Part III of the Business Plan Part III of the business plan is due in week 5. Together with this part, you must show to your instructor that you have implemented the necessary corr

NexGen Inc.

NexGen delivers technology, software, consultancy services, and AI solutions. The new organizational model uses artificial intelligence to improve customer service and streamline procedures, maximizing return on investment (Rittenberg, 2022). The company helps companies analyze customer data, streamline operations, and boost profits. The company also provides customized AI solutions for various industries. NexGen Inc.'s significant stakeholders, industry, and competitive landscape, and the first-year and three-year sales forecasts will be examined in this research.

NexGen Stakeholder Analysis

NexGen Inc.'s stakeholders include its founder, management, workers, investors, customers, suppliers, and community. The founder and management teams are technology and software development experts. They spent years in software development, project management, and business analysis. NexGen Inc. also employs skilled software developers, marketers, salespeople, and support staff. 

NexGen shareholders are investors who own a percentage of the company's equity. Investors expect a return on their investment. Consumers are the organization's customers. Customers' satisfaction, loyalty, and repeat business determine the company's success. The company also uses suppliers for raw materials, components, and services to make its products. NexGen Inc.'s suppliers provide hardware and software for software development. The company's stakeholders include government organizations, regulatory entities, and others.

Industry Analysis

Due to the rising need for software-based solutions in different industries, the software development business has grown significantly. Due to firms adopting digital technology and automation to improve operations and competitiveness, the industry is expected to grow for a long time. NextGen expansion prospects are expected to be influenced by several key factors. The global digital economy is growing, data and analytics are becoming more critical in corporate decision-making, artificial intelligence and machine learning are emerging, and the demand for sustainable and socially responsible business practices is rising.

Market Size

From 2021 to 2026, the global software sector is expected to grow by 12%. The global software market was $640 billion in 2020 and is expected to reach $1.3 trillion by 2026. Software sales are expected to reach US$659bn by 2023 (Statista, 2021). NexGen Inc Technologies' innovative software solutions position them to capitalize on this expansion.

Target Market and Trends.

Software sector trends will shape its future. Cloud computing allows businesses to access the software remotely. Artificial intelligence and machine learning are being used to improve software solutions. NexGen Inc Technologies quickly adapted these patterns and created software solutions to capitalize on them. NexGen Inc. targets small and medium-sized enterprises that need customized software to boost efficiency. This market will increase dramatically as more companies utilize digital technologies to compete.

i . Price

Google is known for its high-quality, free, or low-cost software. Google's main product is the search engine, although it also sells Android and Chrome. The company dominates mobile operating systems and online browsers. Smaller software companies like NexGen Inc. offer lower costs than industry leaders to entice clients.

ii. Quality

Apple Inc. develops and sells consumer gadgets, software, and digital services worldwide. The company sells iPhones, iPads, and Macs. Apple makes high-quality software that works with its hardware. Apple software is usually more expensive. 

iii. Market Share

Microsoft Corporation dominates the software market and revenue. Microsoft's essential products include Windows, Office, and Azure. Microsoft develops, licenses, and sells software, hardware, and PCs worldwide.

Competitive Analysis.

Microsoft has an extensive operating system and productivity software market share, a strong brand, a diversified product range, and a strong enterprise software presence. The company's weaknesses are high costs, quality issues, and anti-competitive practices.

Apple Inc. is known for its innovative, high-quality products and tightly integrated hardware and software ecosystem. The company's drawbacks are high costs, a limited product portfolio compared to Microsoft and Google, and sometimes criticized for its closed system and lack of flexibility.

Google has a strong presence in the search engine, mobile operating system, and web browser marketplaces, a reputation for high-quality, affordable software, and an extensive range of goods. Privacy and quality control issues plague the platform.

Apple, Microsoft, and Google make billions. NexGen, a new market entry, may need to do better. Due to their high-quality products and services, multinationals have devoted customers. Despite its young reputation, NexGen's focus on innovation and client happiness displays its commitment to excellent solutions. Their products and services are available worldwide because of their robust global distribution infrastructure. NexGen's distribution network will start small.

Apple, Microsoft, and Google have mass-production supply chains. NexGen's production growth may need help. NexGen's brand recognition and trustworthiness should grow as it focuses on innovation and consumer needs. The company offers cloud, software, and hardware. NexGen creates productivity, automation, and data analysis software.

NexGen's competitive pricing may be attributable to its industry entry. Pricing may indicate the company's purpose of providing value to customers. NexGen's innovative software solutions boost productivity, efficiency, and profit for businesses across sectors. User-friendliness, customizability, and excellent customer service are the company's strengths. NexGen's client satisfaction should make it a respected brand.

NexGen Sales Forecast

The company is expected to make $5 million in its first year and sell 50,000 software solutions. By the end of its third year, the company is expected to earn $25 million and sell 250,000 software solutions.

NexGen's sales and advertising campaigns promote brand awareness. The corporation will employ digital marketing, social media, events, and targeted advertising to compete. NexGen's sales and promotion will focus on brand building, trust, and value through cutting-edge software solutions. NexGen will use free software trials and relationship building to generate leads. Customer service will be upgraded to boost satisfaction. NexGen will focus on sales team growth and strategic collaborations. The company will offer variable pricing and work directly with consumers to satisfy their demands.

References

· Rittenberg, J. (2022, September 6).  How to write a business plan (2023 guide). Forbes. Retrieved April 13, 2023, from https://www.forbes.com/advisor/business/how-to-write-a-business-plan/ 

· Statista. (2021).  Software – worldwide: Statista market forecast. Statista. Retrieved April 18, 2023, from https://www.statista.com/outlook/tmo/software/worldwide