Course material

1. (Mt) – Azusa Pacific University Entrepreneurial Business Plan Project
Running head: BUSINESS PLAN 1 Entrepreneurial Business Plan – Part E Amanda
McCausland BUS505 Dr. Joe R. Putulowski October 6, 2019 BUSINESS PLAN 2
Entrepreneurial Business Plan Assignment Title: Entrepreneurial Business Plan Student:
Amanda McCausland Date: October 6, 2019 Instructor’s feedback (specific How the error
was addressed by Page numbers listing of the error) the student. where change appears
Because this report will become part I corrected these errors and used the of your official
school records, be sure right style Pg. 1 to add the class number and name, date, and
professors name. Be sure to place the Change Matrix I attached the change matrix after the
p. 2 immediately following the Title Page. cover page APA Errors: Delete the blank line
Deleted P. 2 APA error – be sure your Headers I placed the headers in the correct p. 6-8
meet the APA formatting format before your header requirements. in-text citation? This
sentence does In text removed p. 6 BUSINESS PLAN 3 not need one… Citation should go
here Added P. 6 Consider adding the specifics – how Details added p. 6 Where in the US?
Details included p. 6 including… Included P. 6 The word Nevertheless seems out of removed
p. 6 Added p. 6 Added p. 6 Information added to the mission p.7 much as the industry
grown? place. Consider revising. may sell or plans to sell. Additional information is needed.
Consider your reader – a potential investor – you will want to grab his or her attention by
offering some sort of data showing the potential of your firm. Consider a brief discussion on
the number of potential customers, profits, or marketability of your company. Additional
work is needed – statement How so? BUSINESS PLAN This reference does not look complete
4 Changed – corrections are needed. . A lot of work is needed to bring this paper up to the
level needed for the class. I suggest you review the APA manual to ensure you are meeting
each of the required guidelines. Additional outside research is needed relating to the
mission and vision statements. Lastly, include information that gets your potential investor
onboard/excited about your company Successfully adjusted Pg. 8 BUSINESS PLAN 5 Table
of Contents Blue Ocean Strategy
………………………………………………………………………………………………………………….. 8 Customer
Segmentation …………………………………………………………………………………………………………….. 9
Graphical representation
…………………………………………………………………………………………………………. 11 Graphical
explanation ……………………………………………………………………………………………………………… 14
Industry Analysis
…………………………………………………………………………………………………………………….. 14 Industry

2. description…………………………………………………………………………………………………………………. 15
North American Industry Classification number
………………………………………………………………………. 16 Profit
Margin……………………………………………………………………………………………………………………………
16 Location Preferences
……………………………………………………………………………………………………………….. 16 Corporate
Structure ………………………………………………………………………………………………………………… 17
Entrepreneurial Business Plan
…………………………………………………………………………………………………. 19 Executive Summary
…………………………………………………………………………………………………………………. 24
Competitive Advantage
……………………………………………………………………………………………………………. 22 References
………………………………………………………………………………………………………………………………… 25
Entrepreneurial Business Plan Company Identification BUSINESS PLAN 6 The business to
be discussed in this case is known as Platinum Cases; this firm will be producing
smartphone cases. In the course of the recent past, the smartphone industry has been
growing at an increasing rate; the growth rate was approximated to be 0.9% increase per
year. In 2018, smartphone accessories depicted revenue of $28,529.3 million (Stern & Xu,
2018). Platinum Cases is a company based in the Texas, US, and it will endeavor to produce
different types of smartphone covers, this product will be fit for different kinds of
smartphones like Samsung, iPhones, LG, and Sony. The company plan to concentrate on
smartphones from Samsung and Apple and later on, it will consider the other companies.
The company was founded in 2018, and thus it is still new in the market. One of the unique
characteristics of the company is a high-quality product which will ensure that customers
are satisfied. This is because these covers are made of pure leather. Furthermore, the brand
will be unique from that of the competitors because they offer low-quality products which
barely last long. The principal value of the firm is the provision of better products at a
reasonable price. The other major characteristic of the company is the fact that it will
concentrate on serving customers as fast as they can; this will be archived through
progressed customer care services. The other unique feature of the company is that it will
have both physical stores and online marketing. With the increase in technological
advancements, it has become easy for the company to reach out to its customers through
various online marketing channels. For example, the company plan sells its products
through e-commerce firms like Amazon and eBay. Finally, the company will partner with
the customers in order to augment their experience in with the product. This will be
archived through some problems like referral and affiliate programs. As mentioned earlier,
the primary product of the company is the smartphone cases, which will mostly deal with
Samsung and iPhone smartphones. The market for protective covers in the US BUSINESS
PLAN 7 was approximated at US$ 12,934.4 million at the end of 2016, and the tree is
expected to increase put to $ 19,210.0 million by 2023. The CAGR rate is roughly 5.8% from
2016-2023. The above statistics show the current performance of smartphone covers
market. This market is significantly lucrative, and thus, it will many potential investors. The
mobile phone protective cases market was estimated at US$ 12,934.4 million by the end of

3. 2016 and is anticipated to reach US$ 19,210.0 million by 2023, growing at a CAGR of 5.8%
from 2016 to 2023. Mission Statement The mission statement of Platinum Cases is: “We will
dedicate technology and human resources to produce high-quality products, therefore,
taking part in an enhanced global community. This will be achieved by developing a culture
of innovation among our teams and departments. Moreover, the culture of teamwork will be
promoted in the company in order to boost the productivity of the workforce. Core values
will guide various operations in the organization. The company will incorporate the idea of
corporate social responsibility to establish a better neighboring community.” The mission
statement of this company is concerned about augmenting the quality of the consumer
products which will be archived by the use of the available technology and human
resources. Furthermore, it is aimed at depicting a better society whereby every person is
able to live without any difficulty (Rey & Bastons, 2018). Also, this mission statement will be
valuable in the achievement of long-term and short-term goals; it will act as a guard rail in
the accomplishment of the set objectives. Vision Statement BUSINESS PLAN 8 The vision
statement of Platinum Cases is: “We progressively invent to become the greatest target for
our partners and customers. This will be achieved by producing high-quality products.
Quality in operations and the products will be a vital principle which will guide different
departments in the company. We will endeavor to reach out to many customers in different
parts of the world; this will be archived through the use of e-commerce and social media
platforms to reach out to local and international customers.” This statement aims to show
the endeavor and aim of the company to become the best in the industry. Through
innovation, the company will be in a position to become the best in the industry. This is
following the nature of the customers as they like innovative products which are of high-
quality products. For instance, our product will employ the innovation which will make it
99% protective against different forces applied on smartphones. Also, this will enable them
to avoid some of the common problems like wear and tear as well as screen breaking. Blue
Ocean Strategy Blue Ocean Strategy alludes to a market for services or product where there
is less or no competition (Kim & Mauborgne, 2015). This strategy gyrates around looking
for a business in an environment whereby very few firms operate and where pricing
pressure barely exist. This strategy will help the company to identify new demand in the
competitive market, and to render rivalry inapt by producing products with great features.
It allows the firm to exploit maximum profits as the product can have a higher price tag
following is incredible characteristics. The critical principle of Blue Ocean Strategy is value
innovation; this is a business tactic that concentrates on developing new market
opportunities rather than competing with the rivals in the present market share. This
strategy will allow the company to make high-quality products which will be way better
compared to that of the competitors. One of the most significant values in any BUSINESS
PLAN 9 company is to offer high-quality products to its customer base at a relatively low
price. Furthermore, high-quality products are essential as they allow the company to
develop its brand in the market quickly. For instance, concentrating on the values like
quality and durability of the product will attract a broader customer base, and this will
allow the company acquires a good reputation in the production of mobile phone covers.
The strategy is essential as it will allow the company to explore new markets by rearranging

