Entrepreneurship and Innovation: Business Plan for Kayangan Funeral Service in Malaysia

This report contains a business plan for Kayangan Funeral Service in Malaysia, including vision/mission statement, company summary, products/services, market assessment, strategic implementation, financial plan, and monitoring. It also includes an internal and external analysis, SWOT analysis, and marketing methods.

Running head: ENTREPRENEURSHIP AND INNOVATION
Entrepreneurship and Innovation

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Executive summary
The main aim of this report is to create the business plan of Kayangan Funeral Service,
Malysiya. This report will contain the following description:
A. Vision/Mission Statement
The vision of this organization will be delivering great care, compassion, and respect to their
consumers with maintaining services quality.
B. Company Summary
Kayangan Funeral Service will provide funeral products and services to the Malaysian.This
organization will build an effective team with skilled employees to effectively deliver their
product and services in the marketplace.
C. Products/Services
There are many services that would be delivered by the company for their potential
consumers like preservation and cleaning of a dead body, funeral plan with faith, ash
disposal, reburial, burial, and exhumation. Other services would be included 24*7 hours
services, building marble monument works, tables, canopy, and chairs, and catering.
D. Market Assessment
This organization will mainly focus on G1, Silent, Boom generation people to deliver their
services.
E. Strategic Implementation
There are three components such as competitive edge, sales strategy, and marketing strategy
is considered in the strategic implementation.
F. Expected Outcomes
It will assist to identify company situation and improve their performance effectively. The
company is expected to invest RM 279,275 for completing this business.

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Table of Contents
Executive summary...............................................................................................................................2
Vision/Mission Statement and Goals.....................................................................................................4
A. Vision Statement........................................................................................................................4
B. Goals and Objectives.................................................................................................................4
C. Keys to Success.........................................................................................................................4
Company Summary...............................................................................................................................5
A. Company Background...............................................................................................................5
B. Resources, Facilities, and Equipment (Business canvas model).................................................5
C. Marketing Methods.......................................................................................................................7
Social media marketing.....................................................................................................................7
D. Management and Organization..................................................................................................8
E. Ownership Structure......................................................................................................................8
G. Internal Analysis...........................................................................................................................9
Products and/or Services.......................................................................................................................9
Market Assessment................................................................................................................................9
A. External Analysis.......................................................................................................................9
B. Customers................................................................................................................................11
C. Strategic Alternatives..................................................................................................................12
Strategic Implementation.....................................................................................................................13
Financial Plan......................................................................................................................................14
A. Financial Projections...................................................................................................................14
B. Contingency Plan........................................................................................................................15
Monitoring...........................................................................................................................................15
Reference.............................................................................................................................................16

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Vision/Mission Statement and Goals
A. Vision Statement
Kayangan Funeral Service would deliver quality product and services with great care,
compassion, and respect for satisfying the consumer’s need.
B. Goals and Objectives
The main goal of this company would be offering meaningful and permanent memories for
our potential consumers by the professional and personal method. The objective of Kayangan
Funeral Service would be flexibly deliver products and services to ensure the consumers for
attaining their needs and demands.
C. Keys to Success
 Preservation and cleaning of death body
 Funeral plan with faith
 Ash disposal, reburial, burial, and exhumation
 Always prepared to deliver 24hrs x 7 days
 Building marble monument works
 It will offer tables, canopy, and chairs
 Catering
 Export and import of residues to any nation
 It would be responsible and accountable for all activities
 Customers are key sources of company
 To exercise honest communication across each level
 It will provide premium product and services and will ensure work standards to
endorse and evoke consumers and create mutual understanding by building trust
among suppliers and participants in the working place.

