TASK CONSULTING GROUP Industry review: Today's competitive business consulting marketplace requires a strategy that will ensure a consistent approach to offering a product or service in such a way that will outperform the current competition. However, if we methodically improve our marketing strategy, we should have a well-defined process for our day-to-day process implementation. It is of little value to have a strategy if you lack either the resources or the expertise to implement it. The business consulting arena is a huge business that generated over a $125 billion in revenues in 2011 according to the U.S. Census Bureau. (U.S. Census Bureau, 2011) This is an indication of just how large and lucrative business consulting is in the U.S. and that there are a lot of consulting firms to compete with. With that we see from the Institute of Management Consultants that there are, “As of May 2007, nearly 500,000 management analysts work in the US, including those employed internally to private and public sector organizations and independent consultants ” (IMC, 2007) These are staggering numbers that give us a true scope of what is the business consulting sector. With nearly 500,000 consultants in the U.S. a consulting firm must find a true niche in order to compete with the sheer numbers of consultants that are employed in the private and public sectors. Finding your niche in the business consulting arena is a big key to whether your company will be successful and be around for years to come or whether you will be a flash in the pan. Statistics from Careers-in-business.com tell us this: “Today, technology planning, strategic services and enterprise consulting represent 35 percent, 20 percent and 15 percent roughly of the worldwide consulting spending.” (Careers-in-business.com, 2009) From this we can deduce that a business consulting group has to put its focus where there is a need. You cannot simply state that you are going to focus in only one area if that is an area that is saturated with business consults and there is therefore no growth potential. To survive in this industry you must try and become a one-of-a-kind type of consultant that brings something to the table that is not available from every other business consulting group in the sector . TASK CONSULTING GROUP is driven by a process of changing an organization’s focus on their typical business methods and analyzing the results in accordance with our T.A.S.K. platform. These results will define a roadmap that guide the organization down a transforming path which will help ensure future success. This success roadmap would include a thorough marketing strategy which would include pricing, promotion for distribution, and advertising as key components of the overall marketing plan. Other factors such as market share, market penetration, budgets, profit margins, capital investment, financial analysis, demographic changes, government actions, cultural trends and emerging technology will also be addressed. There are several critical and important components to our clients’ business strategy that will need to be addressed to ensure success. The first critical point will be to turn our clients’ focus to understanding the current competitiveness of their segment in the marketplace? The second focal point will be on their strategy to support their day-to-day operations? Another focal point will be strategies on gaining market share through enhanced market penetration and most importantly understanding their client base . For chasing the above results we focus on below points: ? We separate ourselves as a Task consultant by showing the current results as well as long-term commitment to the organizations by market analysis. ? Our service small startups which is being continuously maturing industries which need a turnaround i.e.if a company is “stuck” and their business model is no longer working, TASK Consulting brings order to the control the Chaos and make them profitable because Task knows that living in the bubble of today’s market place and its long term analysis. ? Task consulting mission is to Change the Paradigm of business to what is to what is possible? ? We focus on the results to our clients that are long lasting and permanent and bring profitability to them. ? Our values as Teamwork, Accountability, Sustainability and Knowledge uses to serve our clients as described below: Teamwork: useful in achieving clients’ goal, mission and values. Accountability: we are accountable to our clients’ organizations and our accountability is at the cornerstone of their success. We give them a surety as a delivery of 100% quality result all of the time or the money back guarantee. Sustainability: Our sustainable development and turnaround businesses are not only make a profit but also making a better world. Knowledge: We provide the knowledge on training and development and it’s affect to the entire organization. Therefore, it’s an awareness that bring Change and Change that is the Action that makes us difference and our motto is “Knowledge through Change affecting our Tomorrow’s .” Regulation review and legal concerns: It’s a most important decision, what would be location and business environment and this must be right before initiating any business. As a TASK consulting group where company’s business is to provide better marketing strategy so it’s a good idea to do some research about the zoning rules and regulations for the desired area of the business where we choose a city names as “Miami” this city has a wide range of tools to help us with the business process. Choose this Miami city because in this city U.S. Department of Commerce provides partial funding and this city provides strategic partnering and in?kind cost?share support to the MBDA Center that can help our consulting business. If we open our business nearby MBDA center than we can easily take technical assistance to our businesses in: writing business marketing plans; conducting feasibility studies; can identify financing condition and take loan or bonding; conducts. Moreover, they also provide financial analysis and prepare the financial projections which can assist us with various certifications for SBE, DBE, CSBE, MBE, WBE, and federal certifications, provides construction services such as estimating, and sub-contracting leads. The Center hosts a free Quarterly Lunch & Learn series to provide training in Export, Government