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Hello – Need some revisions on my IT Capstone Project.Initial paper is great (THANK YOU) just need to make some adjustments and in different formats etc. I’ve attached IT Capstone Checklist which will provide a little more detail on each sections and what is needed aside from what I’m requesting. Need assistance/revisions on following sections: D4 – Sales Forecast – See attached Sale Forecast, finish filling in sales numbers and totals.Please also see attached PriceList to correlate services price list that I’m using. NOTE Totals will be needed for Section F1 on the Forecasted Profit Template etc. E1 – Overall Strategy – Paragraph is great but I need a little more indepth of a plan for successfully launching the business and starting it up.Please see checklist for ideas and what is needed. Add to initial table. Task / Completion Date / Responsible Party. E2 – Monitoring Plan – Again, need a little more indepth ongoing plan as noted in checklist.Small table would be great. F1 / F2 Financial template = See attached Financial Template that you had already filled out for me (thank you) it will need to be updated with new sales totals and correct numbers.Both tabs!! G1,2,3 – Unsure if anything will need to be updated for this section upon changes in sales forecast and Financial template changes.Please review after previous sections are completed. Thank you SO MUCH for your help on this!! it_capstone_checklist.docx it_capstone_paper.docx financial_template.xlsx d4___qfit_salesforecastv1.xlsx qfit_pricelist_v1.xlsx Unformatted Attachment Preview Undergraduate Capstone Checklist The checklist below will provide you with guidance for each section as you complete your work for submission or as a guide as you work on revisions. Using this guide in its entirety is your best chance of success! This task is evaluated at a higher level in all aspects including articulation, APA references and citations and overall content. If you need additional help with your work, please contact the course instructors at undergradbusinesscapstone@wgu.edu. Follow the stepby-step approach below to complete your work: 1. Step One: Watch the Getting Started on the Capstone video! 2. Step Two: Schedule a call with your assigned course instructor to discuss your business idea, general tips for getting started and general questions. Please note: Your company idea should align with your degree program. You are not allowed to use a franchise or a not-profit organization. 3. Step Three: Proceed through the checklist by watching the video at the beginning of each section and reviewing the tips for each prompt. 4. Step Four: Review your questions with the course instructors via email or by scheduling an appointment. 5. Step Five: Write your response for the section. Do not forget to use the templates! 6. Step Six: Schedule a call with your course instructor prior to submission to discuss questions/concerns. Course Mentor Contact Information Course mentors will support you through all pre-task submission activities. We do not review papers prior to your first submission. However, should your task fail for any reason, we will assist you in understanding the feedback so that you can make the required revisions. Our shared e-mail address is undergradbusinesscapstone@wgu.edu . In addition, you can schedule with any course mentor on our team using this link: Team Calendar. You can also schedule with us individually using our links below: Rian Williams (Ext 1842): Book an Appointment Katie Rogers (Ext 1846): Book an Appointment Amanda Manners (5475): Book an Appointment Norma Franciosa (4397): Book an Appointment You will need citations and references for the industry history (B1) and the industry analysis (C2) sections. Microsoft Word will provide you with a way to enter citations and references with ease. Please refer to this list for additional instructions: https://support.office.com/en-us/article/Addcitations-in-a-Word-document-ab9322bb-a8d3-47f4-80c8-63c06779f127. SOURCES Citing a Paragraph: Every sentence is stand alone in APA unless you are using a direct quote. This means that each sentence with information from an outside source will need a citation. If you have a paragraph that is summarized from one source, then you can cite the paragraph. Refer to this link for an example: http://rasmussen.libanswers.com/faq/32328. • For additional help with APA references and citations, feel free to visit our writing center: https://my.wgu.edu/success-centers/writing-center. SECTION A: Section A Video A1 Business Identification • You must clearly identify the name of your business, as well as the specific location of your business. A2 Mission • Clearly explain the mission you have outlined for your company. Mission Statement Example: The mission of Sweet Treats Bakery is to provide the highest quality cupcakes with the best possible service to our customers and community. A3 Business Goals • Clearly identify and discuss TWO business goals that support the mission you described in aspect A2. We provide you with one example below. Enough discussion needs to be provided to explain how the identified goals support your company’s mission. Your goals should be specific as outlined in the example below. Example of a Business Goal: • The first goal for