LUBM302 New Venture Creation Assessment for Big Market Grocery Store
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This assessment discusses the business plan for Big Market Grocery Store, including its mission, vision, objectives, unique benefits, intellectual property, market research, competition analysis, and marketing strategy.
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LUBM302 New Venture Creation Assessment
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Table of Contents EXECUTIVE SUMMARY.............................................................................................................1 MAIN BODY...................................................................................................................................1 Description of organization.........................................................................................................1 Examines the opportunity along with the research and marketing strategy of “Big market”.....3 Financial strategy of “Big market”.............................................................................................9 Team management, firm structure and projections of “ Big market”.......................................12 REFERENCES.............................................................................................................................15
EXECUTIVE SUMMARY The below discuss about the business plan which are mainly related to the grocery business with the name of “Big market” it mainly deals in various households products, foods, vegetables, clothes, shoes and many more items. Basically in this business plan company discuss about the mission and vision, goals and objectives, unique benefits or value proposition, information about intellectual property and the goods and services they are offered to their customers. Therefore, it also explain about how the companies meet various of opportunities and use them to achieve competitive advantage and maximising their sales, they also describe how company research to produce new and innovative goods so, they can easily achieve more customers and gain competitive benefits. Apart from this what are the various market plan firm use to target their customers towards their goods and services. In another instance company elaborate the financial plan and determine the various sources of funding and estimated profit and loss, balance sheet and cash flow statement for the chosen organization. At last it explain about the team management and explain the working of firm and its framework for the effective operations of a new business venture. MAIN BODY Description of organization The report describe the new business venture with the name of “Big market” this business venture is basically related to the grocery business in this business company provide some necessity product to their customer which are required for their daily use. On that basis company introduce various of product in one store so, it becomes easy for the customer to purchase goods in one store along with the various of offers and discounts. In this business company provide goods like foods, vegetables, clothes, shoes, perfumes and the various of household products. This business is very helpful to fulfil the desire of consumer basic requirements. But in this business company need to be more consistent and important to provide the good quality of product to their customer because so many competitors are available in the market and mainly deals in the homogenous product and services(Bouchacourt, 2021). If venture want to create the value of their store then they need to capture the market and should have to provide those kind of goods which are in trend and unique . So , that it can easily maximise the sales of the firm goods and services and assists to increase the profit of the organization. 1
Vision of Big market firm The main vision of the company to become the most trusted, loveable and respected company in the Whole UK market and become the highly chose venture(El-Hiary, 2021). So, that the sales of the firm can increase and they earn huge profits to show the more uniqueness and produce high quality of product for their customers. Mission of Big market firm. To provide the good quality of good: The main important mission of the company to provide better quality of product to their consumers. To provide fresh quality of product: The another mission of the company is they provide fresh, healthy and safe quality of product to their consumer for use. Provide better superiority: They commit that they provide good quality of goods with more safety and dignity. Objectives of the Big market The main aim of the company is to maximise the sales and profits, its only possible when firm create some new innovation and provide good quality of goods and services to their customer. Because every customer need good quality and better service for the company so, they need to be more focus and try to show some uniqueness in their product as compare to their competitor. Company objectives is to maximising or attract more customer towards their business, it also only happen when organization more focused and work hard to increase their sales and also they need some highly skilled team of research and development so, that they invent some new and innovative product to sell. Build loyalty and trust in UK customers: This is one of the most important objective for the company top create trust in the mind of the customers by providing them better quality of goods and services and satisfy them by fulfilling the needs of them(Flori, 2018). Unique benefits of Big market store If company personally message to those customers who are interested to come in their store and ask for the feedback regards their product and service to them it show some uniqueness and care for their customers. Because of this customer are more likely to 2
