BUSINESS ENTERPISE SIMULATION

BENS01B
Ms. Cazar

KEY NOTES
EXECUTIVE SUMMARY

Company Name
The right name can make your company the talk of the town. The wrong one can doom it to
obscurity and failure.

 Ideally, the company name should convey the expertise, value and uniqueness of the
product or service you have developed.

 Some experts believe that the best names are abstract, a blank slate upon which to create
an image.

 Others think that names should be informative, so customers know immediately what
your business is.

 Some believe that coined names (that come from made-up words) are more memorable
than names that use real words. Others think they're forgettable.

 An effective name is one that establishes a strong identity and describes the type of
business you're conducting. 

 Start by deciding what you want your name to communicate. To be most effective, your
company name should reinforce the key elements of your business.

 The first and most important step in choosing a name is deciding what your business is.

When choosing a business name, keep the following tips in mind:

1. Choose a name that appeals not only to you, but also to the kind of customers you're trying to
attract.
2. To get customers to respond to your business on an emotional level, choose a comforting or
familiar name that conjures up pleasant memories.
3. Don't pick a name that's long or confusing.
4. Stay away from cute puns that only you understand.
5. Don't use the work "Inc." after your name unless your company is actually incorporated.
6. Don't use the word "Enterprises" after your name; this term is often used by amateurs.

Company Profile
A company profile is just what the name implies. It is a document explaining what your
company is and what you do. 

 A good company profile should include a brief history of the company, including the date
that it was founded. A list of all owners, directors, and shareholders should be included.
 the most important part of a company profile is a brief synopsis of the services that are on
offer. 
 A detailed company profile could also include an organogram of all staff members and
how they work together.

More Tips:

A company profile is part of a company's business plan that provides an overview of the
company to potential customers and investors. It generally includes the following data:

 the name of the founder(s) and the names and titles of the key members of the company 
 the official name of the company, its address, its telephone number, and its e-mail
address
 the structure of the company: whether it's public, private, or a partnership
 who serves on the board of directors, if there is a board
 places where the company does business
 what sets it apart from other companies
 the achievements that the company has made recently

Logo

A perfectly created logo is capable of establishing a good rapport with the audience that a
company and its business tries to achieve. But a wrongly designed logo fails to communicate a
business message and ultimately harms business of a company.

A logo serves many purposes in the modern world of business. It can send right business
message to your target audience. A professionally designed logo has the power to convert people
into loyal customers.

To create a powerful logo design, make sure that you know the brand inside out. The logo should
be a unique but simple design that conveys a brand message clearly. It should be a versatile and
scalable logo. The use of fonts and colors must be specific to the brand personality.

Tagline

A tagline is a short, memorable phrase that is used throughout your marketing. It should convey
the main sentiment or feeling that you want people to associate with your brand.

A good tagline becomes a cultural reference. Phrases like McDonald's "I'm lovin' it" or

Verizon's "Can you hear me now?" are examples of taglines that entered the public
consciousness and served as constant reminders of the products and companies associated with
them.

Once you create a tagline, it can be used in all forms of marketing, including print, radio, and tv
advertising; social media; brochures; websites; and more. The more you use your tagline, the
more it becomes a memorable part of your brand.The Purpose of a Tagline in Marketing

Taglines are designed to leave a lasting impression in a short period of time. Unlike many other
forms of marketing, they don't always convey direct information about either your company or
products. Their value in marketing is that they are easily remembered and appeal to customers on
an emotional level.

How to Develop a Tagline

To create a strong tagline, you first need to understand your target customer and what will move
them to make a purchase. Once you know who you are talking to, you can start developing
language that will speak to them.

1. Decide what tone and style are a good fit for your brand.
2. Develop a list of emotions that you want your customers to associate with your brand or
products.
3. Brainstorm dynamic verbs that will move your audience toward taking action.
4. Spell out a simple solution to a problem that your customers are facing.

As you develop your tagline, use simple, clear language. Avoid phrases that are bland, vague, or
meaningless. Focus on a friendly approach that will build a lasting connection with your
customers. Use descriptive words that convey emotion, but make sure they are easily understood
and remembered.

No matter what type of tagline you develop, the goal should be to create something that is
efficient, emotional, and memorable.

Taglines
 Nike: "Just Do It." Now, for the more well-known Nike message. ...
 Apple: "Think Different." ...
 L'Oréal: "Because You're Worth It." ...
 BMW: "Designed for Driving Pleasure." ...
 Tesco: "Every Little Helps" ...
 Bounty: "The Quicker Picker Upper" ...
 Lay's: "Betcha Can't Eat Just One."

