Business development plan for a new online retail shop in London, UK

This business development plan focuses on the launch of a new online retail shop in London, UK. It includes an analysis of the retail industry, opportunities and threats, and a marketing mix analysis.

Business development

Table of Contents
Topic: Business development for online retail shop in London, UK..............................................1
INTRODUCTION...........................................................................................................................1
Title: Business development plan for a new online retail shop in London, UK....................1
Abstract...................................................................................................................................1
Over justification and Rationale for the business idea...........................................................1
Chosen scenario......................................................................................................................2
Aim and Objectives................................................................................................................3
Background to subject area....................................................................................................3
Research questions.................................................................................................................4
Structure of the Project...........................................................................................................4
Research Methodology....................................................................................................................5
Analysis of Results..........................................................................................................................6
Discussion, Conclusion and recommendation.................................................................................6
REFERENCES................................................................................................................................6

Topic: Business development for online retail shop in London, UK.
INTRODUCTION
Business development is a vital process that comprise of all activity undertaken for pursuing
and starting up with some new strategic opportunities that is presenting within a business
environment. A business development plan is basically a written document that outlines and
provides a framework to implement and execute business strategy in a more effective and viable
way. The current business development plan is based on launch of a new retail shop in London,
the main aim and objectives along with rationale for selection of project of which is provided
below:
Title: Business development plan for a new online retail shop in London, UK.
Abstract
The current dissertation is based on business development plan created for successful
launch of a new online retail business within London, UK. The current situation of global
pandemic due to spread of Corona virus has lead to many threats and adverse situation for all
business sector of economy in form of sudden Lockdown and other stricter rules. COVID-19
leads to a vital and sudden effect on retail industry as most of the physical stores are closed due
to lock down and also the manufacturing and sales of product are also get affected and
plummeted to an all time low. Thus, current dissertation is focused on coming up with an online
retail store that provides most appropriate opportunity to encounter and overcome this adverse
situation lead out by COVID-19. The main aim of current investigation consists of getting a
better knowledge about the retail industry along with analysing key opportunities and threats
which are currently prevailing within the retail sector of UK so that a better analysis of success
and performance of a new retail online business can be analysed. Further, use of secondary form
of research analysis is made for current investigation to effectively evaluate and analysis
significant information to draw valid recommendation and conclusion.
Over justification and Rationale for the business idea
The selection of current business idea is justifiable and rationale as the current business
situation of UK are most suitable and setting many business opportunity for online services. The
sudden close off and shut down of many physical stores within UK and London due to current
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global pandemic has made it more appropriate and justifiable to come up with a new online retail
shop to meet the demand and expectation of customers. The situation of COVID-19 has lead to
many issues for physical stores thus, coning with an e-commerce business based on online retail
business is justifiable and rationale. Further, leading out current investigation is also vital and
important to facilitate an enhanced understanding about the retail industry size of UK along with
analysis of its growth rate and existing competitors with the help of suitable business models so
that better strategy and policy could be made for success of new business idea. Apart from this,
an enhanced understanding about the marketing mix elements and use of segmentation, targeting
and positioning strategies are also provided and facilitated in current project that is significant to
develop better understanding about target market and current business environment. Along with
this current investigation is also rationale and vital as it would lead to a conceptual discussion
about selected business plan and theoretical issues along with designing of a business model
canvas for better understanding and evaluation of feasibility and success of current plan.
Further, selection of current business idea and research project is also justifiable and
rationale from personal view point of researcher as it meet its personal interest along with
improving and enhancing the knowledge about the retail industry of UK. Apart from this, current
project would also lead to improvement in the data analysis skills and other managerial and
interpersonal competencies of researcher which would assist to easily conduct and lead out an
effective business development plan.
Chosen scenario
The scenario chosen for current assignment is based on launch of a new online retail shop
with the name of “Daily Shop” within London based on e-commerce business. The main reason
and justification for selection of an online retail shop is based on the fact that because of current
global pandemic of COVID-19, which leads to sudden lockdown of many firms and stores,
coming up with a new online retailing shop is a great opportunity which would attract and cater
the interest of larger number of participants and customers. Beside this, online modes of business
are much more cost effective and feasible as compared to physical store and also best suitable for
current business scenario. The reason for selecting London as a target market is based on the fact
that London is having a large sum of population along with the fact that maximum numbers of
people in London are educated and fond to make use of online sites and like to shop through e-
commerce. Thus, selection of London as target market for launch of a new online retail shops
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seems vital and rationale. Further, continuous advancement in the technology and new
innovation in IT sector also supported the launch of a new online retail shop through making e-
commerce more easy and feasible along with facilitating more safe and easy way of online
payments.
Aim and Objectives
Aim
The aim of current business development plan is “To get a better knowledge about the
retail industry along with analysing key opportunities and threats which are currently prevailing
within the retail sector of UK”.
Research Objectives
 To have a review about the retail industry size of UK along with analysis of its growth
rate and existing competitors with the help of suitable business models.
 To have a detailed marketing mix analysis for new business plan based online retail shop
along with discussion about its segmentation, targeting and positioning strategies.
 To ensure a conceptual discussion about selected business plan and theoretical issues
along with designing of a business model canvas for better understanding and evaluation
of feasibility and success of current plan.
Background to subject area
The retail business or industry is mainly associated with and comprises of sale of various
items or services for end customers with the purpose of their consumption, use and having
pleasure. The various items included in retain business consists of clothing, drug, grocery, and
convenience stores. Thus, an analysis can be made that retail industry is one of most vital part of
any economy which ensures better flow and transfer of finished goods and products to end users
and customers for consumption. Further, the current situation of global pandemic lead by
COVID-19 has lead to many threats and issues for physical retail stores that is hampering this
glow of goods and services to end customers. Therefore, coming up with an online retail shop is
best option and opportunity to meet and fulfil the demands of customers. Therefore, current
business development plan is lead out on business idea of coming up with a new online retail
shop with the name of “Daily Shop” is seemed appropriate and vital. Thus, current investigation
is carried out to get better understanding about the retail industry size of UK along with analysis
of its growth rate and existing competitors with the help of suitable business models. Further,
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implication of marketing mix model and segmentation, targeting and positioning strategies is
also made to develop a better business management plan.
Research questions
 What is size of the retail industry UK along with analysis of its growth rate and existing
competitors with the help of suitable business models?
 What is meant by the marketing mix analysis for new business plan based online retail
shop along with discussion about its segmentation, targeting and positioning strategies?
 What are the main theoretical issues related with selected business plan along with
designing of a business model canvas for better understanding and evaluation of
feasibility and success of current plan?
Structure of the Project
The structure of project tend to provide a blue print and complete framework which are
involved and undertaken to perform an investigation and business development plan in an
effective and viable manner. The each section and part of current project are discussed below in
brief:
Introduction- It tend to be the first chapter and section of any research project that provide
vital information about the background of the study along with all the needed information about
the chosen scenario. Further, rationale for selection of topic along with main aim and objectives
and research questions are provided by the introduction section of the project.
Literature Review- This part comprises of an analysis of existing and secondary form of
data that is vital to set out base and better framework for leading out and conducting current
project in a more vital and appropriate way.
Research methodology- This part of business management plan provides information about
the key method, techniques and approaches that would be used by the investigator to perform
and lead out current investigation in a vital and effective manner. Apart from this, Research
methodology is also vital to provide reliability and validity to the investigation through leading
efficient use of research method for better collection and analysis of data to meet set objectives.
Analysis of results - In this part, data is analysed by using appropriate analysis method and
the results are presented by using appropriate charts and graphs.
Discussion, conclusion and recommendation - This is the final part of dissertation in
which the discussion regarding overall data collected by using secondary method is used. The
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discussion based on secondary data is provided in this part. Apart from this, the conclusion based
on the overall report is provided along with some recommendations that help in improving the
business operations assist in gaining growth and success in market.
Literature Review
Retail industry size in UK along with its growth rate and existing competitors with the use of
business model
Size of retail industry along with its growth rate
As per the view point of sivarajan, k, Retail is refers to the process of selling consumer goods
and services to the customer through the various types of channels of distribution. UK has the
very large scale of retail industry and which is mostly consist of the multinational retailing
companies. Total value that is generated by the UK retail industry sales in 2019 is £394 Billion
and people employed in this industry as per the 2019 report is 2.9 million. This reflects the
higher contribution of the retail industry into the development of economy. Whereas proportion
of consumer spending that goes through the retail is 1/3 from the sum total of spending of the
consumers in which portion of retail sales that is made online in 2019 is 19%. Retail industry is
growing rapidly in the economy and achieving its objectives and goals effectively. Retail
industry of UK has been taken the growth in sales by 3.4% as per the report of 2019. UK has the
306,655 total retailers outlet that help in to enhance the sales and provides convenient shops to
the local consumers which provides support in to encourages the living standard of the society
and in the development of local and national economy.
Existing competitors in the retail industry
As per the view point of Evans, B. the UK retail industry is widely recognition as being
the oligopolistic; because of this concerns are raised over the level and use power by the leading
retailers. There are various competitors that are existing in the industry with the leading power.
TESCO:
TESCO is a British multinational groceries and general merchandise retailer, that has an
headquartered in Welwyn garden city, England. This is also an third largest retailer across the
world measured on the basis of gross revenue and since it is operational since a pretty long time
it has captured a large share in the market and thus is very well placed in the current market
situation as compared to its competitors that are prevalent in the similar market. And according
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to the revenue it is the ninth largest in the world. TESCO was founded by the Jack Cohen in
1919 as the group of market stalls in hackney, London.
SAINSBURY:
Sainsbury is refers to the second largest chain of supermarket in UK along with the
16.0% shares in the supermarket sector and I deals in selling groceries. This has been founded by
the John James Sainsbury in 1869. This company is split into three divisions that are Simsbury’s
supermarket, bank and Argos. It’s headquarter is located in the Holborn circus, city of London.
ASDA:
This is an British based supermarket retailer that has that has an headquarter in Leeds,
England. Asda was establish in 1949 and this was an second largest supermarket chain by market
share in Britain between 2003 and 2014. this is specialise in selling groceries, general
merchandise and financial services.
MORRISONS:
This is an fourth largest chain of supermarket of United kingdom, that has an
headquartered in Bradford, England. It was established in 1899 by william morrison, it store's
locations were mainly focused in the north of England. It deals in the food and drinks, clothing,
books, magazines, CDs and DVDs. As per the 2019 morrison has employed 110,000 employees
and serves around 11million customers per week. The company has also listed on the London
stock exchange and it is the part of FTSE 100 index of the companies.
Business model of retail industry
As per the view point of Joe David
The business is used to analyse the retail industry of UK is pestle analysis, the detail
analysis of this this model has addressed the some of the political, economic, social,
technological, environmental and legal factors or issued that are affecting the UK industry. Pestle
analysis is a very useful tool or method that helps in to make the business strategies by
understanding the impact of macro environment on their business.
Political factor: The UK has the England, Wales, Scotland, and Northern Ireland which is refers
to the most powerful countries in the world. Along with this political stability is great strength
that a country has and serves as an advantage to the retail industry. Apart from it the government
of the UK provides various types of subsidies and concession to firms that are operating within
the policies of the government and helping it to be stable during a particular period. Also the
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company has to analyse and identify all the aspects that are related with the stability and political
environment that is currently prevailing in the UK so that all the necessary and appropriate
adjustments can be done well before the implementation of the main plan.
Economical factor: UK is refers to the 5th largest economy in the world with the nominal GDP.
UK has the adequate economy and popular destination for the foreign direct investment. Around
the world many organisations and business tycoons invested in the variety of industry in UK.
This has the positive impact on the companies that help them to be more productive, effective,
and efficient in the long run scenario. Apart from it the organisation must examine all the
economic factors of the UK like its Gross Domestic Product (GDP), rate of employment and
