Business Essentials Essay of Lawrence Coffee Shop
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Added on 2020-07-22
Business Essentials Essay of Lawrence Coffee Shop
Added on 2020-07-22
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BUSINESS ESSENTIALS
TABLE OF CONTENTSINTRODUCTION...............................................................................................................1TASK 1...............................................................................................................................1PART A......................................................................................................................1An innovative or creative business idea for the reason implementing a new project1PART B......................................................................................................................3Objectives and goals for innovative business idea...................................................3TASK 2...............................................................................................................................4Assessment of extrinsic factor of a business............................................................4TASK 3...............................................................................................................................6PART A......................................................................................................................6Defining to launch an event.......................................................................................6PART B......................................................................................................................6Prepare a budget for a business project...................................................................6TASK 4...............................................................................................................................7Opt several marketing concepts under business organization.................................7CONCLUSION...................................................................................................................8REFERENCES..................................................................................................................9
INTRODUCTIONBusiness essentials has been considered as significant concept in which personstart new business with innovative idea. Person who is having required skills,knowledge and experience can start business and earn profit margin as well. Presentreport is based on Lawrence coffee shop which wants to launch a new variety of coffeeproduct in the market. It is the new venture which works as a partnership firm (Hair,2015). Members who start this business are known as partners. They have to build anidea for starting a new business in order to increase profit margin and attract customersas well. In the project, will discuss suitable objective or goals for the purpose ofdeveloping a business plan also conduct PESTEL analysis tool for examining as well asexploratory major factors of the environment. At last, several marketing concepts will bediscussed in context of selected firm. TASK 1PART A An innovative or creative business idea for the reason implementing a new project Lawrence coffee shop seeks to start a new branch of coffee shop at differentplaces in order to attract customers and earn more profit. In this modern era, this coffeeshop established in Park London Street of United Kingdom (Kimbell, 2011). Members ofthis firm are responsible to use their collective efforts in order to attain target withinstipulated time period and maintain performance in effective manner. Leaders andmanagers are responsible to frame plans or strategies as well as analyse the level ofcompetition in market. Members want to start a new branch at another place so thatthey will have to set price on the basis of location and crowd of people. Lawrence coffeeshop provides several number of goods and services in new branch such as-ExpressoCappuccinoDessert platterAztec MochaCoffee shop not only focuses on the quality and availability of products but alsoemphasises on use and providing healthy food items. Their main objective is to offer1
hygienic commodities in order to prevent overall society from dangerous health issuesbecause it will affect their goodwill in the marketplace. Thus, in order to maintain this,managers of such association are offering few sugar free food products for thosecustomers whosoever are suffering from diabetes. Additionally, it has been analysedthat number of competitors are available at European marketplace due to increase indemand of coffee (Naris and Ukpere, 2010). Therefore, to overcome these types ofproblems, selected association needs to design effective plans or policies as well assuitable strategies by considering relevant facts so that they can survive in thecompetitive market. Along with this, it will also help in maximizing profitability of anenterprise by increasing their productivity due to offering qualitative and hygienicproducts. However, accurate description of major competitors of Lawrence coffee shopis mentioned as follows: - MajorCompetitorsUnique Selling PropositionColonna &SmallAccording to managerial team of this competitor they are having verysmart and impressive interiors in order to seek the attention ofmillions of customers. Along with thus trying to target maximumnumber of domestic as well as foreign clients. KaffeineMango muffin and chocolate brownie is two best or delicious fooditem of this organization which attract several number of clients.Instead of this, they are also designing chocolate brownie fordiabetes patient which is free from sugar so that they can alsoexperience unique commodities. Coffee AromaAt the end of comparison, this association is also one of the famousrivalries of Lawrence coffee shop because of their affordable priceswhich captures minds of millions of customers. Along with this, one ofthe major advantageous of coffee aroma is that it was located in midof London which is very much convenient to numerous of clients dueto which it was easily attracted by youngsters. 2
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