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Document - Requisite Decisions While Establishing New Business
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Added on 2020-02-05
Document - Requisite Decisions While Establishing New Business
Added on 2020-02-05
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MANAGINGCOMMUNICATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 & 1.2......................................................................................................................................11.3................................................................................................................................................21.4................................................................................................................................................32.1................................................................................................................................................42.2................................................................................................................................................42.3................................................................................................................................................52.4................................................................................................................................................5TASK 2 ...........................................................................................................................................63.1&3.2........................................................................................................................................63.3................................................................................................................................................73.4................................................................................................................................................74.1................................................................................................................................................84.2................................................................................................................................................84.3................................................................................................................................................9CONCLUSION ..............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONCommunication management can be depicted as the process of planning andimplementing the channels of communication. This process assist the organization to form astrong network at the workplace. As a result, communication barriers can be removed and alsohelps in making good relations in the organization. The motive of this concept ids to improve theprocess of communication in the company. This process assist in forming effectivecommunication strategies and plans. It leads to make the operation of the company in aneffective manner. As per the scenario, a new shop “ Come and Eat”(fictitious firm) is going to belaunched and the businessman is sourcing from the non UK country. This document is preparedwith a purpose to depict the requisite decisions taken at the time of establishing new business. Inaddition to it, the document is also consist of external and internal sources of information thatcan be gathered by the owner (Kim and Feamster, 2013).TASK 11.1 & 1.2The report is based on scenario where the owner aims at launching new business ofquality food. While establishing a new business, there are different decision that are required tobe taken by the entrepreneur. This will assist him to evaluate the resources that are needed at thetime of establishing business. In order to establish the food store, the owner required makingsome decisions which are stated below.Finance: This is the most crucial part of decision making where the owner need to analyse thesources of fund. Here, the entrepreneur required to analyse the appropriate sources such as loanfrom bank or personal funds. It is crucial for him to decide the appropriate source by identifyingthe viability of the appropriate source. Thi9e will assist the owner to plan further activities in a neffective manner (Blanc and Bouillon, 2012).Location:After deciding the source of funds, the owner has an idea about the present money.Now he needs to analyse the location where he is going to establish his food store. It is necessaryto analyse the location because the profitability of the comp[-any based on its productivity. Incase of food store its location matters a lot for attracting the customers. The venturer must keepin mind while deciding the location as it should be at crowd or at public place. The customerscan be easily reached to the store (Kim and Feamster, 2013).
Target customers: In this step, the entrepreneur needs to analyse the targeted customers. Or itcan also be said that, the customers to whom the product is going to be sell pout by the owner.For the same, the owner will be need to analyse the market trend and demand. This will assisthim in identifying the current needs and demands of the customers of UK. In addition to it, thiswill also aid the owner to make proper menu card includes with demanded food items (Cahn andAbigail, 2007). Analysing the unsatisfied demands of customers: This is the most important decision that isrequired to be taken by the owner. In order to provide the best to the customers, it is must toidentify the unsatisfied demands of the customers. By analysing this, the owner will be able tooffer the same. As a result the sales of the organization can be enhanced (Kim and Feamster,2013).The owner has analysed the requisite decisions for the opening of his new business. Now,he has to decide beside above what are the further decisions that are necessarily be made. Here,the owner will be needed to consult the legal person for the land acquisition. In addition to it, healso needs to consult to the consultant. This will assist him to analyse the areas where he willrequired to pay taxes. In context to this, he also needs to analysing the legal proceeding forestablishing the store at UK. As the owner is belong to the non UK background. Further, themost crucial decision will be taken by the entrepreneur is the buying behaviour of the customers.Here, the income of people, taste and preferences, choices of the customers will be identified.This will help the owner to make appropriate decision-making about the start ups. It is alsocrucial for the owner to identity the equipments that will be required for the preparation of food(Coombs and Holladay, 2011). 1.3The owner of come and eat can mainly adopt the two sources of information such asinternal and external. However, the primary information can be taken form the business itself.This will assist the user to identify the sources of information for the start-ups. Takinginformation from the business is known as internal source of information. The sources are statedbelow.Financial information: This is the information related to the existing position of the company.Or it can also be said that the profit and loss of the company can be analysed with the help of
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