Report on Creative Entrepreneurship
Added on 2019-12-04
28 Pages6462 Words158 Views
Creativeentrepreneurship1
EXECUTIVE SUMMARY In the present scenario, entrepreneurs are required to be highly creative in order to make anew business venture successful in marketplace. Further before introducing any new product orservice, businesses are required to carry out in depth market research in order to understand needand demand of people. It has been analysed that the people in UK are not able to find a suitableproducts which can help them to statist their need of carrying warm or cool water withthemselves. The existing products such as Thermal Flask and plastic bottle are not able to keepthe temperature stable for very long time period. Based on this analysis, a unique and creativebottle with the name of Porttle will be introduced in market. This bottle will feature effectivewarming and cooling technology that will be able to satisfy need of people at its best. Themarketing will be carried out on social media and with the help of advertisements. The targetmarket for this product will include skiers, mountaineers and travellers. During the initial stagetest marketing will be carried out before introducing the bottle in market. Some of the factorswhich will help in making the bottle successful includes its technology and effective marketing.It can be recommended that if the product become a success then it can be lunched to some otherpotential markets also. 2
TABLE OF CONTENTSIntroduction .....................................................................................................................................5Main body .......................................................................................................................................5ASSESS...........................................................................................................................................5(1) Market Research ....................................................................................................................51.1 Int...........................................................................................................................................61.2 Primary research ...................................................................................................................71.3 Secondary research .............................................................................................................102 Models and Theories...............................................................................................................112.1 Pestle analysis .....................................................................................................................112.2 Porter five force analysis ....................................................................................................11IMPROVE......................................................................................................................................12Company description.................................................................................................................12Key Success factors.......................................................................................................................14Marketing and sales ..................................................................................................................14Funding request .........................................................................................................................15Financial projection...................................................................................................................16future recommendation..................................................................................................................18Reflective.......................................................................................................................................19Conclusion.....................................................................................................................................20References ....................................................................................................................................213
Index of TablesTable 1: Sales estimation and accessories sales...............................................................................9Table 2: Break-even ........................................................................................................................94
INTRODUCTION This report demonstrates assessment of business plan which has been developed tolaunch a new product in UK market. The product is a Bottle which will keep the water warm orcool for long period of time. The first issues which has been observed is that people in UK arenot able to find out a particular product in market which can meet their needs of carrying hot orcold water with themselves for long duration. The existing products which are available inmarket such as thermal flask and packaged water bottle are not able to keep water on stabletemperature for more time. This makes it very difficult for people such as skiers, mountaineersand travelers to satisfy their thirst of water. One of the major issues which have been identified inthis project is that there was no specific data which was present to determine the need anddemand of such kind of bottle in market. Approach such as primary and secondary data analysishas been used to identify the market demand. Along with this, the report also reflects the areason which the business plan can be improved. At last a reflective statement has been provided inwhich highlights how this business plan has helped in personal and professional development. MAIN BODY ASSESSIn order to produce this presentation, I have gone through in depth market analysis.Further before presenting the business plan, information about the competitors and customers inmarket was very important. One of the major obstacles which were faced during thedevelopment of the presentation was that people in UK are not able to find out a particularproduct which can meet the demand of carrying warm or cool water along with themselves.Primary research has been carried out to get some specific need and reliable data for the bottle.The sample size was 100 and research on more people across UK. After carrying out the primaryand secondary research it has been found that there is a great demand of bottle which can keepwater warm or cool for long time period. (1) Market Research Porttle 5
1.1 IntThe number of people which spend more than two hours of travelling from one place toanother for doing work has increased around 72%. On the other side of this, the number ofcommuters travellers has increased from 500000 to 8800000 in last 10 years (Millions of peoplespend two or more hours commuting a day, 2015). Areas such as south east, south west andWales has witnessed biggest increase in long commutes. On the other hand, the number oftravellers in caravans in England has been increased to 28% since the year 2006. 20123 Gypsycaravans where witnessed in the year 2015 which was 604 more than what it was in January2014. On the other hand, in the year 2000/2001 there was total 921000 skiers in UK. Every yearthere are 1.5 million British public which skies. The number of climbers is also increasing asmore than 360000 walkers climb the summit of snowdon every year. These all facts and figuresclearly explain the potential opportunities for growth and development.Market analysis is termed as the process in which business carry out a market research toidentify its level of competition and strategies which has been adopted by market players (Scott,2006). The new product, Porttle which is warming and cooling bottle will face some sort ofdirect and indirect competition in the market. Porttle direct competition will be with Thermosflask which is commonly used by people to carry warm or cool bottle with them. Further one ofthe major advantage of using Thermos flask is that it keeps drink both hot and cold (Water VitalStatistics: Industry Data, 2015). Other than this, there is no electricity required to keep the drinkcool or hot. On the other hand, there are some disadvantages of using Thermos flask. One of themain among those is that it does not keep the temperature of the drink consistent. After sometime, the premature of cold drink starts increasing or hot drink starts declining. In addition tothis, Thermos flask is also not durable in long run as its vacuum stops function after few years.The flask is also heavy to carry and can retain heat only up to 4 hours which means it is notsuitable for long journeys (Bottled Water in the United Kingdom, 2015). On the other side of this, Porttle will be facing indirect competition form kettle, babybottle warmer and packaged drinks. After carrying out the market analysis, it can be stated thatthere are adequate opportunities for growth and development in front of Porttle. Its lightweightand attractive sporty design will give a tough competition to Thermos flask. In addition to this,6
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