inflation, foreign exchange rates, etc. so that the enterprise must act accordingly so as to sustain
in the competitive market for a longer time frame.
Social factor: As UK has a big consumer market, as per the data released on august 2019 by the
office for national statics. The UK has historically influenced by the wide range of social class as
population out there is consist of the multicultural. This has influenced the companies to develop
the variety of new products and market to cater the needs and requirements of the customers so
that it can increase as well as improve the standard of living of the citizens that are residing in
that country and thus directly benefiting the firm too by the way of increased sales and
profitability in the long term.
Technological factor: In the technological advancement, UK is always stand forward in the
across the world. London is known as the hub for the financial and technological institution. This
provides the advantage to the companies in to frequently developing new technology that
provides support to offer the best solution for their customers. Since if the company is using
advanced technology it will directly prove beneficial to it as it will help in utilising the available
resources in an impactful manner which will subsequently cut down the cost of operation and
thus improving the level of performance of the company. Also the firm that is Daily shop must
discard the use of the old machinery and technology as it will only add to the cost of the
company in the long run which will directly affect and impact the profitability and sales of the
firm which is not a very good sign for it.
Environmental factor: The government, local councils, newspapers, charities and many others
have taken the carious of steps to create environmental awareness and eliminates the negative
impact of the economic growth on environment, the UK sometimes has face the bad or
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challenging condition that has the significant impact to the operation of the business. If the firm
reduces its carbon footprints in its working and also uses sustainable and renewable sources of
energy it will help the government to maintain a good environment that will benefit the company
too as it will immerge as a good firm in the eyes of the customers which will help it to increase
its market value in the long run.
Legal environment: Legal factor is refers to the rules and regulations made by the government.
This includes the employment act 1996 protects rights of employees, maternity and paternity
leaves, minimum wage, holiday pay and sick pay etc. these are the rights that are legally
protected. The firm must operate and work within the boundaries of all the laws that are made so
that it cannot hamper its positing in the industry in which it is operational. Also it operate
according to the rules, and regulations, policies and procedures so that it cannot become a
contender of unlawful act which can badly affect its market value and positing in the long term
context.
Detailed marketing mix for new business plan based online retail shop along with segmentation,
targeting and positioning strategies
Marketing mix for new business pan
As per the view point of Hitesh Basin, Marketing mix is referring to the marketing
strategy tool that is used for the comprehensive marketing plan that is used by the company to
pursue its marketing objectives in the target market. There are different tools and techniques that
are used in it and thus all of them are explained and elaborated below in a systematic and
sequential manner-
Product: Product is referring to the item that is offer by the companies for sale. This is the basic
element for every organisation and some of the people have also given the comment that an
organisation is just a collection of products. In addition to this Daily shop is the online retailing
company which will deal in all types of product such groceries, clothing and food products etc.
Price: This is referring to the amount of money given by the consumer in return of the product.
This is consisting of the most important elements or variables and on which retailing buying
decision is based is price. Daily shop will choose the penetration pricing strategies this strategy
has the low prices solution that will support in to capture as much market share is possible. As a
new company in the market this pricing strategy will work to grab the higher customer base.
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Place: This is referring to the place where company allow the access of the customer to their
products so that prospective consumer can buy it easily. As daily shop is an online retailing
company, so the place for their product will be online that is on their website on which consumer
can access to the type of products along with their prices, quality and other information’s. This is
the easiest location and most convenient to the consumers, this will provide support in to
enhancement of the sales and market share.
Promotion: This is referring to the set of activities that communicates the product, brand or
service to the consumers. As in order to attract them towards the product and influence them to
buy the same. Commonly companies opt for the print, television ads, public relation advertising
and sales promotion. Daily shop will pursue this activity through television advertising and
digital marketing through various platforms such as social media and E-mail marketing.
Process: This is referring to activities that engage in the selling of products. The retail industry is
entirely based on the processes like order processing and management of the database. From the
movement customers visit the shop, it will depend on the process that provides support to find
the appropriate section that will consist of the appropriate goods. In this daily shop will take the
support of various technological systems that is going to be handling the processes of the website
such as orders and the distribution.
People: It is described as the ones that help the customers to find the product that as per their
requirement. This is associated with the capacity of the staff and efficiency and availability. This
includes the employees, shareholders, suppliers and customers. That is engaged in the whole
process of selling and buying of goods and services.
Physical evidence: this is refers to everything that attract the customers and they see while
interacting with the business. It includes the layout of the shop, packaging, labelling, brand logo
and etc. customers are able to recognise the brand or company through its physical evidence.
Daily shops is having this in the form of logo, website and layout design for the display of
products that makes easy for the customers to better recognise the company this will help in to
increase sales and a good brand image.
Segmentation, targeting and positioning strategies of a business
As per the view point of marianne wright, STP model is refers to the core concept as
according to the modern-day marketing , this makes the marketing campaign and effective and
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successful as without this campaign would be generic . This concept is absolute key to serving
the market successfully. This is refers to the three activities are discussed below:
Segmentation: this is described as the process of dividing the target group into the smaller and
more defined groups so that company will able to satisfy and fulfil the need of the consumers
effectively. In this segments of the customers and audience are done into the groups that share
the same interest and characteristics. With the help of this daily shop is able to focus on the
marketing efforts and resource that will support in to reaching the most valuable customers and
achieving business goals. This includes four main type of segments:
 Geographical segmentation: this is based on the country, region, state and province etc.
 Demographic segmentation: in this company divide the audience based on their age,
gender, occupation, income level etc.
 Behavioural segmentation: dividing the customers on the basis of how they interact with
the business. Such as what they, how often they etc. Psychological segmentation: this is refers to the segmenting the customers on the basis of
their lifestyle, opinion, hobbies etc.
Targeting: This marketing strategy involves the identifying the specific personas and specific
content. A company adapt this strategy to better know about their customers and thus creates the
marketing campaign and advertisements for the specified groups in order to maximize the
response from the customer’s side. Daily shop will use this with he main aim of to determine that
which of segments are likely to generate and provide the most desired conversion and will be
profitable. This is also divided into mainly three parts:
 Size: this consist of the size of the segment and as well as its growth potential in future.
 Profitability: this is considered that which of the segment are willing to spend more on
the commodity and also focus on to the lifestyle value of the customers. Reachability: this shows that how it will be easy and difficult to reach to the market
segments along with the marketing efforts so that maximum response could be get from
the customers side.
Positioning: This is the concept that associated with the development of the mental position in
the public. This is refers to the position of the brand image in the eye of the consumers. This
allows the business to set the product or service different from the competitors. This will help
Daily shop to invent the things in the processes that makes the company stand out and different
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from the existing one. There are three positioning factors that help in to gain the competitive
advantage:
Symbolic positioning: in this company works to enhance the self image, belongingness and ego
of the customers.
Functional positioning: here company resolve the problems of the consumers and provides them
genuine benefits.
Experimental positioning: this focus on to the emotional connection.
Detailed identification and evaluation of various factors that impacts the selected business plan
and developing a canvas model for it so as to do a detailed examination on the present plan
The business plan which is developing an online retail shop which is named as daily shop
in London, UK possess a lot of challenges in front of the owner and the major challenge is the
Brexit law that was on standby since a long period of time and has implemented currently which
is the systematic and sequential exit of the United Kingdom from the European Union and thus it
would make a big and huge impact on the possible plans that has been formulated for the above
mentioned business idea. Since UK will not be a part of the latter it would also mean that it will
lost a ready market that was prevailing in the past which was regarded as a backbone of
industries and companies as it helps in improving and increasing the market value, sales, and
profitability in the long run. As half of the trade was done between the two countries and after
the bilateral agreement it would not be possible to trade further and thus it will leave an adverse
impact on the working of all the firms that are prevailing in the current scenario especially the
business idea that has been mentioned above. Though it also gives an open market to expand and
also UK has a vast population which is one of the aspects that is enough to boost up the morale
and can further result in improved performance in the industry. Since the company that is Daily
shop is associated with providing essential products and services that includes the things that are
basic necessities for life and thus the chances of it being successful in the market is very high.
There are a number of different aspects that have to be kept in mind so as to formulate and
implement that plan in an accurate and precise way and thus a business model canvas for the
same is designed so as to carter the needs, requirements, and demands of the prospective
individuals so that the plan can be successful in the scenario in which it will be implemented.
Business Canvas Model for the firm that is Daily shop
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Key partners
 Raw material
and finished
goods
suppliers.
 Producers
and
manufacturer
of the
products and
services that
it wants to
sell in the
market.
 Owner of the
building
from which
it will be
operating its
business.
 Different
companies
that it will tie
up in order
to increase
the level of
sales.
Key activities
 Providing
superior
quality of
products and
services to its
customers
and that too
within the
budget of the
ordinary
person.
 Management
and
administratio
n of the store
on the retail
floor apart
from
managing
inventories,
receipts, and
customer
service.
 Maintaining
the building
in which it is
operating
Value propositions
 Providing the
best products
and services
that are
currently
available in
the market so
as to increase
and improve
the living
standards of
the citizens
that are
living within
the
geographical
boundaries
of the
particular
country.
 Using
renewable
and
sustainable
sources of
energy so
that all the
Customer
relationship
 Timely
solving the
issues and
problems that
they are
facing with
the working
of the
company so
that it can be
improved as
soon as
possible.
 Appointments
of experts in
the team so
that all the
customers can
be satisfied to
their fullest
that will
subsequently
increase the
value of the
firm in the
market in
Customer segment
 Customers
that are able
and willing
to buy the
goods and
services that
the company
renders in
the market.
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currently in
an effective
manner so
that it can
help in
building a
good image
of the
company in
front of its
prospective
customers.
 Time to time
up gradation
and
improving in
the quality of
the products
and services
as per the
requirements
and needs of
the buyers.
resources
that are
available
with the firm
can be fully
utilised and
that too in an
effective and
efficient
way.
long term
prospects.
Key resources
 Raw
material,
storage
warehouse,
building,
machinery.
 Human
Channels
 Since the
store will
operate
mainly from
the building
that is offline
but still
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resources
that are
working for
the firm such
as the staff,
officers.
 Intellectual
resources
like
copyrights,
patents,
brand,
database of
customers.
online
platforms can
be used in
order to
increase the
level of sales
and
profitability
of the
business firm
in the long
run.
 Online
channels
 Digital
websites
 Mobile apps
Cost structure
 Cost of procurement of raw material
and finished goods that are meant
for sale.
 Fixed cost in the form of rent of the
premises.
 Different variable costs that are
incurred in the operations of day to
day activities.
 Cost of marketing and selling.
Revenue
 The main source of revenue for the firm is the amount that it
gets from the customers after the sales.
 Apart from it different types of fees that it collects from
different areas are also included in its revenue.
Thus it can be seen from the above that it is very important for a firm like Daily shop which
is planning to operate in a industry of retail sector in London, UK to analyse and evaluate all the
aspects in detail so that it can perform exceptionally well in the market which is highly
competitive as well as dynamic in nature.
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Research Methodology
Research methodology is referring to the path or direction through researcher accomplish
their research process. This shows the path through which researcher develop their problems and
objectives with this they present their data that is obtained during the study period (Krivtsov,
2015). For conducting current investigation for better accomplishment of the selected business
development plan based on new online retail shop use of qualitative nature of investigation
would be made. Further, collection of data for current business plan would be made with the help
of secondary sources of information. Collection of secondary data would have been made with
the help of different themes on the basis of objectives whereas secondary data would be collected
from the online articles and journals.
Philosophy: It is referring to the set of certain phenomenon through which researcher gathers the
information’s and data. This provides the support in to enhance the ability to solve the problem
and identify the accurate solutions of the problems. This philosophy position is used in the
academia studies are often divided into two parts positivism and interpretivism.
Justification: In of the present research, there has been interpretivism research
philosophy provides the subjective information about to get a better knowledge about the retail
industry along with analysing key opportunities and threats which are currently prevailing within
the retail sector of UK in detailed manner (Gerpott, and May, 2016).
Research Approach: This approach is mainly related to the process and plans for research that
pair steps from broad assumptions to collection of data. In this Research there are two
approaches of research one is deductive and other is inductive. The Deductive approach start
with particular Hypothesis statement and the end results of research. The inductive approach start
with analysing or observation and end results provide in positive manner.
Justification: In current research, there has been inductive research approach considered
because it allows the flexibility, attend closely to specific area and also support generation of the
new theory (Sebikari, 2019). Other than this, it also provides understanding about the theoretical
15

