Aurea Oil Fragrance Company Business Plan

The assignment provides a comprehensive business plan for the Aurea oil fragrance company. It includes an analysis of the market, identification of the target market, and development of marketing mix strategies such as product, place, price, and promotion. The report also presents a product portfolio that highlights the company's products, including deodorants, body oils, soaps, and perfumes.

Business Portfolio

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Business idea and the operational functions of Aurea Oil fragrance company. Key
competitors of the firm and along customer satisfaction strategies.............................................1
2. Main objectives of the business..............................................................................................2
TASK 2............................................................................................................................................2
PESTLE Analysis........................................................................................................................2
TASK 3............................................................................................................................................4
1. Defining the Launch event ......................................................................................................4
2. Producing a budget..................................................................................................................4
TASK 4............................................................................................................................................4
Market objectives.........................................................................................................................4
Target Markets.............................................................................................................................4
Marketing Mix Marketing strategies for each target market.......................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Business portfolio is a company's set of investment, holding, products, business and
brands which ensures the sustainable development of plan within the company. This study will
provide the comprehensive business portfolio of new venture named as Aurea oil Fragrances
who is establishing its company as an online business.
TASK 1
1. Business idea and the operational functions of Aurea Oil fragrance company. Key competitors
of the firm and along customer satisfaction strategies
Aurea Oil fragrances company is going to establish a new venture in order to
manufacture various fragrance based production and the main idea of the company is focused at
providing natural fragrances to customers. This company come up with the idea of producing
the perfumes along with body sprays and deodorants in different sizes and packages in order to
meet the trend in the industry. Aurea enterprise has decided to manufacture the large variety of
fragrance items such as soaps, deodorants, fragrance oil and Joss stick etc. which spread
natural and irritation free fragrance in the environment. This organization is going to operate
online business high street which helps in gaining a lot of popularity in this technology based
world. Entrepreneur of Aurea Oil fragrance has developed effective networking strategy to
attract large number of customers towards its attractive packaging and natural ingredients
which are used in manufacturing of such perfumes. According to the UK market, all the
fragrance oil companies provide large variety of fragrance but nowadays the people are more
conscious the use of chemical which affects health in the form of allergies. So this is the good
ideas as most of the fragrance items generally raise allergies and itching in the body of customer
so people will like the concept which is full of natural sustances. So this company uses the
natural ingredients to produce the fragrance oil products that is chemical free production.
Providing the strong and variety of natural fragrance along with eco-friendly will meet the
demands of consumers.
Aroma company, Just Cent organizations are the two most key competitors brands of
Aurea Oil business. They are the strong competitors because Just cent is serving the customer
since 15 years and this company has developed a strong relationship with customers (Hedley,
2019). On the other hand, Aroma company are the UK's leading innovators of scent marketing.
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2. Main objectives of the business.
The main objectives of Aurea Oil fragrances are as follows:
 To deliver the highest level of professionalism and expertises knowledge in producing
chemical free products and to offer high standard of services to meet specific needs of
customers.
 To provide allergy free and health conscious products.
 To promote sustainability by increasing the customer base.
 To offer affordable priced of natural fragrances in a large variety of attractive packaging
which meets the demands of customers
This company has developed the business as a sole trader as the company is initially
operating the entity at smaller scale. As this is the start-up company which is easy to form and
owner enjoys the sole control of the business profits. It also involves less paper work and it is
easier to maintain then other partnership firms or corporations. Sole trading also allows the
owner in acquiring personal liabilities for the obligations of the business. This ownership is most
suitable because it offers complete managerial control to the owner. However, the owner is
personally liable for all financial obligations of the business (Business portfolio plan, 2017).
TASK 2
PESTLE Analysis
Aurea oil fragrances company has used its strategic tools in order to analyse various
macro environment factors which influence the main objectives of the business. Various macro
environment factors are explained below:
Political
Aurea oil fragrance is start up business which easily gets affected by the political factors of UK.
So this company has decided to examine political factors which influences the main objectives of
the firm. Political factors the important role in determining the factors that can effect long term
profitability of the firm. As this company deal with natural ingredient which has its presence in
the international market so this enterprise need to concentrate towards availability of natural
resources from different places. It includes trade regulation and tarrifs related tp basic
material and legal framework for contract enforcement which effects cost of production and
hence ultimately it influences the main objectives of the firm.
Economical
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Aurea can use country's economic factor such as growth rate, inflation rate, and various
other economic indicators such as consumers spending, and all other industries which supply raw
material. Government intervention in the free market and related basic material plays the
important role as it may be responsible for the change in tax policies and duty. Increasing FDI
may also affect the sustainable growth of the firm.
Social
These factors may vary according to the change in the tastes, preferences and society's
culture of doing things. Demographics and skill level of population is one of the social factor
which may be responsible for the change in the trend of the society. So this may affects the sales
of Aurea company. Attitude of the people related to the health consciousness may helps in
improving the customer approach of the company as this industry offers chemical free products.
Technological
Technology is fast disrupting various industries across the board. So considering various
