Capstone 1 Environmental and Industry Analysis Capstone Anitra Green Grand Canyon University- MGT 660 October 7, 2015 Capstone 2 Environmental and Industry Analysis Porter's Model of Five Forces is a resourceful structure for evaluating an industry's external environment and has been proven to be a valuable tool in many arenas. The Porter model aids the user in dealing with the competitive distinctiveness of a particular industry. The industry that this writer is researching is the medico-legal industry. The aspects of Five Forces Model includes the threat of new entrants, the bargaining power of suppliers, bargaining power of customers, availability of substitutes, and scale of rivalry among competitors[ CITATION Por07 \\l 1033 ]. When assessing the new competitor threats in regards to the medico-legal industry the business faces threats from regional competitors who have been in the industry for a long time. Therefore, these competitors could have a greater market share in the industry. According to Martin (2014), \"as an existing company, it is alsoa good idea to keep a check on the industry dynamics to anticipate the threat of new entrants as the industry changes and evolves.\" While the substitution of threats, in the medico-legal industry are limited to those having a healthcare degree and some legal knowledge. However, there have been instances where businesses have lowered their service prices to acquire new business but their work quality and customer service lacked. Therefore, the company had a decrease in profits and no repeat business. When looking at the rivalry amongst the competitors, the competition is fierce and extremely competitive. Many companies in the industry have been in business for numerous years because they have built relationships with their clients which translate into repeat business at times. Although, Green Legal Consulting is a small and young company, they focus on quality, Capstone 3 are customer focused, showflexibility, adaptability and quick work turn around. In accordance to an article in Healthcare's new entrants: Who will be the industry's Amazon (2014), it is believed that any business big or small should focus on the consumer and \"match or beat incumbents on quality by using innovative approaches such as virtual networks of experts for second opinions.\" In regards to the bargaining power of suppliers and customers, Porter suggests that consumers can insist that companies supply superior quality products, enhancedconsumer service, and reduced prices[ CITATION Jim13 \\l 1033 ]. In agreement, Green Legal Consulting provides numerous services to its customers while providing a superb customer service, competitive prices, and an enhanced customer experience. This affords a better value and consistency for the consumer and profitability for the business. Bargaining of customers in the medico-legal arena supplying the industry consist of a large amount of small operators and a handful of large operators. Trends, Outlook, and Forecasts It is believed that the medico-legal industry services will increase as resources go back to pre- recession stage. \"In the next five years, the industry is set to benefit from an increase in per capita disposable income, government consumption and investment, corporate profit and strengthened demand from law firms. Despite these improvements, expert witness consulting firms will continue to face competition from large consulting firms and law firms that have a general counsel or in-house legal team with expert witnesses[ CITATION Exp14 \\l 1033 ].\" Green Legal Consulting Company seems to be on the up rise and shown to be a viable contender in pool of sharks. If the company continues to adapt to changing trends, remain customer and Capstone service focused, and price services competitively; they can be an influential resource in the industry. 4 Capstone 5 References Expert Witness Consulting Services in the US: Market Research Report. (2014, July). Retrieved from IBIS World: http://www.ibisworld.com/industry/expert-witness-consulting-services.html Healthcare's new entrants:Who will be the industry's Amazon? (2014, April). Retrieved from PwC Health Research Institute: http://www.pwc.com/us/en/health-industries/healthcare-newentrants/assets/pwc-hri-new-entrants.pdf Martin, M. (2014, August 19). Entrepreneurial Insights. Retrieved from Strategy frameworks: Threat Of New Entrants: http://www.entrepreneurial-insights.com/threat-of-new-entrantsporters-five-forces-model/ Porter's Five Forces: A model for industry analysis. (2007). Retrieved from http://www.quickmba.com/strategy/porter.shtml Wilkinson, J. (2013 , July 23). Buyer Bargaining Power (one of Porter's Five Forces). Retrieved from The Strategic CFO: http://strategiccfo.com/wikicfo/buyer-bargaining-power-one-of-portersfive-forces/ MGT 660 Capstone Project Overview Creation of a market entry plan, or creation of a market expansion plan, or an M&A plan The structure of this assignment is comprehensive and integrative. It requires synthesis and evaluation of information, skills and knowledge developed throughout your degree program. This final 8 week project (introduced the 1 st week of the class) will serve as a culminating project. Each week, the student will have a specific portion to submit as described in the modules. Prepare each assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. The following is the outline of the Plan that the student is advised to follow as closely as possible. Each topic will address one or few specific competencies or learning outcomes. Each competency will be graded and assessed using the attached rubric. 