MY BUSINESS IS A STEEL COMPANY

I also attached my company description and products and services for your better understanding

This section of the assignment calls for details to the industry, the competitive landscape, the target market, and how the business will be marketed to consumers. The following documents are to be submitted on the due date:

• SWOT Analysis
• Competitive Analysis Worksheet
• Annual Marketing Budget
• Pricing Strategy Worksheet

Market research:

There are two kinds of research: primary and secondary. Primary market research is information you gather yourself. This could include going online or driving around town to identify competitors; interviewing or surveying people who fit the profile of your target customers; or doing traffic counts at a retail location youre considering.

Secondary market research is information from sources such as trade organizations and journals, magazines and newspapers, Census data and demographic profiles. You can find this information online, using the online library (LIRN), from chambers of commerce, from vendors who sell to your industry or from government agencies.

This section of your plan should explain:

• The total size of your industry
• Trends in the industry is it growing or shrinking?
• The total size of your target market, and what share is realistic for you to obtain
• Trends in the target market is it growing or shrinking? How are customer needs or preferences changing?

1. Barriers to entry

What barriers to entry does your startup face, and how do you plan to overcome them? Barriers to entry might include:

• High startup costs
• High production costs
• High marketing costs
• Brand recognition challenges
• Finding qualified employees
• Need for specialized technology or patents
• Tariffs and quotas
• Unionization in your industry

2. Threats and opportunities

Once your business surmounts the barriers to entry you mentioned, what additional threats might it face? Explain how the following could affect your startup:

• Changes in government regulations
• Changes in technology
• Changes in the economy
• Changes in your industry

Use the SWOT Analysis Worksheet attached to identify your companys weaknesses and potential threats, as well as its strengths and the potential opportunities you plan to exploit.

SWOT Analysis Worksheet SWOT Analysis Worksheet-1.docx

3. Product/service features and benefits

Describe all of your products or services, being sure to focus on the customers point of view. For each product or service:

• Describe the most important features. What is special about it?
• Describe the most important benefits. What does it do for the customer?

In this section, explain any after-sale services you plan to provide, such as:

• Product delivery
• Warranty/guarantee
• Service contracts
• Ongoing support
• Training
• Refund policy

4. Target customer

Describe your target customer. (This is also known as the ideal customer or buyer persona.)

You may have more than one target customer group. For instance, if you sell a product to consumers through distributors, such as retailers, you have at least two kinds of target customers: the distributors (businesses) and the end users (consumers).

Identify your target customer groups, and create a demographic profile for each group that includes:

For consumers:

• Age
• Gender
• Location
• Income
• Occupation
• Education level

For businesses:

• Industry
• Location
• Size
• Stage in business (startup, growing, mature)
• Annual sales

5. Key competitors

One of the biggest mistakes you can make in a business plan is to claim you have no competition. Every business has competitors. Your plan must show that youve identified yours and understand how to differentiate your business. This section should:

List key companies that compete with you (including names and locations), products that compete with yours and/or services that compete with yours. Do they compete across the board, or just for specific products, for certain customers or in certain geographic areas?

Also include indirect competitors. For instance, if youre opening a restaurant that relies on consumers discretionary spending, then bars and nightclubs are indirect competitors.

Use the Competitor Data Collection Plan attached to brainstorm ways you can collect information about competitors in each category.

Competitor Data Collection Plan Competitor Data Collection Plan-2.docx

Use your identification of the major competitors from last week and compare your business to your competitors. There are three attachments this week:

1) Competitive Analysis Worksheet

2) Marketing Expenses Strategy Chart

3) Pricing Worksheet

Competitive Analysis Worksheet (ATTACHED) Competitive Analysis Worksheet.docx

For each factor listed in the first column, assess whether you think its a strength or a weakness (S or W) for your business and for your competitors. Then rank how important each factor is to your target customer on a scale of 1 to 5 (1 = very important; 5 = not very important). Use this information to explain your competitive advantages and disadvantages.

How you will market your product/service

In this section, explain the marketing and advertising tactics you plan to use.

Advertising may include:

• Online
• Print
• Radio
• Cable television
• Out-of-home

Which media will you advertise in, why and how often?

Marketing may include:

• Business website
• Social media marketing
• Email marketing
• Mobile marketing
• Search engine optimization
• Content marketing
• Print marketing materials (brochures, flyers, business cards)
• Public relations
• Trade shows
• Networking
• Word-of-mouth
• Referrals

What image do you want to project for your business brand?

What design elements will you use to market your business? (This includes your logo, signage and interior design.) Explain how theyll support your brand.

Promotional budget

How much do you plan to spend on the marketing and advertising outreach above. Research to determine the costs for advertising using certain outlets or media.

• Before startup (These numbers will go into your startup budget)
• On an ongoing basis (These numbers will go into your operating plan budget)

Use the Marketing Expenses Strategy Chartattached to help figure out the cost of reaching different target markets. Marketing Expenses Strategy Chart-1.docx

Using the information youve gathered, create your annual marketing budget. Annual_Marketing_Budget_Template-1.xlsx

Pricing

You explained pricing briefly in the Products & Services section; now its time to go into more detail. How do you plan to set prices? Keep in mind that few small businesses can compete on price without hurting their profit margins. Instead of offering the lowest price, its better to go with an average price and compete on quality and service.