Contracting, Bid Preparation, and Market Positioning & Branding. Hence, this location would be the best plan to grow up our business . There are several concerns which could be face while registering for the business as listed below: • Registering for taxes at the Federal and State level, we may need to apply for a license with the State of Florida because Florida Department of Business and Professional Regulation are only responsible for the licensing and regulation of businesses throughout the State of Florida. There are many listed licensing recommendations which need to follow for registering this business. • There could be a concern of finding a right location to start this TASK consulting business. • The City of Miami also requires Business Tax Receipt engaging in a business, profession or occupation i.e. need apply for a Business Tax Receipt. • The City of Miami requires a Certificate of Use and a Business Tax Receipt to open a business. All Construction Permit work that may be required must be complete and approved before applying for a CU and BTR . Task consulting firms earn revenues from fees charged to their clients. These could be hourly fees or fees paid as per business requirement. We find the challenges of our clients and effectively manage their time. In a business plan for our consulting firm, the section of marketing strategies is particularly most important for us. We must have strategies in place to continue generate new clients as well as maintain our old clients’. For the first time in Miami city we would follow below steps to achieve our goals of business in this city as follows: Step 1: Determine the scope service within the city then will match our skills and capabilities with the needs of the potential clients within the city as well as nearby of city. Should have to Identify market needs that are serious requirement to our services and it will must solve a significant problem for our clients. Step 2: We will devise points of differentiation i.e. we will be able to articulate by our package of services and different client will get different offer as per their requirement. Step 3: We create a different business model for our client then finalize the services offering for them and what we will charge for each depends upon the clients’ requirement. Step 4: For formulating our marketing plan, we already made our website with key strategies' of the plan where we mentioned that if we think of non-competitive professional services then any clients firm could be reach out to mutually refer clients. Step 5: Prepared a financial forecast which is conservative with according to the type of clients and their projections . Competitive analysis: We are describing the competitive landscape with our competitors that use different strengths and weaknesses approach. Identification of the competition: First element of T.CONS. GROUP LLC must be well conscious of its industry’s competitors as well located in Miami, FL. The organization figure can help in ideal technique for the organization and having finished understanding about the firm's competitors and figure out the market strategy which wants to help in competitive pricing strategy, market consolidation plan, Brand tag value and Competitive position. Consultancy marketing approach depend on the product position strategy in present location, it will evaluate all competitor’s income because they may not have position in market. The firm's location in the industry: Present position of the organization set position by the use of an ideal technique and flow model to present marketing investment Management, new product launch plan and Channel Conflict management locally. While different organizations try to use different techniques according to their present opportunities for success. However company has achieved client’s Goals, missions and Values by used ideal logic and plan and always tries to dedicated employees as well as clients that effect lasting change in policy. The capability to contend within the industry: LLC provide to accountability, sustainability and Knowledge in servicing your client, which are not simple to defeat in industry. These involve such organizations or moderator, which have devoted clients who are not willing to swap to other providers easily project. However all this is necessary prior to buying the main technique for the organization. Competitive Market Analysis In a crowded market area, competitive intelligence is critical to both operational and strategic decision making. A rigorous and regular approach to competitive position, strengths and weaknesses and direction can help senior executives; identify gaps and opportunities to help analyze different segmentation strategies. The implications and usages for such learning (messaging) can be highly strategic for new markets or segments to determine better position for our offerings in our on-going promotional activity. Basically, market and competitive analysis is the collection, analysis and interpretation of real-world data to yield a deep and thorough understanding of the characteristics and dynamics of customers and competitors within a marketplace. The main purpose of this research activity is to help our clients make informed, fact-based decisions regarding potential threats and opportunities by providing insight into the nature of their strategic planning. Task Consulting believes that a market and competitive analysis is only effective if it is credible, logical and actionable. To ensure that our analysis has these characteristics TASK has developed a rigorous methodology, the key elements of which are summarized below: ? Hypothesis Development – A written concise statement that reflects a position, requires research to determine its feasibility, and can be tested. ? Research Design – The overall strategy that our company and our clients choose to integrate in a coherent and logical way so that the research is effectively addressed and creates a blueprint for collection, measurement, and analysis of data. ? Data Collection – Employ both quantitative (e.g., phone surveys, mail surveys, database searches) and qualitative (e.g., focus groups, telephone interviews, literature searches) techniques, as appropriate, to collect primary and secondary data ? Analysis and Interpretation – Evaluate data using a variety of analytical techniques (e.g., regression analysis, conjoint analysis) to test