Business Planning and External Factors

This assignment delves into the importance of business planning and its influence on the success of new ventures. It highlights how external factors play a crucial role in shaping effective plans and policies for organizations. The text emphasizes the need for businesses to analyze and understand these external elements to achieve growth and development.

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 tow reference example......................................2
TASK 2............................................................................................................................................2
A. Environment analysis........................................................................................................2
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
TASK 6............................................................................................................................................8
Supply chain compatibility with business objectives and plans.............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business is consider as a legal venture that is made up with corporation of a person and
natural assets and share common goals and targets. This assignment mainly classify into different
parts for examining essential factors which need to analyse at the time of establishing new
business within the marketplace. Therefore, this report totally believe on opening the business in
large university campus for serving different types of food items for targetting students and
young generation (Robyt, 2012). In this report, PESTLE analysis prepare budget plan who
mainly highlights in this project for developing new established business organisation.
TASK 1
A Business idea with suitable determination of competitors
It has been identified that fast food company can attracting various individual where
students, couples and families spent more time over there. In this consideration, business will
going to function at high street and online so that different types of customers will be attracted.
Name of the organisation: “GEORGE SOLE PROPERITOR”
This organisation is very small corporation smoothly run by sole trader where they offer
different types of tasty and delicious items or dishes in food van by satisfying their demand and
needs.
Location- After examining whole domain it has been understand that appropriate region
for such business such as colleges, university campus, tourist places, outside the big malls and
several other places where large number of people are available (Romano, 2013). Therefore,
location at various crowded region are very helpful in getting attention of large number of
customers. However, business should be in both sources such as “online” and “popular street”.
Motive behind for selecting this business: There are several reasons which are available
for this business to get selected that are described as under:
 Need minimum input but still acquire maximum output.
 It demonstrate as money oriented and profit making business sector.
Competitors:
Name of the
competitors
Food types
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Balkan Burgers Tasty and delicious burgers served by firm in town with the assistance
of Balkan bus on daily basis.
Tutto Food company This is the famous eating place and catering organisation which
specialised in Afro-Mediterranean products in different collection.
B Objectives associated with business with tow reference example
An organisation main motive is to do planning which is necessary and critical for small
and large corporation because it assist in addressing correct direction towards getting success or
development of the firm (Urner, 2016). Also business mainly related with food industry and
make effective planning that consist required path which aid them at the time of performing
various business activities in corrective manner. Some of the necessary goals and objectives that
are explained as under: To deliver high quality services- The main objective of firm describe that management
required to produce and deliver high quality goods and services by which administration
became capable for achieving their desired targets and goals. To supply products at reasonable price- Second objective of George Sole proprietor is to
provide commodity and services at affordable rate which can be compared with major
rivals such as Balkan Burgers and Tutto Food company.
 To gain customer loyalty- This objective can be achieved only through supply of high
quality goods and services. Customer loyalty is main task for each small as well as large
organisation which can get by rendering of required products as per targetting market.
TASK 2
A. Environment analysis
Various external factors play an important role for establishing new business within
different locations because an organisation require to determine such elements for making
effective plans and policies (Wheelen and Hunger, 2017). All the small or large corporation are
totally based on various rules, regulations, norms and values represent by authority structure as a
head of corporate place. PESTLE analysis of “George Sole Proprietor” is discussed as follows:
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Basis Meaning Impact Significance
Political Government has framed
various sort of regulation
which are related to
taxation and revenue.
In an organisation, there
are some leaders who
mainly ruling the party
which help in positive
effect on business.
Authoeities help
various small business
for providing them
appropriate and best
suitable fund.
Legal Different types of laws
associated with the
employment and so on.
Designed through the
support of legislative
authorities and court.
Effect of legal authorities
will became positive in
time period if business
lead to precede all
governance in appropriate
manner.
Regulation and legal
laws is essential for
every business if they
able to manage
reputation at large
market place.
Social Community and society
play an essential role in
business and their working
George sole proprietor
have present products and
services according to the
necessity of buyers so
positive reflection can be
managed.
Community
importance is firm
through which suitable
environment can be
made.
Environmental This will connected with
environment where
company can be operated.
Also UK environmental
condition are not good
because of Brexit.
Therefore, it might create
and make negative impact
on corporation.
Company managers
require to evaluating
significance of
atmosphere so they can
get better and suitable.
Technological Techniques and methods
play a crucial role in order
for manufacturing high
quality and effective
goods.
