Business Idea Project

This project presents a business idea for a stationery shop called CHALKBORD, targeting university students. It includes a detailed description of the business, its objectives, a PESTLE analysis, marketing strategies, and operational, tactical, and strategic decision-making processes. The project aims to demonstrate the viability of this business idea and its potential for success.

Business idea that in
some way involves
university

Table of Contents
INTRODUCTION .............................................................................................................1
TASK 1.............................................................................................................................1
PART 1........................................................................................................................ 1
Description of business ...........................................................................................1
PART 2........................................................................................................................ 2
Important objectives for new venture ......................................................................2
TASK 2.............................................................................................................................3
PESTLE Analysis for DELICIOUS ..............................................................................3
TASK 4.............................................................................................................................5
Marketing Objectives....................................................................................................5
Target Markets ............................................................................................................5
Marketing Mix ..............................................................................................................5
Marketing strategies for each target market.................................................................8
TASK 5.............................................................................................................................8
Operational, Tactical and Strategic business decision.................................................8
CONCLUSION ................................................................................................................ 9
REFERENCES...............................................................................................................10

INTRODUCTION
Business idea is refer to an effective concept which can be followed for
commercial purpose. It is commonly centres around a service or product that can sold-
out for money (Hair, 2015). In simple word, it is refer as business concept that is
profitable if it is transformed into a tangible commodity or service. The proje ct is based
on setting up an unique or new venture namely “CHALKBORD” which is related with
giving different variety of stationery. Main objective behind establishing new venture is
to attract all student who are studying or learning in the universities. This report will also
based on entire details regarding business's marketing plan, PESTLE analysis and
other important components that are needed to be evaluate for business growth and
success.
TASK 1
PART 1
Description of business
My new business idea is to open stationery shop nearby university. It is an
essential and inseparable aspect of student's life. Stationery is useful and is basic need
for learning because without its every student are incapable in taking tests and writing
down the specific notes. This business is essential and beneficial for me because
today's large number of students are using stationery items.
CHALKBORD is a stationery shop that will be placed in the campus of university.
The location is full of colleges and nearby university (Hair, 2015). It is a more attractive
place where each and every student require stationery items such as writing paper,
pens, sticky notes, correction fluid and many other. This stationary shop will be
operated at high street so that it can capture the maximum attention of people walking
across street. In addition to this, CHALKBORD will also provide an option to assess its
services using online platform. Students can contact directly to shop using its website
for purchasing stationery. They can place order over company's website and products
will be delivered to student's school or colleges. This is a new method which is not yet
been used by the competitors and will help in achieving higher market share as well as
customer attention.
Competitors:
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Name of competitors Products Reason
London Graphic Centre Paper & cards, pens,
pencils, graphic pads etc.
It is one of the oldest
stationery store of UK's
capital and is major supplier
of art and graphical
material. It also offer gift
items and various
equipment for fine art.
Present & Correct Laboratory beakers, bold
brass scissors, old school
airmail envelopes, desk
calenders etc.
It provides all the product
related to geometric work
and stuff required for post
office & schools. It import
goods from Japan
Scandinavia.
PART 2
Important objectives for new venture
Objectives is more essential and important for the new venture because it
provide greater direction to maintain their position and strong image at marketplace
(Wilson, 2014). All these are main objectives that help the new venture to run their
business operation in successful manner. It is classified into two parts such as short
term and long term objectives. Therefore objective of CHALKBORD are determined as
under:
Short term objectives Long term objectives
 The short term objective of
CHALKBORD is to successfully
recover all its start up cost within a
period of 1 year.
 To provide ready availability of all
types of books, stationary etc. as
 To become whole sale suppliers for
most renowned schools of UK.
 To get associated with leading
firms of UK for their office
stationary supply.
