
Discuss the differences between a business plan and a strategic business plan. Why
is this important?
A business plan outlines the details of a company’s operations and includes things like a
sales and marketing plan, a financial plan, and an organizational plan (The Strategy Institute,
2019). A strategic business plan focuses on a company’s long-term goals and how to achieve
them including SWOT analysis, vision statement, mission statement, action plans, values and
goals (The Strategy Institute, 2019). Understanding the differences between the two is
important because it helps companies to plan for both the short and long term, allocate
resources properly, and stay on track to achieve their goals (The Strategy Institute, 2019).

As a virtual team, choose an approved virtual business from the list provided by
your instructor to develop a strategic business plan.
The virtual business we decided to go with in an online retail business that specializes in
sale, resale, and distribution of technology and other assorted gadgets. Users can choose to
list new and used technology for sale, including homemade inventions and other gadgets.
The company will be called Lambda Laboratories (Also referred to as Lambda Labs,
Lambda, or LL).

Conduct research and discuss what type of virtual business you will develop and
how it differs from any competitors. Explain your perspectives.
As stated above, we will start an online retail business that specializes in sale, resale, and
distribution of technology and other assorted gadgets. Users can choose to list new and used
technology for sale, including homemade inventions and other gadgets. The company will be
called Lambda Laboratories (Also referred to as Lambda Labs, Lambda, or LL).
Competitors include Amazon, eBay, and Alibaba. While these companies offer more than
what our Lambda Laboratories will offer, they do still sell technology and other assorted
gadgets.
We will differ from these competitors because Lambda will take a portion of the profits
from general sales and will periodically invest in the creations of inventive users to create
new technology to help humanity. These products will be co-owned by Lambda and the users
that originally created them.

Discuss the components and process of building a strategic business plan for a
virtual business.
There are six main components to a strategic business plan. The first component is an
executive summary: a brief overview of the business plan, including the company’s mission
statement, goals and objectives (Leonard, 2022). The next component is the company
overview: a detailed description of the company, including its history, products or services,
and target market (Laverty & Littel, 2020). Component three is a market analysis: an analysis
of the industry, including competitors, trends, and market size (Laverty & Littel, 2020). A
plan for how the company will promote and sell its products or service, also known as a
marketing strategy, is the fourth component (Laverty & Littel, 2020). Component five is the
operations plan: a plan for how the company will operate, including staffing, logistics, and
technology (Laverty & Littel, 2020). Lastly, the sixth component is a financial plan: a
detailed financial plan, including projected revenues, expenses, and cash flow (Laverty &
Littel, 2020).
The process for building a strategic business plan is very straight forward. The first step is to
conduct research: research the industry, market trends, and competitors. The next step in the
process is to define the company’s long-term goals and objectives (Laverty & Littel, 2020).
Then we will need to develop a marketing strategy, or a plan for how the company will
promote and sell its products (Laverty & Littel, 2020). After the marketing strategy is
created, it is time to create the operations plan: a plan for how the company will operate,
including staffing, logistics, and technology (Laverty & Littel, 2020). Then we will need to
develop a detailed financial plan, including projected revenues, expenses, and cash flow
(Laverty & Littel, 2020). Finally, the final step in the process is to review the plan regularly
and revise as needed to ensure the company stays on track to achieve its goals (Laverty &
Littel, 2020).

Describe the organizational identity of your virtual business.
The organizational identity of a virtual business includes its mission, vision, values, and
culture. The mission statement defines the purpose of the business and its core values, the vision
statement outlines the company’s aspirations and long-term goals, the value statement explains
the company's ethical principles and beliefs, and the culture of a virtual retail business refers to
the shared values, attitudes, and behaviors of its employees and the way in which they work
together to achieve the company's goals (DiLeonardo et al., 2021). In a virtual business, it is
important to establish a strong organizational identity to create a sense of purpose and direction
for the company and to ensure that all employees are aligned with the company's goals and
values (Leinwand & Mainardi, 2014).
References
DiLeonardo, A., Jurisic, N., & Schaninger, B. (2021, February 4). Build your organizational
identity. McKinsey & Company. https://www.mckinsey.com/capabilities/people-andorganizational-performance/our-insights/the-organization-blog/build-your-organizationalidentity
Laverty, M., & Littel, C. (2020, January 16). Preface - entrepreneurship. OpenStax.
https://openstax.org/books/entrepreneurship/pages/preface
Leinwand, P., & Mainardi, C. (2014, December 9). The 3 elements of a strong corporate identity.
Harvard Business Review. https://hbr.org/2014/12/the-3-elements-of-a-strong-corporateidentity
Leonard, K. (2022, October 17). Business plan executive summary example & template. Forbes.
https://www.forbes.com/advisor/business/business-plan-executive-summary/
The Strategy Institute. (2019, September 12). Business plan vs strategic plan - what you must
know. The Strategy Institute. https://www.thestrategyinstitute.org/insights/business-planvs-strategic-plan-what-you-must-know