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The overall goal of transitioning from a consulting delivery model to a product-based company will be accomplished by first building a business plan that contains a detailed roadmap for Randoli’s new product, including competitive analysis, pricing strategy, marketing strategy, and financial models.
The first objective revolves around conducting effective research to complete competitive market analysis. I will achieve this by researching the industry’s main competitors’ websites, using online market analysis tools, market reports, and high-quality market research resources available for Queen’s University students. For instance, IBISWorld covers Canadian, U.S. and global research reports from different industries including the technology enterprise and business software sector. These reports can contribute with key statistics and information on the market characteristics, competitive landscape, current and forecasted financial performance, among other useful market insights.
The second objective is to build financial models in order to understand Randoli’s cashflow, revenue and cost models, and R&D expenditures to support the engineering efforts. The resulting financial model will help the company as a decision-making tool to estimate the overall costs. My competencies are aligned to the financial needs of the project, in my experience in the investment banking industry as a financial analyst, I built several firm valuations TOBECONT’.
Elspeth Murray
Randoli Inc.
Business
Professional, scientific and technical services
Queen's University
Business Strategy Internship
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