Business Plan and Marketing Strategies

This assignment delves into the creation of a detailed business plan. It covers crucial aspects such as product and service offerings related to advertising, marketing plans, and the 4Ps of the marketing mix. Operational activities are analyzed, with emphasis on information systems for effective decision-making and supply chain management to ensure customer satisfaction and stock availability.

Business plan related
to university

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Business idea..........................................................................................................................1
Important objectives...............................................................................................................2
TASK 2............................................................................................................................................2
PESTLE analysis....................................................................................................................2
TASK 3............................................................................................................................................4
Defining Launch Event...........................................................................................................4
Producing a budget.................................................................................................................4
TASK 4............................................................................................................................................5
Marketing plan........................................................................................................................5
TASK 5............................................................................................................................................6
Business information system..................................................................................................6
TASK 6............................................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business plan is important to establish a new venture effectively in the market.
The report will cover an effective business idea and its objectives to achieve profitability
and production. PESTLE analysis to understand external factors and event associate
with budget management is also discussed in this report in order to promote business.
Marketing plan, strategies and objectives are also covered with 4ps of marketing mix.
Business information system to take operational, tactical and strategical decisions will
be discussed. Finally, the report will cover importance of supply chain management.
TASK 1
Business idea
The business idea is to open a stationary store which is named as Duke near
university. The business will provide products and services related to stationary
department such as Books, Pens, Charts, stationary tools Adhesives, Brush Pens,
Cartridge Fountain Pen, Clay and Dough, Colour Pencils, Colour Pen Pencil, Drawing
Books, etc. The firm will operate near the university on street. Online marketing will be
established after some time in order to provide products to students and other
customers in the market and university as well (Aremu and Shola, 2016). The stationary
store is a good idea that it is located near the university which helps students by
providing stationary products in a short time period and when requirement is necessary
as well as urgent for them. This will help to assist customers in a unique way which will
lead towards the business expansion.
It can be said that competition is everywhere and in every sector. The business
should consider its competitors in order gain competitive advantage and profitability.
Some of the key competitors in stationary business are given as below:
Competitors Considering Why?
Rely on Ryman Business is spread across the UK and 220
stores are currently established.
Kawaii Kool Shop Number of products are available here for
customers.
SOHO Stationary Store Offers, affordable prices and local delivery.
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Important objectives
Main objectives for Duke stationary business will be as follows:
To create customer base: Customer relationship management is crucial for Duke in
order to increase the sales and profitability. The main focus will be on target and
potential customers in market that helps to drive business operational activities and
performance as well. In order to do that, customer services should be effective and
excellent so that it will help to encourage customer loyalty and satisfaction (Barrow,
Barrow and Brown, 2015).
To try something new: The objective is to try something new. The word 'New' here
refers to manage products and services which are more reliable and long-lasting for
customers. In order to do a successful business, the management or owner requires
unique products and services which are fresh in the market will help to increase
profitability and sales.
To offer green office supplies that cost low: Green Office will become a market
leader offering a wide and price competitive selection with the finest customer services.
In order to do that, the business will cut prices to lead market over competitors
effectively.
To build a better brand: Customer relationship management, fair prices and quality
products will help business to become a popular brand among students and other
consumers effectively. The objective is to lead market and make effective image of
business in market.
For starting a new venture, sole proprietorship will be the best option for Duke
stationary business. Partnership will be allowed if needed. For an example, according to
_________, Sole proprietorship is easy to start a new SME venture that small profits
and losses are beard by the owner only. According to__________ partnership is
required when the firm wants expansion to increase profitability and production.
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TASK 2
PESTLE analysis
Political: Political factors are those in which the government influences economy of a
specific business. For an example, a new tax duty, policies and trade tariffs which are
applicable for entire revenue generating structure for stationary firm. This will also affect
the business economic environment in terms of profitability and production (Cordes and
Burke, 2015). Thus, Duke will consider all Germany political factors in order to run
business smoothly.
Economical: Economical factors can be determined by economic performance of that
particular country which has a significant impact on business such as inflation rates
effectively. This will affect the business of Duke in terms of purchasing power of
customers, change in demand and supply and interest as well as foreign exchange
rates. Thus, Duke will consider economic changes and make operations more effective.
