Business and Marketing Plan Reflective work

"Individual commitment to a group effort - that is what makes a team work, a company work, a
society work, a civilization work." (Vince Lombardi)

After almost two months of effort, I have to admit that I have learned a lot about team work and how
things actually function out there. It is about how much i learned about others, but also myself. So in
this Reflective report I will try to cover all the personal subjective impressions, notions, influences,
inferences and conclusions, from my point of view. The initial idea was to dedicate certain amount of
time to the project, by arranging meetings days after days, and work on our business plan.
Unfortunately, this just could not work out for us, for some reason we were not able to maintain long
term work flow so we have been struggling a lot. Shortly after realising that it was definitely not the
best method for us, we started thinking around it. Since we wasted majority of our time and have not
wrote anything big, we come up with the idea to split the roles. There are four of us and the roles
were given, each was supposed to cover specific aspects, taking responsibility for different areas
depending on the personal affinities, skills and interests. Kristinas part was to write simple
introduction, executive summary and conclusions. Marija was supposed to cover marketing strategies
and do a local and global marketing researches. Luciano has done the financial plan and calculations,
while both of us, Luciano and myself were responsible for a business model and concept. My portion
appeared to be very challenging, and it consisted of covering the whole situational analysis,
PESTEL(Political, Economical, Social, Technological, Environmental and Legal), aswell as
SWOT(Strenghts, Weaknesses, Opportunities and Threats). It was kind of fun because no one of us
had any actual(real) experience in the majority of the fields mentioned above, although we managed
to find our way to get it done. We were also helping and consulting each other all the time,
depending on the situations. The thing that appeared to be most painful was for sure the business
model. It was hard to distinct what exactly should be written under business model, in order to avoid
repetitive sentences, and clashing between other parts of business plan. When it comes to
introduction and conclusio, the job was well done, smooth and proper with a bit of everyones help.
We also managed to build strong marketing plan, covering short term tactics, aswell as long term
strategies. The plan is mostly based on various marketing methods in order to keep customers
satisfied. By smartly adjusting prices to be lower than competitors, also by delivering highly
customizable services/products depending on the customers personal demand and needs. By
making special discounts for certain types of customers such as students. For example, students
would be getting different price rates when contributing their official student card/id to be examined,
and thereby approved. Primary strategy is meant to be web-based. By creating online marketing that
would provide strong online presence, and present us as a modern, up to date online sound library.
Main goal is to rise social awareness by boosting Social network profiles, with new branding, as well
as to achieve better positioning in Google SERPs (Search Engine Rank Pages), creating better online
picture, aswell as using Google AdWords. We have also conducted various marketing research
methods such as four Ps, ansoff matrix and Porters generic strategies.

The situational analysis ended up looking good and strong aswell. PESTEL(Political, Economical, Social,
Technological, Environmental, Legal) analysis probably being the most detailed and precise part.
Stating why we actually need PESTEL to be done, and according to certain standards and statistics.
With Political analysis practically avoided because our business is not affiliated with politic situation in
any way. Economical analysis including various inflation data regarding local and global market, and
stating how there is slight amount of space for a newcomers to succeed if organised properly.
Technological analysis explains how modern technologies have huge impact to modern businesses,
without any doubts. By providing the option to sell merely online with a big number of advantages
over the traditional market. Among which are achieving huge savings in setup costs, by not having to
rent some big space or anything. Providing instant product deliveries, aswell as payments, with a
minimum order processing time. More sale opportunites with the global audience. Open twenty four
hours per day, seven days a week, with minimum or no effort at all. Potentially attracting customers
who would not normally have investigated our type of product. Our business is web based and
products are available strictly in digital forms, it is not affiliated with environment nor is threatening it
in any way. Legal analysis covered all the potential legal issues aswell as the privacy policy, which is
obligatory when it comes to any type of web business, in order to keep customers well informed and
aware. SWOT analysis is done in according to several consultations and discussions made beforehand,
between the team members. We have some solid strenghts and opportunites, aswell as a couple of
weaknesses and threats. Our primary strenght would be the team itself, it is consisted of four young
and perspective students with the very decent knowledge and education background, that can
perfectly fit their roles and contribute individually to make one good and stable team of content
providers. However our biggest weakness is very limited amount of start up investment and equity,
aswell as probably having to raise some kind of bank loan at some point of time in order to maintain
long term sustainability. Our most potent opportunity is that there is a huge growth of demand
happening when it comes to several major industries, including music, film and gaming industry. The
threats that should really concern us are global economical crisis and large format foreign companies,
competition. When it come to financials, we were struggling big time but somehow managed and
ended up with a less or more precise financial plan. Various calculations and researches had to be
done in order to achieve different income and outcome calculations. These include, balance sheet,
income statement, start up costs, equity values and the cash flow for the first year aswell. Our roles
within the team were clearly defined, pretty straight forward. Each holding and representing
different roles:

Kristina - Accountant/PR manager, Artist, Sound designer

Milica - Marketing manager, Web developer, Web designer

Luciano - Artistic director, Recording engineer, Multi-instrumentalist, Artist

Filip - CEO, Audio Engineer, Producer, Sound designer

To summ it up, this definitely was very amazing and unexpected experience that broadened my mind
and introduced me to a whole new way of thinking. Beside all the struggles, issues and problems that
we initially went through, I am very glad that I had the opportunity to work on this project within this
team. Really hoping that our business plan ended up at least feasible and sustainable, if not much
profitable. Either way, it provided me with a huge amount of useful knowledge, new friends and
memories.

Filip Jankovic