hypotheses, interpret findings and provide recommendations Market Segmentation Strategy: All competitors used this strategy, which targets and opportunities can describe clarity and more specific relevance for a company and its offerings. But LLC worked with new market strategy, where this activity leads to greater insights and “clarity” for how a company can serve its current and potential markets. Additional some cases for product can be repositioned to be made more relevant to a segment. SWOT Analysis: TASK CONSULTING GROUP LLC has a lot of competition in the current market, but our unique approach to consulting is what sets us apart from our competition. For our firm to be successful we must understand our competitors and our own business very intimately so that we make decisions based on our strengths, weaknesses, opportunities, and threats (SWOT). TASK CONSULTING GROUP LLCs analysis techniques use planning, market analysis programs, problem solving techniques and developed decision-making processes that span across an assortment of business functions and problem related activities. TASK CONSULTING GROUP focuses its expertise on clients’ goals, missions, and values which provide affective solutions. Strengths: The strengths of a LLC consultancy firm range from factors and services such as customer demand to the lack of competition, which determine observation in the external environment. LLC provide sustainability and Knowledge in servicing his clients for specific knowledge, capabilities, organizational skills development and other qualifications of the professional consultant will be of particular importance in listing the firm's strengths. Weaknesses: A weakness depends on policy of business like an honest appraisal of a consulting firm's operations could be conducted using his SWOT analysis' weakness section because the clients you are pursuing, and all conditions associated with that market strategy. As an example, obstacles may be related access to investment capital, while needed to launch a needed marketing campaign. So need in-depth market research should be conducted to performing a SWOT because it might reveal a declining new competition within the target market. Opportunities: Evaluate benefits and facilities in relation to emerging markets procedure, new technology, small business agency support to his client, accountability for plane success and the availability of capital funding. Make demographic, political, environmental and socioeconomic factors are areas where opportunities should be exist for a consultancy business. The consultancy firm has a strong professional network after an opportunity must exist for quickly tapped into in growing a client business. Threats: All of the areas offering opportunities can also pose threats because consultancy marketing depends on experience and business relationship term. For example, if pending legislation might exist, which passed so increase costs related to obtaining special licensing and certification to operate as a consultant part. This same legislation might also present an opportunity within the field by its potential to increase the perception of professionalism associated with the specific type of Consultancy Company . References “About Management Consulting – Institute of Management Consultants USA.”About Management Consulting – Institute of Management Consultants USA. Institute of Management Consultants USA, n.d. Web. 22 May 2014. “Careers in Consulting Facts and Trends.” Careers in Consulting Facts and Trends. Careers-in-business, n.d. Web. 22 May 2014. “Plunkett Research®, Ltd.” Consulting-market-research. Plunkett Research, ® Ltd, n.d. Web. 22 May 2014. Industry Analysis Possible Points Earned Points Due in Week 3: Instructions for Completing Plan Instructor Comments Industry review 15 Research industry averages for profitability in your marketplace. Use this information to determine the validity of your own projections and make changes if necessary. Good work with your industry review. I like that you included justification for a need for your consulting firm. Good discussion of regulations as well. Will there be legal liabilities as well as a waiver that needs to be signed by clients? The competitive landscape could be better identified and compared to your organization. This section might be reworded for better readability. SWOT is good, however, a detailed summary is not included. I am also missing information on how you will take advantage of your strengths and mitigate your weaknesses and threats. Regulation review and legal concerns 15 Determine your location and business environment. Address all legal, zoning, and licensing concerns your business will face. What form of business will you set up? Why? The level of detail required for this section will depend on your type of location (virtual, retail, warehouse, office, restaurant, etc.) and on your idea. Demonstrate that you have completed your research. DON'T say “We will obtain all of the appropriate permits”; instead, summarize them. When you explain your form of business—remember your audience. For example, if you select an S corporation, explain your reasoning for that selection in the context of your potential business, rather than providing the definition of an S corporation. Address any pending regulations which may have an impact on your business. Competitive analysis 15 Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Approximate their market shares. How will you take share from them? How will they most likely try to stop you if you are successful? Who are your indirect competitors? What do they offer your prospects? SWOT analysis 15 Identify your company's major strengths, weaknesses, opportunities, and threats. Describe how you plan to maximize your strengths and opportunities and minimize or mitigate your weaknesses and threats. Industry Analysis Totals 60 0 This section will give the reader an understanding of the overall industry with specific facts and figures. Data is critical in this section as you must specify the size of the market and show how you plan to capture the market. You should also have an overview of the competitors in your space. You have all done a good job on this project and I can tell that you worked very hard to put it together. Please be consistent with your organizational name. (Marketing starts here in a subtle way!). I would rank this around 45 at this time.