Business Essentials and Small Business Success Factors

This project concludes that business has several essential and important factors as well as elements which need to be considered and implemented by business managers properly. Behind every new small business success, there are various factors concentrated. For this aspect, objectives and budget have to frame which need to follow in a suitable manner.

Business Essential

Table of Contents
INTRODUCTION..............................................................................................................1
TASK 1.............................................................................................................................1
A. Business idea with suitable determination of competitors.......................................1
B. Objectives associated with business with two reference example...........................2
TASK 2.............................................................................................................................3
A. Environment analysis...............................................................................................3
TASK 3.............................................................................................................................4
A. Launching an event................................................................................................. 4
B. Producing a budget..................................................................................................4
TASK 4.............................................................................................................................5
A. Key sections of marketing plan................................................................................5
TASK 5.............................................................................................................................7
Business Decision Making...........................................................................................7
CONCLUSION................................................................................................................. 8
REFERENCES.................................................................................................................9

INTRODUCTION
Business includes various number of essential factors which enables in operating
and lead to sustain in dynamic environment in an appropriate and suitable manner
(Anderson and et. al., 2014). Managers need to implement and made a keen focus on
each and every activity properly so that better and efficient gains could be generate.
Thus, it is important to consider all business essentials properly so that a new firm lead
to manage diverse range of activities effectively. This project is based on Mixture world
which is one of a partnership business at London street of UK. In this assessment, it
signifies and describe about clear business idea of a coffee shop with major objectives.
Along with this, it also need to evaluate about external business environment which
enables in better and suitable working. Although, management need to prepare a plan
as well as budget so that chances of suitable gain get enhance. All such essentials lead
to determine while starting a new cafe shop.
TASK 1
A. Business idea with suitable determination of competitors
Mixture world is a new coffee shop as well as book store where students, families
and couples spent some time over there. In this consideration, the business will going to
operate at high street as well as online so that vast range of customers will going to get
attracted. Food sector is one of a finest section in the world which always enables in
generate more and more profit (Anderson, Sweeney and Williams, 2011). This business
will going to fulfil each and every demand of target customers by performing new
innovation so that chances of better gain get facilitate. The targeting group of a
business is every demographic where all kind of age, gender get underpin. Thus, all
products and services manufacture as per the requirement of users through which
better and efficient gain could be articulate. Several major competitors of Mixture World
are determine as below:
Competitors Unique Selling Proposition
Colonna & Small One of a major USP of business is
targeting to high income level individual as
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well as better amenities
Zizzy Variation in products and services consider
as USP of business
B. Objectives associated with business with two reference example
Mixture world frame several major objectives which need to understand by
stakeholders of an organisation properly through which all associated targets get
accomplish (Blumberg, Cooper and Schindler, 2014). Thus, all such objectives have to
acquire in an absolute manner which enables in better and suitable working which
further promote in order to generate more and more profit: To deliver high quality service: This objective of a company stated that
management need to manufacture and deliver high quality products and services
through which management become able to accomplish their targets properly as
well as positive sustainability get reflected To render products at reasonable rates: Another objective of Mixture World is
to provide goods and services at reasonable rates as compared with major
competitors like Zizzy and Colonna & Small To gain customer loyalty: This objective could be accomplish only through
delivering of quality products and services. Customer loyalty is a major task for
every small and newly opened organisation which get attain by delivering of
quality products according to target market
 To make suitable innovation with course of time: This section standardise
that Mixture world have a potential to make necessary innovation with every
course of time. This enables them to accomplish each and every target properly
and effectively
Mixture World is a partnership firm of two individual whom invested with a clear motive
of profit as well as creation of job opportunity. Thus, for supporting business, they need
to underpin two major successful partnership firms which are:
 McDonald's
 Ben & Jerry
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TASK 2
A. Environment analysis
Every new or old whether small or large, every association have to analyse the
external market environment properly through which all business could direct their
objectives properly (Bovée and Thill, 2013). Below is a signified PESTEL analysis with
appropriate impact and significance on Mixture World:
Basis Impact Significance
Political: Government made
several regulations
associated with taxation
and revenue
Partners have an
appropriate relation with
some leaders of ruling party
which support in positive
impact on business
Government support many
small business to grow by
providing suitable and
appropriate fund
Legal: Several laws related
with employment etc.