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Company Summary
A. Company Background
KFS (Kayangan Funeral Service) is best funeral service provider that will be located in
Malaysia. It will be also established in feburary, 2018. The company will focus on building
their team with highly skilled staff to deliver best services to community and friends on their
desire place. This organization will be established as an independent firm, where organization
will concentrate on the needs of grieving families. Kayangan Funeral Service will deliver the
premium funeral services as it could help to attract more customers towards their
organisation. It will also provide 24-hour services to their consumer as it could be helpful for
satisfying the needs of consumers on their desired time. It would also arrange funeral on
consumer’s home and support to arrange personal and modified funeral. Consequntly, the
company can get pride themselves in offering consumer services.
B. Resources, Facilities, and Equipment (Business canvas model)
Key partners
 Manufacturer
s
 Retailers
 Shareholders
 Stakeholders
Key Activities
 Promoting
(marketing)
 Research and
development
 Logistics
 Trends and
forecasting
 Transportatio
n
Value
Propositions
 Funera
l
produc
ts and
service
s with
reason
able
price
 Fast
deliver
y of
produc
ts and
service
s
Customer
Relationship
 Permits
consumers to
return the
extra or
misuse
products of
the
organization
 Provide
services on
behalf of
trends
 Follow
international
trends
 More value to
the needs of
consumers
Customer
Segments
 Mass
Marke
t
Channels
 Retail
Key Resources

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 Warehousing
and logistics
 Web site and
accounts on
digital
platform
 IT
infrastructure
Cost Structure
 Promotion
 Logistics
 Research and development
 Manufacturing of funeral products like wood caskets and
environmental caskets, and green caskets
Revenue streams
 Burial Plots
 Columbarium
 Cremation
 Embalming
 Casket /
Coffin
Selection
 Funeral
service
 Pet funeral
services
 Funeral pre-
planning
 Flowers
 Administrativ
e matters and
paperwork
 Logistics /
Transportatio
n
 Eulogy
writing
 Obituary

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C. Marketing Methods
Kayangan Funeral Service would consider three factors such as competitors, consumers and,
and digitalization as it could help the company to evaluate the condition of market. The
company will consider such factors as a marketing method.
Analyse Competitors
An organization would assess the local funeral homes and address different ways for
evaluating the completion level and sustaining in the market (Armstrong, et al., 2015).
Kayangan Funeral Service can compare their marketing strategy with competitor’s strategy
for acquiring competitive benefits. An organization could also review the competitor’s
branding and reputation to select the methods in order to demonstrate their unique image
when consumers look for funeral goods and services (Burns, et al., 2014).
Survey Customers
The company can review prospective of potential consumers to deliver quality product and
services in limited time (Foxall, 2014). Consequently, it could be capable to fulfill needs of
specified consumers. It would also offer the funeral service at a lower price by considering
both methods like traditional and online method. As a result, it will enable the company to
obtain competitive benefits and make a unique image in the marketplace.
Social media marketing
The social media marketing could support Kayangan Funeral Service to enhance their
number of consumers in specified time. The company would use media marketing approach
in order to operate the funeral home services. The company would start their own page on the
social sites for increasing awareness about their products and services among huge amount of
consumers in specified time (Hollensen, 2015). The main objective of social media marketing
is to engage buyers for sharing their views, perception and accurate data of their buying
product. As a result, consumers would be capable to differentiate the product and services of

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a company with competitors. The company will offer valid post as it could aware the
consumer regarding the significance of pre-planning. It will also enable the organization to
make a valid link between consumers and organization (Keller and Kotler, 2016).
D. Management and Organization
The organisational structure could be supportive to manage the whole process of business.
Kayangan Funeral Service would use hierarchy structure wherein chief executive will
allocate duties to senior, middle, and lower subordinates. It could be supportive to lead a top
to bottom level in one direction. The hierarchical structure of business enables an
organization to clearly defined accountabilities of expert or authority (Khan, et al., 2015). As
a result, it would be significant for Kayangan Funeral Service to eliminate the ambiguity
from working place. It would also make competent to an organisation to improve their
productivity. This structure will also facilitate the company to provide opportunities for their
employees and motivate them to accomplish their task (Kotler, 2015). It will be also
significant for company to retain their employees for the long term as it would be beneficial
to create customer’s loyalty (Martín-de Castro, 2015). This organization structure would
entail many employees like a chief executive officer, home director of the funeral, and human
resource manager. Others are a cashier, accountants, undertaker, mortician, marketing officer,
contract officer, washer, cleaners, and security officers. They play an imperative role in an
organization to accomplish their specified task.
E. Ownership Structure
The ownership structure play an imperative role in the organization as it would be supportive
to operate the business. Kayangan Funeral Service will offer funeral service to consumers
with quality. Public investors, private investors, Trustee of Kayangan Funeral Service, and
management and staff would be key people of the organization. They will contribute their
best in delivering quality services to their potential consumers.