4. the boundaries of the existing one (Kim & Mauborgne, 2015). Creation of a new market for
the company will be necessary than competing in the already existing one. This may help in
the development of the company’s brand since it will be the main product in that market.
The other important thing about the strategy is the aspect of value innovation; this allows
the company to be highly creative with the help of innovation, this will enable it to think out
of the box and thus attaining a better competitive edge in the market. Finally, the strategy is
essential as it allows the company to formulate a better value proposition. Customer
Segmentation Customer segmentation is the process of dividing the potential customers
into groups. Customer segmentation focuses on building the customer market and
providing them with their specific needs. This segmentation ensures the company deals
with a specific set of customers. The segmentation is based on the customer’s • Financial
status • Behavior • Needs • Buying frequency BUSINESS PLAN • Education status • Culture •
Population 10 The major market approaches include prior segmentation, needs-based
segmentation and value-based segmentation. In prior classification, the segmentation is
based on publicity which includes the industry size in the market. Needs-based
segmentation focuses on the customers’ needs in the market. The products that the
customers love most are enhanced to meet their demands. Value-based segmentation
distinguishes customers with their financial status hence producing products that suit every
class. The segmentation for our company will focus on three main characteristics which
include: buying frequency, needs and financial status. i. Buying frequency The company
monitors the rate at which customers purchase products and focuses more on the specific
product. Segmenting using buying frequencies enables the company to determine the
number of products to produce. In our case study, the production of smartphone cases is
vital and targets high-end customers. The feasibility study was done before revealed that
most of the customers in the country use Samsung and IPhone phones. The buying
frequency recorded through the last few months indicated that more sales of black covers
were recorded hence the need of the company to produce more products of this dimension.
For every ten covers that were brought, 6 were black covers. Customers also revealed that
they would prefer having two different covers for their phones and would be glad if they
were of different colors. Moreover, the customers preferred the covers to be unique and
have a flip cover. The value the customers generated was the key factor that made the
segmentation. BUSINESS PLAN ii. 11 Needs Developing variables of the customer
transaction enables the organization to determine the trends of the customers and establish
the best products they want. According to the sales recorded, the most preferred product
was the black flip cover. Other back covers performed well too, but with the highest
purchases being made on the flip covers, our main focus will be to produce more flip covers.
The preferred colour being black gave the organization an insight into the colour preference
when producing new products. iii. Financial status The market demands from the survey
done indicated that most youths below 35 years preferred the flip covers and made the
most purchases. On the other hand, the old adults preferred the back covers and
approximately made some good sales. In spite of this, the customers who made big revenue
returns purchased the flip covers. As this was the most selling category, the organization
will come up with new strategies to improve on this product. Graphical representation 1.

5. Buying Frequency BUSINESS PLAN 12 Buying Frequency 600 500 400 300 200 100 0 Skins
Shells Wallet 2015 2. Needs Segment 2016 Leather 2017 Rugged BUSINESS PLAN 13 Needs
Segment 500 450 400 350 300 250 200 150 100 50 0 Skins Shells Wallet 2015 2016
Leather Rugged Leather Rugged 2017 3. Financial Statement Financial Statement 500 450
400 350 300 250 200 150 100 50 0 Skins Shells Wallet 2015 2016 2017 BUSINESS PLAN 14
Graphical explanation From the needs graph, the trend reveals that in 2015, the most sales
that were made came from the purchase of leather and skin types of cases. The skins sales
topped the market in 2016 while in 2017 leather-topped. From this trend, we realize that
the customers preferred the skin cases most within the three years. The needs reflect the
choice of most of the young adults. From the Financial statement, most users preferred
leather cases. This can be credited to the fact that most of those who preferred leather cases
are financially stable and inactive employment. Through this segment, we diagnose that the
other preferred choice was a wallet. In spite of it being the second choice, the survey
indicated that most people who preferred this were aged millennials in their early twenties.
The buying frequencies for the three years were a little bit skeptical. Most customers still
preferred leather cases. All through the three years, the sales of leather cases have
undergone some stable increment. Additionally, the wallet brand was the second preferred
choice. The durability of the wallet brand increased its viability and made it become the
second most preferred choice. Industry Analysis Industry analysis refers to the process
where an organization performs market research to determine industry competitiveness.
The analysis enables businesses to determine their position in the market in regards to
other competitors. Additionally, it enables the company to understand the opportunities it
has and the threats that might lead to its low income. Moreover, it enables the company to
understand the differences between them and their competitors. Industry analysis involves
porters five forces, SWOT analysis and PEST analysis. Porters 5 forces include BUSINESS
PLAN 15 bargaining power of suppliers & buyers, the threat of potential entrants, power of
service providers and the threat of substitute goods. PEST analysis stands for political,
economic, social and technological. PEST analyzes the external market. SWOT analysis
refers to Strengths, Weakness, Opportunities and Threats. Industry analysis enables the
organization to understand the market and its demands. From the industry analysis
conducted, we established that the most preferred cases were leather cases. Most adults
and the aged preferred these cases because of their long life. Industry description Platinum
Cases is a firm producing smartphone cases. In the course of the recent past, the
smartphone industry has been growing at an increasing rate. Platinum Cases is a company
based in the United States, and it will endeavor to produce different types of smartphone
covers, this product will be fit for different kinds of smartphones. Nevertheless, it will target
smartphones from Samsung and Apple. The company is still new in the market. One of the
unique characteristics of the company is a high-quality product which will ensure that
customers are satisfied. This is because these covers are made of pure leather. Furthermore,
the brand will be unique from that of the competitors because they offer low-quality
products which barely last long. The principal value of the firm is the provision of better
products at a reasonable price. The other major characteristic of the company is the fact
that it will concentrate on serving customers as fast as they can; this will be archived

