StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Critical thinking exercise 6-3 - Essay Example

Cite this document
Summary
Critical Thinking Exercise 6-3 Date Critical Thinking Exercise 6-3 1. What important items are missing from Mike’s plans? Some of the important items missing from Mike’s plan are: Concept – Since there are a lot of auto repair shops in the market…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
Critical thinking exercise 6-3
Read Text Preview

Extract of sample "Critical thinking exercise 6-3"

Critical Thinking Exercise 6-3 Critical Thinking Exercise 6-3 What important items are missing from Mike’s plans? Some of the important items missing from Mike’s plan are: Concept – Since there are a lot of auto repair shops in the market. Mike must be specific as to what his “unique selling point” will be, which means, what is it that will differentiate his shop from the other existing shops. Management team – Although he already has a list of personnel, it is essential that he has people in mind to compose his management team because these are the people who will give direction to the company and will be his support.

Start-up capital requirements and funding – The exact amount of capital to start the business and its sources should be identified. Services to be offered – Mike should specify what services he will offer in his shop and how much he will charge per service. Will there be specific cars only that he will work on? How many service bays will he have? Inventory – Mike should determine the inventory of car parts that he will keep, if any. He should also have a list of equipment and tools that he will need and where he plans to purchase these items.

He must decide how he intends to purchase these items, whether it be cash or on credit. Target market – Mike should decide where to locate his shop, whether to rent or buy the place. Most important is for him to determine who is his target market, is it the middle or upper income class or will he work directly with a towing service? Marketing strategy – Mike should come up with a marketing strategy taking into account the 4Ps namely product, price, place and promotion. This marketing strategy should also consider his strengths, weaknesses and the opportunities and threats in the environment.

Salaries – Having a list of personnel is not enough. Mike should decide too on how he will hire the people he needs and the amount of salary he is willing to pay them. Financial plan – Mike should make a financial projection to look into the financial feasibility of the business. Projections of revenues and expenses are a must. He may also come up with a sensitivity analysis to factor in possible business scenarios which he might face. 2. What steps can Mike take to insure success if he starts his own business?

To ensure the success of his business, Mike should have a clear vision and purpose for his auto repair shop. He should know where he wants his business to go so that he is able to identify the opportunities that will lead him to his desired direction. He must also stay focused, that is, he should concentrate on his chosen market niche or target market. This way he can better identify and service their needs. Choosing the right people is important especially because the business is service-oriented.

Mike must make sure that the people he hires have the necessary skills to provide quality service to his customers. Fostering good relationships with the employees, suppliers and customers is imperative. Furthermore, Mike must be aware of the industry, his competitors and the latest developments, whether it be new regulations, products or technology.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Critical thinking exercise 6-3 Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Retrieved from https://studentshare.org/other/1428679-critical-thinking-exercise
(Critical Thinking Exercise 6-3 Essay Example | Topics and Well Written Essays - 250 Words)
https://studentshare.org/other/1428679-critical-thinking-exercise.
“Critical Thinking Exercise 6-3 Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/other/1428679-critical-thinking-exercise.
  • Cited: 0 times

CHECK THESE SAMPLES OF Critical thinking exercise 6-3

Critical Thinking Is a Way of Setting Out Ideas

'critical thinking is a way of setting out ideas, it's a formula or template, a set of rules, and they are quite strongly codified at University (Firth, 1996).... Discuss this claim in relation to the critical thinking expected of university students in essay writing incorporating relevant SSK12 readings in your discussion and drawing on your experience of university. … critical thinking is irreplaceable and integral part of the academic field, because this is the basic way in which knowledge is constructed and developed....
5 Pages (1250 words) Essay

Critical Thinking Ability

This study discusses the term of critical thinking overall and its meaning for effective work, study or any other mental activity.... The writer of this paper describes his own life story when he faced the challenge and made it using critical thinking.... hellip; critical thinking involves drawing sound conclusions based on facts and observations.... For any organization to succeed, it needs employees who take decisions based on their critical thinking ability....
3 Pages (750 words) Essay

Critical Thinking

Decision making requires tact, intellect and a sense of understanding related to the significant elements which play a huge role in the eventual decision and all of which come under the critical thinking exercise.... In any critical thinking exercise, the target needs to be assured that whatever is being said is for their understanding and to gain insight from the same is for their own good.... This assignment "critical thinking" discusses critical thinking, explains categories of the 'true', the 'good' and the 'beautiful', compares and contrasts 'metaphysical' and 'scientific' thinking and explains the difference between 'induction and 'deduction'....
6 Pages (1500 words) Assignment

Critical Assessment of Skills Required for Childrens Exercise Physiologist

The paper "Critical Assessment of Skills Required for Children's exercise Physiologist" discusses that the author believes that the ultimate beneficiaries are the children, and rightly so because he wants to be able to contribute to the well-being of the inheritors of this earth.... Active in such an environment, I have a wide experience in motivating and encouraging children in taking part in sports and exercise.... Physical exercise for these children is not given much priority anymore....
10 Pages (2500 words) Essay

Critical Reading and Critical Thinking

This essay will begin with the statement that in academics, the value of critical reading and critical thinking is impossible to undermine.... According to the findings, critical thinking involves the technique by which we assess the information available to us.... For making the necessary adjustments, I had to consult three books: critical thinking Skills: Developing Effective Analysis and Argument and The Study Skills Handbook by Stella Cottrell, and Critical Reading and Writing for Postgraduates by Mike Wallace and Alison Wray....
9 Pages (2250 words) Essay

Critical Thinking as a Way of Setting Out Ideas

The paper "critical thinking as a Way of Setting Out Ideas" highlights that academic success is a complicated and sometimes biased process.... hellip; Teachers ought to create an atmosphere which to support and promote critical thinking.... As Feez (1998) examines students find a critical thinking task easy or difficult depending on how relevant it is to their immediate intellectual demands.... Theories and methods are proven or disputed, still, due to critical thinking these conclusions are not final and they are always exposed to comments and criticism....
5 Pages (1250 words) Essay

Critical Systems, Thinking and Practices

The aim of the paper “Critical Systems, thinking and Practices” is to critically analyze and develop a system which can be applied by the masses.... The core objective behind selecting the topic is to equip the masses with the capability of thinking....  … We would start the paper by discussing the image of civil society and the related issues of the paper....
18 Pages (4500 words) Report

Exercise during Pregnancy

The research proposal “exercise during Pregnancy” aims at investigating the potential influence of technology in supporting, as well as encouraging physical activity behaviors in the course of pregnancy.... hellip; The study concentrates on the critical review of the literature concerning exercising during pregnancy.... Secondly, the study concentrates on the critical review of the usage of technology in relation to exercising during pregnancy....
6 Pages (1500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us