Entrepreneurship and Business Development: Feasibility Study, STP Analysis, and Marketing Strategies

This report focuses on entrepreneurship and business development with a specific focus on a new venture of home-made chocolates in the UK. It covers the feasibility study, STP analysis, and marketing strategies for the business. The report also discusses the connection between innovation and entrepreneurship, the classification of rivals, and basic mistakes made by entrepreneurs.

Entrepreneurship and
business development

Table of Contents
INTRODUCTION ........................................................................................................................1
MAIN BODY ...............................................................................................................................1
Determination of effectuation and causation & feasibility study for new venture as well
as exploring the relationship among innovation and enterprises :-........................................1
Connection among innovation and entrepreneur - ..................................................................3
Classification of rival and STP analysis for measure the chance gap in marketplace and
discourse about feasibleness of concern.....................................................................................3
STP Analysis -.............................................................................................................................4
Describes regarding feasibility of new venture - ....................................................................5
Drafting on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed concern model and explicate how and why you think your new undertaking will
work.............................................................................................................................................5
Business and marketing strategies should be adopted by entrepreneurs.....................................7
Basic mistake made by businessman...............................................................................................9
CONCLUSION ..............................................................................................................................9
References:.......................................................................................................................................9

INTRODUCTION
Business is the commercial activity which is being done with the aim of making money
and its major aim is to make a profit along with the long term sustainability of the company in
the market place. While setting a new business in market the owner has to analyse the various
factors that are as location, place, customers spendings and many other things. Whereas
business is required a huge amount for establishment of an industry. It is being analysed by the
study of market that marketer must understand the needs and wants of the buyer most
importantly they must understand that customers are the major asset for business. Business
structure have two category just as it can be profit organisation or can be non profit
organisation (Jakůbek, ,2018). It also has various kind of legal structure just small medium
enterprise, big company, sole trade and many others. It assist in analysing the ability of an
individuals to run the business effectively and more impressively. The concept of business
development can be stated as long term and short term plan that are setted to attract users
values and investors that support in the growth of the business. In this report will launch a
new business of home made chocolates that is named as a pool of chocolates in UK London.
This report will cover the business plan and market analysis strategies. Also it will cover the
business and its implication in venture (Jukova and et.,al., 2019).
MAIN BODY
Determination of effectuation and causation & feasibility study for new venture as well as
exploring the relationship among innovation and enterprises :-
Entrepreneurial has the basically two strategies that are termed as causation and
effectuation to analyse the action of the company. The causation process serves means and
ways in attaining pre analysed aims and objectives of the business. These both strategies are
effective tool to survive in the rivalry market, it means accessibility of any of tools
provides huge opportunity to clear thoughts to process with the fixing up of business. The
decision making approach is basically utilised to ascertain the business surrounding as it is
considered as contingent and risk. As per the approach business makes strategy and
policies to execute in new business. The structure plans must be concentrate to provide
impact to the uncertain up coming approach. Causation approach is best suitable when
future is analysed in an accurate ways (Lao and Wu, 2018,).
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The concept of effectuation is related as a practice that concentrate on determination of short
term plans and chances to reach out the sources in setting up new business firm. The
business majorly concentrate on making new means and details to create useful market
opportunity. Along with the assistance of effectuation approach , new market place could be
make to build network of people who assist in making the manner to attain success in the
rivalry market (Hussain, 2019). It is an effective instrument via which it can be determined
whereas causation assist in raising education from multiple sources of rivalry benefits.
Feasibility study aims to assist in ascertain whether the plan is viable in present business
situation or not. This theory aims to determine accountability and productivity of a present
business or not. This instrument is used to entrepreneur to analyse various factors that
impact the business firm of pool of chocolate is listed in below -
1. Conduct preliminary analysis - it is the initial stage of feasibility includes screenings
of business ideas and effort, time and resources that support in its growth . The study
is also run for pool of chocolate and found as better idea for small scale businesses.
Also the study finds a huge users market at the UK, where people utilise home made
chocolates and improves involvement to use the goods. The new business plan start
up don't required huge capital has a one of the benefit of attracting huge buyers base
of the united kingdom.
2. Preparation of projected income statement - after the initial analysis business income ,
spending and liability are evaluated. These are the crucial components to analyse the
financial position of business. It also estimated the income generated capability of
the new business venture.
3. Conduct market survey - this market survey is crucial to analyze the geopgraphiacal
edges of users, buying capacity of the capable users. It has been determined the
market equity of chocolates is growing well .
4. Planning business operations - it is also included as important components to plan
the activities for regular operations , value of activities that are to be occurred in
fixing up business activity . According the new start up business, pool of chocolates
puts extended efforts and make plans to analyse the capital and details.
5. Review and analyse collected data - the review details assist in gathering and
modify data of the accessibility of wants and needs of the users. In case of pool of
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chocolate business requires to analyse risk includes and contingency link to various
internal and external components .