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per customers demands
Types of ownership:
CHALKBORD is an sole proprietorship business which is running by an
individual. It is simplest and common form of business. In this type of venture, there are
no particular taxes paid by me. It is essential and important type because in this I has
decision making power and complete control over new venture (Laudon and Laudon,
2011). As compare to partnership business sole proprietorship is most suitable because
there is minimal legal costs and no corporate tax payments.
TASK 2
PESTLE Analysis for CHALKBORD
PESTLE Analysis CHALKBORD
POLITICAL Political factors introduce to the
governmental regulations and policies
which are more effected by the economic
situation of UK. High tax rates on imports
and exports influence supply of goods of
firm. Political instability is also one of the
factor that impacts decision making
process, strategies and plans, expansion
vision etc. Lack of political stability of
country affects business operations of firm.
ECONOMICAL Macro economic environment can impact
the competitiveness and outlook of the
company in the country (Anderson and et.
al., 2014). The stationery items, which
manufactured in United Kingdom they can
be low-budget but imported items can be
costly for consumers. It is a price war from
the international player and retain their
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product quality would be a big challenge
for them.
SOCIAL It is introduce to the cultural of the country
such as demographics, lifestyle patterns
and change etc. Globalization has
developed an unique class of people
whose mainly belongs to Higher and
Middle level. Also income of per person in
UK, has been maximised (Robyt, 2012).
One more essential factor which has come
out is social status. In this people desire to
keep their standard or moral in the
community. For this, they are ready in
order to pay maximum for better quality of
stationery items, they evaluate worth for
their money.
TECHNOLOGICAL It is the factor related with technological
advancement which makes easy for
company to operate its business functions
more smoothly. Chalkboard is engaged in
selling stationary products due to which it
is required to adopt advanced
technologies in their business operations.
For example, giving options to customers
to order stationary products through mobile
phone, customized shops with LED, online
payment etc. It grabs an attention of large
number of customers thus directly makes
positive impact on their profitability
(Cobanoglu and et. al., 2011).
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LEGAL This factor often comprised of trading
policies, regulatory bodies, changes in
legislations etc. Legal problem are concern
each and every person in terms of
customer complain, copyrights issue high
import. All these are main problem for the
CHALKBORD performance at large scale.
ENVIRONMENTAL Environmental factor includes recycling
consideration, future and current
environmental legislative changes.
Furthermore, Eco-friendly idea has
revolutionized or change stationery
market.
TASK 4
Marketing Objectives
Marketing objective of CHALKBORD is to position its brand as a mass brand
catering daily stationary requirements of customers i.e. university students and other
staff members where in there is continuous requirements of different types of
stationeries (Engemann and Henderson, 2011). The firm intended to capture large
market share by providing variety of products at affordable price.
Target Markets
Target market of the CHALKBORD are students, staffs and many other people
from outside and inside of the university (Ragas and Culp, 2014). Target market of the
CHALKBORD are students, staffs and many other people from outside and inside of the
university. Main reason of targeting students is that our shop is located near to the
university campus as this will makes our task easier to attract them in more effective
manner.
Marketing Mix
Element Description Justification
Price It is a main factor of Product of the
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marketing mix which is
related with product price
(4Ps of Marketing, 2018).
CHALKBORD are available
at low level pricing strategy.
It is essential for the
business to easily fulfil basic
needs and requirement of
student.
Product Product is an effective
items that is produced to
fulfil basic requirement of a
certain group.
The CHALKBORD offer
basic stationery material
such as copies, books,
papers, writing material like
colours, pencils, pen
markers etc. Company also
offer printing service for
university students at
reasonable price (Wirtz,
2012).
Place This include the location
and any distributors that
trade products to
consumers in direct way.
Main location where
CHALKBORD provide
different variety of stationery
to the students. This
location is more profitable
for the new venture
because large number of
students are already
existing and having basic
need about stationery
products.
Promotion It is very essential element
of marketing mix as it can
boost sales and profit
(Follett, 2013).
In order to promote
products and service
CHALKBORD use different
promotional techniques
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such as banner, discount
etc.