6. through progressed customer care services. BUSINESS PLAN 16 North American Industry
Classification number The North American Industry Classification number for our industry
will be 8999 because it’s a service that has not been classified anywhere. The importance of
the NAIC number is to enable an organization to determine its competitors and work to
enhance its competitiveness in the industry. Profit Margin The expected profit margin will
be approximately 1300. From the survey conducted and the expected growth, the company
will be making big strides in sales. 2015 2016 2017 Skins 200 234 345 Shells 150 321 345
Wallet 300 300 333 Leather 450 400 432 Rugged 230 300 276 1330 1555 1731 Total The
company will major on making profits and improving on goods that the customers love.
This will enable the company to maintain its customers and focus more and fulfilling the
customers’ needs. Location Preferences The location preference for our business will be a
high-end city or town. Samsung and IPhone smartphones are used mostly in urban areas
and would be viable if found in a big city. The city of choice has approximately 45,000
people. BUSINESS PLAN 17 The demographic data of the city include: 70.4% are Americans,
11.8% African-American while Asians occupy 3.8% The region of preference is Texas,
Austin. The advantages of doing business in Texas are that the people are passionate about
new changes. Most people use iPhones and Samsung phones. The city is a 24-hour town.
The market sales survey done established it as a powerhouse in producing the most sales.
Corporate Structure Corporate structure of an organization is the system of power and
ownership of the entity. It is how the organization is structured. The four structures that are
available include sole proprietorship, Limited Liability Company, cooperation and
partnership. Sole proprietorship is a type of enterprise that is owned and run by a single
individual who is also the overall decision maker in the organization. This type of
organization requires total dedication from the owner who has to spend most of their time
in the enterprise. The owner is taxed on the income they make and the business they run is
not always a legal business. The lack of legal formalities makes it easy to operate and close a
single business. The liability lies on to the business owner, hence in the event of a failure or
debt, the owner is mandated to stand in and sort out. The owner suffers the risks involved
in the business. Moreover, all the profits are managed by the owner. Having control of the
business makes the owner free to make any decisions that affect the business.
Confidentiality of the business is maintained as no second party gets access to the system
process. The life cycle of the business depends on the life expectancy of the owner. In the
event of death or accident, the business comes to an end. BUSINESS PLAN 18 Partnership is
a business agreement by a group of people who manage the business together and share the
profits. Having joint heads is always a great option than having a single head. In this
structure, more capital to run the business is available. An external regulation is limited and
does not affect the organization. The legal structures that bond the partners can be changed
any time if need be. Additionally, income splitting option is available to enable ease of
paying taxes. The borrowing capacity is high which enhances the chances of the business to
grow. The disadvantages of such arrangement include having a liability in the event of an
unpaid debt. Each of the partners is responsible for the debts accrued by the other partner.
Disagreements occur frequently within such arrangements. The disagreements lead to legal
battle if separating. A limited liability company LLC is an organization whose owners are

7. not responsible for the debts or liabilities of the company. The organization of this
dimension entails both characteristics of partnership and sole proprietorship. The investors
in such arrangement are not drained cash from their personal accounts in cases where the
liabilities of the company fail. LLC passes some taxation laws as the business is also
considered as personal owned. The numbers of owners are not limited in such an
arrangement (Kim, W. C., & Mauborgne, R. 2015). Owners can invest in the business in
regards to their limit because there is no set limit for investing. LLC owners have free
managerial capacity and don’t need to meet regularly to plan the functions of the
organization. Disadvantages include working extra hard to earn capital to sustain the
company. LLCs pay more legal fees to get licenses to operate and they require annual
renewal. Government regulations limit the type of businesses to be registered as LLCs.
Avoiding to pay federal taxes may result to the business paying more taxes than other
structures. BUSINESS PLAN 19 A corporation is an entity recognized by the government to
transact its business by hiring, firing, borrow, loan money and enter contracts. Shareholders
only risk equity of the business. The liabilities do not affect the shareholders directly. Extra
income can be gained by selling shares. Corporations have the audacity to deduct the
benefits it has set for its staff. Demerits of corporations include the time used for formation
which is too much. Agencies monitor the activities of corporations which results to
additional paperwork. Profits gained may be liable to more taxation from the government.
Platinum covers act as a partnership organization. With this type of arrangement, the
organization will fulfill its mandate in the business market successfully. This model will fully
focus on the merits of the covers. Having partnership will be a key feature as combining the
technology of Samsung and IPhone requires partners to be assembled together.
Entrepreneurial Business Plan Advantages Marketing through social media will be more
beneficial to the company. Social media platforms have been one of the easiest ways of
reaching and engaging with customers. Social media will surge the chances of the brand
being recognized. The use of social media will boost the company’s brand awareness as
more audience will be reached (Rubtcova & Pavenkov, 2018). First of all, the firm will create
platforms in all social media sites. To increase the audience and the traffic of the platform,
the firm will invite and visit other big firms’ platforms and also engage in various online
discussions. Sharing daily contents about the company’s products will be another priority to
make the brand being recognized easily. Each post will be shared to more platforms to
attract huge audience. The second advantage of using social media is the increased inbound
traffic. Synchronizing all the social media platforms will enhance the company’s ability to
attract more audience. The secret will be BUSINESS PLAN 20 posting new update daily and
marketing it enough. Each social site will be having every post the company makes. All the
social media platforms of the company will be connected directly to the website. Any post
that is made will be boosted to attract more customers. As part of the marketing schemes,
rewards to random customers will also be introduced to enhance the engagement between
the firm and the customers. Rewarding customers will be a source of attracting new
customers and a big way of engaging directly with the clients. Search engine optimization
will enable the company to be easily recognized on search engines. Having a huge following
will be boosted by being easily found on all search engines. SEO will enable the company be