LOCATION
Provide a detailed map where the business is located.

NATURE OF PRODUCT/SERVICE BEING OFFERRED

In the Products and Services section of your business plan, you will clearly describe-the
products and services your business will provide.

Describing why your products and services are needed if no market currently exists. (For
example, before there was Federal Express, overnight delivery was a niche business served by
small companies. FedEx had to define the opportunity for a new, large-scale service and justify
why customers needed--and would actually use--that service.)

If you plan to sell a commodity item and the key to your success lies in, say, competitive pricing,
you probably don't need to provide significant product detail. Or if you plan to sell a commodity
readily available in a variety of outlets, the key to your business may not be the commodity itself
but your ability to market in a more cost-effective way than your competition.
But if you're creating a new product (or service), make sure you thoroughly explain the nature of
the product, its uses, and its value, etc.--otherwise your readers will not have enough information
to evaluate your business.
Key questions to answer:

 Are products or services in development or existing (and on the market)?

 What is the timeline for bringing new products and services to market?
 What makes your products or services different? Are there competitive advantages
compared with offerings from other competitors? Are there competitive disadvantages
you will need to overcome? (And if so, how?)
 Is price an issue? Will your operating costs be low enough to allow a reasonable profit
margin?
 How will you acquire your products? Are you the manufacturer? Do you assemble
products using components provided by others? Do you purchase products from suppliers
or wholesalers? If your business takes off, is a steady supply of products available?

While your product may be technical, don’t get caught up in complicated industry jargon.
Explain and describe what you’re offering in layman’s terms, so someone who isn’t familiar with
your business will understand and be excited about it. It may be necessary to give some basic
background if this is an area or industry people are unfamiliar with.
 
While you write up the Products and Services section of your business plan, keep your reader in
mind. Things that you might take for granted or know inside-out might not be common
knowledge to potential lenders or investors. As you write, avoid being too technical, assuming
too much knowledge from your readers, and using buzzwords.
 
You don’t want to come off as condescending, but you do want to make sure everyone
understands what you’re talking about. To see if you’ve succeeded, have some trusted people
who aren’t in your industry proof-read this section for you, and ask them to explain your product
or service in their own words, along with the benefits to using them.
 
Here are the points you want to write up in the Products and Services section of your business
plan:
 
The Product or Service Description
What is your product or service, and how does it work? How does it benefit customers? How do
you make it or how will you get it made?
 
Product Comparison
What makes this product or service unique or better than what’s already available in the market?
Why would someone choose to buy your product or do business with you over someone else?
 
Accreditations/Intellectual Property
Have you had the product tested or certified? Gotten approvals from industry experts? Did you
trademark, copyright, or patent your product? These can add substance and credibility, so be sure
to mention them.
 
Lifecycle
Where are you currently with this product or service? Is it in the idea stage or do you have a
prototype? Have you produced some and are looking to expand? Have you started offering this
service already or are you still in the planning stages?
 
Pricing
How much will you charge for the products or services you’re offering? Where does this fit in
with what’s currently available?
 
Sales and Distribution Strategy
How will you sell it? Will you market it online or in retail stores? Have you lined up any
vendors? How will you distribute it or deliver the service you’re providing?
 
Fulfillment
How will you fill orders or deliver the service? Will you manufacture items yourself or outsource
to someone else? Who will handle distribution, and how?
 
Requirements
Will you need any special equipment or technology to provide your product or service?
 
Expansion
Do you envision future products or services as an extension of the business once it’s successfully
launched?
 
Photos or Brochures
 It’s beneficial to include a visual representation of your offering. Photos or brochures would
generally get put in the plan’s appendix, but you would refer to them in this section.
 
How Do You Stand Out?
Perhaps most importantly, emphasize how and why you are competitive. How do you stand out,
and why does this business have such a terrific chance at succeeding? In talking about your
product or service, always try to answer why a client would want it. How will your offering
make your customers’ lives better or more profitable? What need are you fulfilling or what
problem are you solving?
 
To sum up, the product and services section of your business plan gives the reader a clear
understanding of why you’re in business, what you sell, how you compete with what’s already
available, or how you fill a niche that no one else is meeting.
 Finance a Business 
 Starting and Managing a Small Business
https://www.entrepreneur.com/encyclopedia/business-name
https://www.designhill.com/design-blog/powerful-tips-for-effective-logo-design/
https://www.thebalancesmb.com/what-is-a-tagline-4017760
https://www.inc.com/jeff-haden/how-to-write-a-great-business-plan-products-and-services.html