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ENG242 Wk3 Fast Food Restaurant Idea

Question Description

Assignment 1:“Starting your business” à Create an idea for a business by answering the following questions:

What type of business?Small, partnership, corporation?

Provide a good?A service?

What external environment do you foresee?

What are you factors of production?

How do you feel the economic system where you plan to launch your business couldinfluence you?

What are your initial thoughts on a supply and demand strategy?

Are there any ethical challenges?

Are you going to go global?Trade considerations?Cultural differences?

Assignment 2:“Organizing your business” à Determine how your business will be organized:

What type of management structure do you want?

How many levels of management do you want?

Which areas of management do you think are needed?

How do you plan on implementing the skills of management in your business?

Which management skills are necessary in your chosen industry?

Develop your organizational structure / organizational chart

Determine your organization’s decision making hierarchy

Assignment 3:“The people in your business” à Determine how you will manage the people in your business:

What types of personality would be beneficial to your business? Detrimental?

How will you address good and poor performance?

How will you motivate employees?

Which leadership behavior do you think would be the best for your business?

What is your HRM strategy?

What are your staffing plans?

What type of selection process will you use to select the best employees?

Does your selected industry introduce any challenges to your HRM strategy?

Assignment 4:“Your marketing strategy” à Develop your initial marketing plan:

What value or utility will your business provide customers?

What is your CRM strategy?

What marketing environment considerations should you have?

What is your overall marketing strategy?(target market, research plan, consumer

behavior considerations, and overall plan to satisfy buyer behaviors, etc.)

What are your 4 P’s?

What features of your product or service will you emphasize?

What is your strategy / timeline for new products?

How will you set your initial price?

How will you get your product or service to your customer?

What is your advertising plan?

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