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Assignment on New Business Ideas

   

Added on  2020-07-22

12 Pages3222 Words263 Views
BUSINESS IDEA

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1PART A Business idea ...............................................................................................................1PART B Importance of objectives for new business .................................................................1TASK 2............................................................................................................................................2PESTLE analysis ........................................................................................................................2TASK 3............................................................................................................................................3PART A Launching event...........................................................................................................3PART B Producing budget..........................................................................................................3TASK 4............................................................................................................................................4Marketing objectives...................................................................................................................4Target markets.............................................................................................................................4Marketing mix.............................................................................................................................4Marketing strategies for target market........................................................................................5Segmentation, target and positioning..........................................................................................6TASK 5............................................................................................................................................7Operational, tactics and strategic decision making.....................................................................7TASK 6............................................................................................................................................7Supply chain for new business ideas...........................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONIn order to develop effective results and outcomes, new business ideas assists tocapture the market in significant manner. In this regard, market research developsuccessful operations in new business to make creative results (De Mel, McKenzie andWoodruff, 2014). For the present report, Crazy Tall Stall business develop in areas ofcampus in UK. It is better opportunity that help to ascertain effective functioning in thebusiness unit. Furthermore, PESTLE analysis has been interpreted on the organisationthat helps to identify impact of macro environment on the business. TASK 1PART A Business idea New business idea consist launching of Crazy Tall Stall which establishoperations around campus areas. They are providing their products and services inoffline strategy. It is the creative way to accomplish their ideas to meet with customerdemand and requirements (Trevino and Nelson, 2016). New and innovative waydetermines successful operations at workplace. The company also providing theirproducts and services in different areas of the world. PART B Importance of objectives for new business In order to establish new operations and functions, Crazy Tall Stall has severalobjectives such as -To establish new target market in front of campus.To incorporate new features in food products and services.To develop profits and revenue for more products and servicesDetermines objectives are very important because it consists new operations andfunctions in the target market (Gartner, Carter and Hills, 2016). In this regard, thechosen organisation will easily operate their functions in new areas of the world.Therefore, their profitability will be develops in successful way. Further, it also consistseffective functioning to attract more customers at workplace. 1

TASK 2PESTLE analysis In order to identify impact of macro environmental factors, Crazy Tall Stall needto assess the market in which they are incorporates their functions. It is the best waythrough business will easily determine activities in successful way. Political factors: Political factors determines extent in which governmentinfluence to particular business. They demonstrate different rules and regulations whichneed to be followed by business to enhance their profits and revenue (Mote Jr, Dowlingand Zhou, 2016). For example, UK government determines tax policies, fiscal policies,trade policies, etc. which could be impact to the business environment Crazy Tall Stall. Economic factors: These factors develop economy performance which could bedirectly impact on the business unit. In this regard, long term effect create major role atworkplace (Osterwalder, Pigneur and Smith, 2014). Therefore, rising in the inflationrates would impact to the products and services of Crazy Tall Stall. It includes inflationrates, foreign exchange rate, etc. Social factors: These factors influence to the selected business idea whencustomer change their taste and preferences. It also determines cultural trends,demographics, population, etc. (Laud, Betts and Basu, 2015). For instance, buyingtrends of UK customers. Technological factors: These factors are pertained with changes to innovationsin the technology that impact positively on the new business operations and functions. Ithelps to identify that market is favourable or not. It defines as the automation, R&D, etc.Further, amount of technology awareness assists to develop creativity at workplace insystematic manner (Drucker, 2017). Legal factors: Legal factors assists to measure changes that are legislative andoccurs from time to time which impact on the Crazy Tall Stall. For instance, regulatorybody set up with regulations for the industries which impact on the economy of thecountry. As results, business need to analysis legal development that are exists inmarket (Wirtz, Pistoia and Göttel, 2016). Environmental factors: Further, the location of the countries also impact on thebusiness. This is because, if the nation has high brand image they are able to serve2

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