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G. Internal Analysis
SWOT analysis
Strengths
1. Quality product and services
2. Platform business
3. lower cost business
4. Higher revenue and profitability
Opportunities
1. Aging society opportunity
2. Expanded consumer needs
3. SNS Penetration
4. Enhance of small funeral workers
5. Higher growth rate and profitability
6. New goods and services
7. International marketplace
8. New Market
9. Venture capital
Weaknesses
1. Lack of consumers
2. Lack of understanding of funeral
business
3. Small business units
4. Small capital
Threats
1. Easier launch for current SNSs to this
marketplace
2. Lower information technology of
small funeral operators
3. Technical issues
Products and/or Services
Social network service could support Kayangan Funeral Service to deliver online product and
services to their potential consumers. It will also enable an organisation to deliver integrated
services by gathering and co-operating the small funeral workers (Miquel-Romero, et al.,
2014). In addition, it is also found that organization could obtain revenue from funeral
services by considering the inbound marketing strategy. Since, it could help to obtain a higher
benefit in specified time and co
Market Assessment
A. External Analysis
An organization could use PESTLE method for analyzing the situation of market in a
systematic manner. It also supports company to examine the factors, which could influence
their business such as political, economic, social, technical, legal, and environmental factors
(Mkude, and Wimmer, 2015). These factors could directly impact on performance of the
business.

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Political situation
The political situation of any country could influence new business Pasquier, and Villeneuve,
2017). The political situation of Malaysia would be appropriate for the Funeral services due
to flexible rules and regulation for the new business. This country has stable and flexible
political condition as it would encourage the entrepreneur to freely start their business. The
political factor could be beneficial for Kayangan Funeral Service but at the same time, higher
corruption rate could negatively impact on the business growth. It could also increase the
business cost of an organization.
Economic situation
The economic growth of Malaysia is increasing over last 11 years. It could be beneficial for
Kayangan Funeral Service to invest in Malaysia. The inflation rate is low as it will enable the
buyer to purchase new product and services (Sheth, and Sisodia, 2015). Consequently, the
company’s product will be sold due to the favorable economic condition.
Social situation
Malaysia is multicultural country because several ethnic and cultural groups are lived
together. The majority of populations are Chinese, Malay, and Indian. Hence, there are many
religious festivals and occasions have been celebrated each year. As a result, it can be more
beneficial for Kayangan Funeral Service. Since, the multicultural country will facilitate an
organization to sell a range of product and services to their consumers (Sohel, et al., 2014).
Thus, the company could obtain a good percentage of sell
Technological situation
The techniques of the country could also impact on the growth and performance of the
business (Weinstein and Pohlman, 2015). Malaysia uses advanced technology as it will
support the Kayangan Funeral Service to easily increase the awareness of their products and
services. In Malaysia, a huge number of customers are aware about the uses of internet and

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they are attached to the social networks. Hence, it will be advantageous for Kayangan Funeral
Service to easily make a reliable relationship with them. Furthermore, Malaysia has effective
banking structure and distribution of networks as it could help the organization to operate a
business and reach at the more customers.
Legal situation
The trade policy of Malaysia is based on the British law as it supports Kayangan Funeral
Service to maintain the cost of export and import. But at the same time, it can also be said
that labor law could not be effective for Kayangan Funeral Service because it would
negatively impact on the business productivity. Furthermore, environmental laws could have
adverse impact on company in terms of declining the business profit (Set, 2014). Thus,
company should make effective strategy to maintain their profitability (Htay, Set al., 2015).
Environmental situation
The environmental laws of Malaysia could support Kayangan Funeral Service to deal with
environmental changes. It will also attract the organization to invest in Malaysia due to
obtaining higher profit in long-term. The funeral products and services could be supportive
for each culture of people hence the government has made flexible environmental laws
(Salmon, 2016). As a result, it would be advantageous for Kayangan Funeral Service in terms
of gaining revenues.
B. Customers
The company will be focused on “Specialist Operator and Ceremony Organizer” to deliver
their services. Kayangan Funeral Service would give the preference to the old age home to
deliver their products and services. This organisation will target G1, Silent, and Baby
Boomers to provide their goods and services.

