Business Plan Objectives - Assignment

Added on 2020-10-05

25 Pages5966 Words358 Views

Leadership ManagementDesign and CreativityMechanical Engineering

BUSINESS PLAN

Table of Contents1.0 INTRODUCTION.....................................................................................................................11.1 Introducing company background, product and form of ownership.....................................11.1.1 What is the name of organisation.......................................................................................11.1.2 What form of ownership has company adopted.................................................................11.1.3 Product Description............................................................................................................11.1.4 Strategic Management........................................................................................................21.2 Mission Statement.................................................................................................................31.3 Objectives of business...........................................................................................................31.4 Organisational chart..............................................................................................................41.4.1 Introducing management team...........................................................................................52.0 Human Resource Management..................................................................................................53.0 Business Environment...............................................................................................................83.1 Describing and introducing the industry...............................................................................83.2 PEST Analysis......................................................................................................................93.3 SWOT Analysis..................................................................................................................103.4 Porter’s 5 Forces Analysis..................................................................................................114.0 Marketing Management...........................................................................................................134.1 Market Segmentation & Target Marketing Strategy...........................................................134.2 Pricing Strategy...................................................................................................................134.3 Promotional Strategy...........................................................................................................134.4 Place....................................................................................................................................145.0 Operations management...........................................................................................................156.0 Exit strategy.............................................................................................................................19REFERENCES..............................................................................................................................20

PART A1.0 INTRODUCTION1.1 Introducing company background, product and form of ownershipContact lenses should be wore while swimming underwater in order to protect eyes ineffective manner. It is required that business should provide better quality lenses so that theymay be satisfied. 1.1.1 What is the name of organisationThe name of company is Modi & Co. which is a new start-up company being focused onproviding contact lenses to underwater swimmers. The co-founders wanted to start this firm asswimmers felt goggles are not quite handy and irritation persist time passes in the sea. This led tomotivation to offer contact lenses as it is light weight and clear vision can be seen underwaterwhile swimming (Steele, 2018). Motivation was attained for giving correct vision in the best waypossible. Modi & Co will provide quality lenses in order to capture UK market. 1.1.2 What form of ownership has company adoptedModi & Co has adopted corporation form of ownership limited by shares so that it mayupscale manufacturing business in Brighton. This form has been adopted because liability ofshareholders is limited to shares held by them. Shareholders which are family members can beeffectively employed by Modi & Co with ease. One of the main advantage of choosing thisbusiness is that professional managers are employed by investors and as such, day-to-dayoperational activities can be handled in a better way. Hence, it can be justified that corporationform has been selected.1.1.3 Product DescriptionThe product will effectively meet the needs of divers and water sport enthusiasts in thesea so that they may clearly visualised. Zoom-in feature will be offered with ambitious contactlenses requiring a power of 43 dioptres of accommodation. Thus, needs of water sport peoplewill be entertained with superior quality lenses will be provided (THE BENEFITS OFCONTACT LENSES. 2012). The current customers are not satisfied as they wear low qualitylenses in the sea which involves irritation after sometime as bacteria comes in contact with it.The unique selling point that unique selling point Modi & Co is that salt-proof technology,precise underwater vision. This has competitive advantage of company over its rivals as larger1

vision span and salt-proof technology will be offered which are not provided by competitors inindustry.Illustration 1: Wearing contact lenses Source: diverdaily.com1.1.4 Strategic ManagementThe aim of Modi & Co is to be market leader by manufacturing superior quality lenses inorder to enhance clear vision in the sea. In accordance to Ansoff Matrix, business will attainhigher growth in near future and thus, market penetration strategy is best suitable for it. It can bejustified that by focusing on selling existing products in similar markets, organisation canimprove upon its production of lenses and efficiency can be improved (Poor and et.al., 2018).This will help to provide with quality products and customers will get satisfied. Dominance inUK market will be accomplished.The current position of Modi & Co in Product Life Cycle is at introductory stage. This isbecause company is less than a year in the market. To move on to growth stage, awareness ofnew contact lenses will be provided having larger vision span and zoom-in feature which is alsounique selling point of company. Distribution channels will be increased to meet ever-increasing2

demand of people. Support services will also be incorporated that would help to push companyto market. Marketing management orientation concepts are needed and product concept will beadopted by Modi & Co in order to focus on product being nicer, cheaper and better quality. It canbe justified that customers will favour contact lenses offering quality, enhanced features andperformance in effective manner (Rodríguez-Martín and et.al., 2018). Thus, aim of productconcept is to improve item which effectively attracts people.1.2 Mission StatementModi & Co mission statement is follows- “To offer innovative lenses that enhancesquality of life for maintaining the highest spectrum of contact lenses for water sport customers”. 1.3 Objectives of businessTo reduce refractive errors persisting from contact lensesTo offer superior quality lenses to underwater sport customers for enhancing their visionTo become trusted market leader in eye care by producing customer-centred productsTo become hallmark of quality and innovation in next five yearsTo attain gross profit of 10 % in 12 months period 3

1.4 Organisational chartIllustration 2: Matrix organisational structure Source: pinterestThe organisational chart which is prepared providing the duties and tasks which will beperformed by Modi & Co to effectively attain production. The organisational chart presented ismatrix because there are various tasks needed to be performed by personnel in order toaccomplish desired production. It emphasis on efficiency, innovation and creativity directlyattaining customer satisfaction. Multiple level of hierarchical communication withresponsibilities in organisation is provided. It is chosen so as to enhance communication betweenpersonnels. The organisation chart is flat and wide because it has various pros. It improvescommunication as without involvement of intermediaries, employees and executives can easilytalk speeding up transparent communication. It also reduces operational costs as expenses inhiring mid-level and lower-level managers can be saved. This will provide with bettercommunication and transparency among staff members and executives.4

End of preview

Want to access all the pages? Upload your documents or become a member.