understanding concerned with retail industry along with analysing key opportunities and threats
which are currently prevailing within the retail sector of UK in detailed manner.
Research strategy: This refers to the all plans to doing in Research. It mainly provide proper
guidance to an investigator in planning of strategies, implementing that strategies and also
analyse the study in depth way. This research provides the way of carry out the work and what
data collection of methods will be used. The methods of research have been used to perform the
task in effective manner. There are various research strategies such as action research,
interviews, experimental research, Instance surveys, case study research and etc.
Justification: In the present research, there has been systematic literature review
considered as it is effective in provide the in- depth as well as detailed understanding about retail
industry along with analysing key opportunities and threats which are currently prevailing within
the retail sector of UK (Diaz-Briquets, 2019). In this, objectives have been attained by using the
secondary sources.
Research choice: The most important research choice is based on qualitative and quantitative
data. In this the single collection of data used by the investigator, the suitable research choices
are Mono method, mixed method and multi method. The appropriate choices are analyse
explained as below;
 Mono method: In this method researcher will collect single type of data. That is
favourable in qualitative either quantitative research methodology.
 Mixed method: This is other type of methodology of investigation for using this method;
there will be requirement of adopting both types of data such as qualitative and
quantitative.
 Multi method: This is similar to the mixed method and joins both kind of information
for occurrence qualitative and quantitative. The main difference in mixed method and
multi method is, mixed method joins methodology to set up specific set of the
information and multi method does not join methodology (Marcial, 2015).
Justification: In conducting the present investigation, there has been qualitative research
method considered. The use of both a narrative research and an inductive methodology is
beneficial in generating deep and new insights that lead to the development of a theoretical
framework as a study outcome. One of the goals of the qualitative research approach is to have a
16