Marketing strategies for each target market
Target market of the CHALKBORD are students and many other staff members
who are the part of university. In order to attract target audience, company use social
media marketing strategy. It is essential and useful because today's approx half of the
generation are use social medial platform. Thus, it is a good and effective way to attract
maximum students who are belonging from various classes which is a part of
demographics market segmentation (Wheelen and Hunger, 2017). In this I use different
kind of promotions such as discounts, banners, Facebook Ads etc. There is no need to
make any changes to the marketing mix because product, price, place and promotional
techniques are already unique and help in maximisation of customer base.
TASK 5
Operational, Tactical and Strategic business decision
There are different ways of classifying decision in the CHALKBORD business but
the following kind of decisions are more essential ones:
Operational: Operating decision mainly associated to day-to-day operation or
functioning of new venture (Romano, 2013). In CHALKBORD all decision are taken by
a single person because it is a type of sole trader business. Decision is related with the
selling, purchasing and marketing of stationery items (TYPES OF DECISION MAKING,
2018). Operational decisions are important for smooth running of day to day work.
These decisions are helpful in performing business activities in appropriate manner.
These decisions are taken very frequently in order to guide subordinates. This decision
affects working style of employees and help in performing day to day operations.
Tactical: This decision is mainly related to policy, procedures and rules of the
company. These are taken by the manager and have long term effect on the functioning
of business. In CHALKBORD this type of decision is mainly related with their policy i.e.
pricing policy (Prewitt and Weil, 2014). These policies are effective for middle level
managers as they are able to make subordinates work. These decisions are taken with
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time period of 2-3 months. These decisions are important for making employees work in
accordance to market trends.
Strategic: This type of decision are essential which effect organisational goals,
objectives and many other significant policy matters. In stationery business, this
decision is related overall counter planning such as selling and marketing process of
stationery items. These decisions are important for making long term aims and
objectives which are achieved by subordinates. This decisions are taken with variation
of 6 months. These decisions helps to analyse performance of subordinates in
accordance to standards. This helps to make polices for customer satisfaction and
improvement of quality.
CONCLUSION
From the above mentioned report it has been concluded that idea of new
business is essential for an individual as well as organisation. In order to implement
business idea successfully enterprise follow different tactics including PESTLE analysis,
marketing mix, types of decision, marketing strategies for each and every target market.
After analysing the information determined from this tool identified that the option for
opening shop near university is viable in nature.
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REFERENCES
Books and Journals:
Hair, J. F., 2015. Essentials of business research methods. ME Sharpe.
Wilson, J., 2014. Essentials of business research: A guide to doing your research
project. Sage.
Laudon, K. C. and Laudon, J. P., 2011. Essentials of management information systems.
Upper Saddle River: Pearson.
Anderson, D. R and et. al., 2014. Essentials of statistics for business and economics.
Cengage Learning.
Robyt, J. F., 2012. Essentials of carbohydrate chemistry. Springer Science & Business
Media.
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.
Ragas, M. and Culp, E., 2014. Business Essentials for Strategic Communicators:
Creating Shared Value for the Organization and Its Stakeholders. Springer.
Wirtz, J., 2012. Essentials of services marketing. FT Press.
Follett, M. P., 2013. Freedom and co-ordination (RLE: Organizations): lectures in
business organization (Vol. 15). Routledge.
Wheelen, T. L. and Hunger, J. D., 2017. Strategic management and business policy.
Pearson.
Prewitt, J. E. and Weil, R., 2014. Organizational opportunities endemic in crisis
leadership.Journal of Management Policy and Practice.15(2). p.72.
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.
Online
TYPES OF DECISION MAKING. 2018. [Online]. Available through:
<https://ebrary.net/2831/management/types_decision_making>.
4Ps of Marketing. 2018. [Online]. Available through:
<https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/
6778-4-ps-of-marketing.html>.
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