Business Planning- ECO chair Assignment Example | Topics and Well Written Essays - 1250 words

Business Planning- ECO chair - Assignment ExampleThe assembly members plan to form a insular limited company in making this echo chair in order to commercialize the nous in real market in the UK. The business is going to be funded 67% by the group members 33% by investors who be interested in our business. The mission of the business is to produce furniture that are environmentally friendly and use naturally available products that are cheaply available. The report presented the key elements of a conventional business plan such as production, marketing, profitability, and competitive advantages (Rumelt, 2011, p.66). The business excogitation of the group is base on environmental trends of concern to peoples daily life and the social importance of out-of-door activates and events. The large printable surface of the chair can be a major strength in the commercialization process since it provides a special channel for advertising the product to the market.The process from market outline to company financials guides the walk through the essential components of the plan. This includes how to come up with funding request or obtaining surplus funds for the project (Vesper, 1996). These key elements of a business plan include product description, people intricate in the project, marketing, and finance.The echo chair is a new and the unique product from the conventional innovative products. The concept is inspired by the need for environmental protection and use of natural renewable resources. The product real by the group will use cheaply available renewable resources making it a executable idea.Initial production process of the product is to be outsourced to external manufacturers who will back up with the design. This will help in reducing initial cost of establishing a manufacturing unit, human resource management, and equipments. In order to find quality control, the original materials for manufacturing the