thorough grasp of social phenomena and techniques. In order to fully understand the subject,
qualitative investigators use a variety of data sources.
Data collection tools: collection of data for current business plan would be made with the help of
both primary and secondary sources of information. Collection of primary data would have been
made with the help of a questionnaire and it include observations, interviews and other sources,
whereas secondary data would be collected from the online articles, journals, books and other
internet sources (Ahmed, and Rahman, 2015).
Justification: In conducting current investigation, there has been secondary method of
data collection considered as it helps in provide the theoretical understanding of subject area by
using existing sources. The secondary data collection used in literature review part by the
accomplish the research objectives and goals in effective way. The different sources to collect
the secondary information are books, articles, internet sources, journals and others. The main
benefit of using this method is that it is times saving and cost saving also.
Data analysis: Data analysis is referred as a procedure which rely on techniques and
methods to taking raw data or information, mining foreign sites which are relevant to primary
goals of research. It is the cleaning, transforming and data modelling procedure in order to
discover useful data for decision making. The main purpose of this method is to extract useful
information from collected data as well as taking appropriate decisions on the basis of analysis of
data. Two types of data analysis methods are there including qualitative and quantitative data
analysis. The quantitative data analysis is referred as value of data in form of numbers or counts
where each set of data has unique numerical value related to it. In quantitative data analysis
method, multiple methods are used for analysing the data loading cross-tabulation, descriptive
statistics, conjoint analysis, text analysis, gap analysis and trend analysis. On the other hand,
qualitative data can be analysed by using methods like narrative analysis, grounded theory,
content analysis and discourse analysis.
Justification: In relation to this study, content analysis tool has been considered as it
helps in evaluate the patterns within piece of the content. For analysing the data, theoretical type
is used as it is the first level of analysis. Apart from this, it assists investigator in summarising
the data as well as finding the pattern by using the different themes on the basis of research
objectives.
17