Social: Social factors refer to social environment of UK in terms of market environment,
cultural trends, population analysis and demographics. This may be favourable or
unfavourable for business. For an example, it can be buying trends for Western
countries like the US where there is high demand during the Holiday season (Cramer,
2017).
Technological: Technological innovation, the latest techniques and research and
development are some factors of technology. These are the essential factors that
should be adopted by firm in order to expand their business and for its growth. This will
lead towards the profitability and production as well.
Legal: Legal factors have both internal and external sides. There are some certain laws
and legislations which affect the business environment with certain policies.
Government formulate laws and legislations in order to manage and control the
business activities. Thus, certain laws and legislations should be followed by Duke in
order to run business smoothly and effectively.
Environmental: Environment factors are those influences which are determined by the
surrounding environment such as competitors. For an example, farming, tourism, global
changes, geographical location, agriculture and climate, etc. These are the
environmental factors that affect business operations and other activities related to
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trading. Thus, Duke should analyse all the environmental factors that helps to increase
firm’s profitability and production.
TASK 3
Defining Launch Event
Budget plan and management is crucial for the event in order to control costs of
various resources used in it. Firstly, an event plan will be organised and for that, proper
management of event factors should be considered by business. An event plan
becomes effective from the gathering of people (Cronqvist, Thaler and Yu, 2018).
According to this, a social gathering will be managed under 100 members including
local people, relatives, guests and director of university to launch event. No celebrities
are invited because of the low cost, instead of that products and services description is
included. The event will be held in day timings between 2PM to 4PM. The place for
event launching will be the garden of university located near the stationary store. The
main object of the event is to make customer base for the business. In addition to this,
product and service description is also included to achieve something new from
business. The main purpose of event is to provide information regarding products and
services offered by firm to customers in a unique way. Certain benefits are also included
at the time of event. For an example, people who will purchase products from event
launch function will be surprised by 30% maximum discount. It is assumed that 100
people are enough for the event launch and, 20 to 40 people will purchase products
from the function and rest will promote the business operational activities and
information regarding new products offered by Duke.
Producing a budget
BUDGET ACTIVITIES
5000$ 2 Course luxury meal (Meal program for 100 people in the event
launch). The average cost will be 50$ per member.
1000$ Product and service display program (Display activities such as
projector, live products, beautiful articles etc.). The average cost
will be divided in sub categories and per unit cost.
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500$ Professional speech (University professionals and lecturers are
invited to present a speech on study and study materials in a
unique way to attract audience). The average cost is 250$ for
each professional.
2000$ Garden rent and caterings (Catering and other fees of
management employees at event program). The average cost
per employee is 50$ and rent of garden is 1000$ per day
(Dasanayaka, Aboonidhal and Sardana, 2017).
1500$ Digital devices and tools (Digital devices which consumes
electricity such as mikes, speakers and lighting and decoration
accessories, etc.). The average cost is 100$ per device.
6000$ Discount allowance (30% discount is applicable on products
which is a loss for firm in order to promote business). The
average cost is 50$ per unit.
1000$ Extra charges (The amount is included in budget for unnecessary
or unexpected expenses during the event such as water,
generator, etc.)
17000$ Total budget required for event.
Table 1: Budget Plan for Duke Event
TASK 4
Marketing plan
Marketing objectives: The main objective of marketing is to achieve customer
satisfaction and base effectively. It is crucial for the business in order to provide
information regarding products and services offered by business that will help to
increase sales. The main objective is to provide key brand message to customers which
is quality, low cost and value for money.
Target markets: Target markets refer to divide market according to the relevance of
products and services (Epsom, 2017). Duke business is targeting young people and
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students involved in study activities. It can be said that such people require study
materials regularly which helps to drive business sales and profitability.
Marketing strategies: The main strategy is to attract youngsters and students towards
business in order to enhance productivity and profitability. In order to do that,
advertisement is the best strategy that helps to retain their attention (Gass, 2017). For
an example, templates and personal contact card should be provided to students and
other people so that they can recognise the business.
Marketing mix
ELEMENT DESCRIPTION JUSTIFICATION
Price Price will be fair enough
and discounts are also
available for the loyal
customers.
This will help to make an
effective difference in
between organization and
other competitors in the
market.
