MGM465-0801A-05 Business Strategy - Phase 3 Discussion Board - Essay Example

Biggest problems in reaching a consensus on the business plan and Section # of Introduction Thebusiness plan is the program in which the different partners try to develop a business plan for a partnership deal. Usually this step of business plan is very critical issue and time consuming. During the business plan many general and specific problems arises and these are discussed as below The very first problem arises due to different concepts that the each person hold. Each person has different thinking in order to provide services to the general public.

Some people want more earning and require personal grooming whereas some originally wants to serve the people in order to provide fair trade. Each person is holding different visions and this step requires coming at a single vision. This process is very time consuming and requires a detail meeting in order to arise at a single point. The major problem arises when deciding that what to serve and where to serve. Some partners want some specific goods to be served whereas some want some other packages of the goods that should be served.

Before making business plan, each partner should be comprehensively decided that what actually to be served. The key factors are searched and then the decision is made on the product or service package that should be served. Some times the problem arises due to the Leadership; the every person in the partnership requires leadership in order to command over major processes. This is the major problem that arises when making a business plan. This problem is solved by providing the enough power to each member of the partnership.

Usually the capital provided by each partner is used in order to give the extent of power to each partner. During the business plan the problem of marketing plan arises in which different partners want to deal in different market regions. These problems are usually solved in making the probable research in order to know that which market plan make the company more profitable. This marketing plan is usually an important step of the business plan and requires efficient research. Usually the problem arises when selecting the strategy for you partnership.

Different school of thought create problem during the business plan. Some partner wants to adopt the cost-effective strategy or some want market segmentation. For this purpose the each partner must look at the products and services that are serving and the market in which they are serving. All the micro-environment and macro-environment conditions are taken in account in order to make a better competitive strategy for your partnership. The major problem that arises during the business plan is the percentage of profit and lose that should be shared within each other.

These require the legal and liability issues. These should be solved among the partners according to their investment and their single services they will provide for their business. Usually the silent person is given less then the active partner. Other many issues are also taken in account in order to decide about the profit and loss partnership. These problems are solved by a simple contract within the partners in which the responsibility and power is also mentioned with all rules and regulations.

References/bibliographyLee J. Krajewski and Larry P. Ritzman (2003) “Operations Management” Sixth EditionJeff Madura (2003) “Introduction to Business” 1st edition Peter Ferdinand Drucker (2007) “Management” 1st edition