year one is to have 85\% customer satisfaction with the overall service that we provide to customers in our store and at our catering events. o Explanation: One aspect of the company’s mission is to provide the best service possible. In order to ensure that the company is meeting its mission, it will be necessary to measure customer satisfaction and ensure that survey scores meet or exceed the goal. A4 • Be sure to list three keys to success for your new company and discuss each key in enough detail Three Keys to to prove your competence in this area. Keys to success can be more generic in nature. Success Example of Keys to Success: • Hire the highest quality candidates at competitive wages. o Explanation: Hiring and retaining qualified employees will be critical to ensuring that we meet our mission of providing the highest quality service. • Seek out the highest quality ingredients at competitive prices. o Explanation: High quality ingredients are a key component of ensuring we meet our mission of providing the highest quality product to our consumer. • Treat every customer the way we would wanted to be treated. o Explanation: Ensure that each customer has their questions/concerns addressed personally by the manager or staff to continue to provide excellent customer service. SECTION B: Section B Video B1 Industry History • • • Describe the actual industry in which the business will operate. For example, if your hypothetical company is a dry cleaning service, you would need to describe the history of the dry cleaning industry. Be sure to give an overview of the history of your industry and not a history of your hypothetical company. Key dates should show that you understand what has gone on in the past with the industry in which your hypothetical company will operate. This section will require outside resources, as you will want to base this information on the actual history of the industry (e.g. facts, dates, figures, etc.). SAMPLE SEARCH TERMS: “industry history of baking”, “history of bakeries” B2 Legal Form • • • B3 Location and Facilities • • Describe the ownership and legal establishment of the company, (i.e. specifying whether your company is a corporation, partnership, sole proprietorship, limited liability partnership, limited liability company (LLC), etc.) For additional information on legal forms, please see the following: http://www.ehow.com/info_7757526_legal-forms-business.html Please note that LLC stands for Limited Liability Company, not Limited Liability Corporation. Provide a precise description of the location and type of facilities needed for your company. Describe the geographic location of your business, including where the products/services will be produced. • • B4 Management Structure • • • • • B5 Products and Services • • Be sure to describe the facility you will be using. Mention square footage, location, ease of access, etc. If your business will be based out of your home, describe the space dedicated to the business. Identify any regulatory or legal issues your company needs to consider now or in the future in reference to the location and/or facilities, such as licenses, variances, permits, etc. Need to include a precise description of the management structure, including key personnel and positions. This section also needs to include a description of the assigned responsibilities of each management position. If you are the only employee in your new business, be sure to list all of the duties and responsibilities that you will perform. Be sure to be specific in those duties. The management structure should have tasks associated with at least the following functional areas: legal, accounting/finance, human resources, operations, management and marketing. Outsourced positions or functions are acceptable for this section. This section should discuss in detail the actual products and services that the hypothetical company will be providing. This explanation should serve as an introduction to the product and/or service and what specifically it will be providing customers. This information will be further explained when you discuss the 4 P’s of Marketing in Section D1. COURSE INSTRUCTOR CHECK-IN: Check-in with your course instructor to discuss any questions or concerns for sections A & B and to send a quick update on your progress. SECTION C: Section C Video C1 Target Market • • • • • C2 Industry Analysis • Ensure you have included a very specific description of the target market for your company’s products and services and clearly identify your intended customers. If you are struggling to identify your target market, you may consider completing the following steps: o Write out a list of each feature of your product or service. o Next to each feature, list the benefits it provides (and the benefits of those benefits). o Once you have your benefits listed, make a list of people who have a need that your benefit fulfills. Provide sufficient information to demonstrate your competence by discussing: o Who are your customers? o Include demographic and/or psychographic information to help define your customers. o Where are your customers located? Target market components for business to consumers could entail the following items: o Geographic: Location o Demographic: Age, Gender, Income level, Education level, Marital or family