Business Plan: New Product Launch

This assignment requires you to develop a comprehensive business plan for introducing a new product into the market. You'll need to conduct market research, analyze your target audience, outline a marketing strategy (using the 4Ps or 7Ps framework), and create financial projections. The plan should be structured and well-researched, demonstrating an understanding of essential business principles.

Business Essentials

Table of Contents
INTRODUCTION..............................................................................................................1
TASK 1: Part A.................................................................................................................1
A new and innovative business idea for implementing a new project..........................1
PART B............................................................................................................................ 3
Objectives for a new business idea..............................................................................3
TASK 2.............................................................................................................................3
External factor analysis for a business.........................................................................3
TASK 3: Part A.................................................................................................................5
Defining to launch an event..........................................................................................5
Part B............................................................................................................................... 6
Preparation of a budget for a project............................................................................6
TASK 4.............................................................................................................................7
Use different marketing concepts into business firm....................................................7
CONCLUSION................................................................................................................. 9
REFERENCES...............................................................................................................10
...................................................................................................................................... 10

INTRODUCTION
Business is a commercial activity which helps in fulfilling all the economic needs
in order to earn financial gain in effective manner. It is an important aspect for every
organization to identify customer’s demand. In today's modern era, it is one of the
important parts which define day to day production and distribution activities in order to
satisfy customers’ needs in an effective manner (Fletcher, Fletcher and Fletcher, 2012).
Basically, business plays an important role in attaining all the goals and objectives of
firm in appropriate time period. Present report is based on accomplishing as well as
setting a new business is Casto Coffe shop which wants to be launch new coffee
products in wide rage of market. Mainly it is a new business which work as a
partnership style because they needs to more financial fund to run their business in
market. In this project, objectives for developing new business plan are mentioned.
PESTEL analysis is also given for analysing and assessing all the environment factors
which affect business. Along with this, launching an event and budget preparation is
also discussed in this assignment. At the end of project, marketing concept is
mentioned which is related with a new business to develop its overall performance.
TASK 1: Part A
A new and innovative business idea for implementing a new project
In today's modern era, everyone has become food lover in the world in which
they want to taste coffee products. There are various coffee shops which provide a
large number of coffees to their customers. According to this,coffee shops and
restaurants are everywhere so that it is biggest challenges to set a new business in this
line because various companies which already dealing in same sector In this aspect
Casto Coffe shop start a new branch of in food sector in which they wants to set their
new products and services to their customers. This business established in UK so that it
is more important for its manager and employees to evaluated all the process as well as
strategies which used by its competitors and than decide their pricing of the products
and services (Follett, 2013). In this process better home delivery procedures is also
important thing for the business in which they easily delivery quality services to their
customers as per their requirements. Mainly in this process there are two main cause
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like placing orders and another one is unique selling proposition which helps in
effectively improve their services and its performance at market place. In Casto Coffe
shop, there are variety of products which is offer by them to their customers in order to
get their higher satisfaction level like:
 Ginger Mojito
 Iced chocolate
 World coffee and many more
Along with this it is important for every business organization to focus on their
quality products and also use effective items so that they provide healthy products and
services to their customers in order to retain them for long time period. So that it is
important for business to include all better employees in which they offer quality
services as per customers requirements (Guffey and Loewy, 2012). Along with this it is
also important for manner to evaluate competitors for developing their plan and
strategies in effective manner. It is more effective for the new business to enhance their
profitability and productivity level at market place. With the help of this they achieve
better success in external market environment in most effective manner.
Major Competitors Unique Selling Proposition
Colonna & Small In this context, they are major competitors in UK
because they use smart and attractive outlets in
order to invite large number of customers towards
its products and services.
Kaffeine This company provide chocolate and Brownie to
their customers which helps in generating more
profitability. Along with this they also serve their
products in sugar free to their customers who suffer
from diabetes.
