Development and Implementation Essay

Added on - 21 Jul 2020

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INTRODUCTION TO TASKPORTFOLIO
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1: PART A............................................................................................................................1Rationale for new business idea.............................................................................................1TASK 1 Part B.................................................................................................................................2Objectives behind development of new business idea...........................................................2Task 2...............................................................................................................................................3External analysis for selected business proposal....................................................................3TASK 3............................................................................................................................................5PART A...........................................................................................................................................5Defining the launch event.......................................................................................................5PART B............................................................................................................................................6Creation of budget for the party:............................................................................................6TASK 4............................................................................................................................................7Marketing objectives..............................................................................................................7Target markets........................................................................................................................8Marketing mix........................................................................................................................8Marketing strategies...............................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONDevelopment of new business idea is concerned with all the activities that are included inanalysing the business opportunities, design of business product and services, formulation ofbusiness structure and marketing (Tukker and Tischner, 2017). It may also be considered asprocess that is utilized by individuals or entrepreneurs for the formulation of new and uniquebusiness plan through which they will be able to achieve the objectives. This report is based on anew business idea of establishing a coffee shop, Nearby London university campus which issituated in UK. In order to analyse the opportunities for success of new business concept,external analysis of markets is also discussed. Some important objectives related to developmentof new business plan are discussed in present report. At last, a lunch is also designed thatconsists of various activities which important for promotion of business.TASK 1: PART ARationale for new business idea.A new business idea is analysed as concept that can be used for achievement of financialgains which is mainly centred on a particular product or service. As per the given scenario, a newand effective business idea of establishment of a new Coffee shop which is to be started atNearby the London University, in UK. This business idea is considered to be successful asuniversity is most important place and recognised by all the important personalities and otherlocal country people (Leonard, 2011). With effective research, it is found that there iscontinuous rise in demand of coffee products between the people of London and they are usuallyaddicted on consumption on two important products like Cafe latte and Macchiato Coffee.Moreover, it is unique business idea as there is no such Coffee nearby the place which providesthese products. It will also consist of innovative physical evidence which describe oldarchitecture and with pictures of old city. In addition to this, menu will also consist of someunique food products which are mostly popular in other cities and they only exists in come multicuisine restaurant within UK. Further, this new cafe shop will also wide range of services to thepeople of diversified culture base of customers.Moreover, this business is going to operate in both online and High Street and will befamous for its two most preferred coffee products. Prime focus of business of is to satisfy theneeds of customers who are habitual of coffee consumption and usually like have these two1
coffee products. Cafe will serve its products in appropriate quality and quantity at reasonableprices through which they will be able to satisfy the needs of their customers. Ambience andatmosphere of cafe will also be attracted and hygienic that gives perception of perfect place forhaving a coffee for people. Other than this, for promotion of products company has targetedStudents of university who are likely to have the Coffee products and also capable to pay thehigh prices for quality products (Watson, Boudreau and Chen, 2010). The University campus isan old and Historical building which is Centre of attraction for tourist arriving from differentcountries. Therefore, the place will provide major support in influencing the customers andincreasing the sale of cafe. Further, the outlet of cafe will be used for dual purpose by providinga new dining place for family and Youngsters as well as, a separate area for others. This uniqueand attractive combination of structure and multi cuisine food will point out a difference for thiscafe.Apart from this, some competitors are identified which are already in existence at sameplace and providing other coffee products.There are some important competitors of firm are alsoanalysed like TAP Coffee and UCLU Gordon’s café which are situated nearby by Londonuniversity and achieved a continuous growth as they have satisfied the customer demand. Boththese café will provide major effect on business operations of our café. In order to influence thecustomers, the café will provide its products at low price as compared to these competitors.TASK 1 Part BObjectives behind development of new business ideaAs per the above analysis, most significant objective of this work is to provide afoundation of business proposal for establishment of new Coffee shop in London, UK. Further,this work is being accomplished by taking an entrepreneurial approach for starting at newbusiness with new and innovative idea (Teece, 2010). In this context, it is important for everyindividual to formulate or have some objectives which provides him directions to carry outbusiness operations. It is also essential to provide detailed business plan by defining allfunctional areas. Moreover, there are some important have been developed which is be achievedafter establishment of new café.To maximize financial gains: Every new business or start up is being established byindividuals with a aim of maximizing profits and increasing the consumer base. Further,this objective will be achieved by Café by providing satisfaction to its customers.2
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