6. Decision making stage - in this level business take effective decision whether they
want to expand business are not accordant to accessibility details and evaluate this.
In the extent of pool of chocolates manufacturing , venture took decision according
to the capability of the capable growth and many others.
Connection among innovation and entrepreneur -
Creativity deals with the invention which implies and reach out of new thoughts and
improve new goods. It is quite same to existing goods and services to set up new business
to have assurance of something new and innovative practice that assist a particular. The
innovation in the field of candles manufacturing people demands . Business is determined
as an capability of a particular think market expectations and trends as an opportunity to
introduce new thoughts and views. In regards to attain such chances the company can come
up with new ideas and products (Marcelli, 2019).
Classification of rival and STP analysis for measure the chance gap in marketplace and discourse
about feasibleness of concern
Rivalry analysis assist to assess the functions , quality , value and business policy on the
basis of users view responses and reviews . It supports in helping and analyzing the
marketplace requirements and demands . Pool of chocolates on serving quality products at
affordable cost is a rivalry benefits for the business. In context of pool of chocolate rivalry
analysis is listed in below (Hilman, Supariyanto and Suganda,2021)-
Basis of variability Pool of chocolate House of Dorchester Montezuma
Product offered They are providing a
quality goods and also
they have provided
the designer
chocolates with
flavours.
They are providing a
tasty and frooty
chocolates with high
quality.
They are giving the
best goods and
services and tasty
chocolates.
Pricing strategy The company provides
the affordable prices
The company
provides the premium
The cost of the goods
are high and
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so that people can buy
goods easily.
cost of goods. premium.
Promotional channels The company
promotes goods
through the social
media an traditional
form of promoting
business.
The company
promotes there goods
through the boards,
hoardings and many
other some application
like Facebook and
other digital
application.
They promote goods
through television and
references of the
buyers.
STP Analysis -
It is considered as model that analyze the served services and goods communication
medium to give all the details and messages also preferences the operations to create basic
involvement of the users of the buyers. This analysis Is cretaed by the business of pool of
chocolate to analyse the market gap and improve polices link to the marketplace. All the
important factors of STP analysis is created in accordant to with pool of chocolate are
listed in below -
1. segmentation - it is the phase unit of users are parted into small denominators on
the basis of classification in managing on segmented users. It will assist the
business of pool of chocolate in raising among huge audience. Basically users
engagements are utilized to consider business. The business segments the buyer on
the basis of taste and preferences also on the basis of age (Herůfek, 2019).
2. Targeting - the next level of stp analysis in determining the audience and target
the some units of users. Here the business of pool of chocolates select the youth and
kids to increase the sell as kids like the chocolates.
3. Positioning - this is the last stage of the business have valuable approach the select
target unit of audience. This aims to make the effective marketing strategic tool
and determines huge user base (Moreno, 2019.).
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Describes regarding feasibility of new venture -
The business ideas of making home made chocolates are feasible in nature. The
feasibility theory presents the favorable conditions in the UK market . It has been
examined that UK is a location of huge buyers base where people gives gifts and try a
quality and healthy sources to eat and also they like chocolates in desert. It is small medium
sized business with low capital invested and other tools . This spot the feasibility nature of
business in terms of finance and economic level (Hanák, and Grežo, 2020).
Drafting on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed concern model and explicate how and why you think your new undertaking
will work.
In regards to effectiveness of the new business the concern model of the pool of chocolate
has been listed in below -
Name of business venture Pool of chocolates
Executive summary The following business plan of an innovative
business idea of manufacturing the home
made chocolates in various variety. The
company deals in quality products and
infrastructure .
Vision The aim of an industry is to become as well
known brand of the global resgion.
Mission The objective of an industry is to serve quality
goods and access the sustainable business
practices with in the company in regards to
improve the positive brand image with the
aids of raising the company accountibaility.
Aims The objectives of the company of the
respective company is to access the
sustainable business activity under the
company accountability.
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Marketing mix In context of pool of chocolate all the
factors which the listed in below-
1. Products – this factor of marketing mix
states that what goods company is serving in
marketplace. The pool of chocolate is
providing home made chocolate that is going
to loved by the kids and it is design in various
structure.
2. Price - pool of chocolate provides the
discounted pricing strategy implemented by
the company management in setting up the
value of goods.
3. promotion – this factor states regarding
what kind of promotional policy is
implemented by the company management in
regards to promote their services.
4. place - the outlet of the brand is located in
prime market as people can reach easily and
comfortably.
Situational analysis Strengths - the huge power of pool of
chocolate is there quality goods and uses the
best choco and fruits essence to make a
chocolate.
Weakness - As the pool pf chocolate is a new
small business so the business has the less
education regarding the market and they also
don have the learnings.
Opportunity - the respective company have
the chance of implementing the new as well
as modern technology in regards to promote
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the goods.
Threats - as the company is new business so
they have to make an impressive image in the
eyes of the customers.