Fast change in technology
will lead to carry out
negative outcome on
business and get positive
result which drive by
integrated work with
Techniques and
methods is necessary
for George sole
proprietor where they
are going to
manufacture high
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technology. quality goods and
services.
Economical This business have to
underpin economical
status of presenting nation,
region for suitable and
better working condition.
Inflation and deflation
create negative influence
on business. So George
sole proprietor require to
maintain stability within
economical environment.
Economical suitation is
important for business
for growth and
development so
suitable condition can
gain.
TASK 3
A. Launching an event
Introducing a new business or branch always show as more adventurous because it need
large amount of capital and human ability. With the help of this, company managers along with
specific needs should make effective strategies and plans for selecting correct location for
establishing branch of organisation. “George Sole Proprietor” mainly identify requirement of
food van in various places or areas and necessity to interpret the desire of whole society.
Therefore, for investing currency they require to think regarding important elements that are
discussed as under:
a) Spend a lot of money on their working only because of inviting famous Hollywood
singer over there (Wirtz, 2012). such expenditure lead towards reflection which differ the image
of an organisation which is compared with others because non one small food products company
perform such instance before it.
b) Inviting a singer will change them for targetting most of the youngsters so they get
chances of better and appropriate working with target achievable in proper time frame
(Zakrajsek, 2013).
B. Producing a budget
For designing an effective plan for determining correct facts and figures within the time
for predicting correct budget for minimise losses. The budget referred for corporation which are
described as follows:
Particular Current Year Forecasted
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Revenue
Sales 100*50 5000 6000
DIGNITARY passes
100*20 2000 2500
Total sale 7000 8500
Less: Expenditure
Film-star cost 100*5 500 400
Discounted food 1500 2000
Interior decoration 600 800
Encouragement cost 200 400
Additional services 100 150
Total expenses 2900 3750
Total Net profit 4100 4750
As per the above mentioned tabular presentation of budget for “George Sole Proprietor”
that should be design for prediction with the assistance of different necessary factors. It will
show that all the required expenditure must be going to receive with establishing reputed food
van. It has been observed that total cost should be estimated in current time period which is
around 7000 and estimating amount is approximately 8500. therefore, important income is need
to deduct from total money for getting actual or real cost of profitability for whole investment.
Currently it is around 4100 shown as total profit for predicting amount which is almost 4750.
TASK 4
A. Key sections of marketing plan
Marketing objectives:
For introducing a new company at European market area with the assistance of various
factors and information for correct time that help in making effective marketing plan for
evaluating the major goals and objectives of an organisation by using appropriate methods and
techniques. Business also involved for providing different food facilities which require to select
major locations where customers demanding more products (Anderson and et. al., 2014).
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Company manager corporation require to provide positive content for serving their food items in
proper manner. The main marketing objective of “George Sole Proprietor” is described as under: Quality- An organisation try to offer more healthy, delicious, tasty and hygienic food for
their desired customers.
 Service- There are various services and facilities which are provided by this enterprise
due to offer self cooking services for make them different from other corporation which
are occupied with same type of business.
Target market:
Marketing team of an organisation develop different strategies and plans for promoting
their goods and services in various locations by using effective methods and techniques for
targetting specific market area. This refer to that they are categorised several market in various
segments for analysing customers needs and demands towards some food items. Generally, it can
be identified according to the attributes of buyers that includes demographical, geographical,
behavioural and psycho graphic (Prewitt and Weil, 2014). This tool and method help in attaining
organisation targets and goals which is appropriate for corporation so it assist in gaining attention
of large number of customers in proper manner.
Marketing strategies for every market
For getting aware about targetting market as well as customers, it is necessary for
company is to make effective design or appropriate strategy for “George sole Proprietor” by
determining valuable data and information for achieving desired goals and objectives
(Cobanoglu and et. al., 2011). There are various promotional sources or ways which are adopted
by marketing head of “ George Sole Proprietor” for reaching their work in rapid manner that are
described as follows: Printing promotion- According to this method, an organisation require to print different
templates, brochures, posters and newsletters which consist of required information
regarding particular products and services offered by corporation.
 Television advertising- Most of the young people and students are addicted towards
watching television.
Marketing Mix
Cluster or combination of tradition or extended P'S which is known as marketing mix that
assist firm for achieving their different marketing activities in more effective manner for
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determining all major terms and conditions (Engemann and Henderson, 2011). Therefore, an
effective overview of traditional P'S that is more important for addressing as under:
Element Description Justification
Product This is a products or services or
touchable consideration where
an organisation lead to exchange
it.
George sole proprietor deliver
high choice commodity to their
each customers from stores and
using online which help in
gaining efficient profit.