8. more robust and easily accessed. This will not only increase the website traffic but also
attract more clients for the organization. SEO is obtained by posting high quality content
that will attract more clients and make them engage more with the customers. Through the
SEO most companies find their brands being more engaging as more clients are attracted
are attracted making the products more visible to customers. Being above other companies
in search engines makes it easier for a firm to improve its products and remain competitive
in the markets. Credibility of a good website is being more graphical and on point hence
appealing to the clients. Social media usage will increase the company’s conversion rates.
More customers will feel free to get involved with the company’s brands and hence the
traffic in the website will be boosted making more profits. As a result, one on one
engagement with clients will increase their loyalty with the company. Social media
marketing is the cheapest and most engaging form of marketing as it attracts huge audience
than the usual offline marketing strategies. Credibility will be created through engaging and
answering all questions asked by clients online. Usual engagements with clients will
increase the customers’ trust with the company’s products. Disadvantages, Risks and
Concerns BUSINESS PLAN 21 Marketing through social media not only results into benefits
but also challenges. The challenges affect the company directly and indirectly. The major
challenges include time, trademark and privacy security issues. Using social media is time
intensive and requires the company to employ social media staffs. Having increased traffic
through social media will need the company to spend more time online engaging with the
clients. This technique is not only time consuming but also another form of reducing the
viability of the firm. Companies tend to protect their trademarks and copyrights in all their
business activities. With increased social media engagements, third parties can be involved
and steal the company’s vital information and use them for their own gains (Nadaraja, &
Yazdanifard, 2013). This deteriorates the company’s image and increases copyrights issues.
Maintaining client’s documents is a hard task and costly activity. The privacy of all client’s
details should be maintained to win the trust of all key players in the industry. Having a
solid backup from clients will increase the company’s business. Exposure of all the cover
designs being done by the company might lead to copy rights issues as third parties might
steal the designs and make up their own new styles. Negative feedback from people is a
usual social media aspect. The more the company engages with clients through the social
media the more the negative and positive feedbacks are received. With people having
different opinions, not all of the people will be happy having the company’s cases. Some
clients might be so abusive and might ruin the image of the company online. Other
competitors might also post dissing information about the company which might damage
the company’s reputation. User generated content by individual persons impersonating the
company might ruin the reputation of the company online and reduce the customer traffic
in the social platforms of the company. Through social media the company will achieve
more and will also increase the chances of being more competitive. Engaging directly with
clients will boost the image and reputation of the company. New designs by the company
might also be received from customers through an online competition. Through this, the
company will meet specific client’s needs. BUSINESS PLAN 22 Competitive Advantage
Competitive advantage are the traits that makes a company superior than others in the

9. market. The competitive advantage within a firm are mostly displayed when actions taken
are superior and profitable than the other industry players (Cegliński, 2016). Platinum
covers has varied attributes that improves its competitiveness in the market. The core
competencies for the company include responsibility, teamwork, decision making,
leadership, results orientation and trustworthy (Weil, 2014). The key competencies of the
company are essential in ensuring the success of each employee. Each employee’s potential
is revealed when the core competencies have been followed to the latter. The competencies
set by the company enables each employee to apply their skills and knowledge and
effectively participate in different activities of the company. Moreover, the competencies are
accessible and easy to learn & use. Responsibility among members of staff involves diverse
actions by the employees. First each employee should maintain punctuality. The work ethics
should be followed to the later. Additionally, the tasks assigned have to be finished within
prescribed time and while at work the focus should be on the job and abiding by the work
ethics set. The grooming by the employees should be presentable and conducive for the
workplace. Each employee is mandated to be clean form body, hair and nails. Since the
company is dealing with manufacturing covers, long nails may be a source of injury to
employees, hence the need to keep them short. All employees are advised to embrace
working together in a team set up. Being involved in group works enhances the efficiency of
the company as great ideas and implementations are completed within a short period of
time and are free from errors. Platinum covers has put in place leaders who have undergone
training that enables them create a rapport with both the staff and customers. Having solid
and dependable leadership enhances the trust within the staff hence improving their
productivity. Adequate leadership and conducive working conditions builds the trust of
employees towards the organization. Platinum covers values each employee and has
employee empowerment programs that seek to enhance the trust and productivity of each
employee. These competencies have enhanced the BUSINESS PLAN 23 competitive
advantage of the company. The key advantages that Platinum covers has focused on include
bargaining power of suppliers, buyers and rivalry among other competitors. Bargaining
power of suppliers determines the cost of products. Having strategic team that understands
the market, platinum covers has benefited from the power to successfully convince the
suppliers. Despite most product being outsourced locally, the company still enjoys a
massive supplier bargaining power (Kumar, & Pansari, 2016). To achieve this, platinum
covers maintained their suppliers. Maintaining suppliers enhances the bargaining power
which makes the company acquire products at a relative good price. Building trusts with
each supplier by increasing volumes has enabled the company to effectively keep each
supplier at bay. Customer concentration has enhanced the company to have a bargaining
power over them compared to other key players in the industry. The bargaining power has
been influenced by understanding the potential customers. Through in-depth survey and
research, the customers’ specific demands were established and products produced based
on them. This technique has enhanced the total sales and made Platinum covers enjoy the
market dominance. The key factor has been producing products that meet the customers’
financial value. Products that can be purchased by people from all walks of life have
positively boosted the average sales. As a result, our brand has gained public attention

10. hence increased sales. One on one engagement with customers to determine their specific
needs has boosted and enhanced the chances of attracting more clients. The quality of the
products is the backbone of retaining customers. Rivalry in the market from other
companies enhances the cost of prices. Despite the market having stiff competition from
other companies, Platinum covers has strived to keep the competition healthy by
concentrating on producing quality products. Customers prefer products that last and are
easy to use. This viability has ensured the company maintains its clients and forms a basis of
attracting more BUSINESS PLAN 24 customers. Moreover, the diversity of each competitor
has increased the competitions brought about in the industry. Executive Summary The
company selected in the business plan is Platinum Covers which deals with smartphone
covers. The mission and vision statement of the company is aimed at producing high-quality
products at a lower price to satisfy customer needs. Finally, the paper analyzes the value
and importance of Blue Ocean Strategy in Platinum Covers. BUSINESS PLAN 25 References
Rey, C., & Bastons, M. (2018). Three dimensions of effective mission implementation. Long
Range Planning, 51(4), 580-585. Cegliński, P. (2016). The concept of competitive
advantages. Logic, sources and durability. Journal of Positive Management, 7(3), 57-70.
Stern, A., & Xu, C. (2018). Signature change in matrix model solutions. Physical Review D,
98(8), 086015. Kim, W. C., & Mauborgne, R. (2015). Blue Ocean Strategy, Expanded Edition:
How to Create Uncontested Market Space and Make the Competition Irrelevant. Watertown,
MA: Harvard Business Review Press. Nadaraja, R., & Yazdanifard, R. (2013). Social media
marketing: advantages and disadvantages. Social Media Marketing, 1-10. Rubtcova, M., &
Pavenkov, O. (2018, October). Advantages and Disadvantages of Social Media Marketing in
Russia. In 14th Global Communication Association International Conference, Manipal
University Jaipur, Jaipur, Rajasthan, India. Oct. Kumar, V., & Pansari, A. (2016). Competitive
advantage through engagement. Journal of Marketing Research, 53(4), 497-514. Weil, D.
(2014). Fissured Workplace: Why Work Became So Bad for So Many and What Can Be Done
to Improve It. Cambridge: Harvard University Press Running head: BUSINESS PLAN 1
Entrepreneurial Business Plan – Part E Amanda McCausland BUS505 Dr. Joe R. Putulowski
October 6, 2019 BUSINESS PLAN 2 Entrepreneurial Business Plan Assignment Title:
Entrepreneurial Business Plan Student: Amanda McCausland Date: October 6, 2019
Instructor’s feedback (specific How the error was addressed by Page numbers listing of the
error) the student. where change appears Because this report will become part I corrected
these errors and used the of your official school records, be sure right style Pg. 1 to add the
class number and name, date, and professors name. Be sure to place the Change Matrix I
attached the change matrix after the p. 2 immediately following the Title Page. cover page
APA Errors: Delete the blank line Deleted P. 2 APA error – be sure your Headers I placed the
headers in the correct p. 6-8 meet the APA formatting format before your header
requirements. in-text citation? This sentence does In text removed p. 6 BUSINESS PLAN 3
not need one… Citation should go here Added P. 6 Consider adding the specifics – how
Details added p. 6 Where in the US? Details included p. 6 including… Included P. 6 The word
Nevertheless seems out of removed p. 6 Added p. 6 Added p. 6 Information added to the
mission p.7 much as the industry grown? place. Consider revising. may sell or plans to sell.
Additional information is needed. Consider your reader – a potential investor – you will