Product A variety of products and
services are available with
some uniqueness and new
products which do not exist
in the current market (Kew
and Stredwick, 2017).
Every business has variety
of their products but a few
try to become unique that
helps to improve the brand
value.
Place Products are going to be
sold near university so that
most of the children can
purchase their equipment
on time and when needed
urgently.
Research shows that
customers are not able to
purchase equipment when it
is urgent for them. For an
example: during the
examination.
Promotion Promotional activities will
help to attract more
customers which helps to
increase sales and cards
The template will help most
of the students by providing
information there is a
stationary shop near the
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are one of them. university.
TASK 5
Business information system
Operational business decision: The owner should manage records of cash flow
activities and operational activities in day to day manner. Operational activities are
those which exists in business every day and minute (Kew and Stredwick, 2017). This
will help to keep record of cash transactions and sales for daily activities to identify and
determine daily growth and profitability. This will also help to make decisions regarding
operational activities in case the profits are low or sales is decreasing. Data collection
technique will help to take operational business decisions.
Tactical business decision: The Duke stationary store owner should make regular
decisions regarding stock availability and quantity of products and services in a specific
time period effectively. This will include stationary products and other equipment's
required for the operational activities (Epsom, 2017). This will help to determine selling
from the strategies and plans formulated by owner and will reduce the risk of stock
shortage. Management information system is helpful to take tactical decisions regarding
business activities.
Strategic business decision: It can be said that strategies and plans are necessary as
well as important for the business in order to make changes in operations. For an
example, If the anticipated profits are low then some strategies should be formulate by
owner to keep profitability high. Strategic decisions will help to drive business sales and
profits which helps to achieve objectives and goals effectively. Primary and secondary
data collection methods will help to take strategic decisions regarding business
operational activities.
TASK 6
Supply chain element How this is going to be
addressed in business
Why is this the correct
way to operate?
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Suppliers of books A good supply of books is
essential to keep the store
stocked. These might be
sourced by setting up a web
site offering to buy second
hand books for individuals.
In addition the business will
establish links with schools,
libraries and publishers who
might be clearing old stock
or have excess books to
sell (Gass, 2017).
It is important for the book
store to establish a reliable
supply of books. This can
be achieved by establishing
a wide range of suppliers
(the general public) in
addition to buying old books
from bulk suppliers. The
general public are more
likely to supply copies of
more recent books which
will be complemented by
larger suppliers of older
texts from bulk suppliers.
Suppliers of Plastic items
such as pen.
The owner should identify
supplier for plastic items in
the business and this will be
done by creating links to
business who provide such
plastic items on wholesale
rate or low rate.
This will help to keep stock
updated and also provides
information regarding new
products and services that
are not available in the
market yet effectively.
Suppliers of Children
items
Most of the stationary
products are purchased by
students between 1 to 8
class. They require rubber,
pencil and drawing books
which costs are low. The
quantity of such things
should be effective to make
choices for students. This
Local suppliers and brands
easily collect their raw
materials and make quality
products that are also
available for the businesses
with low cost (Kew and
Stredwick, 2017). This will
help to Duke to retain
effective quantity of children
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will be done by managing
relationship with local
suppliers and other local
brands effectively.
equipment's and products
effectively.
CONCLUSION
It can be concluded from the above report that a new business requires an
effective idea to develop. The Duke stationary business is a idea which is developed in
this project. Every business requires objectives and aims to accomplish them in order to
increase profitability and production. External environmental factors should be
considered by business that it has a major impact on operational activities. A event is
planned for Duke in order to provide information regarding products and services
associated with advertisement activities. The marketing plan and 4ps of marketing mix
will help to make decisions regarding operational activities. Information system is also
useful to make decision making ore effective to drive business performance. Supply
chain management to ensure stock availability and customer satisfaction.
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REFERENCES
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Swedish Premium Pension Plan.
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Epsom, J., 2017. An evaluation into the feasibility of setting up an outdoor adventure
activity business in Laikipia, Kenya(Doctoral dissertation, Cardiff Metropolitan
University).
Gass, W., 2017. The Business Grind: Business Plan.
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Kew, J. and Stredwick, J., 2017. Business environment: managing in a strategic
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Veintimilla, J.D., 2014. Givalo: An Entrepreneurial Start-Up: A Business Plan created
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