Evaluation of Business Theory and Practice - Coursework Example

VАLUАТIОN ОF BUSINЕSS РLАNNING ТНЕОRY & РRАСТIСЕ Name: Course Instructor’s name Institution Date ЕVАLUАТIОN ОF BUSINЕSS РLАNNING ТНЕОRY & РRАСТIСЕ Identification of the used techniques and frameworks Adoption of the right market research theories and practice are the foundation for building a successful business. These interpret how a business will carry out its operation, implementation of policies and taking up of different strategies which will steer a business towards success. These theories and practices are essential in goal setting, effective performance in any business. This paper, therefore, highlights some of the theories, concepts, and practices used in the creation of an app and steering it toward the creation of business profits (Finch 2013). Market research is one technique taken up in the course of creation of the App. This particular technique was essential since it helped us in developing our App making it more effective and with higher performance to serve our target group. Market research, in this case, helped us improve he specs for the App to increase its performance ability and adaptability to various preferences (Eriksson P & Kovalainen A 2011).Marketing mix, on the other hand, made our app more competitive due to increased efficiency to the users which therefore gave it a competitive edge in the market industry. Adoption of the conceptual framework from PESTLE, on the other hand, helped coming up with strategic management for the App. Using these techniques, on the other hand, helped us in identifying untapped markets for the app and avoiding mistakes that might prove to be costly for its promotion and development. This also helps the business avoid any huge risk within the Apps industry which will ensure its success. The concepts drawn from the PRESTEL analysis module helps us in the creation of the app’s Swot analysis. This led us to recognise more opportunities or threats available in the industry which would influence our decision making (Anthes G 2011). The PESTLE module helped us in analysing the business and market environment which also helped in the creation of future decision for the up on this context. This module also helped in determining where power lies within the app this helped us maximize the potential provided by the up making it more effective. The PESTEL module was also essential in helping us gauge whether the app will be profitable or not. On the other hand, we embraced Tuckman’s group development theory in out course of creation, developing and promotion of the app. Tuckman's model, in this case, helped us understand our team development of maturity sustainability of good relationship and development of good leadership skills within the group (Barrow C, Barrow P & Brown R 2012) The technique which interested me most was PESTEL analysis in understanding the apps ability future potential and it market. This is due to the critical analysis of the business and market environment provided by this particular technique. The other factor for my interest in this technique is how effective the results of PESTLE analysis feed all aspects which multifaceted influences of the App’s operation (Eriksson P & Kovalainen A 2011). Application I used Pestle analysis to determine the political factors influencing the app’s creation and operation. Through this analysis, I was able to note the laws relating to apps plays a significant role in ensuring the creation of any app. Some of these factors include app’s licence, tariffs tax policy, and bureaucracy and completion regulation. On economic aspect of the up, this technique module helped us in analysing the app’s growth rate trends, stock market trends, Inflation rate and Interest rate. The third essential of the PESTEL module was analysing the social aspect of its environment this led to discoveries of the age distribution which is also essential in determining the apps target market. On the other hand through analysing the social aspect of the app we were also to determine the buying habit of the product which helped in shaping up our marketing strategies (Finch 2013). PESTEL model also helped us analyse the technological aspect of the app. This helped us determine the infrastructure level required in building the app which on the other hand helped in budgeting. Exploring the apps, technological aspect also helped us determine its adaptability to technological change. The other aspect we explored in line with the app’s PESTLE model is its legal aspect. This helped us understand the copyright Patten covering the app. On the other hand, it explained the importance of customer protection which was also a competitive edge that we took up (Blackwell, E. (2008). Results Embracing the PESTEL technique enabled us to note the current external factors affecting our app. On the other hand, it also helped us identify the fundamental external factors which positively contributed to effectiveness and efficiency of the app in the future. This technique also helped us in noting the opportunities and threats facing our app and how best to exploit the opportunities while avoiding the threats Finch 2013). This technique also babbled us reduce the expenses for the creation of the app through avoiding the high entry barriers. On the other hand, the PESTLE technique also helped me in ensuring the accessibility of the app through using easier user interphases making it user-friendly. It also helped us in deciding the best and most favourable revenue sharing terms among the group (Barrow C, Barrow P & Brown R 2012). Evaluation The PESTEL technique, in this case, was the most useful technique that we took up. This is because of how it played a great role in ensuring the successful building of the app. On the other hand, the choice of revenue generation from the up is also dependent on the PESTEL technique that we took up. The theory was also extremely helpful in helping us create an appropriate strategic tool for our app through minimising the threats and taking advantage of the opportunities presented. PESTLE analysis also helped us in identify potential change forces and adapt to them which was beneficial in helping us in the development of the app. This technique was also influential in the decision-making process regarding the app (Anthes G 2011)). Conclusion Among the other techniques taken up in the development of our business, the PESTLE analysis technique is one which stood out the most. This due to the huge contribution and influence it had on our business. On the other hand, PESTLE analysis was also important since it covered almost all sectors of the business. References Anthes G market reseerch 2011 market reseerch ‘Invasion of the mobile apps’, Communications of the ACM, Vol 54, p16-18. Barrow C, Barrow P & Brown R market research 2012 market reseerch The Business Plan Workbook, 7th edition, Kogan Page. Blackwell, E. market research 2008 market reseerch ‘Chapter 9: How not to write a business plan – or run a business’ In How to Prepare a Business Plan, 5th Edition, Kogan Page, p133-139. Eriksson P & Kovalainen A market research 2011 market reseerch ‘Chapter 12: Focus Group Research’ In Qualitative Methods in Business Research, Sage, London, p173-192. Finch market research 2013 market reseerch How to write a Business Plan, 4th Edition, Kogan Page. Larson EW & Gray CF market research 2011 market reseerch ‘Chapter 4: Defining the Project’ In: Project Management: The managerial process, 5th edition: International, McGraw-Hill, p100-125. Read More