to the reward-based theory of motivation, it is necessary to offers

personal rewards that are inclined towards what employees expect (Prouska, Psychogios, &

Rexhepi, 2016). Thus, presenting offers that center on a person’s expectations is crucial towards

having productive employees.

Legal Aspects Affiliated With the Business

Business Plan 7

Set rules and regulations bind every business. In this regard, companies that operate

legally are bound by statutory regulations. Mediequip has an obligation to solve issues pertaining

human health all over the world by creating and developing new medical devices and softwares.

In order to safeguard these new medical innovations, intellectual property rights comes into

picture. Intellectual property (IP) is a group of concepts and ideas protected by copyright,

trademarks, trade secrets and patents thereby protecting mind creations which attracts both

commercial and moral values (Fang, 2017). The company has to prove that it has patented its

equipment. This inclusion of IPR also serves to validate the uniqueness and authenticity of the

process involved in research and development (R&D) of the equipment it uses. Further, the

company has to take into account licensing of its products. This includes taking into account the

legal stipulations pertaining to sharing a product or service which has a patent on it. If the

company hopes to be the sole owner and distributor of the medical equipment it has to do so

through a legal means. By understanding how IPR affects its mode of operations or business

approach, the company can make strategic decisions to seek the services of a lawyer or have a

distinct legal team working with them.

Apart from legal aspects, the company has to factor in business ethics. Corporate ethics

are types of professional ethics aimed at examining morals and ethical practices. Ethics, on the

other hand, affects how an individual makes decisions and implements them to lead a life. In this

scenario, the business is aimed at making the world a better place by providing medical

equipment and software to assist in identification and treatment of diseases. For Mediequip to

operate efficiently, it has to factor in ethical stipulations as spelled out under the health code of

conduct. The business offers service that has an impact on people’s live thus it paramount for it

Business Plan 8

to operate transparently. Abiding by set laws and regulations governing health and hygiene is

critical.

Conclusion

A business plan is the backbone of any business with the aim of succeeding in any market

since it draws a clear roadmap to be followed in realizing the set goals and objectives of an

organization. Marketing mix elements should always be put into consideration to enable the

organization define what product to offer, how to distribute it to the targeted market physically,

how to price the product considering all the other products within the market to enhance

profitability and fair completion and finally how to promote the product. A well laid

organizational plan should be captured within the plan to improve proper structuring. A reward

system is aimed at motivating employees to work towards realizing the set corporate and

personal goals. Any business should operate within the business law stipulated in their

constitution to be on the safe side of the law and also adhere to the set laws and regulations

governing its operation.

Business Plan 9

References

Constantinides, E., 2006. The marketing mix revisited: towards the 21st century

marketing. Journal of marketing management, 22(3-4), pp.407-438.

Dadzie, K, Amponsah, D, Dadzie, C, & Winston, E 2017, 'How Firms Implement Marketing

Strategies in Emerging Markets: An Empirical Assessment of The 4A Marketing Mix

Framework', Journal Of Marketing Theory & Practice, 25, 3, pp. 234-256.

Debouk, M 2017, 'Happy staff translates to more profitable organizations', Businesstoday, 222,

p. 1.

Grönroos, C., 1997. Keynote paper From marketing mix to relationship marketing-towards a

paradigm shift in marketing. Management decision, 35(4), pp.322-339.

Grosser, K, Moon, J, & Nelson, J 2017, 'Guest Editors’ Introduction: Gender, Business Ethics,

and Corporate Social Responsibility: Assessing and Refocusing a

Conversation', Business Ethics Quarterly, 27, 4, pp. 541-567.

Hall, D. (2008). Business studies AS level AQA. Ormskirk, Causeway.

Hsieh, N 2017, 'The Responsibilities and Role of Business in Relation to Society: Back to

Basics?', Business Ethics Quarterly, 27, 2, pp. 293-314.

Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand

equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-

132). Springer, New York, NY.

Kalyanam, K. and McIntyre, S., 2002. The e-marketing mix: a contribution of the e-tailing

wars. Journal of the academy of marketing science, 30(4), pp.487-499.

Business Plan 10

Klimkiewicz, K, & Beck-Krala, E 2015, 'Responsible Rewarding Systems - The First Step To

Explore The Research Area', Research Papers Of The Wroclaw University Of Economics

/ Prace Naukowe Uniwersytetu Ekonomicznego We Wroclawiu, 387, pp. 66-79.

Lee, C 2017, 'Product diversification, business structure, and firm performance in Taiwanese

property and liability insurance sector', Journal of Risk Finance (Emerald Group

Publishing Limited), 18, 5, pp. 486-499.

Meyer, C 2016, 'Rewarding employees', Journal of Accountancy, 222, 3, p. 20.

Prouska, R, Psychogios, A, & Rexhepi, Y 2016, 'Rewarding employees in turbulent economies

for improved organisational performance', Personnel Review, 45, 6, pp. 1259-1280.

Yoo, B., Donthu, N. and Lee, S., 2000. An examination of selected marketing mix elements and

brand equity. Journal of the academy of marketing science, 28(2), pp.195-211.

Zarezankova-Potevska, M, & Potevska-Kolevska, V 2017, 'Enhancing Business Ethics Through

Social Responsibility', Economic Development / Ekonomiski Razvoj, 19, 1/2, pp. 265-

278.

Fang, L, Lerner, J, & Chaopeng, W 2017, 'Intellectual Property Rights Protection, Ownership,

and Innovation: Evidence from China', Review Of Financial Studies, 30, 7, pp. 2446-

2477.

Chen, Y, Bharadwaj, A, & Goh, K 2017, 'AN EMPIRICAL ANALYSIS OF INTELLECTUAL

PROPERTY RIGHTS SHARING IN SOFTWARE DEVELOPMENT

OUTSOURCING', MIS Quarterly, 41, 1, pp. 131-162.

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