A New Subsidiary (Scenario)
Philip works for a large multinational corporation with offices in 23 countries, 64,000 employees worldwide, and $8 billion in annual sales. The company was involved in several different industries: automotive parts, rapid transit systems, and recreational vehicles. Philip is the executive vice-president of new technology ventures.
Philip wants you to investigate and potentially launch a business focusing on alternative energy systems. The first area you are to explore is the potential business opportunity of ocean tidal energy. You are to explore what technology already exists that can be exploited, what additional technology development is needed, and figure out the viability of the tidal energy as an entrepreneurial venture.
-The idea for the marine tidal energy is not brand new,and the technology still holds a great deal of opportunity.Once you have thoroughly researched the venture's feasibility,the next most important step is to ________.

Question

Quizplus · Accepted Answer

Developing a business plan is the next logical step after investigating the feasibility of the venture. A business plan outlines the goals, strategies, market analysis, financial projections, and potential risks of the new venture. It is a crucial document that is used to secure funding, attract investors, and guide the growth of the business. While researching competitors and finding possible customers are important steps in launching a new venture, they come after developing a solid business plan. Creating a marketing strategy is also important but should be included in the business plan.