Coffee Aroma At the end, Coffee Aroma is also a big competitors
in food sectors in which they provide quality
services to their customers at affordable cost so
that costumers are easily attracted with their
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products and services (Hair, J. F., 2015).
PART B
Objectives for a new business idea
The chosen organization wants to set their new business with the partnership
firm because in the beginning they has less resources to run their business in market
place. In this they include two partners in which they share and use their profits
effectively so that all he responsibility and burden is less on both members and they
easily afford it systematically (Hugos, 2011). With the help of this they easily take better
decision towards any kind of situation. In this context Marls and Spencer is successful
partnership firm in UK. They are effectively run their business and take competitive
place in market place. Along with this, Casto Coffe shop also start their business with
two partners in which they easily enhance their capabilities and knowledge in effective
way and execute their business activities in systematic way. For achieving better
success, they set some effective target and objectives in order to maintain their positive
performance at market place. All the aims and targets are as follows:
 To provide top quality of services: One of the important target of Casto Coffe
shop to provide high quality products to their customers so that they easily retain
them for long time period.
 To increase profitability: Casto Coffe shop also wants to increase profitability
level so that they serve as well as offer quality products and services as per their
requirements.
 To develop customers base: It is more important for Casto Coffe shop to focus
on their customers in which employees of the company give attention to those
customers who are middle and lower level. So that they provide them quality
services at affordable price in order to get their higher satisfaction which leads in
attain positive success at market place.
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TASK 2
External factor analysis for a business
Business environment is more important for the business because it directly
impact on overall performance of the company (Javier, 2013). So that it is important
duty of the manager to analysis it effectively. For this Casto Coffee shop use PESTEL
analysis for assessing all the factors of environment.
BASIS IMPACT IMPORTANCE
Political: In this,
government make some
policies and regulation
which is more important for
the company to follow it
effectively.
With the help of political
factors Casto Coffee shop
easily take better decision
and also manage as well as
implement strategies to
improve their performance
(Mann and Roberts, 2012).
This factors helps in
implementing all the
chances within the
company.
Legal: It is also important
because legal authorities
made some rules to
protecting the employees
rights which is follows by
the company and its
workforce.
It is important responsibility
for HR is to follow all the
legal terms in effective
manner.
With the the help of this
company easily achieve
positive results.
Social: It is important for
every business to include
as well as analysis society
value, ethics to fulfilling all
the demand in effective
manner. All the social set
appropriate strategies which
will not harmful for the
Casto coffee shop produce
quality products to its
customers in order to
satisfy society needs and
demand.
It is important for the
business to take care of
society which helps in
increasing the productivity
of the c9ompany at market
place.
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society.
Environmental: It is
important for include all the
environmental aspect in
business activities and its
operations to maintain
positive surroundings.
With the help of PESTEL
analysis Casto coffee shop
easily asses the impact of
environmental factors
(Muller, 2011).
It is more important for
company to analysis the
internal and external impact
in order to improve overall
performance.
Technological: It play
important role in producing
quality products and
services to their customers
in order to get their
satisfaction (Prewitt, Weil
and McClure, 2011).
Technologies are core part
of the business which
directly impact on
operational process of the
business.
With the help of advanced
and smart technologies
Casto coffee shop easily
produce quality products to
their customers.
Economical: It is important
for company to include all
the economical activities.
With the help of this
company easily achieve
positive results.
Economic condition is
directly affect the business
performance because it
include exchange rate,
inflation rate and many
more which is essential for
the company.
In this context Casto Coffee
shop select effective
economical price method for
their products.
TASK 3: Part A
Defining to launch an event
For inviting large number of customers towards their products and services,
Casto Coffe shop wants to launch a effective event which helps in interact with their
customers. in this context business select an posh location for organizing their event.
For this manager set this event on weakened because large number of people wants to
spent their time with the family, friends for hanging out (Robyt, 2012). So that the
chances of success of event increased in this time. They also invite celebrity to launch
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their products which helps in attracting more and more people towards their services.