11. want to grab his or her attention by offering some sort of data showing the potential of your
firm. Consider a brief discussion on the number of potential customers, profits, or
marketability of your company. Additional work is needed – statement How so? BUSINESS
PLAN This reference does not look complete 4 Changed – corrections are needed. . A lot of
work is needed to bring this paper up to the level needed for the class. I suggest you review
the APA manual to ensure you are meeting each of the required guidelines. Additional
outside research is needed relating to the mission and vision statements. Lastly, include
information that gets your potential investor onboard/excited about your company
Successfully adjusted Pg. 8 BUSINESS PLAN 5 Table of Contents Blue Ocean Strategy
…………………………………………………………………………………………………………………… 8 Customer
Segmentation ……………………………………………………………………………………………………………… 9
Graphical representation
………………………………………………………………………………………………………….. 11 Graphical
explanation ………………………………………………………………………………………………………………. 14
Industry Analysis
……………………………………………………………………………………………………………………… 14 Industry
description …………………………………………………………………………………………………………………. 15
North American Industry Classification number
……………………………………………………………………….. 16 Profit Margin
…………………………………………………………………………………………………………………………… 16
Location Preferences
………………………………………………………………………………………………………………… 16 Corporate
Structure …………………………………………………………………………………………………………………. 17
Entrepreneurial Business Plan
………………………………………………………………………………………………….. 19 Executive Summary
………………………………………………………………………………………………………………….. 24
Competitive Advantage
…………………………………………………………………………………………………………….. 22
References………………………………………………………………………………………………………………………
…………. 25 Entrepreneurial Business Plan Company Identification BUSINESS PLAN 6 The
business to be discussed in this case is known as Platinum Cases; this firm will be producing
smartphone cases. In the course of the recent past, the smartphone industry has been
growing at an increasing rate; the growth rate was approximated to be 0.9% increase per
year. In 2018, smartphone accessories depicted revenue of $28,529.3 million (Stern & Xu,
2018). Platinum Cases is a company based in the Texas, US, and it will endeavor to produce
different types of smartphone covers, this product will be fit for different kinds of
smartphones like Samsung, iPhones, LG, and Sony. The company plan to concentrate on
smartphones from Samsung and Apple and later on, it will consider the other companies.
The company was founded in 2018, and thus it is still new in the market. One of the unique
characteristics of the company is a high-quality product which will ensure that customers
are satisfied. This is because these covers are made of pure leather. Furthermore, the brand
will be unique from that of the competitors because they offer low-quality products which
barely last long. The principal value of the firm is the provision of better products at a

12. reasonable price. The other major characteristic of the company is the fact that it will
concentrate on serving customers as fast as they can; this will be archived through
progressed customer care services. The other unique feature of the company is that it will
have both physical stores and online marketing. With the increase in technological
advancements, it has become easy for the company to reach out to its customers through
various online marketing channels. For example, the company plan sells its products
through e-commerce firms like Amazon and eBay. Finally, the company will partner with
the customers in order to augment their experience in with the product. This will be
archived through some problems like referral and affiliate programs. As mentioned earlier,
the primary product of the company is the smartphone cases, which will mostly deal with
Samsung and iPhone smartphones. The market for protective covers in the US BUSINESS
PLAN 7 was approximated at US$ 12,934.4 million at the end of 2016, and the tree is
expected to increase put to $ 19,210.0 million by 2023. The CAGR rate is roughly 5.8% from
2016-2023. The above statistics show the current performance of smartphone covers
market. This market is significantly lucrative, and thus, it will many potential investors. The
mobile phone protective cases market was estimated at US$ 12,934.4 million by the end of
2016 and is anticipated to reach US$ 19,210.0 million by 2023, growing at a CAGR of 5.8%
from 2016 to 2023. Mission Statement The mission statement of Platinum Cases is: “We will
dedicate technology and human resources to produce high-quality products, therefore,
taking part in an enhanced global community. This will be achieved by developing a culture
of innovation among our teams and departments. Moreover, the culture of teamwork will be
promoted in the company in order to boost the productivity of the workforce. Core values
will guide various operations in the organization. The company will incorporate the idea of
corporate social responsibility to establish a better neighboring community.” The mission
statement of this company is concerned about augmenting the quality of the consumer
products which will be archived by the use of the available technology and human
resources. Furthermore, it is aimed at depicting a better society whereby every person is
able to live without any difficulty (Rey & Bastons, 2018). Also, this mission statement will be
valuable in the achievement of long-term and short-term goals; it will act as a guard rail in
the accomplishment of the set objectives. Vision Statement BUSINESS PLAN 8 The vision
statement of Platinum Cases is: “We progressively invent to become the greatest target for
our partners and customers. This will be achieved by producing high-quality products.
Quality in operations and the products will be a vital principle which will guide different
departments in the company. We will endeavor to reach out to many customers in different
parts of the world; this will be archived through the use of e-commerce and social media
platforms to reach out to local and international customers.” This statement aims to show
the endeavor and aim of the company to become the best in the industry. Through
innovation, the company will be in a position to become the best in the industry. This is
following the nature of the customers as they like innovative products which are of high-
quality products. For instance, our product will employ the innovation which will make it
99% protective against different forces applied on smartphones. Also, this will enable them
to avoid some of the common problems like wear and tear as well as screen breaking. Blue
Ocean Strategy Blue Ocean Strategy alludes to a market for services or product where there