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C. Strategic Alternatives
The strategic alternatives consider certain factors like price, differentiation, diversification,
and adjacent businesses (Othman, et al., 2017). It will be effective to make effective strategy
for the organization. These are discussed as below:
Price Focus
Kayangan Funeral Service could use niche strategy for focusing on the particular minority of
market subgroup. It will also support the organization to differentiate their products and
services in the niche market. This approach could concentrate on the small consumer's
segment and the firm needs to have a low-cost structure compared to competitors (Kasipillai,
and Krever, 2017). This approach is effective when the business is new but at the same time,
this strategy unable the organization to pursue in the bigger market. The categorization of the
consumer could be different as it would depend on the targeted segment.
Differentiation
The higher amount of similar product and service availability in the market could create
complexity for an organization (Eto, and Mahujchariyawong, 2015). Hemce, company could
differentiate their products and services by offering quality to their potential consumers. The
unique features of products and services could be crucial to develop distinguish image in the
customer’s mind.
Diversification
The modification is the type of growth strategy where the organization develops new goods
and services for the existing and new marketplace. This approach could enable company to
differentiate their product and obtain higher competitive benefits. It could also help an
organization to effectively practices of their resources for enhancing the profitability of firm
(Eto, and Mahujchariyawong, 2015). Through diversification strategy, company would be
capable to mitigate their risk and obtain a higher benefit in targeted time and cost.

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Adjacent Businesses
The adjacent businesses strategy could facilitate an organization to enters into a niche market
for operating higher surplus. In this, business concentrates on existing consumer’s preference
as it would be effective for getting higher competitive advantages (Othman, et al., 2017).
Moreover, adjacent businesses strategy could assist the company to introduce new products
and service to develop new distribution method.
Strategic Implementation
Competitive Edge
Kayangan Funeral Service could be new group of funeral services providers in Malaysia.
This organization could offer premium funereal services for an individual and sociality as it
would help to make favourable relationship with them. Company could enable G1, Silent,
and Boomer generation to celebrate movement when it ends. It could be more inspiring and
social as compared to the traditional funeral homes. Company will also give up their slogan,
"People memorizing people” as it would help make a distinguish image in consumer’s mind.
Marketing Strategy
The reputation of company could be supportive for the success of business. The organization
could focus on promptly offering funeral services at the home to celebrate life of an
individual when it ends. Moreover, and organization could perform non-profit activity as it
would be supportive to obtain wide publicity (Eto, and Mahujchariyawong, 2015). The
culture of an organization could be crucial to make a correlation between consumers,
management, and employees. Consequently, it will support to improve the performance of
the company and obtain a higher benefit. An organization could deliver high-quality services
to customers at reasonable price for developing a long-term relationship with consumer. The
company ensures that workers have a flexible working atmosphere for retaining them in long-
term.

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Sales Strategy
An organization could use sales strategy to accomplish targeted sale of the firm. The board
executive of company will use training and development method to lead sales agent who used
personal selling approach. It would be beneficial for sales agent to gain the awareness of
product and services among consumers. It will change the buying behavior of consumers
towards company products. In addition, it is also examined that the sales executives are
influenced by consumers rather than a board of directors. They could make a reliable
relationship with consumers to obtain higher competitive benefits in targeted time frame (Eto,
and Mahujchariyawong, 2015). Once a customer is satisfied then they will recommend other
customers to purchase the services and products of company. Hence, company will conduct
market research to satisfy their customers as it could be supportive to retain not only existing
customers but also attracts the new consumers in the limited time duration. Moreover, there
are different services that could also be performed by sales executive like presentation,
proposal, prospect and Qualify, and sales closing. Consequently, it will help to obtain
favourable outcome.
Financial Plan
A. Financial Projections

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B. Contingency Plan
The contingency plan could be effective for an organization to evaluate existing strategy of
organization for determine level of risk. There are three steps that would be considered by the
organization in contingency plan such as critically evaluate the business, identify risk, and
prioritizing the risk (Htay, Set al., 2015). It could support the organization to understand the
existing situation of the company.
Risk Strategies
Financial risk The organization could prepare a plan
for upcoming uncertainty and mitigate
the financial risk effectively.
Operational risk The organization could make a
complaint or control department that
would help to eliminate the operational
risk from the business process.
Monitoring
An organization would practice certain strategies such as cash flow and management, risk
management and insurance, and saving and investment (Eto, and Mahujchariyawong, 2015).
It will be effective to monitor existing financial situation of firm. Consequently, organization
would be capable to improve their financial performance in targeted time frame.

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