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come in their store and those people motivate more people to go and take service of that store. This mouth publicity strategy help the organization to increase its sales and profits. Provide more information of the products totheir employees:This is one of the most important benefit it attract more customers in their business because if any salesman give good information of the product to the customer then consumer is highly attract towards the products of the venture(Gian, 2018). Utilize various of coupons, deals and offers more effectively: This types of deals and offers help the company to attract more customers towards their goods and services. Because more customer wants somenew offers and deals at the time of purchasing the product so, it helps the company to gain more customers. Intellectual property information of Big market In context of grocery business the method of advertising, branding of the goods and the company logo is mainly helpful to protect them. company implement and register their goods and advertisement in intellectual property to secure for any further misuse of them. In the business of Big market company use two intellectual property which are discussed as below: Patents: This type of intellectual property is mainly use to protect their own composition but in case of Big market store they create patent for those goods which are only created by them and they are the one and only inventor of the good(Houda, 2018). For example: if they launch a diet recipe book for theircustomers which are related to the health and fitness company should have to take patent for such type of composition. Trademarks: This type of intellectual property is mainly important to legally registered the symbol, or logo which are assists in determining and differentiating the goods and services of one organization from other products and services is called as trade mark. In reference to Big market company use trademark to registered their company logo and advertisement so that it define the company product and services to their competitors products. Examines the opportunity along with the research and marketing strategy of “Big market” Describe and justify the chosen market Basically, the company is mainly describe about the market which are chosen by the Big market to target their customer. In this new venture firm is mainly targeted the households 3
women, children at the age of 13 – 18 and the old age group people also the youngsters towards their goods and services. Company provide various kinds of offers and deals to the customers like buy 1 get 1 free and many more other innovative offers(Ismael, 2020). This type of deals and offers effect the sales and profits of the organization it goes up at the time of implementing those offers to maximise the revenue of the firm it also increases the profit of the company because the upward movement of firm sales. Company chose their customer by conducting the research and what are highly trending in the market by providing them sample of their product and take feedback after utilizing their product. It will help the company to understand the needs and desire of the customer and fulfil that wants effectively and increase the number of customers by providing the good quality of product and service to them. Market research conducted The firm Big market grocery store use various types of approaches to conduct the market survey and identify the trends and desire of the customer in the UK market. So, that company can fulfil the needs and wants of them and increase its sales revenue and profits of the company. Determine the target market: Firstly, company need to select the potential customers of market. It helps the company to focus on their goals and satisfy the needs and wants of the customer by providing them a better service. In this type of survey research technique ,company use qualitative and quantitative approach of research, which assist to determine and examine your targeted market. Know the behaviour and attitude of target market: The main goal of the company to understand the paying habits or the taste and preference of the prospective consumers. By knowing the attitudes and motivations, they can make more targeted and meticulous campaigns of marketing that are appropriate to their consumers(Langgong, 2018). Examine the consumption and saturation: In this kind of secondary research it includes the analysis of statistics of paying and employment, can assist the company to identify that how much demand for the Big market grocery store and present market saturation, the main aim is to determine a place where the demand is more but the market is not still saturated. Determine the competition: It is very important for the firm to identify what are the competitors for the firm and how they need to cope up with that and create a competitive 4
advantage for the firm. In this method company use secondary research method and visit the competitors in respect to good knowing about their rivals. Industry analysis of Big market In the next six years, the Big market grocery store is anticipated to achieve $686 billion, which are highly beneficial for creating the powerful US economy. According to the capita disposable income maximizes, retail stores are highly interested to purchase at premiums stage, value added goods at shops. It also include to developing the demand of superior products, executors will more likely the advantage from the slow developing input expenditures. Per capita disposable income has increased on annual basis over the 2.8% for the past six annual years. Bettering the unrestricted income which are enabled for the customers to buy a broad variety of superior grocery elements, particularly organic goods(Lipp, 2021). Developing health and surroundings care have also driven the customers to buy high complete- naturaland integrated product. Subsequently, the competitors of industry have advantageous from the sale of integrated products, which are the one and only sourced at the same prices as non-integrated foods and then rated at a superior. Analysis of the competition There are various kind of ways to evaluate the competitors of Big market. This helps the company to understand how much they are efficient as compare to their competitor which are as discussed below: It determine the competitors: In UK market, there are so many kinds of competitors are available with the grocery business. On that basis, firm need to identify them first and analyse the pricing strategy and the innovations they are used to achieve more sales. Collect the details about the rivals: In this type of step, firm need to gather the information about their competitors. Which helps the firm to become more efficient as compare to their competitor (Maugle, 2019). In reference to Big market firm is a newly established company so, they have to collect detail about those competitors who are already exist in the market and try to become highly efficient to them. Examine the pros and cons of the competitors: This is one of the main step to identify the strength and weakness of the firm. It helps the firm Big market to achieve success as compare to their competitors and helps them to attain their goals and objectives. 5