social networking sites will allow the company in identifying the needs and requirements of the
customers. It will also help the company in efficient operations which may reduce the cost of
labour and production. In order to meet the main objectives of the firm with respect to increased
customer base, the company have to increase its online presence in the market. Technological
aspects helps in meeting the effective productivity and efficiency in order to deliver the goods
according to the needs of the consumer.
Environmental
Different market have different norms or environmental standards which impact on the
profitability of Aurea oil fragrance company. Before entering into the UK market, the company
need to evaluate the environmental standards which are required to operate in this UK market
(Ilinitch and Schaltegger, 2019). Some environmental factors are weather, attitude of the people
towards the support of renewable energies, regulations related to the air and water pollution
etc. this influence the operations and functions of the business.
Legal factors
Legal factors are concerned with the rules and regulations of the government which
includes the following: employment law, consumer protection and discrimination law. The
products of the Aurea Oil fragrance are designed with the legal considerations as employment
law may affects the cost of labour and thus it may influence the overall turnover of the company
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TASK 3
1. Defining the Launch event
The launching event of the Aurea Oil fragrance company is intended at social gathering
of various business entrepreneurs. This is the form of small social gathering in which all the
family members along with the people who are living near to the house. A small function is
being organised in which food is made available to all the guests. Event is going to take place in
the garden area near to residential place in Saturday evening at sharp 6:00 on 13th April, 2019. In
order to make the successful event, promotional campaign was organised in the form of
displayed variety of goods. Also, the owner of the Aurea oil fragrance company has planned to
prepare a small presentation in order to generate the awareness about the products of the
company in which along with each slides one image of the product features were also breifly
described.
In order to provide the sampling of such Aurea oil fragrance products on counter full of
aurea product was placed at the event. All the guests took a keen interest in trying such chemical
free products and thus this have increased my customer approach as well as sale of the product.
2. Producing a budget
In the event to launch the products of Aurea oil fragrance company, various budgeting
steps are been considered to launch the products. Budgeting process of the company includes the
following steps:
 Income source used in the company is self saving and bank loan. Approximately $75000
were decided as overall budget which includes the event launching function as well as
cost of operating the business.
 In order to organize a function for 100 people, a proper meal system was organized in
order to launch products of the company. So approximately, $1200 were spent on the
meals which was organised to promote the products of Aurea Oil fragrance company. As
in the first occurrence people participated in buying the products which raised a revenue
of 2000$.
TASK 4
Market objectives
The main market objectives of Aurea oil fragrance company is to deliver the highest level
of quality based fragrance products which are aimed at decreasing the allergies of the people.
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The development of these products are mainly aimed at providing the natural chemical free
fragrance product using natural raw material. Moreover, the main market objectives of the Aurea
company is also aimed at offering wide range of eco-friendly products to consumers.
Target Markets
Aurea company has examined the Uk market for selling its fragrance items which are
consisted of the natural ingredients. The target market for selling such product is mainly ladies
and young boys who like to smell better and thus this company sells such product which are
externally applied on the human body. This company has mainly targetted the young people for
consuming its products for the purpose of improving attractiveness, preventing the skin allergies
and such products are mainly designed to correct the body odours and perfume the body in order
to increase the attractiveness.
Marketing Mix Marketing strategies for each target market
In order to gain control over the market, Aurea oil fragrance company need to identify
various strategies which allow the company in increasing the sales and profitability of the firm.
So there are 4 marketing mix elements are considered in order to increase the market base
customer approach towards the chemical free fragrance items.
Product:The main product of the company is deodorant and perfumes which are specially
produced with the natural ingredients which cannot affect the health of the consumers. Along
with the body perfumes, this company also advances body oils and soaps which are originally
produced keeping in mind the quality standards (Larréché and Srinivasan, 2019). These products
are eco-friendly and allergy chemical free products which will meet the consumer demands.
Place: This company sells wide variety of products in UK market and make it available at stores
as well as sales such goods online. The store of Aurea oil fragrance company display its product
through their outlets. This company has established the official website which helps in displaying
the features of the products but consumer have to buy such product from the outlets. This helps
in increasing the customer approach and thus increased productivity.
Price: As the products do not include any extra chemicals and external resources in production
so the prices of these products are quite affordable by the people. Deodorants and body spray
costs $ 15 and various and the prices of Soaps are almost $10. so it is quite affordable prices as
compared to competitor brands.
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Promotion: Aurea company has developed its strong presence in online market and the owner is
also active on various social networking sites. Different social networking sites allows the firm
to promote the products to large number of users. Technology helps the company in creating a
strong customer relationship which ultimately increase the sales of the company.
CONCLUSION
From the above study, it can be concluded that developing a new business in the market requires
lot of pre planning in order to meet the customer expectations and sustainabl;e development. So
the report has presented various different types of strategies that help in developing a successful
business. This study has provided the business idea of Aurea company, various macro factors
which affects the main objectives, target market launching event and product mix elements of the
company.
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REFERENCES
Books and Journals
Hedley, B., 2019. Strategy and the “business portfolio”. Long range planning. 10(1). pp.9-15.
Ilinitch, A.Y. and Schaltegger, S.C., 2019. Developing a green business portfolio. Long Range
Planning. 28(2). pp.29-38.
Larréché, J.C. and Srinivasan, V., 2019. STRATPORT: A model for the evaluation and
formulation of business portfolio strategies. Management Science. 28(9). pp.979-1001
Online
Business portfolio plan. 2017. [Online]. Available
through:<https://www.futuremarketinsights.com/reports/global-fragrances-market>
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