For this company invite famous and youngest icon Rita Ora. Many people are died fan
of this celebrity. Along with this Casto Coffe shop also provide free sampling of their
products in order to increase awareness of the peoples towards the products in
appropriate manner. This process helps in inviting number of customers to use
company products for their satisfaction.
Part B
Preparation of a budget for a project
For big event, Casto Coffe shop requires an effective budget plan for evaluation
of all the expenses, investment in order to easily integrated their event in effective
manner. Basically, a budget helps in maintaining their expenses and also showing
company performance in effective manner (Shaikh and Fegade, 2012). In this aspect,
Casto Coffe shop define various significant which helps in implementing a effective
project:
Particulars
Event
launch
Amount 150000
Elements for
event Cost
Venue 1500
Catering 4500
Advertising 250
Decoration 100
Transportation 300
Anchor 500
Guest 45000
Table 15000
Chairs 7000
Equipment 30000
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Corporate
social
responsibility 15000
Total 119150
Net position 30850
Available budget and saving are as follows:
Budget
available
Expenditure
11915
0
Remaining 30850
As per this budget of event, the expenditure is 119150 which define that overall
money is not incur in this event as well project. In this effective and sufficient balance of
cash is easily maintain by the firm because company cutting their overall cost in
effective manner and remain 30850 balance.
TASK 4
Use different marketing concepts into business firm
 Marketing objectives: The main objective of Casto Coffee shop use SMART
objectives to achieve better success (Sherry and Canon, 2014). In this process
they deliver quality products to increase their profitability by 15% to 20%.
 Target market: In this context, Casto Coffee shop set their target market in
which they include large, medium and small business. With the help of they they
easily serve their services to retain their customers and manage their profitability
level.
 Marketing strategies: Casto Coffee shop use social media strategy so that they
easily reach their customers who belongs with lower and medium background.
With the help of this they service their quality services at affordable price in order
to increase satisfaction level of the customers.
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 Marketing mix: It is one of the important aspect for every organization to get
better success at market place (The Marketing Mix 4P’s and 7P’s Explained,
2017). It include 7 elements such as product, price, place, promotion, people,
process and physical evidence.
Basis Description Justification
Product It is an important in which
company offer quality
products and services to
their customers in order to
get their satisfaction.
Casto Coffee shop provide
best products to their
potential customers as per
their requirements.
Price It is a monitory term which
define cost of the products
as per quality. It helps in
generating more revenue in
effective way.
Casto coffee shop set their
product price as per quality
and quantity which offer to
the customers (Tomsho,
2012).
Place It is an effective aspect
where company operate
their products services to
satisfy customers demand.
Casto Coffee shop select
posh and central areas in
which they serve their
products.
Promotion Using effective promotional
tools is one of the important
for company to increase
customers awareness
towards the products and
services (West, 2012).
With the help of smart social
media Casto Coffee shop
promote their product
information in front of
customers.
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People Skilled as well as
experienced employees
one of the important for
operating business
activities effective manner.
Stakeholders of the
company helps in increasing
the satisfaction level of the
company by providing
quality services.
Process With the help of effective
and smart process
company easily fulfil
customers needs in
appropriate manner.
It is important for company
to use advances and
effective process for serving
quality services in
appropriate time period.
Physical evidence It define physical outlets,
stores in which company
serve their products and
services to their customers.
Casto Coffee shop include
print bills as a physical
evidence which helps in
improving overall
performance of the
company (Vai and Sosulski,
2015).
CONCLUSION
From the above mentioned report, it can be concluded that business is essential
pert of every organization to execute their operational activities in systematic manner. It
also include various terms which have to be managed and controlled with the help of
effective techniques and methods. Along with this business plan is also important which
define all the goals and objectives which is set by the new business in their process. In
this PESTEL analysis is also used by Casto Coffe shop so that employees easily
prepare an effective budget. At the last marketing mix is also important to execute the
plan in effective manner.
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