Entrepreneurial opportunity: Assignment
Added on 2020-10-23
15 Pages3646 Words343 Views
Business DevelopmentMarketingData Science and Big Data
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ENTREPRENEURIAL OPPORTUNITY1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Describe your business idea.........................................................................................................3What is the uniqueness of your idea?..........................................................................................3Who is your target market?..........................................................................................................3State your value proposition........................................................................................................4Who are our customers?..............................................................................................................4How will we reach these customers?...........................................................................................4What is it that our customers want and how do we know this?...................................................4How does our business provide customer wants?.......................................................................5Entrepreneurial themes....................................................................................................................5How to develop idea: step by step...................................................................................................6Operational plan...........................................................................................................................6Resources needed including staff................................................................................................6Carrying out market research.......................................................................................................7Marketing plan and marketing strategy.......................................................................................7Marketing mix.............................................................................................................................7Competitors analysis....................................................................................................................8What is the financial plan? How much needed for start-up.........................................................8How would you make profit in the business?............................................................................10What is the breakeven point?.....................................................................................................10REFERENCES..............................................................................................................................122
INTRODUCTION Entrepreneurship is known as the activity of setting up a business by taking a financialrisk in the hope of profit (Topaloff, 2015). To become an entrepreneur, it is important to come upwith new ideas for making innovative products and services. The present report is based ongenerating a business known as Crave Cupcake. This report will cover different marketingstrategies and competitive analysis. Describe your business ideaMy business idea is to open a new cupcake shop which named a crave cupcake. It will belocated in the centre of city where people can easily visit and purchase bakery products. Thebakery will serve freshly prepared flavoured cupcakes and pastry products to customers. Alongwith this, I used to decorate cake as per accordance to customers demand, which grab theattention of large number of customers (Lu and Chang, 2015). What is the uniqueness of your idea?There are many people who have dietary restrictions, which lead to make it difficult forthem to eat traditional cupcakes. The uniqueness of my business ideas is that we will bakecupcakes that accommodate a variety of dietary restrictions. This option will help in expandingto an untapped consumer market (Bocken, Short and Evans, 2014). Along with this, CraveCupcake focuses on selling high quality products to customers at reasonable prices. Who is your target market?A target market is known as particular group of customers to whom products and servicesis offered. It is important for me to target people who mostly prefer to buy cupcakes and otherbakery products. In order to sale products and services, cupcake show will target customers onthe basis of demographic segmentation (Burns and Dewhurst, 2016). Demographic segmentation is a market segmentation on the basis of age, race, religiousfamily size. Therefore, company can target its customers on the basis of income, age, gender etc.Different age people can be targeted in order to sale products such as children, adults and olderpeople. However, children mostly prefer to buy cupcakes that will help in increasing the salesand profits of the firm (Boh, De-Haan and Strom, 2016). 1
State your value propositionValue proposition of my business is that I focus on both design and flavour at the sametime. As per my believed taste and decoration must be directly proportional to each other. Wedon’t believe in any preservatives so we avoid adding it (McKenzie, 2015). Along with this,everything you see in our cake leads to contribute the flavour and texture balance of cake. Inorder to make sure quality, consistency and freshness, we used to bake cupcakes in smallbatches. Who are our customers? Customers are important for any type of business that operate in business world. Therefore, mycustomers will be children who mostly prefer to eat cupcakes. There are two simple ways to findout customers (Schaper, Volery and Gibson, 2014).Advertising: The key to advertising lead to generate success in exchange of moneycustomer spends. It helps in offering a message that not only hits the target customers butalso showcases the value, which can be offered to them. Networking and referrals: Through creating a strong network company can easily increasebuild a strong connection. It is also known as the way to pick up customers who want to makepurchased more in same time. Further, referring help in building a connection with large numberof people (Demil, Lecocq and Zott, 2015).Hence, it can be stated that through advertisting and netowring Crave cupcake can easily buildconnection with customers and increase their sales and profit. How will we reach these customers? With respect to reaching customers, it is important for me to use different types ofmarketing strategies. It will help in grabbing attention of large number of customers. At present,social media is the most popular among people. So, I can use social media marketing strategy fortargeting customers. Along with this, I can also give advertisement in newspapers and ontelevision in relation to opening of new shops with attractive offers so that more people come toknow about my unique products and services. 2
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