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Identifytherivalrybenefits:Inthisstep,firmhavetoidentifythecompetitive advantages for their company. It can only possible when firm show some uniqueness and innovation in their product and service because this type of things can help the business to grow in long run and provide competitive advantage to the organization. Marketing strategy of Big market This type of marketing plan assist the firm to promote the company product and provide multiple advantage to the organization(Mercado Santana, 2018). In this marketing strategy include some 4Ps which are discussed as below: Product: In this marketing strategy Big market company mainly focused on the company goods like; its packaging, brand image and most important its quality which assists the firm to create its value in the mind of customer and increase its demand in the UK market. Price: In this plan, company mainly focus on the goods price, if the price of product is higher as compare to their rivals then it decrease the demand of commodity if they are also deal homogenous product. So in that case Big market grocery need to set the reasonable price of the goods. Place: It also one of the most important strategy for the company to set the appropriate geographical location for the organization. It becomes easier for the customer to reach the grocery store and can simply purchase what they want. On that basis, if Big market store need to increase their sales then they need to set the fix and better place for their business so, that customer can simply reach there and purchase the grocery items. Promotion: This is one of the most important tool to promote their goods through advertisement(Mohd Rozee and et.al., 2021). It helps the firm to maximise their sales if the advertisement of the product is highly effective. On that reason, Big market grocery store also need to create good advertisement and promote their product through social media sites which help the firm to maximize the revenue and profits of the organization. How Big market firm reach their customers Market to people who already understand you: It becomes easy for the company to approach those people who already the customers or relatives of the firm. Because it also helpful for the organization. It creates mouth publicity for the company products and services. 6
Get a student through social media sites: This kind of strategy also helps the company to reach the customers through social media websites. It engage them in live videos, and maintaining them to purchasing with live streaming. A better marketing plan must involve all of those and it open to the newer platforms like IGTV. They can promote their company videos in this social media and influence the people and maximise their customers. Create the business page in google: In this kind method company need to prepare their own business page in google site and it should be attractive because it create the image of the business in the mind of the customer and help the business to achieve more customers for their product and services(Naftalia, Sinin and Felina, 2022). Utilize the training of retail sales so the employees can sell the commodity: It's very important to provide training to their employees about the retail sales. Its important for the company to give product knowledge to the employees. So, the employee can give better knowledge to their customer and create a brand image in the mind of consumer it create more consumers in the firm. Customer profile and behaviour It is very important for the firm to understandwho is the customer of the organization. Firm should also know about the buying behaviour of the consumer. In this firm need to analyse the market first and need to determine the purchasing power and ability to purchase the products. Also it assists the company to set he price of the goods so that it seems to be reasonable and multiple consumer come and purchase the product and maximise the company sales revenue and profits. The behaviour of customer also depends upon the product packaging and the reputation of the company in the market. If the prices of the product is high then the demand of the goods is less and they shifts into some other company products. Who sells less as compare to the other company(Pramudityo,2020). In case of Big market grocery store firm need to survey the market and identify the capability of potential consumer to purchase the commodity and analyse the behaviour of the customers towards the price of the firm's goods and services. Sales procedure Advertising and promotion: From very first company advertise their product and promote the goods to increase their sales. Highly effective advertisement create an impact of revenue it may increase the sales and profits. 7
Change the place of the items: In every month and quarter, show the variations in the place of superior items so the customers who are encouraged to purchase hem will have to display for them. This create them pass by and notice another goods, exciting impulse purchases. Provide free samples for use: If any firm selling some new commodity, then serve free samples using shows near the products. If big market grocery store sell any new product then before selling tit offer a sample to the customer fr use and take feedback for the sampling good. Pricing strategy Penetration pricing: This type of pricing strategy used by the company to attract the consumer towards the product and mainly focus to maximise the sales and profits. In this strategy price is set temporarily less to earn the market share speedily. It can be done only at the time of new commodity being introduced(Singh, Sontakke and Nayak, 2020). It is knew that prices will be increased when the period of promotion is end and the goals of market share are done. Skimming strategy: More price is charged for a good till such time as participants permit after which the prices can be decreased. This though is recover more money before the good or division find more participants who will reduce the profits for all taken up. Promotional strategy Online advertising: This type of strategy help the customer to sell product through online mode. So, the big market firm need to create the effective business page in the online sites. It attract more customers towards their company products and the maximise the profits of the firm. Direct marketing: This type of promotional strategy mainly sell the product directly to the customers through door to door marketing. In this strategy employees of the organization provide the sample of the products to the customer and take feedback on that basis. Big market also use this strategy to promote their product. Relations with public and sponsorships: This promotional strategy helps in creating the relations with public(Turner, 2019). If company want to capture the market then they need to sponsor some social events which helps the company to attract the customers and come into the existence in UK market. On that basis, Big market store also require to 8