status, Occupation, and Ethnic background Target market components for business to business could entail the following items: o Geographic: Location o Demographic: Number of Employees, Years in Operation, Annual Revenue, Friendly to Outsourcing, Types of Companies (i.e. healthcare, education, manufacturing, etc.), and Values and Beliefs of the Organization The industry history (B1) talks about what has happened in the past, but the industry analysis (C2) is what is going on with your industry in the present and future. The industry discussed in both your industry history and industry analysis need to address the same industry. The industry analysis should include: o Growth Rate o Current Trends • • C3 SWOT Analysis • • • o Current Size of your Industry o Future Dates that will Impact the Industry o Government Regulations Do not forget to discuss trends that are occurring within your industry. This can be information on what customers are currently looking for, technology changes, process improvements, etc. This section will require outside resources, as you will want to base this information on the actual current state of the industry (e.g. specific facts & figures). Complete the four-square SWOT analysis included in the business plan template, clearly identifying 3 strengths, 3 weaknesses, 3 opportunities, and 3 threats for your hypothetical business. Be sure to discuss each of the 3 strengths, weaknesses, opportunities, and threats. You will need to provide more than one sentence to fully explain each item. The discussion can be provided in the four-square SWOT analysis or underneath in the narrative of the business plan. Strengths and weaknesses are internal to the company and are things that the company can control. Opportunities and threats occur external to the company and are outside of the company’s control. You may be able to capitalize on an opportunity or mitigate a threat, but you cannot control whether or not they occur. Opportunities and threats could occur due to decisions made by your competition, government regulations, environmental issues, economic issues, etc. SECTION D: Section D Video D1 Four P’s • • • • • • • Provide a logical discussion of the 4 P’s of Marketing, also known as the “Marketing Mix”: Price, Product, Promotion and Place (distribution) as they relate to your company’s products and services. This should be focused on the high-level strategy for each of the 4 P’s of marketing. We recommend a separate paragraph for each element of the marketing mix. In Section D1 of the Four P’s, the “Pricing” P is referring to your pricing strategy, whereas the D2 price list is requiring you to include an actual price list of what you are charging your customers. The Promotional Strategy (D3) will be an extension of the “Promotion” P from this section, while the 4 P’s will cover the strategy itself. Make sure you cover each of the 4 P’s and describe the connection of each of the 4 P’s to your company’s products and services, remembering that your discussion deals with the strategies pertaining to each area. The following question prompts can help you get started in addressing each of the 4 P’s: o Product/Service: What does the customer want from the product/service? What needs does it satisfy? How will you brand the product/service? o Place: This section should focus on how the product/service is distributed. How do supplies that you need get to you? How does your customer access your product/service? Will they come to your office? Will you go to their location? What is the process that the customers go through to get your product/service from beginning to end? o Price: Are there established price points for products or services in this area? What is your pricing strategy? How are your products/services priced in relation to your competitors? Will you offer discounts throughout the year? Will there be introductory promotions? This section is referring to your pricing strategy and should not include a price list. o Promotion: This should be a summary paragraph of the overall strategy. You will elaborate on this summary with specific tasks, end dates and responsible party in D3. How will your potential customers know that you exist? How is your marketing message presented to your target market? How will you reach your audience (e.g. advertising in the press, TV, radio, billboards, direct marketing, etc.)? D2 Price List • For a quick review and video of the 4 P’s of Marketing: http://www.mindtools.com/pages/article/newSTR_94.htm • Ensure you have included an appropriate and detailed price list for your company’s products and services. If you have many prices for a variety of products, you may want to group your categories and talk about the “average” price or price range for those items. In Section D1 of the Four P’s, the “Pricing” P is referring to your pricing strategy, whereas the D2 price list is requiring you to include an actual price list of what you are charging your customers. • Price List Example D3 Promotional Strategy • • Develop a promotional strategy with specific tasks, target dates, and responsible parties. The Promotional Strategy should be an extension of the “Promotion” P in the four P’s of Marketing that is discussed in section D1. Be sure to include specific tasks related to the promotional/marketing methods