Feasibility Study Essay Samples
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Business plans are needed before venturing into a market. Evidently, this would help the success of a certain business. Business are established to have a grab on the target market, to give convenience to people and lastly to gain profit (David, 2007). Thus, business plans are blueprints of what could be the business will be doing in the next few years of operation. Of course, no one wants to have a failed business. Wasting money in years could be very damaging to the assets of the businessman. Thus, ensuring the success of it will help the business be stabilized in the following years.
According to a report made by Honig (2004), it is very helpful for a business plan to have a feasibility study to ensure success as well to see further lapses of the business plan. He also pointed out that estimating or reaffirming a business plan could give flexible solutions to unprecedented events in the business while operating.
Through this peer review, the assessment of a business plan will be accomplished. Analysis and critical thinking will be the core value while doing this peer review.
The establishment of a sandwich product-themed restaurant such as Quiznos is a unique idea. Additionally, the expected Return of Investment is increasing as the year of operating the business proceeded. It also expected in the market that the share of clients for this restaurant business will increase by 3%; that would be a good sign of sustainability. However, the excessive amount spent on the marketing department is quite questionable. Taking a look at it, the proponents of the business plan have ensured that the visibility of their new business will be 100% to the public. Thus, a bigger budget on the marketing department has been utilized.
According to Journal by Trioli (2013), it is advisable to focus on advertising a product to increase marketability value. Furthermore, there is a direct relationship between marketing and profit shares for every business. It might not be calculated for every business but the difference between promoted and non-promoted business are very clear.
The cross-impact analysis is also true for this business plan. Considering the other end of the bridge; that would mean low market share for Quiznos that would lead to the altering of this business plan. If the situation of the cross impact analysis happens (Scenario Building), alternate methods or directly changing the course of this business plan might be a good help for saving the business itself.
The contingency plans aim to cover the lapses of the implementation of the business plan. Thus, giving more recommendations for the industry is very helpful to ensure success.
Over-all the business plan is a feasible one using qualitative analysis. However, recommendations are given to support it.
For Quiznos’ marketing department, it is recommended that to open a website or blog about the business for it is now a common avenue of product promotion. Facebook pages and other social media sites can be used as well to further promote the business.
The business plan is carefully tackled and the market was understood by the proponents well. Minor changes can be expected, but over-all it has a very good flow. Thus, the probability of this business to succeed is high.
David, R., (2007). Strategic Management: Concepts and Cases
Honig, Benson., (2004). Entrepreneurship Education: Toward a Model of Contingency-Based Business Planning. Retrieved from: [http://amle.aom.org/content/3/3/258.short]
Trioli, P., (2013). Advertising in New Platforms. International Journal of Business Administration. Volume 3. Pp. 276-298.
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