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sponsor any social event so that they come into the existence and create image in the mind of UK customers. Financial strategy of “Big market” sources of funding Loan from commercial banks: This is one of the most important sources of finance which helps the firm to take a loan on the basis of collateral security. Bank provide a loan to the customer for establishing a new business but they take some property papers or any other collateral security as possession. Friends and family: This is one another sources of finance which helps the company to create a funds in business venture. If the owner of Big market need funding in the business then it take a loan from the family and friends with low or zero rate of interest. By issuing equity share: If company require funds in their organization then they issue equity shares in public and fulfil the requirement of funding in the organization. But the Big market company need to create good portfolio so, that more investors attract towards the company profile. Cash flow statement of “Big market 9
Profit and loss statement of “Big market” Balance sheet 10
Define contingency plan and the development goals It can be defined as a strategy in which company need to be prepared in advance for the disaster which can be arise in future so, that company need to be ready for such type of situations in advance and make a strategy to cope with such kind of circumstances. In reference to Big market company need to be more efficient and prepare a plan to cope up with the future problems. In grocery store, the problems can be arise if the important data or information related to new innovation and invention disclose in front of their competitors then it harm the company and damage the company temporarily. Growth aims: Company need to be more consistent, if they want to achieve the targets and objectives of the firm. Because it is one of the most crucial part to complete the goals and objectives of the company on time(Wijaya, 2019). In reference to Big market grocery store if firm need to maximise the profit then they need to think about the new invention and creation in their business which can help them in competitive advantage and to achieve the higher sales and profits. Break even analysis The break even point of the company in grocery business is when sales are similar to the expenditures. At the point of break-even there is no profit and loss. It assists the firm to decide the low number of sales which are needed to create profits. 11
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Team management, firm structure and projections of “ Big market” Big market grocery store describe the administration team, company framework and the projected activities which are important to perform in the organization with the better team so, that company achieve their goals and objectives effectively and efficiently. Information about the Big market ownership In this part, if the big market grocery store sell their shares in public and the investors who purchase the shares of the company can become the shareholder and achieve the ownership in firm(Zaihaliraya,Mustahna and Baharudin, 2021). Also in case if any investor purchase the stocks of the company then it becomes the stakeholders of the company and get the ownership in organization. Management of the Big market grocery store Inventory management: Its important for the firm to manage the stocks of the company in a better way so, that it becomes easy to recognize the placing of stock and also they need to manage the shelves of inventory it protect the stocks to spoil. Knowing the consumer taste and preferences: It also one another important part of the management to identify the consumer taste and preferences which helps the firm to determine what are going to be in trend and how effectively they fulfil the desire and ants of the customer. Attracting consumers with various kinds of offers and coupons: It is one of the most effective tool to attract the customer towards their product by providing offers and coupons to the public which help the firm to maximise the revenue and profits. 12
Organizational chart of Big market store Roles of team members, skills, qualifications and training needs and interests that can be used for the better impact for the business firm. Roles of team members They are anticipated to mange the dry and frozen groceries and dairy goods in terms of confirming that it maintained fresh and well-managed(Anicama, 2018). Also they are needed to handle any good which may are expired before the consumer complaint and also confirm that all goods showed have a large shelf life. If the team members of Big market grocery store interact with the customers then they are usually come into the front line and in constant touch with customers. 13
It is one of the most important reason for the team members to properly trained in giving the better customer service at the time of helping the customer in selecting and picking the correct selection of groceries. Required Skills The employees of big market needed good communication skills to direct interact with the customers which help the firm to increase the customers because of the employees good nature and knowledge. The innovative skills and knowledge required in the candidate which helps the firm to give better decisions in the activities of the organization. Required qualifications Candidate must be graduated in any of the respective fields. They also required some good knowledge of marketing or selling skills. Good communication skills. Training need and interests If employee having a least knowledge of product then it is the duty of the company to provide training and give information about the products in which they are deal with. If any employee lack in any of the field then its important for the organization to give proper training related to that particular field and help them to achieve the company goals and objectives. 14
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