Time Horizons: Time horizon is defined as the time frame that is required for the
completion of research project. They are needed for research design independent of the
methodologies used in the research. There are two types of time horizons used in the research
study including cross-sectional time horizon and longitudinal time horizon. In cross sectional
time horizon, studies are limited to particular time frame. It can be undertaken in which
information are gathered once only, perhaps over the direction of weeks, days or months to
answer the question of research. On the other hand, the studies are repeated over extended period
of time in longitudinal time horizon. However, the investigators might want to study individuals
or phenomena more than a single point of time in some cases to answer the question of research.
Justification: In this particular research study, researcher utilise cross sectional time
horizon as the study is limited to specified time frame and this study also has limited time frame
for completing it. Apart from this, cross sectional study is observational in nature and researcher
record the data which is present in population, but don't manipulate valuables. Also, this method
allowed researcher to look at various characteristics at once and administers information
regarding what is happening in current situation.
Ethical consideration: In the research, ethical considerations is the significant part. While
performing the research, researchers required to consider the ethical considerations. There are
different ethical considerations in the research including validity and reliability of data, voluntary
participation and informed consent of the participant, confidentiality of data, sampling, risk of
harm, respect for dignity of participants of research etc. It is very much necessary for the
researcher to take informed consent from participant prior to involve them in research. It is
necessary to inform them fully regarding the research that is been conducted and they required to
be made aware of the purpose of research. This help in make the participants able to take
informed decisions regarding whether to participate in the research or not. Apart from this, the
another ethical consideration includes protecting the participants from any kind of psychological
and physical harm. It is required by researcher to make sure that the process of research does not
harm the participants in any way. In addition to this, maintaining privacy and confidentiality of
data is also will necessary while performing the investigation. It is required by the investigator to
ensure that the data will not be shared to third party and it will be protected by using encryptions,
coding and password.
18

Analysis of Results
Introduction
Data analysis is characterized as a cycle of cleaning, changing, and demonstrating
information to find valuable data for business dynamic. Main purpose behind data analysis is to
separate helpful data from information and taking the choice dependent on the information
examination. In addition to this it has been determined that, data analysis is the cycle of
deliberately applying factual as well as intelligent methods to depict and represent, consolidate
and recap, and assess information. As per investigation it has been resolved that there are
different scientific strategies "give a method of drawing inductive deductions from information
and recognizing the sign (the phenomenon of interest) from the commotion (measurable
variances) present in the information. Along with this, it has been determined that, data analysis
is a cycle that depends on strategies and procedures to taking crude information, digging for
experiences that are applicable to the business' essential objectives, and boring down into this
data to change measurements, realities, and considers along with activities for development
Furthermore, it has been identified that there are different techniques for information
investigation, to a great extent dependent on two centre regions: qualitative information
examination strategies and information investigation techniques in subjective exploration.
Furthermore, it has been evaluated that data analysis is significant in business to comprehend
issues confronting an association and to investigate information definitively. Data analysis
effectively organises, interprets, structures and presents the data into useful information that
provides context for the data. Alongside this, it has been resolved that data analysis is a need for
settling on all around educated and effective choices.
THEME 1: Retail industry size of UK along with analysis of its growth rate and existing
competitors with the help of suitable business models.
It has been analysed that United Kingdom is known across the globe for its legacy,
inventive design and craftsmanship and it is home to many well-known businesses. United
Kingdom has a distinct commercial character, as it advances by incorporating cutting-edge
technology such as artificial intelligence into the shopping experience, while investing in
the traditional crafts to manufacture customised, high-quality items which are recognized across
the globe. While anticipate a stronger year for retail sector in year 2020, second wave of
COVID-19 virus have pushed back chance of consumer-led rebound to second half of year.
19

