Final Year Project – Third entry

Our recent work has been situated around our market research and financial projections documents which were submitted this week. As this is completely new to our team we wanted to prioritize the financial projections as we felt it would need the most work. Our market research document represented all the relevant information needed to understand,plan and execute our marketing and sales strategy which was directly connected to our financial projections. The most relevant aspects to our market research document include:

  • Target market
  • Market value
  • Market trends
  • Advantage type ( Competitive or differential )
  • Competitor profiling
  • Benefits to clients
  • Key assumptions

The most beneficial part of this section of work was the competitor profiling, I headed this task myself and found it quite intriguing to show the comparison to how companies such as Paddy Power and Boylesports vary but are within the same business market. As I had direct contacts within both companies the work was made substantially easier and I gained tacit knowledge that I would not of found through a means of website researching. Overall we were happy with our financial projections, our forecasts consist of the next three years taking into account all our marketing, wages, miscellaneous expenses, revenue stream, loans etc. We also represented clear profit and loss accounts. Luckily Luke had some experience in this area so as a collaborative effort between the whole team taking the market research we obtained we channeled this information to correctly forecast our financial projections. Our next section of work involves two presentations, one in front of panel of representatives for our final year project and another for our entrepreneur module which commenced in October. We have a  brief meeting this week to discuss the structure of our presentation and also allocate sometime to answer some questions on the technical side to our business as we haven’t discussed that in depth as we are currently focusing on the business case.

 

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