13. is less or no competition (Kim & Mauborgne, 2015). This strategy gyrates around looking
for a business in an environment whereby very few firms operate and where pricing
pressure barely exist. This strategy will help the company to identify new demand in the
competitive market, and to render rivalry inapt by producing products with great features.
It allows the firm to exploit maximum profits as the product can have a higher price tag
following is incredible characteristics. The critical principle of Blue Ocean Strategy is value
innovation; this is a business tactic that concentrates on developing new market
opportunities rather than competing with the rivals in the present market share. This
strategy will allow the company to make high-quality products which will be way better
compared to that of the competitors. One of the most significant values in any BUSINESS
PLAN 9 company is to offer high-quality products to its customer base at a relatively low
price. Furthermore, high-quality products are essential as they allow the company to
develop its brand in the market quickly. For instance, concentrating on the values like
quality and durability of the product will attract a broader customer base, and this will
allow the company acquires a good reputation in the production of mobile phone covers.
The strategy is essential as it will allow the company to explore new markets by rearranging
the boundaries of the existing one (Kim & Mauborgne, 2015). Creation of a new market for
the company will be necessary than competing in the already existing one. This may help in
the development of the company’s brand since it will be the main product in that market.
The other important thing about the strategy is the aspect of value innovation; this allows
the company to be highly creative with the help of innovation, this will enable it to think out
of the box and thus attaining a better competitive edge in the market. Finally, the strategy is
essential as it allows the company to formulate a better value proposition. Customer
Segmentation Customer segmentation is the process of dividing the potential customers
into groups. Customer segmentation focuses on building the customer market and
providing them with their specific needs. This segmentation ensures the company deals
-
based segmentation and value-based segmentation. In prior classification, the segmentation
is based on publicity which includes the industry size in the market. Needs-based
segmentation focuses on the customers’ needs in the market. The products that the
customers love most are enhanced to meet their demands. Value-based segmentation
distinguishes customers with their financial status hence producing products that suit every
class. The segmentation for our company will focus on three main characteristics which
include: buying frequency, needs and financial status. i. Buying frequency The company
monitors the rate at which customers purchase products and focuses more on the specific
product. Segmenting using buying frequencies enables the company to determine the
number of products to produce. In our case study, the production of smartphone cases is
vital and targets high-end customers. The feasibility study was done before revealed that
most of the customers in the country use Samsung and IPhone phones. The buying
frequency recorded through the last few months indicated that more sales of black covers
were recorded hence the need of the company to produce more products of this dimension.

14. For every ten covers that were brought, 6 were black covers. Customers also revealed that
they would prefer having two different covers for their phones and would be glad if they
were of different colors. Moreover, the customers preferred the covers to be unique and
have a flip cover. The value the customers generated was the key factor that made the
segmentation. BUSINESS PLAN ii. 11 Needs Developing variables of the customer
transaction enables the organization to determine the trends of the customers and establish
the best products they want. According to the sales recorded, the most preferred product
was the black flip cover. Other back covers performed well too, but with the highest
purchases being made on the flip covers, our main focus will be to produce more flip covers.
The preferred colour being black gave the organization an insight into the colour preference
when producing new products. iii. Financial status The market demands from the survey
done indicated that most youths below 35 years preferred the flip covers and made the
most purchases. On the other hand, the old adults preferred the back covers and
approximately made some good sales. In spite of this, the customers who made big revenue
returns purchased the flip covers. As this was the most selling category, the organization
will come up with new strategies to improve on this product. Graphical representation 1.
Buying Frequency BUSINESS PLAN 12 Buying Frequency 600 500 400 300 200 100 0 Skins
Shells Wallet 2015 2. Needs Segment 2016 Leather 2017 Rugged BUSINESS PLAN 13 Needs
Segment 500 450 400 350 300 250 200 150 100 50 0 Skins Shells Wallet 2015 2016
Leather Rugged Leather Rugged 2017 3. Financial Statement Financial Statement 500 450
400 350 300 250 200 150 100 50 0 Skins Shells Wallet 2015 2016 2017 BUSINESS PLAN 14
Graphical explanation From the needs graph, the trend reveals that in 2015, the most sales
that were made came from the purchase of leather and skin types of cases. The skins sales
topped the market in 2016 while in 2017 leather-topped. From this trend, we realize that
the customers preferred the skin cases most within the three years. The needs reflect the
choice of most of the young adults. From the Financial statement, most users preferred
leather cases. This can be credited to the fact that most of those who preferred leather cases
are financially stable and inactive employment. Through this segment, we diagnose that the
other preferred choice was a wallet. In spite of it being the second choice, the survey
indicated that most people who preferred this were aged millennials in their early twenties.
The buying frequencies for the three years were a little bit skeptical. Most customers still
preferred leather cases. All through the three years, the sales of leather cases have
undergone some stable increment. Additionally, the wallet brand was the second preferred
choice. The durability of the wallet brand increased its viability and made it become the
second most preferred choice. Industry Analysis Industry analysis refers to the process
where an organization performs market research to determine industry competitiveness.
The analysis enables businesses to determine their position in the market in regards to
other competitors. Additionally, it enables the company to understand the opportunities it
has and the threats that might lead to its low income. Moreover, it enables the company to
understand the differences between them and their competitors. Industry analysis involves
porters five forces, SWOT analysis and PEST analysis. Porters 5 forces include BUSINESS
PLAN 15 bargaining power of suppliers & buyers, the threat of potential entrants, power of
service providers and the threat of substitute goods. PEST analysis stands for political,