Price It is a quantity or consideration
against which goods and services
get supply to targetting buyers
customers.
George sole proprietor stated that
they have provide products at
reasonable cost as compared with
other challengers which make
them differ from others.
Place This render regarding specific
location from where product lead
to get present to target customer
by this they will gain appropriate
and suitable profitability.
Business mainly dealing in both
context with the help of high
street as well as online mode so
that large number of person lead
towards for attract over there and
addition of quality attribute of
home conveyance of products.
Promotion This is the last factor of
marketing mix is promotion in
which is right and proper steps
lead to initiate for reflective
collection about commodities and
services.
George sole proprietor
coordinate a huge consequence
by inviting a important person
which change in promoting their
enterprise in all over the United
Kingdom for gaining maximum
profitability.
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TASK 5
Business decision making
An enterprise can be segregated into various departments for making formal structure of
the company and administer work among employees according to their specialisation and each
department should have their representatives for presenting their issues and problems in effective
way. In fact, head of department is responsible for creating and making proper judgement
according to their organisational rules, norms, values, policies and regulations (Follett, 2013). So
different decisional procedures of “George Sole Proprietor” is discussed as follows: Operational decision- This section of working have operational level which occupy in
regular production of goods and services. Therefore, at George sole proprietor
operational judgement concern with regular manufacturing with minimum wastage of
resources. Operational Decision related with regular operations and functions. Tactical decision- It is related with implementing plans and strategies. Company
managers of George sole proprietor require to maintain and manage all stock in right
way and they need to train every and each person so effective and efficient working
within time period.
 Strategic decision- This selection of activities are affects whole corporation for gaining
goals and targets. An organisation require to make their effective strategies and policies
in suitable manner. Corporation is organising an event and they render their products at
affordable rate by which their sustainability will be promoted.
TASK 6
Supply chain compatibility with business objectives and plans
Elements How this will going to done Accurate way to operate
Suppliers It is necessary for provider is
to manage suitable stock of
raw substantial so that they
lead to get render while need
and requirement.
The right manner to function
this procedure is to issue order
and provide half material at
some time this will assist
provider in order not to take
full supporting of failure when
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products get damages or spoil.
Manufacturer/ Distributor/
Retailer
Producer have to usage raw
material in appropriate manner
and then make attribute based
commodities.
Suppliers of company have to
realize this reality and form
their personnel disciplined
about manufacture of products
and services.
Consumer The last level is client whom
gain services. This should
acquire done according to the
manner of buyers.
Distributors run this procedure
properly where they render
quality commodity to their
supreme customers on specific
time period.
CONCLUSION
From the above mentioned report it can be analysed that Business is consider as a legal
venture that is made up with corporation of a person and natural assets and share common goals
and targets. An organisation main motive is to do planning which is necessary and critical for
small and large corporation because it assist in addressing correct direction towards getting
success or development of the firm. Various external factors play an important role for
establishing new business within different locations because an organisation require to determine
such elements for making effective plans and policies.
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REFERENCES
Books and journals
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Romano, A., 2013. Investigative Essentials for Journalists in Multicultural and Diverse
Communities. In Journalism Research and Investigation in a Digital World (pp. 263-
272). Oxford University Press.
Urner, J., 2016. Development Of Intersensory Perception Comparative
Perspectives.Development.1. p.2.
Wheelen, T. L. and Hunger, J. D., 2017. Strategic management and business policy. Pearson.
Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
Wirtz, J., 2012. Essentials of services marketing. FT Press.
Zakrajsek, T., 2013. Essentials Skills in Building and Sustaining a Faculty Development Center:
Budget and Staff. Journal on Centers for Teaching and Learning.5.
Anderson, D. R and et. al., 2014. Essentials of statistics for business and economics. Cengage
Learning.
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.
Engemann, K. J. and Henderson, D. M., 2011. Business Continuity and Risk Management:
Essentials of Organizational Resilience. Rothstein Publishing.
Follett, M. P., 2013. Freedom and co-ordination (RLE: Organizations): lectures in business
organization (Vol. 15). Routledge.
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.
Prewitt, J. E. and Weil, R., 2014. Organizational opportunities endemic in crisis
leadership.Journal of Management Policy and Practice. 15(2). p.72.
Ragas, M. and Culp, E., 2014. Business Essentials for Strategic Communicators: Creating
Shared Value for the Organization and Its Stakeholders. Springer.
Online
Bhasin, 2016. [Online]. Available through: <https://www.marketing91.com/marketing-mix-
affects-pricing-decisions/>.
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