framed with support of court
and legislative bodies
Impact of legal bodies will
become positive in frame if
business lead to follow all
legislation in a suitable
manner
Legislations is important for
for every business by
following it they become
able to manage goodwill at
market place
Social: Society play an
important role in business
and its working
Mixture World have to
deliver products and
services as per the
requirement of customers
so that positive reflection
could be manage
Society significance is
essential for an organisation
through which an
appropriate environment
consideration get done
Environmental: This
associated with
environment in which
organisation is operating
UK environmental
conditions are not good at
yet because of Brexit. Thus,
it might create negative
influence on an association
Managers need to evaluate
the importance of
environment so that better
and suitable gain become
possible
Technological: Technology Rapid change in technology Technology is important for
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plays an important role in
order to produce high
quality and effective
products.
will lead to bring negative
outcome on business as
well as positive outcome get
derive through combining
work with technology.
Mixture World through
which they are going to
produce high quality
products and services.
Economical: Business have
to underpin economical
condition of presented
country, region for better
and suitable working
In this consideration,
inflation and depression
made negative impact on
business. Although, Mixture
World need stabilise
economical environment
Economical condition is
important for business
growth and development so
that suitable gain become
possible.
TASK 3
A. Launching an event
Mixture World need to launch an event for their publicity so that appropriate
number of users become aware about innovative cafe and visit over there as well. It
could be a celebrity opening in which Ed Sheran will going to open this store. This will
be a social gathering where various respected individual of society also get invited. It
will be a day time weekend based event so that maximum number of customers lead to
attend it (Ebert and et. al., 2014). This will be a off site event which lead to take place
near to beach where more and more users lead to attend it at the time of weekend.
Although, Mixture World lead to:
 Spend a lot of money on their working just because inviting a famous Hollywood
singer over there (Cobanoglu and et. al., 2011). This expenditure lead to reflect a
differ image of a company as compared to others just because none of the small
cafe shop perform such instance before it
 Inviting a singer will enables them to target most of the youth over there so that
chances of better and appropriate working with target accomplishment become
possible in frame
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B. Producing a budget
Budget is a helpful consideration for business so that each and every activity get
planned in a suitable manner. Thus, Mixture world need to produce a budget which
depicts and define all working of business properly through which effective estimation of
each and every expense get done. Below is a define expenses for each and evert
operation of Mixture world which define as follow:
Particulars
Event
launch
Amount 121000
Elements for
event Cost
Venue 1000
Catering 5500
Advertising 200
Decoration 150
Transportation 200
Anchor 300
Guest 50000
Table 10000
Chairs 5000
Equipment 15000
Corporate
social
responsibility 10000
Total 97200
Net position 23800
Budget available and the saving from event are as follow:
Budget
available
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Expenditure 97200
Remaining 23800
This is a optimum utilise budget which proclaim by management of a company.
This includes each and every expenses as well as investment of an organisation so that
finance lead to utilise in an appropriate and suitable manner.
TASK 4
A. Key sections of marketing plan
Marketing plan of a business includes diverse range of activities which need to
constitute by business managers properly so that effective and efficient work could be
done (Griffin and Ebert, 2010). Thus, marketing plan for Mixture World lead to include
several essential factors which describe as follow:
 Marketing Objective: Mixture world position their services at target market
in the frame of providing reasonable products and services. One of a
marketing objective of a company is to render high quality products at
reasonable price so that optimum level of satisfaction could be attain by
customers. This enables them to deliver appropriate message as well as
suitable target accomplishment get done
 Target Market: Basically target group of Mixture World is each and every
section of society whether they belong to high age or low age. It is critical
that management need to target appropriate market area. In this aspect,
they usually targeted the youth. By targeting all consumer group, chances
of sustainability get enhance as well as business become able to
accomplish appropriate level of profit and revenue
 Marketing Mix: Every business need to use 4P's of marketing mix so that
effective and efficient working could be done. It is important to utilise each
and every factor properly so that effective and efficient gain become
possible (Guffey and Loewy, 2012).
