Take the next step on your BOP Plan and describe the specific business plan you would follow in order to implement your plan in the country you have chosen. . Your paper should not be less than 3 pages and should be in outline form - Essay Example

Lagos Company Limited Lecturer Executive Summary The recommended business is a condom company by the Lagos Company Limited. Thebusiness will be located in Lagos Nigeria to capture the foreigners as well as local people. The firm is an independent one starting in Nigeria. This business plan is giving a guideline of what is required in setting up the business. This outline highlights the business profile, market strategy, personnel, production and purchasing strategies. The plan is important in the running of the business to ensure that clear goals and objectives are identified as well as a means of attaining them set.

Table of Contents Table of Contents 2 1.1Business Activity 5 1.2 Business Name and Location 5 1.3 Business Entry Strategy 5 1.4 Ownership structure 5 1.5 Legal requirements and objectives 6 2.0 Marketing 6 2.1 Environmental trends 6 2.2 Political and legal environment 6 2.3 Economic Environment 6 2.4 Social Environment 7 2.5 Industry conditions 7 2.6 Product/ services 7 2.7 Competitors 7 2.7.1 Deux Company 8 2.7.2 Target Customers 8 2.8 Marketing Strategies 8 2.9 Marketing Controls 9 3.0 Production 9 3.

1 Production capacity 9 3.2 Production Strategy 10 4.0 Purchasing 10 There shall be suppliers in the business. The suppliers of the organization are training services providers, marketing companies, ICT manufacturers and consultants. The firm shall come up with a strategy that guides in sourcing out the suppliers since the business is big. The suppliers shall be reviewed through mail, email, and phone or online. 10 4.1 Purchasing policies 10 The organization is committed to utilize and purchase socially and environmentally responsible products and materials.

Lagos Company supports waste management. The company seeks to reduce negative effects of the final use of the product on the environment. Lagos Company is also committed to activities that are planned to guard and conserve the environment. 10 5.0 Personnel 10 5.1 Management Details 10 5.2 Organization Structure 11 General Manager 11 Assistant General Manager 11 Training Manager Sales Manager PR Manager 11 5.3 Staffing 11 5.4 Professional Advisers 12 5.5 Personnel Control 12 6.0 Financial 13 6.

1 Personal financial position 13 6.2 Establishment Costs 13 References 14 1.0 Business Profile 1.1Business Activity As List & Korherr (2005) state, any successful business requires the setting of long-term and shortterm goals. The long-term goal of the Lagos firm is to provide the citizens of Nigeria with information and the products that help in protecting them from HIV and other sexually transmitted diseases, as well as unwanted pregnancies. The management also plans to produce high quality products which shall bring pleasure to the users.

Use of internet is recommended in order to increase the organization’s exposure and increase the returns of the organization as soon as it starts. 1.2 Business Name and Location The name of the business is Lagos Company Limited and is to be built in Lagos town in Nigeria which is a highly populated area. 1.3 Business Entry Strategy The Lagos Company shall use the exporting strategy, whereby the products shall be manufactured and transported all over the states of Nigeria and in other countries when the business gets established.

This strategy is risky since the business must be having the required resources to start and maintain the business. 1.4 Ownership structure The Company is owned by three directors namely Mr. Rooney Percin, Mr. Peter Okegu and Barrack Lenny. The directors are to hire a General Manager and other managers to learn the business and they are expected to satisfy the company’s license agreement. 1.5 Legal requirements and objectives The organization shall be registered under the name Lagos Company Limited.

In Nigeria, naming the company is a legal requirement. There are other legal factors such as employment agreement, rent agreement, finance agreement, supply agreement and others. Lagos Company is a big business and, therefore, shall seek legal advice before the business starts operating. The company’s objective is to offer clients with the necessary information as well as protect them from all kinds of sexual infections. 2.0 Marketing 2.1 Environmental trends A PESTLE analysis was done in order to analyze the environmental trend. 2.2 Political and legal environment According to Arnold, Chadraba & Springer (2001), political and legal environment should be considered when starting a business.

Lagos Company cannot proceed with the plans until it is provided with the necessary documents required to purchase the land to set up the business. Policy review, insurance and operations manual are to be obtained to assist in acquiring construction permit. 2.3 Economic Environment The economy of this country is prosperous. This enables more people to be capable of spending money. This enables them to use the product of this organization. 2.4 Social Environment Lagos has a large population and is a home to hotel industries.

The location also has a good standard of living. The hotels in the location hold a lot of events and parties which is a benefit to the organization. In addition, the people living in the place can afford our products since they have a good standard of living which means they are financially stable. In regards to this, the social environment is an enabler to the growth as well as the prosperity of our business. 2.5 Industry conditions There are few industries producing the same product as Lagos Company but despite that, there is a need for the organization to come up with competitive strategies that makes the business to thrive.

The importance of it is the potential clients in the location, whereby the business stands to gain during the time of festivals and parties in the hotels around. 2.6 Product/ services The organization shall provide the clients with information on the benefits of using protection during sexual intercourse, and also provide them with the condoms. 2.7 Competitors Upon its launch, Lagos Company aims at being the best in delivering quality services and products. This is to be achieved through qualified and trained personnel.