Consumers purchased online in ever-increasing numbers, accelerating a previously observed
trend. The use of both a narrative research and an inductive methodology is beneficial in
generating deep and new insights that lead to the development of a theoretical framework as a
study outcome. One of the goals of the qualitative research approach is to have a thorough grasp
of social phenomena and techniques. In order to fully understand the subject, qualitative
investigators use a variety of data sources. It has inevitably had an impact on the high street,
which is under strain due to increased expenses, store closures and decreasing traffic. Some
people have been unable to cope with the rapid rate of change and have seen number of the high-
profile administrators as well as record numbers of retail closures as well as job losses. It has
been examined that retail sector in UK economy typically accounts for roughly 5% of the Gross
Value Added. The large retailers account for 14% of all the non-financial sector investment in
the United Kingdom. Retailers buy roughly £180 billion in items for the resale, generating £47
billion in output from those other industries. Retail sector's position in UK economy has changed
dramatically during the last decade. More competition has resulted in a larger range of products,
higher quality, cheaper costs and greater openness in pricing, sourcing and labelling. Market
share, the number of outlets and also location have all contributed to efficiency, whereas
advancements in the shopping experience, targeted ads, loyalty cards, financing,
delivery and internet have all contributed to development and the streamlining of business
processes. Retail sales have consistently accounted for roughly a third of overall consumer
expenditure, indicating that the industry is thriving.
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Figure 1:Retail sales breakdown in Great Britain 2019, by category
(Source: Retail sales breakdown in Great Britain 2019, by category, 2020)
This graph shows distribution of the retail industry sales in the United Kingdom in
year 2019. Non-specialized food stores provided for 35.3 percent of the retail sales in the United
Kingdom in year 2019, followed through other non-food stores as well as non-store retailing,
which each accounted for 11.4 percent. Retailers in the United Kingdom sell directly to the end
customers, involving expenditure on products (in stores and online) and services. The sector
as whole is mainly used it to gauge how well the economy is doing and how strong consumer
spending is.
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Figure 2:United Kingdom's Retail Sales Growth from Jan 1997 to Apr 2021
(Source: United Kingdom's Retail Sales Growth from Jan 1997 to Apr 2021, 2021)
From the above mention graph, it has been examined that in April 2021, UK retail sales
increased by 42.4 percent YoY, compared to a 7.1 percent gain the prior month. Monthly data on
the UK Retail Sales Growth YoY is available from January 1997 through April 2021,
with average growth of 2.6 percent. In April 2021, the statistics reached some all high of 42.4
percent, while in April 2020, it hit a new low of -22.9 percent. Monthly Retail Sales Growth is
calculated by CEIC using Retail sales index on monthly basis. Retail Sales Index, with a base of
2016=100, is provided by Office for the National Statistics.
The existing competitors in retail company are Tesco, Sainsbury, ASDA, Morrisons and
others.
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Figure 3: UK retailers comparison
(Source: UK retailer’s comparison, 2021)
Based exclusively on the employee feedback, the UK Retail Industry Comparison sheds
light on what it's truly like to operate at the 15 UK retailers. We examine how these retail
companies compare and rank within staff in terms of overall business satisfaction, wages and
benefits, senior management and more in this analysis. Whenever it comes towards where retail
staff members are most happy with their business and employment, John Lewis comes out on top
with a 4.1 (extremely happy) business rating, followed with Waitrose (3.9) and Harrods (3.9).
Other than this, Morrisons, Debenhams and Selfridges have lowest overall business rating of 2.9
(OK) among this group, as per workers. In comparison, based on the 300,000 firms, average
business rating is 3.2 (OK). (On 5.0-point scale, 5.0 is extremely satisfied, 3.0 is OK, and 1.0
equals very unhappy).
Pestle analysis is a business model that is used to study the retail sector in the United
Kingdom. The detailed study of this model has handled some of political, economic, social,
technological, legal and environmental and other issues which are influencing the industry in
United Kingdom. Pestle analysis is a valuable tool or strategy for developing business strategy
by determining the influence of the macro environment on a company's operations. In context ti
the political factor, Government policies have an impact on the income as well as profitability of
every retail shop. Economy, consumer purchasing patterns and international trade rules are all
impacted by these restrictions. Company's sole option for dealing with these developments is to
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comply with them. Government is investigating how data is stored, utilized and shared due to
antitrust concerns as well as data breaches. It has an impact on the retail business, particularly
major players such as Wal-Mart and Amazon, who sell things online. In economical factor, even
during recession, retail business managed to stay afloat. It seems to be one of few industries that
has managed to survive. Global revenues of the business might reach $30 trillion through 2020.
The global economy is now in a wonderful position for retail sectors to grow. Consumers have
more money to spend on frivolous items because they have quite disposable income. In social
factors, main social factors retail industry of United Kingdom are consumer preferences.
People enjoy purchasing products in large quantities. Customers' data can be collected
through retailers who sell products online. Those who can easily see what products people are
purchasing, favouring or ignoring. They then use this information to shape their services. It's an
endless process. In technological factor, due to the extreme internet, retail business has profited
significantly. Not just to simplify services, but to also reach out to audiences all around the
world. The majority of businesses have a website. This is essentially a digital inventory of their
merchandise. Companies with a lot of clout are able to provide a wide range of products online.
The items are either delivered to the customer's house or picked up at the nearest store. In context
to environmental factor, Food is becoming more widely available in retail stores. The condition
of the environment has an impact on product quality and selection. This also entails a greater
number of political and economic constraints. Waitrose in the United Kingdom is eliminating all
plastic packaging and requiring customers to use re-fillable containers for some core
commodities. In legal factor, before operating retail store, it must fulfil certain legal
requirements. These are common circumstances. This entails following tax as well as labour
rules, among other things. When a firm develops internationally or sells things online, legal
issues grow more complicated. International laws are then invoked. Data and copyright
regulations also play a role.
THEME 2: Marketing mix analysis for new business plan based online retail shop along
with discussion about its segmentation, targeting and positioning strategies.
This has been analysed that Marketing mix relates to a company's combination of
actions or techniques, for promoting its service or company in marketplace. Price, Product,
Promotion and Place are the four Ps that make up a conventional marketing mix. Companies
utilize 4 Ps to figure out what their consumers need from them, how their service or product
24