15. economic, social and technological. PEST analyzes the external market. SWOT analysis
refers to Strengths, Weakness, Opportunities and Threats. Industry analysis enables the
organization to understand the market and its demands. From the industry analysis
conducted, we established that the most preferred cases were leather cases. Most adults
and the aged preferred these cases because of their long life. Industry description Platinum
Cases is a firm producing smartphone cases. In the course of the recent past, the
smartphone industry has been growing at an increasing rate. Platinum Cases is a company
based in the United States, and it will endeavor to produce different types of smartphone
covers, this product will be fit for different kinds of smartphones. Nevertheless, it will target
smartphones from Samsung and Apple. The company is still new in the market. One of the
unique characteristics of the company is a high-quality product which will ensure that
customers are satisfied. This is because these covers are made of pure leather. Furthermore,
the brand will be unique from that of the competitors because they offer low-quality
products which barely last long. The principal value of the firm is the provision of better
products at a reasonable price. The other major characteristic of the company is the fact
that it will concentrate on serving customers as fast as they can; this will be archived
through progressed customer care services. BUSINESS PLAN 16 North American Industry
Classification number The North American Industry Classification number for our industry
will be 8999 because it’s a service that has not been classified anywhere. The importance of
the NAIC number is to enable an organization to determine its competitors and work to
enhance its competitiveness in the industry. Profit Margin The expected profit margin will
be approximately 1300. From the survey conducted and the expected growth, the company
will be making big strides in sales. 2015 2016 2017 Skins 200 234 345 Shells 150 321 345
Wallet 300 300 333 Leather 450 400 432 Rugged 230 300 276 1330 1555 1731 Total The
company will major on making profits and improving on goods that the customers love.
This will enable the company to maintain its customers and focus more and fulfilling the
customers’ needs. Location Preferences The location preference for our business will be a
high-end city or town. Samsung and IPhone smartphones are used mostly in urban areas
and would be viable if found in a big city. The city of choice has approximately 45,000
people. BUSINESS PLAN 17 The demographic data of the city include: 70.4% are Americans,
11.8% African-American while Asians occupy 3.8% The region of preference is Texas,
Austin. The advantages of doing business in Texas are that the people are passionate about
new changes. Most people use iPhones and Samsung phones. The city is a 24-hour town.
The market sales survey done established it as a powerhouse in producing the most sales.
Corporate Structure Corporate structure of an organization is the system of power and
ownership of the entity. It is how the organization is structured. The four structures that are
available include sole proprietorship, Limited Liability Company, cooperation and
partnership. Sole proprietorship is a type of enterprise that is owned and run by a single
individual who is also the overall decision maker in the organization. This type of
organization requires total dedication from the owner who has to spend most of their time
in the enterprise. The owner is taxed on the income they make and the business they run is
not always a legal business. The lack of legal formalities makes it easy to operate and close a
single business. The liability lies on to the business owner, hence in the event of a failure or

16. debt, the owner is mandated to stand in and sort out. The owner suffers the risks involved
in the business. Moreover, all the profits are managed by the owner. Having control of the
business makes the owner free to make any decisions that affect the business.
Confidentiality of the business is maintained as no second party gets access to the system
process. The life cycle of the business depends on the life expectancy of the owner. In the
event of death or accident, the business comes to an end. BUSINESS PLAN 18 Partnership is
a business agreement by a group of people who manage the business together and share the
profits. Having joint heads is always a great option than having a single head. In this
structure, more capital to run the business is available. An external regulation is limited and
does not affect the organization. The legal structures that bond the partners can be changed
any time if need be. Additionally, income splitting option is available to enable ease of
paying taxes. The borrowing capacity is high which enhances the chances of the business to
grow. The disadvantages of such arrangement include having a liability in the event of an
unpaid debt. Each of the partners is responsible for the debts accrued by the other partner.
Disagreements occur frequently within such arrangements. The disagreements lead to legal
battle if separating. A limited liability company LLC is an organization whose owners are
not responsible for the debts or liabilities of the company. The organization of this
dimension entails both characteristics of partnership and sole proprietorship. The investors
in such arrangement are not drained cash from their personal accounts in cases where the
liabilities of the company fail. LLC passes some taxation laws as the business is also
considered as personal owned. The numbers of owners are not limited in such an
arrangement (Kim, W. C., & Mauborgne, R. 2015). Owners can invest in the business in
regards to their limit because there is no set limit for investing. LLC owners have free
managerial capacity and don’t need to meet regularly to plan the functions of the
organization. Disadvantages include working extra hard to earn capital to sustain the
company. LLCs pay more legal fees to get licenses to operate and they require annual
renewal. Government regulations limit the type of businesses to be registered as LLCs.
Avoiding to pay federal taxes may result to the business paying more taxes than other
structures. BUSINESS PLAN 19 A corporation is an entity recognized by the government to
transact its business by hiring, firing, borrow, loan money and enter contracts. Shareholders
only risk equity of the business. The liabilities do not affect the shareholders directly. Extra
income can be gained by selling shares. Corporations have the audacity to deduct the
benefits it has set for its staff. Demerits of corporations include the time used for formation
which is too much. Agencies monitor the activities of corporations which results to
additional paperwork. Profits gained may be liable to more taxation from the government.
Platinum covers act as a partnership organization. With this type of arrangement, the
organization will fulfill its mandate in the business market successfully. This model will fully
focus on the merits of the covers. Having partnership will be a key feature as combining the
technology of Samsung and IPhone requires partners to be assembled together.
Entrepreneurial Business Plan Advantages Marketing through social media will be more
beneficial to the company. Social media platforms have been one of the easiest ways of
reaching and engaging with customers. Social media will surge the chances of the brand
being recognized. The use of social media will boost the company’s brand awareness as

17. more audience will be reached (Rubtcova & Pavenkov, 2018). First of all, the firm will create
platforms in all social media sites. To increase the audience and the traffic of the platform,
the firm will invite and visit other big firms’ platforms and also engage in various online
discussions. Sharing daily contents about the company’s products will be another priority to
make the brand being recognized easily. Each post will be shared to more platforms to
attract huge audience. The second advantage of using social media is the increased inbound
traffic. Synchronizing all the social media platforms will enhance the company’s ability to
attract more audience. The secret will be BUSINESS PLAN 20 posting new update daily and
marketing it enough. Each social site will be having every post the company makes. All the
social media platforms of the company will be connected directly to the website. Any post
that is made will be boosted to attract more customers. As part of the marketing schemes,
rewards to random customers will also be introduced to enhance the engagement between
the firm and the customers. Rewarding customers will be a source of attracting new
customers and a big way of engaging directly with the clients. Search engine optimization
will enable the company to be easily recognized on search engines. Having a huge following
will be boosted by being easily found on all search engines. SEO will enable the company be
more robust and easily accessed. This will not only increase the website traffic but also
attract more clients for the organization. SEO is obtained by posting high quality content
that will attract more clients and make them engage more with the customers. Through the
SEO most companies find their brands being more engaging as more clients are attracted
are attracted making the products more visible to customers. Being above other companies
in search engines makes it easier for a firm to improve its products and remain competitive
in the markets. Credibility of a good website is being more graphical and on point hence
appealing to the clients. Social media usage will increase the company’s conversion rates.
More customers will feel free to get involved with the company’s brands and hence the
traffic in the website will be boosted making more profits. As a result, one on one
engagement with clients will increase their loyalty with the company. Social media
marketing is the cheapest and most engaging form of marketing as it attracts huge audience
than the usual offline marketing strategies. Credibility will be created through engaging and
answering all questions asked by clients online. Usual engagements with clients will
increase the customers’ trust with the company’s products. Disadvantages, Risks and
Concerns BUSINESS PLAN 21 Marketing through social media not only results into benefits
but also challenges. The challenges affect the company directly and indirectly. The major
challenges include time, trademark and privacy security issues. Using social media is time
intensive and requires the company to employ social media staffs. Having increased traffic
through social media will need the company to spend more time online engaging with the
clients. This technique is not only time consuming but also another form of reducing the
viability of the firm. Companies tend to protect their trademarks and copyrights in all their
business activities. With increased social media engagements, third parties can be involved
and steal the company’s vital information and use them for their own gains (Nadaraja, &
Yazdanifard, 2013). This deteriorates the company’s image and increases copyrights issues.
Maintaining client’s documents is a hard task and costly activity. The privacy of all client’s
details should be maintained to win the trust of all key players in the industry. Having a