Pricing strategy Discounting pricing policy is adapted by the
company of the which provides them help
in raising their users base. They also offer
extra discount to their users on festivals
and special days.
Business and marketing strategies should be adopted by entrepreneurs.
Entrepreneurs for attaining the success of business should apply various kind of strategies related
to business and market. Here certain strategies used by entrepreneur at every level for starting
their business related to chocolates are discuss below:
 Initial Phase: In initial phase of company, entrepreneur should have creative idea and
plan for business. They firmly believe on their plan which should be accurate and
reliable for business. So, according to which marketing strategies laid down. Business
plan should be made keeping in mind their target related to market and consumers.
 Progress Phase: In this phase businessman should examine the Ansoff growth strategy
which assist them in running the business efficiently and aids in attaining the competitive
benefits against their rivals. They will also use market strategy of penetration when they
required to sell their present products in the market (Souto and Rodríguez-López, 2020).
Businessman can capture the market through selling of present goods in the market
without any catering. They can adopt strategy of product development whenever they
required for developing their product in a market. Launching of new product is called
diversification.
Strategy of market penetration used by the entrepreneur at initial stage of business because its
a start-up. They can introduce innovative products in market as per the customer needs. As this
strategy helps in smooth running of business.
 Consolidation Phase: This phase assist the entrepreneur in growing their lines of product
and distribution channels. Generally management of firms interested to merge and
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acquisition with popular brands. For surviving and maintaining themselves in this sector
Pool of Chocolate company suppose to create their corporate image (Franco Villa,
2020).
 Phase of Underperformance: At this phase Pool of Chocolate company should made
challenging decisions for enhancing the productivity and performance of the company.
Entrepreneur should conduct vast research regarding market for analysing the reason of
bad performance. Company also keep the minute detail of their action which was taken
by them so, proper implementation of strategies takes place.
What are the financial techniques, planning tools and decision-making models that you
could use to assess and mitigate your risks?
In context of pool of chocolate company the subjective designing tool which is used by pool of
chocolate co. such as:
Forecasting: Prediction is a method in which businessman utilise to forecast the future. As it
consider an essential to recognise and minimal the risk and which can be employ by the
entrepreneur in an efficacious active formulation. As it gives the support to businessman so they
plan according as per changing way in the dynamical market. Its mention the reviews of several
aspects which are adversely impact on the various functions of business.
Plan related to emergency response: This plan mention about the exercise in selecting an
secondary course of state to meet out the situation as per the changing demand in the market. For
implementation of effective planning entrepreneur can use this plan because it provide various
options. This plan aids the pool of chocolate company to mitigate and identifying the peril
related to dynamical market modifications. Its assist in dealing immediate business market
operations (Buterbaugh, 2020).
Assessment of quantitative planning tools for identifying and mitigating risks.
In order to mitigate and identify the the peril quantitative implement can be use by the
businessman which are mention below:
Mining of Data: it is consider as a consolidation of knowledge related to programs and
techniques related to statistics. Such practice originate slowly along with increasing of data
around the globe. Pool of chocolate company can apply it in collection of data as per the
demands of consumers and trends flow in the market. The collection of data assist the company
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for recognizing and planning to mitigate the risk. Such computer programs skills practice by the
entrepreneur which they have.
Programming related to Linear: such quantitative techniques helps the administrator in
planning and allocating the resources in appropriate way. Its also assist the pool of chocolate
company for reducing the cost of operations by recognising the best profit. Such technique
supports the pool of chocolate entrepreneur to deal effectively with problem related to
productions , buying of machinery and hiring of labours. Its assist in determining the perils
which are associated to production activity so, mitigate in effective way.
Basic mistake made by businessman
At the time of starting the business entrepreneur made some common mistakes like they not done
the optimum utilisation of resources which increase the cost of product and also cause the
shortage of raw material due to which there is less rivals because of not defining the achievable
targets. As the unfitness of pool of chocolate company in producing adequate financial
statements immediately affect the position of company by not using resources in effective way.
They done the big mistake by thinking that direct competition is available in the particular sector.
They also made one more mistake by under estimate their rivals and consider themselves as
superior in establishing their products. And last they did not made their goals in advance because
of lack of guidance and directions (Anicama, 2018).
CONCLUSION
From this report, it can conclude that entrepreneurship and innovation are related to each other
vary closely and they address at the similar time. As an innovation is a launching of new and
creative ideas and thinking in activities related to entrepreneurship. A plan related to business is
a blue print which helps in managers in giving instructions to employees of company so, they
dedicated on their work. It also concludes that businessman should develop pricing and
marketing strategy and examine the forces which helps in developing their business effectively.
Entrepreneur should plan in various way so, they not face any difficulty in running their
businesses by optimum utilisation of qualitative and quantitative methods. So, they plan
efficaciously to meet out the various perils.
References:
Books and Journals
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Anicama, M.G.M., 2018. Consulting Report-Bigmond Mexican Market Entry Business Plan
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