fulfils or fails to satisfy those demands, how the service or product is viewed in world, how they
differentiate themselves from their rivals and also how they engage customers. Instead of
focusing on single message, effective marketing covers a wide range of topics. This allows
marketers to reach a larger audience and keeping four Ps in the mind allows them to stay focused
on the most important aspects of their jobs. When it comes to launching new goods or updating
old ones, focusing on the marketing mix may help companies make smart decisions.
Figure 4: How to use the 7Ps Marketing Mix
(Source: How to use the 7Ps Marketing Mix, 2021)
In the marketing mix, Product refers to a business or service that is designed to meet the
requirements and desires of customers. To properly promote service or service, it's critical to
figure out what sets it apart from the competition. It's also crucial to figure out if additional items
or services may be sold alongside it. In price Product's sale price represents how much
consumers are prepared to pay for it. Cost-based pricing requires marketing professionals to
the analyse expenses associated with research and innovation, production, marketing, and
distribution. Value-based pricing is defined as price that is based mostly on the perceived quality
of the product by the customer. In context to place, when deciding on the distribution locations,
it's crucial to examine the sort of goods offered. Basic consumer items, like paper goods are
25

frequently accessible in wide variety of establishments. Luxury consumer goods are usually only
available in few locations. Another factor to consider whether product should be sold in physical
store and online. Because daily shop is indeed an online retailing firm, location for the items will
be online namely on its website, where customers can learn about the many types of items, as
well as their pricing, quality and some other details. It is most convenient and accessible position
for customers, which will aid in growth of sales as well as profitability. In the promotion context,
promotional mix is another term for joint marketing activities. Advertising, promotional
activities, personal selling and public relations are examples of possible activities. The funding
allocated to marketing mix ought to be a major factor. Determining the proper media for
communicating the information, as well as deciding on frequency of communication are crucial.
As a means of attracting people to product and persuading them to purchase it. Print, television
commercials, public relations advertising and sales promotion are common choices for
businesses. This activity will be pursued by Daily Shop using television advertising as well as
digital marketing via various channels like social media but also e-mail marketing. In process, it
is a term used to describe activities which include the sale of goods. Retail business is largely
dependent on operations such as order processing and database administration. From moment
clients enter store, procedure which assists them in locating the suitable sector that contains the
relevant items will be determined. This daily store will rely on a variety of technical tools to
handle online procedures like as orders as well as distribution. In people, this is related to those
who assist clients in locating products that meet their needs. It is about employee's capability as
well as their efficiency and flexibility. Employees, stockholders, suppliers and consumers are all
included. This is a company that is involved in the entire process of trying to purchase products
and services. In physical evidence, Consumers may recognize brand or company based on its
tangible evidence, which includes shop layout, shipping, labelling, brand logo and so on. Daily
shops have it in form of a logo, website and design approach for product display that allows
people to recognize the firm more easily, resulting in increased sales and positive brand image.
26

Figure 5:Segmentation, Targeting & Positioning and Product branding
(Source: Segmentation, Targeting & Positioning and Product branding, 2021)
Segmentation is defined as process of segmenting a target group into smaller, more
defined groupings so that firm may successfully meet and fulfil the needs of its customers.
Customers as well as audience segments are divided into groups based on their shared interests
and characteristics. With the aid of Daily store, the company may concentrate its marketing
efforts and resources on addressing most valued clients and attaining business objectives.
Targeting strategy necessitates identification of unique persons and content. It will be used by
Daily Shop with primary goal of determining which parts are more likely to create and give a
needed conversion and will also be profitable. Positioning helps the company to differentiate its
service or product from its rivals. It will assist Daily Shop in inventing items in procedures that
distinguish the firm from the competition.
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THEME 3: Business plan and theoretical issues along with designing of a business model
canvas for better understanding and evaluation of feasibility and success of current plan.
It has been analysed that Business plan is formal written document that outlines a company's
objectives, strategies for achieving those objectives and a timetable for achieving those
objectives. This discusses nature of the firm, background information on company, financial
predictions and the tactics that will be used to meet the specified goals. Owner of the company
plan which would be to create online retail shop called daily store in London, UK has several
hurdles, the most significant of which is Brexit law. This has been on hold for long time and is
now being executed, which is the deliberate and sequential withdrawal of United Kingdom from
European Union. As a result, this would have a significant influence on potential plans which
have been developed for company concept. Since the UK is not really a member of latter, this
will lose access to ready market that existed in past and was seen as backbone of businesses
because it assisted in enhancing and boosting market value, sales and profitability over time.
Though this provides an open market for expansion, the UK also has large population, that is one
of factors that may enhance morale and lead to higher performance in the business. Because the
Daily Shop is linked with supplying vital items and services such as goods that are fundamental
necessity for living, the company's prospects of success are high. On the other hand, business
canvas model, is useful tool for understanding business model in a systematic and easy-to-
understand manner. To use this canvas, company will learn more about clients, what the value
propositions are supplied through which channels and how business generates money. Business
Model Canvas is strategic management tool for defining and communicating business
idea quickly and effectively. It seems to be one-page document that goes through the
fundamentals of business or product, laying forth a concept in logical manner. Right side of
BMC is dedicated to customer (external) while left side is dedicated to the company (internal).
Value proposition, which would be exchange of value between firm and customers/clients,
brings together both internally and externally elements. In context to business canvas model of
daily shop, key partners are raw materials, good suppliers, Suppliers and producers of goods and
services this want to sell in marketplace, Owner of structure from which it will do business and
various firms with which it will collaborate in to boost sales. In the key activities includes
management information of store on retail floor, in addition to managing inventory, receipts and
customer service. Providing top high quality products to its consumers within budget of average
28

person. Continual improvement and up - gradation of product quality in response to client
expectations and wants providing greatest services and products presently offered on market in
order to raise and improve the standard of living of inhabitants who live within country's
geographical limits. In the value propositions, using the renewable as well as sustainable energy
sources so that almost all of firm's resources may be fully utilized and in a cost-effective and
efficient manner. In the customer relationship, promptly resolving concerns and difficulties
with company's operations so that this may be rectified as quickly as feasible. Appointments of
professionals to team so all consumers are completely happy, hence increasing firm's market
worth in the long run. In the customer segment, Customers who are willing and able to purchase
company's goods as well as services on the market. The key channels include digital websites,
mobile applications and online platforms. Although store will primarily function from an offline
location, Internet platforms can be employed to boost sales as well as profitability in long run.
The cost structure includes, cost of purchasing raw materials and completed items for resale. A
fixed expenditure throughout the form of premises rent, various variable expenditures incurred
in day-to-day operations and marketing and selling expenses. Revenue is related to amount
received from consumers after sales is firm's primary source of income, but it also includes
various forms of fees collected from other regions.
Discussion, Conclusion and recommendation
As per the above mentioned report, it has been found that business development is a
significant process which include all the activities for pursuing with new strategic opportunities
exist in the environment of business. Due to spread of coronavirus pandemic, the businesses in
each and every sector are facing various challenges and it creates threats for organisations. Strict
government rules and sudden lockdown impacts adversely on the sales and profitability of
businesses. So in order to overcome the situation and addressing the issue in an appropriate way,
opening up a retail store provides an opportunity to attract more number of customers. In order to
start a new business, it is very necessary for an organisation to properly analyse the business
29