18. solid backup from clients will increase the company’s business. Exposure of all the cover
designs being done by the company might lead to copy rights issues as third parties might
steal the designs and make up their own new styles. Negative feedback from people is a
usual social media aspect. The more the company engages with clients through the social
media the more the negative and positive feedbacks are received. With people having
different opinions, not all of the people will be happy having the company’s cases. Some
clients might be so abusive and might ruin the image of the company online. Other
competitors might also post dissing information about the company which might damage
the company’s reputation. User generated content by individual persons impersonating the
company might ruin the reputation of the company online and reduce the customer traffic
in the social platforms of the company. Through social media the company will achieve
more and will also increase the chances of being more competitive. Engaging directly with
clients will boost the image and reputation of the company. New designs by the company
might also be received from customers through an online competition. Through this, the
company will meet specific client’s needs. BUSINESS PLAN 22 Competitive Advantage
Competitive advantage are the traits that makes a company superior than others in the
market. The competitive advantage within a firm are mostly displayed when actions taken
are superior and profitable than the other industry players (Cegliński, 2016). Platinum
covers has varied attributes that improves its competitiveness in the market. The core
competencies for the company include responsibility, teamwork, decision making,
leadership, results orientation and trustworthy (Weil, 2014). The key competencies of the
company are essential in ensuring the success of each employee. Each employee’s potential
is revealed when the core competencies have been followed to the latter. The competencies
set by the company enables each employee to apply their skills and knowledge and
effectively participate in different activities of the company. Moreover, the competencies are
accessible and easy to learn & use. Responsibility among members of staff involves diverse
actions by the employees. First each employee should maintain punctuality. The work ethics
should be followed to the later. Additionally, the tasks assigned have to be finished within
prescribed time and while at work the focus should be on the job and abiding by the work
ethics set. The grooming by the employees should be presentable and conducive for the
workplace. Each employee is mandated to be clean form body, hair and nails. Since the
company is dealing with manufacturing covers, long nails may be a source of injury to
employees, hence the need to keep them short. All employees are advised to embrace
working together in a team set up. Being involved in group works enhances the efficiency of
the company as great ideas and implementations are completed within a short period of
time and are free from errors. Platinum covers has put in place leaders who have undergone
training that enables them create a rapport with both the staff and customers. Having solid
and dependable leadership enhances the trust within the staff hence improving their
productivity. Adequate leadership and conducive working conditions builds the trust of
employees towards the organization. Platinum covers values each employee and has
employee empowerment programs that seek to enhance the trust and productivity of each
employee. These competencies have enhanced the BUSINESS PLAN 23 competitive
advantage of the company. The key advantages that Platinum covers has focused on include

19. 2 1 bargaining power of suppliers, buyers and rivalry among other competitors. Bargaining
power of suppliers determines the cost of products. Having strategic team that understands
the market, platinum covers has benefited from the power to successfully convince the
suppliers. Despite most product being outsourced locally, the company still enjoys a
massive supplier bargaining power (Kumar, & Pansari, 2016). To achieve this, platinum
covers maintained their suppliers. Maintaining suppliers enhances the bargaining power
which makes the company acquire products at a relative good price. Building trusts with
each supplier by increasing volumes has enabled the company to effectively keep each
supplier at bay. Customer concentration has enhanced the company to have a bargaining
power over them compared to other key players in the industry. The bargaining power has
been influenced by 3 understanding the potential customers. Through in-depth survey and
research, the customers’ specific demands were established and products produced based
on them. This technique has enhanced the total sales and made Platinum covers enjoy the
market dominance. The key factor has been producing products that meet the customers’
financial value. Products that can be purchased by people from all walks of life have
positively boosted the average sales. As a result, our brand has gained public attention
hence increased sales. One on one engagement with customers to determine their specific
needs has boosted and enhanced the chances of attracting more clients. The quality of the
products is the backbone of retaining customers. Rivalry in the market from other
companies enhances the cost of prices. Despite the market having stiff competition from
other companies, Platinum covers has strived to keep the competition healthy by
concentrating on producing quality products. Customers prefer products that last and are
easy 4 to use. This viability has ensured the company maintains its clients and forms a basis
of attracting more BUSINESS PLAN 24 customers. Moreover, the diversity of each
competitor has increased the competitions brought about in the industry. Executive
Summary The company selected in the business plan is Platinum Covers which deals with
smartphone covers. The mission and vision statement of the company is aimed at producing
high-quality products at a lower price to satisfy customer needs. Finally, the paper analyzes
the value and importance of Blue Ocean Strategy in Platinum Covers. BUSINESS PLAN 25
References Rey, C., & Bastons, M. (2018). Three dimensions of effective mission
implementation. Long Range Planning, 51(4), 580-585. Cegliński, P. (2016). The concept of
competitive advantages. Logic, sources and durability. Journal of Positive Management,
7(3), 57-70. Stern, A., & Xu, C. (2018). Signature change in matrix model solutions. Physical
Review D, 98(8), 086015. Kim, W. C., & Mauborgne, R. (2015). Blue Ocean Strategy,
Expanded Edition: How to Create Uncontested Market Space and Make the Competition
Irrelevant. Watertown, MA: Harvard Business Review Press. Nadaraja, R., & Yazdanifard, R.
(2013). Social media marketing: advantages and disadvantages. Social Media Marketing, 1-
10. Rubtcova, M., & Pavenkov, O. (2018, October). Advantages and Disadvantages of Social
Media Marketing in Russia. In 14th Global Communication Association International
Conference, Manipal University Jaipur, Jaipur, Rajasthan, India. Oct. Kumar, V., & Pansari, A.
(2016). Competitive advantage through engagement. Journal of Marketing Research, 53(4),
497-514. Weil, D. (2014). Fissured Workplace: Why Work Became So Bad for So Many and
What Can Be Done to Improve It. Cambridge: Harvard University Press Comment Summary

20. Page 23 1. These sound more like Porter 5 forces. 2. This sound more like Porters five forces
3. Bargaining power will depend mostly on the firms you are purchasing from. Therefore
what you are stating is that one of the advantages of your firm actually depends on others to
offer you better pricing??? 4. I am not seeing this as a competitive advantage but instead a
strategy to compete.