Refer to the scenario below to answer the following questions.
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

The next most important step is to develop a business plan. This plan will outline the details of the venture, including financial projections, marketing strategies, and overall business objectives. It will give a clear understanding of the feasibility of the venture as well as provide a roadmap for the future of the business. Researching competitors, finding possible customers, creating a marketing strategy, and hiring employees are important steps but they come after developing a business plan.

Refer to the Scenario Below to Answer the Following Questions