environment. Proper analysis of market is very necessary in order to develop and execute
appropriate strategies which will assist in leading the business towards growth and success.
Analysis of the current situation of market provides an advantage to the organisation to
determine the opportunities exist in the market place and exploit them to generate high revenues.
Retail industry is one of the constantly growing sector in the market of United Kingdom and
contribute highly in the growth of economy of the nation. But due to current situation of
pandemic lead by coronavirus, it impacts negatively on the businesses. Many of the physical
stores gets closed due to the situation. So, coming up with an idea to start up a new online retail
shop will prove to be very beneficial in terms of attaining high growth and profitability. Before
entering into the online retail market, it is very necessary to have proper understanding of retail
industry and its size, existing competitors and growth rate in the industry. The retail industry in
United Kingdom is operating at large scale and consists of multinational retail companies. From
the total spending of consumers, they spend around one third proportion of their income in retail
sales made online. The existing competitors in the industry includes Tesco, Asda, Sainsbury's
and Morrison.
Proper understanding and analysis of macro environment is very necessary which can be
done by using pestle analysis model. By the help of pestle analysis, an organisation can be able
to understand the opportunities and threats exist in the market and develop the strategies
accordingly to accomplish growth and success. In United Kingdom, political stability is very
high which provides an advantage to the business to perform its operations effectively. Apart
from this, the economy of United Kingdom is among the largest economy of the world so many
people invested in the country which provides an advantage to business to run its operations
efficiently in the market. In addition to this, providing products and services as per the needs of
customers will help in attracting them more towards the company. As Daily Shop is an online
retail store and there is high requirement of online stores in the market due to restrictions on
moving here and there, it provides an advantage to the organisation to attract more number of
customers and gain adequate revenues. Moreover, using advanced technology in the business
will also provide an advantage in the competitive market. In order to capture the large market in
less time, penetration pricing strategy is an effective pricing strategy that assist organisation in
attracting more number of customers towards it. Apart from this, using social media and other
30

digital marketing tools will help in properly communicating the benefits of products and services
offered by the company and attracting them.
Also, the use of segmentation, targeting and positioning model help in the segmenting the
market based on the homogenous characteristics. The target market strategy is adopted by
company to know about its customers in better manner and targeting the specific segment
accordingly. In addition to this, positioning is done by company is order to develop a particular
position of brand in the minds of customers and differentiate its products and services from
competitors. This assist in gaining competitive advantage over the rivals and ensuring high
growth and long-term sustainability in the market. So, while developing the new business in the
market, very much essential to analyse all the external factors prevailing in the market
environment so that opportunities and threats can be identified and appropriate strategies can be
developed which leads the business towards success and growth.
So, from the overall discussion, it can be concluded that business development as vital
process and involves all the activities that leads business towards success. It is very necessary for
the management of organisation to ensure that the business environment and the factors existing
in the environment must be analysed in proper way so that appropriate strategies can be
developed and implemented which leads the business towards success. Proper analysis of
business environment will help in taking appropriate decisions that provides an opportunity to
the organisation to grow and succeed in the market. Apart from this, the elements of marketing
mix must be developed in such a manner that it helps in attracting more number of customers
towards the business and improving its productivity and profitability. While developing the
business model, segmentation is a significant process through which the market is divided into
homogenous subdivisions and the target market is selected based on that. Use of appropriate
models and framework for analysing the business environment is very essential in order to
ensure the growth of business.
It has been evaluated that every business needs to have a written business plan as it
significantly provide direction or attract investors. It has been determined that a business plan is
vital for the success for organization. A significant undertaking in beginning is recommended for
organisation to undertake as to build up a marketable strategy. As the expression proposes, a
marketable strategy is a "guide" to manage the fate of the business or adventure. The components
of the strategy will affect every day choices and give guidance for development, enhancement,
31

and future assessment of the business. It has been recommended to businesses to ensure that the
introduction of the arrangement ought to be as expert as conceivable to depict their business in a
positive way. Along with this, it is recommended to organisation to ensure when managing a
bank or conceivable speculator, the arrangement will be audited for exactness and proposals for
changes to the arrangement might be advertised. The choice to prescribe the credit to the proper
board or reject the proposition will be to a great extent dependent on their strategy. In addition to
this, businesses are recommended to ensure arrangement of different strategies. Hence, it is
important to utilize an expert configuration. After advance officials complete their assessments,
the advance board is recommending to additionally survey the strategy and settle on a choice.
The panel individuals will regularly invest restricted energy investigating the record. Along these
lines, these segments should be the most grounded portions of the arrangement and dependent on
sound top to bottom examination and investigation. It is important that for businesses to
comprehend market. A decent item isn't sufficient to ensure promoting achievement. It is
recommended to organisations to allude to the accompanying preparing Business Builders to
assist in with this progression. Along with this, it is also recommended to business to use
different factors and consider deals area, market area, advancement and publicizing, evaluating,
staffing, and the expenses related with these. These parts of the promoting plan will set aside
some effort to create and ought not be messed with. Furthermore, it is also recommended to
emphasise upon financial planning, as the monetary arrangement and suppositions are significant
to the accomplishment of the business and ought to be remembered for the marketable strategy.
One of the chief reasons new organizations fall flat isn't having enough startup capital or
deficient wanting to cover all costs and be productive. It has been evaluated that the extent of
business will be dictated by the monetary assets business to gain. Along with this, business is
also recommended to build up a monetary arrangement and make the supporting reports to prove
it. After the mission, foundation data, association, and advertising and monetary plans are
finished. The best marketable strategy is a report in consistent change, responding to the impact
of the rest of the world on the business. Having the premise of a writ¬ten plan will give certainty
to think about changes in the business to stay serious. Lastly, it is recommended to business to
emphasise upon each and every stage of business plan in a well define and effective manner and
at last share all the relevant information with stakeholders and related parties. It will help in
increasing transparency. Thus, with the help of emphasising upon all the above recommended
32

measures development of effective and systematic business plan can be assured in a well define
and effective manner.
33

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