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Assignment on Business Essentials (doc)

   

Added on  2020-12-10

12 Pages3079 Words185 Views
BUSINESS ESSENTIALS

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Business idea...............................................................................................................................3PART B............................................................................................................................................4Objectives of business.................................................................................................................4TASK 2............................................................................................................................................4TASK 3............................................................................................................................................5Statements to describe launch event ..........................................................................................5Budget.........................................................................................................................................5TASK 4............................................................................................................................................7Marketing objective....................................................................................................................7Target market .............................................................................................................................7Marketing strategies....................................................................................................................7Marketing Mix............................................................................................................................7TASK 5............................................................................................................................................8Decisions.....................................................................................................................................8TASK 6............................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONPresent study will explain the business idea of establishing fast food store in Universitycampus. It will conduct PESTLE analyses with reference to fast-food industry. Furthermore,marketing mix strategies will be explained through which new business can establish its branchsuccessfully. Business plan will include operational, tactical and strategic decision forestablishing branch successfully.TASK 1PART ABusiness ideaThe business idea is to establish a Krispy Kreme franchise stall in the college campus.This idea is unique and is profitable because recently University does not have any kind of stall.Students like to eat Krispy Kreme products and they always demand for such kind of stall in thecampus. Demand of item is too high thus, it would be worthwhile business idea and will help ingaining profit to new business. Fast food industry of UK is growing well and there isopportunity for new business to get established their branch in London. This business will beoperate in University campus and will also provide services online(Hair Jr and et.al., 2015). In recent time most of the people buy products and services online. People those who liketo eat fast food order from online websites because they get home delivery option. Students likesuch items in University. Thus, this business idea is able to meet the demand of consumers. CompetitorsBoth these companies are performing well in market and have strong reputation inmarket. Consumers are very satisfied with products and services of these firms. CompetitorsDunkin's brands group IncStarbucks corporationNumber of branches1240025000Global presenceCompany is operating inapprox 60 countries. It has around 25000 coffeeshops in approx 75 countriesRange of productsHoliday coffee line-up, tea,chocoholic, choco-crisp, send-witch, frozen beverages, softdrinks etc.Drinks, Syrups & Sauces,Coffee, etc.

Financial performanceIn the year 2016 it hasgenerated 760 million profitand in 2017 its profit hasreached to 860.50 MillionIn the year 2016 it hasgenerated profit of 19000Million and in 2017 itsrevenues has reached to 23000Million(Anderson and et.al.,2014). PART BObjectives of businessObjectivesTo increase sales of Krispy Kreme by 20% till the end of 2019.To enhance number of customers in retail outlet and online stores of company.To open three more branches in London till the end of 2019.To increase number of products of business as compare to competitors.Form of ownershipThis business would be partnership business. Owner will be able to share profit andliability of company. Thus, it would not create any burden on single person. Formation ofpartnership firm is very simple. Partnership business are well managed because there is effectivecontrolling of all partners. TASK 2PESTLE analysesPESTLE use for analyse strategy planing and monitor external factory that effect on new productKrispy Crime launch.Political factors: the political factor effect on the new product polices and prices lobarlaw effect and tax rate. The new product launch that time the company need to responses to thecurrent future marking police and how to help develop new product business. Company decidednew product prices according to law rule and tax rate effect. Politics is main factor that will beshow new product market stability(Guffey and Loewy, 2015).

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