1. Overview Describe briefly the context and your organization (500 word maximum). a) Articulate the vision, mission, and strategy of your organization (or business unit or division). b) What are the sources of competitive advantage? c) What is the business opportunity? Due by the end of Module 1 2. Environmental analysis and Industry Analysis Using the Segments of the General Environment write the environmental analysis of your Capstone Project (500 word maximum) a) Incorporate the Five Forces of Competition to help write the Industry analysis of your Capstone Project. b) Use the CAGE model (if you are entering global or international markets) applicable) to help you write the industry analysis of your Capstone Project. c) What do you see as being the trends, outlook or forecast for the type of organization that you are writing about in your Capstone Project? Due by the end of Module 2 3. Marketing Plan for the Capstone Project Based on the organization you have selected, this week you will write a 750-1000 word Marketing Plan. You can use the Marketing Plan Sample as a template for this section, omitting those topics covered in other sections of the Capstone document. a) What is your target market? b) What is the size of your potential target market? c) Describe the 4 Ps of marketing in your organization (product/positioning, pricing, promotion, and placement). Due by the end of Module 3 4. Organizational Plan Based on the organization you have selected, for this module you will write a (750 word maximum) Organizational Plan that addresses the following: a) Describe who will comprise your management team and what talents or skills each of the team members will bring to the organization. Include a simple organizational chart. b) Outline a McKinsey 7-S Assessment/Model as it applies to your business. c) Describe the Business level strategy and how it fits with the corporate level strategy. Due by the end of Module 4 5. Operational Plan Based on the organization you have selected, this week you will write a (500 word maximum) Operational Plan that addresses the following (guidelines): a) What is the supply chain for your prospective organization? Where does your organization bring value in this supply chain? b) Who are your main partners and suppliers? What are their locations? What is your contingency plan? c) How will you optimize operational effectiveness in your organization? How will you ensure your firm is lean? d) Consider your operational plan from a value chain perspective and identify and discuss the primary and support activities. Due by the end of Module 5 6. Financial Plan Based on the organization you have selected, this week you will write a Financial Plan (500 word maximum) plus spreadsheet(s) to address the following: a) Using Excel,create a three year Pro Forma income statement for your organization (or product/service). b) What will be your financial break-even point? c) If you require investment capital, identify possible sources (friends, family, banks, USSBA, etc.) d) How will you use financial information to help you craft your business strategy? e) What key financial ratio will you be using to measure the performance of your organization to determine success? Due by the end of Module 6 7. Critical Risks Assessment and Milestones Schedule for the Capstone Project Based on the organization you have selected, this week you will write a (500 word maximum, plus a spreadsheet) Critical Risk Assessment and Milestones Schedule that addresses the following: a) Describe the preferred timing and objectives of your business plan. Include an Excel spreadsheet with critical decisions and dates. b) What contingency plans will you have in place for any issues that may arise? Due by the end of Module 7 8. Strategic Leadership and Entrepreneurship Analysis There are three assignments for this module pertaining to the Capstone Project: Strategic Leadership and the Executive Summary Based on the organization you have selected, this week you will write a (500 word maximum) Strategic Leadership and Entrepreneurship section that addresses the following topics: a) What is your sphere of influence in your organization? Based on this, what impact can you have on the implementation of your business plan? b) What is your own bias? c) What hurdles do you anticipate? d) What leadership style will you have to demonstrate? Where do you fall short? e) What are your strengths and weaknesses as it relates to your business? f) How can you impact and influence others and your future organization to deliver the results you expect? 