your company will be using. Many students use a table to show this information. Promotion Strategy Example D4 Sales Forecast • • • Determine your launch date to set the first 12 months of operation. Develop a sales forecast based on expected market conditions. The sales forecast should begin with your company’s first month of sales. Remember that the 12-month sales projection will be repeated in section F1 as your company’s revenue. For example, if you show $10,000 in your sales forecast for the month of January, then that $10,000 will show again as revenue in F1 for that same month. Sales Forecast Example • Do not forget to include a discussion of the expected market conditions with your monthly sales forecast for the first year of business. Is your product seasonal? If so, that is a good example of a market condition. Market Conditions Explanation Example The current market has few competitors that cater to both catering events as well as a storefront. The owner expect sales to be strong from the launch of the company due to marketing and signage before the opening of the store. A large events center recently opened and the company intends to become a vendor that can be utilized by companies that book the events center. This relationship will be in place prior to the launch date, but it will take at least a month to start catering events. Event sales are not expected in month one of operations but event sales will increase throughout the year. The company anticipates the highest revenue in the summer months as the company will be catering corporate events, weddings and local community events such as the farmer’s market and the annual July 4th celebration. During the first year of operations, the storefront sales are expected to grow at an average of 12\% each month, with the highest growth occurring at the beginning and end of the year. Storefront sales will not grow as fast during the summer months due to an increased focus on catering events, weddings, and local community events. The catering events and weddings for the business will bring in an average of $3,000 per event, with variation due to the number of attendees and options selected. Storefront sales are expected to be an average of $15 per customer group. For additional help with your sales forecast, refer to this document: https://srm-c.na60.visual.force.com/apex/coursearticle?Id=kA00c000000hKMMCA2& COURSE INSTRUCTOR CHECK-IN: Check-in with your course instructor to discuss any questions or concerns for sections C & D and to send a quick update on your progress. SECTION E: Section E Video E1 Overall Strategy Summarize your overall strategy for successfully launching the business, including target dates and goals. This aspect refers to all of the activities that need to happen in order to launch the business, or the “pre-launch” phase. Example of Overall Strategy: E2 Monitoring Plan For additional monitoring plan information, review this website on control plans: https://www.youtube.com/watch?v=lGZ2DsT22rU The Monitoring Plan should show what measures would be in place AFTER launch to make sure you are making your projections. Mention a schedule of meetings to review performance, who will attend, what will be discussed, and what happens if projections are not being achieved. Other measures could include surveys to customers, other customer outreach activities, etc. The Monitoring Plan could also include the tools that will be used to compare data, reports, etc. Monitoring Plan Example SECTION F: Section F Video Financial Statement Live Event F1 Profit and Loss Statement For a review of profit and loss statements, we recommend you view the following video entitled Accounting 101: The Income Statement (Forecasted Profit and Loss F1): http://www.youtube.com/watch?v=HeX6nmkqYX0. Develop a month-by-month forecasted profit and loss statement (also known as the income statement) using an estimate of revenues and operating costs based on the sales forecast. This statement provides detail on your company’s revenue and expenses for the first twelve months of operations. You can show your business starting in any month. It does not need to show JanuaryDecember. However, the month in which your company opens in your Overall Strategy from section E1 should agree to the first month noted on your statement. • • • • • • • • F2 Balance Sheet • • Revenue (Sales): This should be the same as the sales forecast you created in the marketing strategy section (D4). These numbers must match or it will be returned by the evaluators. Operating Expenses: You will need to estimate the type of monthly expenses your business will have. Based on your sales and other factors, your operating expenses may fluctuate month-tomonth. These fluctuations should be accounted for in your monthly expenses. Examples of operating expenses may include the following: Salaries/Payroll, Repairs and maintenance, Marketing and Advertising, Accounting and legal, Utilities, Insurance, Taxes (real estate, etc.) Travel, Rent, Interest, etc. Profit Before Interest: Profit before interest will come from subtracting your total operating expenses from your total revenue. Interest Expense: If you have taken out a loan for your business, you will have interest expense that needs to be reflected on you ... Purchase answer to see full attachment