Element Description Justification
Product It is a good or services or Mixture World deliver high
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tangible consideration in
which an organisation lead
to deal
quality products to their
each and evert client from
stores as well as through
online so that efficient gain
become possible
Price This is a value or
consideration against which
product and services get
render to target customer
Mixture world stated that
they have reasonable price
as compared with
competitors which make
them different from others
and reflect positive attribute
as well
Place This depicts about the place
from where product lead to
get deliver to target
customer so that
appropriate and suitable
gain lead to accomplish.
Business dealing in both
context through high street
as well as online so that
most number of individuals
lead to attract over there
and gain quality feature of
home delivery as well.
Promotion The last aspect of
marketing mix is promotion
in which appropriate and
suitable steps lead to
undertake for reflecting
information about product
and services.
Mixture World organise a
vast event by inviting a
celebrity which enables in
promoting their business in
all over the United Kingdom
for better and efficient gain.
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TASK 5
Business Decision Making
There are various kind of decision makings are evaluated in a business which
need to understand by managers of a company so that appropriate and effective gain
could be estimated (Hair, 2015). This project is based on Mixture World whom have
three levels for judgement which signifies as follow:
 Strategic decision: Mixture World need to frame their strategies in an appropriate
and suitable manner. Thus, association is organising an event as well as they
deliver their products at reasonable prices through which their sustainability get
promoted.
 Operational decision: Another section of working is operational level whom
engage in regular manufacturing of products and services (Laudon and Laudon,
2011). Thus, at Mixture World operational judgement concern with regular
looking on production with minimum wastage of resources and material.
 Tactical Decision: The last part but middle section of a firm is tactical level
(Leach, 2011). Managers of Mixture World need to manage all stock properly and
they need to train each and every individual properly so that effective and
efficient working become possible in frame.
CONCLUSION
It get concluded from the project that business have several essential and
important factors as well as elements which need to consider and implement by
business managers properly. Behind every new small business success, there are
various factors concentrated. For this aspect, objectives and budget have to frame
which need to follow in a suitable manner. Along with this, it also need to reflect about
targeting of appropriate market through which delivery of product and services become
possible. Moreover, launching an event need to get done properly by inviting a celebrity
as well as create suitable marketing plan so that better and efficient gain could be
estimated and underpin in a beneficial manner.
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REFERENCES
Books and Journals
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Anderson, D. R., Sweeney, D. J. and Williams, T. A., 2011. Essentials of modern
business statistics with Microsoft Excel. Cengage Learning.
Blumberg, B. F., Cooper, D. R. and Schindler, P. S., 2014. Business research methods.
McGraw-hill education.
Bovée, C. L. and Thill, J. V., 2013. Business communication essentials. Pearson Higher
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Cobanoglu, C. and et. al., 2011. The impact of technology amenities on hotel guest
overall satisfaction. Journal of Quality Assurance in Hospitality & Tourism. 12(4).
pp.272-288.
Ebert, R. J. and et. al., 2014. Business essentials. Pearson Education Canada.
Griffin, R. J. and Ebert, R. W., 2010. Business essentials.
Guffey, M. E. and Loewy, D., 2012. Essentials of business communication. Cengage
Learning.
Hair, J. F., 2015. Essentials of business research methods. ME Sharpe.
Laudon, K. C. and Laudon, J. P., 2011. Essentials of management information systems.
Upper Saddle River: Pearson.
Leach, P., 2011. Family businesses: The essentials. Profile Books.
Omachonu, V. K. and Einspruch, N. G., 2010. Innovation in healthcare delivery
systems: a conceptual framework. The Innovation Journal: The Public Sector
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10 super successful co-founders and why their partnerships worked. 2017. [Online].
Available through: <https://www.businessinsider.in/10-super-successful-co-
founders-and-why-their-partnerships-worked/Jerry-Yang-and-David-Filo/
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