9. Executive Summary Revise the Overview written in Module One into an Executive Summary of your business plan. a) Include a few sentences to describe each section of the Business Plan so the reader can understand what will follow in the detailed sections of the plan. 10. Finalize the Strategic Business Plan Integrate the plan components developed in each module into a finalized Strategic Business Plan. Incorporate any feedback from your instructor into the final document as well. Due by the end of Module 8 Running head: Marketing Plan Marketing Plan Student A. Sample Grand Canyon University: MGT 660 Marketing Plan Executive Summary A one page summary of the entire report. Make sure to include any conclusions that you make. Challenge Brief description of product or service including strategic goals, sales and figures. Situation Analysis Company: Focus, goals, strengths, weaknesses, market share. Customers: Number, type, motivation, decision processes. Competition: Market position, strengths, weaknesses, market share. Collaborators: Joint ventures, subsidiaries, distributors. SWOT Strengths/weaknesses, opportunities/threats. Market Segments/Marketing Strategy Description of each product line, percentage of total of sales, customer wants, competitive positioning. The 4 P's.... Product: Name, quality, size, packaging and warranty. Price: Strategy for volume. Place: Distribution channels. Promotion: Advertising Long and Short Term Financial Projections Include financial plans and results and time line. Conclusion Summary of plan References Capstone 1 Capstone Project Anitra Green Grand Canyon University: MGT 660 September 30, 2015 Capstone 2 Business Overview In accordance to BusinessDictionary.com (2015), context is defined as, \"In order to background, environment, framework, setting, or situation surrounding an event or occurrence.\" The organization that this writer has chosen to focus on is Green Legal Consulting, LLC. This company provides services in the medical and legal arena. For instance, the company provides services to attorneys educating them on medical facts and issues related to claims, identifying and determining damages and related costs of services, preparing chronologies of medical events and correlating them to allegations, assisting with depositions and trials, including developing exhibits and obtaining missing records.Services that relate to both medicine and law are simply known as medico- legal[ CITATION Med15 \\l 1033 ]. Green Legal Consulting company was established in August of 2013 and considered a fairly new company when compared to those who have been around for double double-digit years. This company is run by legal nurse consultants who have a unique knowledge of the law along with being healthcare professionals who give guidance or opinions on medical or healthcare related issues. The company is considered to be a profitable corporation and has been growing upward since its incubation. Mission, Vision, and Strategy A mission statement, in accordance with Bohlander& Snell (2007, p. 52), \"the basic purpose of the organization, as well as its scope of operations. It is a statement of the organization's reason for existing.\"The mission for Green Legal Consulting, LLC is to provide impartial and yet comprehensive medical-legal services to affiliates of the legal, insurance, and medical communities. This writer finds that the company's mission is defined to be enduring and the aim of the company is to expand the knowledge base of non-healthcare individuals, getting to the truth of various matters and making a positive difference in the world. Capstone 3 The strategic vision of a business shed light on the long term course of a company and its tactical objective [ CITATION Boh07 \\l 1033 ]. With that being said, Green Legal Consulting company'svision is to utilize healthcare knowledge, to work diligently, and to apply advanced research techniques to ensure client satisfaction with all aspects of their services. The company's strategic goal is to utilize its resources and the skill sets of its team members.\"The company consists of a committed and dedicated team of nurses who will work around the needs of their clients\"[ CITATION Exp15 \\l 1033 ]. Competitive Advantage and Opportunity In accordance to Jassim (2014), a competitive advantage is when a company is putting into practice anapproach not concurrently being applied by any current or prospective rival.Green Legal Consulting, LLC outshines its competitordue to their core values and its belief in being receptive to its patrons[ CITATION Exp15 \\l 1033 ].Opportunities for the company would be to investigate methods in which it can create value and achieve the competitor's edge. This in essence will assist in maximizing the profits. Capstone 4 References Bohlander, G., & Snell, S. (2007). Managing Human Resources (14 ed.). Mason, OH: Thomson. Business Context. (2015). Retrieved from BusinessDictionary.com: http://www.businessdictionary.com/definition/context.html#ixzz3nLLkTP4F Consulting, G. L. (2015, April 15). Experience Outstanding Assistance with Green Legal Consulting. Retrieved from https://www.prbuzz.com/business-entrepreneur/306681-experienceoutstanding-assistance-with-green-legal-consulting.html Jassim, R. K. (2014). Competitive Advantage Through the Employees. 387-413. Medicolegal. (2015). Retrieved from merriam-webster: http://www.merriamwebster.com/dictionary/medicolegal