Creating an Effective Business Strategy for Droplets: A Case Study

This presentation covers the major aspects related to creating an effective business plan for Droplets, an innovative company that produces waterproof T-shirts. It analyzes the motivational sources that drive the implementation of an effective idea for starting up a business, covers relevant studies using frameworks such as PEST analysis and Porter's five forces, and discusses potential market opportunities and the vision of the business. The presentation also includes a feasibility study and an analysis of industry attractiveness using Porter's five forces model.

BM564 ENTERPRISE AND
ENTREPRENEURSHIP

INTRODUCTION
 In this presentation it would be covering the major aspects related to appropriate
business plan.
 It will analyse the motivational sources that drive to implement the effective idea for
starting up the business.
 Furthermore, it would be covering the relevant study through using suitable framework
such as PEST analysis, Porter's five force.
 At the end of this it would be covering the major concerns such as potential market
opportunities for business and vision of the business.

Motivation for setting up the business idea
 The purpose and source of motivation for setting up the business was formulated
through advertisement.
 It was designed to provide people with useful T-shirts which is easier to carry as
compared to raincoats.
 The idea of waterproof clothing is beneficial for most of the people as most of them
forgot to carry their rain coats and face several difficulties.

Process for creating an effective business
strategy
 There were several process that were taken into consideration by Droplets, such measures are as follows:
 Analysis of relevant markets -
 This the first stage in which the identification of product was favoured for evaluating the market requirements and target audience for product.
 Ideas for implementation -
 The ideas were noted down for carrying out the effective implementing strategy of product which was collected through various sources of
information aligning with customer preferences.
 Competitive analysis -
 In this stage the analysis is conducted to ensure about various other competitors in marketplace.
 Formulating mock and testing it -
 It is crucial to determine whether idea is working in proper way or not through which various assumptions can be executed.

Feasibility study

Feasibility study
 In this stage suitable framework such as PEST analysis is applicable for determine the external factors in brief.
 Political -
 the most impactful political aspect for business is tax, policy, environment norms, trade restrictions etc.
 Economic -
 in this stage it includes inflation, wage and interest rates, cost of living, and unemployment.
 Social -
 in this stage it includes cultural expectations and norms, age distribution, heath and safety.
 Technological -
 these term is described as innovation as well as development of various technologies for company.

Description of product and service to be
offered
 the brief description about product that will be favoured top customers are as follows:
 it is innovative product which drive the purpose to individual for making an effective
use of this rather than choosing over other apparels.
 The fabric of t-shirt is comfortable as compare to other products available in
marketplace.
 It is designed in way whereby customers can wear such t-shirt on day to day basis as
well.

Potential market growth opportunities
 Product development-
 According to the current term, organization gain the opportunity to become a successful brand in the business
world, in term of conducting practice to introduce new product in the existing or new market.
 Market expansion-
 Another market growth option, that organization have is current one, which drives its attention toward establishing
market into new geographical area, where growth and success opportunities are accessible in the bulk.
 Diversification-
 Along with above two potential market growth opportunities, Droplets can also take current opportunity into their
considerations, which enable management to gain competitive benefits in the bulk.

Attractiveness of industry
 The best model that utilize in the corporate world and applied in the context of varied
companies, to identify the industry attractiveness, is Porter's five forces.
 This model encompasses key and useful five forces that in turn provide a potential
benefit or opportunity to a company, when they attempt to conduct corporate practice in
a specific industry.
 In case of Droplets as a new business, porter's five forces model is utilized or applied,
which enable management to obtain information about opportunities and threats that
put direct impact on their performance.

Vision of business
 The vision of Droplets is to be sustainable and satisfy target market, in term of
fulfilling their needs and expectations.

CONCLUSION
 From the above presentation it has been concluded that business is capable to serve
better quality of product which will favour customers to engage by taking part of those
services.
 The idea of waterproof T-shirts drives the attraction of product by itself and can be
helpful for increasing the satisfaction level among audience.

References
 Isabelle, D. and et.al., 2020. Is Porter's Five Forces Framework Still Relevant? A study
of the capital/labour intensity continuum via mining and IT industries. Technology
Innovation Management Review, 10(6).
 Wellner, S. and Lakotta, J., 2020. Porter's Five Forces in the German railway
industry. Journal of Rail Transport Planning & Management, 14, p.100181.