• Does your pricing strategy reflect your positioning?
• Compare your prices with your competitors. Are they higher, lower or the same? Why?
• How important is price to your customers? It may not be a deciding factor.
• What will your customer service and credit policies be?

Use the Pricing Strategy Worksheet attached to help with your pricing. Pricing Strategy WKSHEET.docx

Location or proposed location

If you have a location picked out, explain why you believe this is a good location for your startup.

If you havent chosen a location yet, explain what youll be looking for in a location and why, including:

• Convenient location for customers
• Adequate parking for employees and customers
• Proximity to public transportation or major roads
• Type of space (industrial, retail, etc.)
• Types of businesses nearby

Focus on the location of your building, not the physical building itself. Youll discuss that later, in the Operations section.

MY BUSINESS IS A STEEL COMPANY

I also attached my company description and products and services for your better understanding

Competitor Data Collection Plan Competitive Analysis Worksheet For each factor listed in the first column, assess whether you think it's a strength or a weakness (S or W) for your business and for your competitors. Then rank how important each factor is to your target customer on a scale of 1 to 5(1 = very important; 5= not very important). Use this information to explain your competitive advantages and disadvantages. Marketing Expenses Strategy Chart Pricing Strategy Worksheet Include strategy info on your major product lines/service offerings. List industry/market practices and any considerations to be discussed with your instructor. Mission: As a steel company, our mission is to ensure long-term economic viability, minimize environmental impact, and promote social responsibility. Philosophy \& Vision: From raw materials sourcing to manufacturing and delivery, sustainability is at the forefront of everything we do.In order to meet the needs of the steel industry in terms of environmental and social responsibility, we wish to set an example of environmental and social responsibility while driving the economy forward. Goals: 1. Utilize sustainable practices, such as reduction of emissions, conservation of resources, and recycling, to reduce our environmental impact. 2. Assuring fair and ethical treatment of our employees is a crucial part of promoting social responsibility. 3. Maintaining a competitive edge in the market by ensuring efficient and cost-effective operations, developing sustainable products, and conducting research and development. 4. In order to meet industry standards and continuously improve steel manufacturing processes, we strive to continuously innovate and improve sustainable steel manufacturing processes. 5. Providing sustainable steel products and services with a strong reputation for reliability and responsibility. Depending on the company's specific products and services, sustainable steel manufacturers may target several different markets. Markets that may be targeted include: 1. Buildings and bridges could be constructed with sustainable steel products from the company. 2. Automobiles and other vehicles can be made using sustainable steel products. 3. In the construction of wind and solar power facilities, the company could sell sustainable steel products. 4. Manufacturing and mining are just two examples of industries that might benefit from the sales of sustainable steel products. 5. Schools, hospitals, and government buildings can use the company's sustainable steel products. 6. In the field of green architecture and construction: In addition to selling sustainable steel products, the company could offer green building products. The construction of eco-friendly buildings, such as LEED-certified buildings, is included in this category. 7. Groundwork: Sustainable steel products can be sold for use in highways, bridges, and public transportation projects. 8. Other organizations that have similar goals could be targeted by the company, Reducing their carbon footprint or aiming for sustainability targets. However, the company might choose to focus on a particular region, Urban areas or developing countries are examples of market segments. Industry: Providing the materials needed for building, manufacturing, and infrastructure, the steel industry is a fundamental and longstanding one. Mini mills and integrated producers account for the majority of the industry's output. Scrap steel is used as a raw material by mini-mills as opposed to iron ore and coke used by integrated producers. Sustainability and environmental protection are becoming increasingly important to the industry. Steel can now be produced with less energy, resources, and emissions thanks to new technologies and processes. Many companies have also become interested in recycling and reusing steel products. Many companies are investing in sustainable steel technology and processes as part of their efforts to produce steel in a sustainable manner. Several industries, including construction, automobiles, and infrastructure, are expected to drive the market. Legal Structure: 1. Corporate structure: By having a limited liability structure, a company is protected from personal liability for its debts. Larger, more complex businesses may benefit from this option. 2. An LLC is an entity that is limited to its assets and liabilities: Combined with the tax benefits of a partnership, this structure offers limited liability protection. The ownership and management of the company can also be flexible. 3. The S-Corporation: Despite being taxed like a partnership, this legal structure is similar to that of a corporation. 4. Cooperative: The members of this legal structure own and control the company, and they are responsible for making decisions and sharing profits. It is possible for farmers or other small-scale producers to own a sustainable steel manufacturing company. - A wide range of steel products are produced by our company. Among them are beams, sheets, plates, and bars. Our products are manufactured in-house using the latest technology and equipment. Providing raw materials from our suppliers ensures timely delivery and consistent quality, and our relationships with them are strong. - Solution: Customers often face limited options and high prices in the steel industry because of its high level of competition. High-quality steel products at competitive prices offer a solution to this problem. We maintain excellent quality while keeping our prices low by focusing on innovation and efficiency in production. - In the market, we have a competitive advantage because of our proprietary manufacturing processes. Currently, we have a patent pending on a new way of producing products that increases efficiency and reduces waste, as a result, products are cheaper and more reliable. - Pricing Strategy: We will offer competitive prices while still maintaining a healthy profit margin on our products. Our prices will be in the middle of the market. Providing high-quality products at affordable prices will be our pricing strategy to attract customers