December 15, 2019

In to produce an environmental scan analysis. This is

In order to
begin a prosperous startup real estate business, or any other, it is vital that
the company takes into account the importance of having a well thought and
detail oriented strategic plan. Thus, this paper will elaborate further on the
six strategic elements involved with any business oriented actionable plan.

            A critical foundation to a startup
of a business would of course be its mission and vision statements. These two
ideas are essential to creating what the business represents and the objectives
of the company, as well as how they intend to carry out these actions. To
detail further, the mission will be an important task for the employees to
generate together. This aids to create a sense of mental likeness between the
management and the staff, to work together and to generate new and innovative
ideas to further accomplish that goal. The vision statement, though similar to
the mission statement, would vary a bit on its own, meaning that the vision
would consist of what the company sees itself in the future. For example, in
ten years, what they have hoped to have done or accomplish. In essence, a
vision statement is what the company intends to be, and their future
aspirations, while the mission statement would be a helpful outline, further
detailing how the business intends to meet those goals.

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            The next element I will address is
the plan to produce an environmental scan analysis. This is also a critical
strategy for the company, to assess the area that it is in, and to better
familiarize themselves with the laws, regulations, or demographic factors of
the location they may be in. It is also vital for the company to gauge the
competition, in order to have a better idea what potential opportunities may be
available, as well as potential dangers or disadvantages that may be present in
the said environment. In principle, the environmental scan will have a strong
influence on the company and the products or services that they produce to
better market them to a specific client base. To further explain, the
environmental scan would include the following, social aspects, economic
backgrounds, technology, the competition, and regulatory principles the
business must comply with. For the social principles, a business will be
interested in the diversity as well as the population of their clientele, as
this offers good insight to better generate products to a client base of
different ages, genders or other factors. Another aspect to consider is the
economic differences or fluctuations in the environment in which the company is
based, they must take into account how the population surrounding them manages
income, especially with the growth of retirees, and where the younger populace
intends to work, as the economic tides shift, and white-collard employees are
relocating to offshore locations. The third principle taken into account is the
rise of technology, and its increased usage, as well as the rise of open
software and free access to these resources. The innovative progression of
technology is also intertwined with global advancement regarding treatments and
medications for diseases, and the rise in biotechnology. These are vital
features that must be considered when marketing new products and properly
merging them with the upcoming technological developments. While it is
important to be aware and properly informed about the soar of new features, a business
or company must not forget potential competition, and the opportunities that
are made available or the disadvantages that may be present due to that. The
competition involved in business, selling products, offering services or
generating new innovative ideas, does not lie within a set geographic boarder,
as the opposition is global, for example, China with its rise in economics and
its broach reach in manufacturing. These are all features to consider, however,
the great strength of a particular business, is of course its employees, as it
is vital for the management to increase focus on empowering workers to improve performance,
as the staff would be a core reason the business would succeed or fail. The
last piece to address regarding the formation of an environmental scan, would
be regulatory. This would ensue matters regarding legislation, again
intertwining with technology, and the laws that support or restrict the
internet, as well as its rules regarding copyrighting and intellectual property.
This has naturally resulted in the general populace being more concerned with
digital privacy and personal information that may be collected with the said business.
To sum up, as addressed above, an environmental scan is critical for a company
to evaluate with a higher level of understanding, the general needs or concerns
of its client base, the laws it must abide to, as well as how it must maintain
capital in such a competitive world.

            As previously mentioned, to a
startup business, competition is inevitable, nonetheless a concerning matter.
Therefore, one must be aware of the need to conduct a competitive advantage
analysis, which to clarify, would entail the business finding solutions to better
dominate the market. This includes having the ability to generate better
products or services at a lower cost, or in a more desirable fashion, this
would be better described as a comparative advantage or a cost advantage, where
a customer would find the products or services more appealing due to its lower
cost, yet maintaining a high standard. More aspects to cover regarding a
competitive advantage, would be a firm’s brand equity, its quality,
distribution network, as well as its customer service. For example, if a business’s
customer service is superior to another’s, this would be seen as more appealing
by clientele, regardless of the same costs-this- to be more detailed would be a
differential advantage. In essence, a company will focus heavily on sustaining either
a cost advantage, or a differential advantage, in order to make this advantage
difficult for competitors to neutralize. This can be done with strategies such
as on-site observations where a business can see what their competitor may
offer, for example the level of customer service offered to clients, or amounts
of produce they may be delivering. Another method that can be offer a lot of
insight, would be surveys or interviews to better probe deeper into customer satisfaction,
as well as the products the other firm may be offering. However, for a more
specific viewpoint, a firm can use focus groups to have a more detailed
perspective from a smaller sample of people. 

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