The company has already identified its competitors running the same business. Therefore, it is necessary to analyze the competitors and understand the ways through which they ensure that they gain competitive advantage. 2.7.1 Deux Company This is one of the main rivals of the organization. The company is located 25km from the business location. They produce approximately 1.2 million packets of condoms per month, and their wholesale price is as follows: None flavored packet of condom US$10 Strawberry flavor packet US$25 Banana flavored packet US$20 Pineapple flavor packet US$20 The rates have been calculated by excluding tax rate 2.7.2 Target Customers The Lagos Company focuses mainly on the vacationers who shall be in the hotel industries exploring the locations where the business is situated and the partying individuals.

The main targets are the young people who are more susceptible to engaging in unprotected sex. This will cover both the upper and low-income earners as the products are affordable. 2.8 Marketing Strategies The organization’s effort is to create awareness, whereby cost efficient campaigns focused on publicity, direct marketing and advertising shall be undertaken. Marketing is to be done through magazines and newspapers in announcing the business launch. The various advertisements shall be used to attract new customers, build a name for the company, and enhance recognition and awareness of the business and brand. 2.9 Marketing Controls This calls for measurement, observation, as well as assessment of available resources.

This entails setting standards necessary for the success of the business. The management includes a number of undertakings in their market control. These contain research, which entails gathering and analyzing data to confirm whether goods and services offered meet the requirements of market place. Testing is also important in learning how the products and services are fairing in the market. The managers of the organization shall also use statistics in assessing the success of marketing strategy.

Pricing can also be adjusted in order to meet the changes in the market and be able to sustain returns. Adjustment of advertising may be done in order to increase sales and change the clients’ perceptions. 3.0 Production 3.1 Production capacity This illustrates the total level of output that the business which is given in a specific time period. For the firm to provide the production capacity there is a need for it to calculate the capacity utilization, which is the percentage of the business’s total possible production capacity that is being used.

Capacity utilization is calculated as follows; Capacity utilization (%) = actual production monthly or annually/maximum possible production monthly or annually. At the end of each year, Lagos Company should have total revenue of US$52,000. 3.2 Production Strategy The business products (condoms) are to be designed in different flavors in order to meet the need and preferences of every client. The organization shall be planning training sessions and especially to the young people in order to get them informed in the danger they expose themselves to by not using the condoms.

Another production strategy is the production quality control. 4.0 Purchasing There shall be suppliers in the business. The suppliers of the organization are training services providers, marketing companies, ICT manufacturers and consultants. The firm shall come up with a strategy that guides in sourcing out the suppliers since the business is big. The suppliers shall be reviewed through mail, email, and phone or online. 4.1 Purchasing policies The organization is committed to utilize and purchase socially and environmentally responsible products and materials.

Lagos Company supports waste management. The company seeks to reduce negative effects of the final use of the product on the environment. Lagos Company is also committed to activities that are planned to guard and conserve the environment. 5.0 Personnel 5.1 Management Details As a small business, the management consists of a small central management team. The team consists of a general manager, who shall be reporting to stakeholders, an assistant general manager who represents the general manager in the various activities.

Other personnel includes the sales director who shall control the senior sales manager, the senior marketing manager who shall control the public relation manager, the marketing manager, and the training manager who organizes training sessions (Walker, 2010). . 5.2 Organization Structure Company Directors General Manager Assistant General Manager Hierarchy of the Board Company Directors General Manager Assistant General Manager Training Manager Sales Manager PR Manager 5.

3 Staffing For a starting business the employees shall get basic salaries but with good benefits such as health insurance and transportation from home to the company and back. The employees should be fluent in English for customers’ satisfaction. The managers and holders of other high positions should have an extensive knowledge of social skills and economics. The organization plans to hire young people in order to lower the personnel costs and grow their business skills. 5.4 Professional Advisers Professional advisers are crucial in a starting business.

They assist in the smooth running of the business. They are got from different disciplines in the business industry. The list below shows professional advisers of the business and was made after consultation from different stakeholders Accountant/Auditors (Delloitee accounting firm) Banker (National Bank of Nigeria) Insurance Broker (Jubilee Insurance) 5.5 Personnel Control The business is committed to establishing and sustaining a good relationship with workers. This is to ensure that the employees are comfortable since the success of business depends on the good care the business takes to the workers. 6.0 Financial 6.

1 Personal financial position The company generates the sources of starting the business. The business shall be ready to start as the financial position is well sustained in order to take care of the initial costs (Rogers & Makonnen, 2002). 6.2 Establishment Costs The company needs enough capital for it to invest in fixed assets. The business needs a starting capital of $ 1,100,000. Since the business is an independent one, it has to fund its projects. The company shall utilize its funds as the stakeholders directs.

Below is a project Funding summary for the Lagos Company Project Funding Summary Improvement and building costs US$550,000 Furniture, build out and fixtures US$110,000 Expenses on development start up US$250,000 Six months working capital US$30,000 Total requirements US$940000 The development costs for purchasing new equipments is US$160,000 References Arnold, S.

, Chadraba, P & Springer, R. (2001). Marketing Strategies for Central and Eastern Europe. Aldershot: Ashgate Publishing. List, B & Korherr, B. (2005). Uml 2 profile for business process modeling. Perspectives in Conceptual Modeling (pp. 85-96). Springer Berlin: Heidelberg. Rogers, S & Makonnen, R. (2002). The Entrepreneurs Guide to Finance and Business: Wealth Creation Techniques for Growing a Business. New York: McGraw-Hill. Walker, J 2010, Introduction to Hospitality Management, London: Pearson Education.