Feasible Study of a New Footwear Business Start-up: Business Plan

This report presents a business plan for Footprints, a new footwear business start-up in the UK market. It includes a feasible study, STP analysis, competitive study, Porter's value chain, Osterwalder's Business model canvas, marketing strategies, financial tools, and decision-making techniques. The report critically analyses the views that entrepreneurs are the engines of innovation and creativity and examines the opportunity gap in the marketplace. It also discusses the plans for development, consolidation, and underperformance.

BUSINESS PLAN

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
Presentation of feasible study of a new business start-up with the support of relevant
conceptual models, critically analyse the views which entrepreneurs are the engines of
innovation and creativity.............................................................................................................3
Present STP analysis and competitive study to investigate the opportunity gap in the
marketplace for supporting this analysis with supported data drawn from extensive market
research.......................................................................................................................................4
Prepare a Porter's value chain and Osterwalder’s Business model canvas, draw proposed
business model and explain how and why start-up would operate its functions........................6
Evaluation of marketing strategies which is apply by the entrepreneur to achieve success. Also
discuss various errors which make by entrepreneur and analyse strategies that used to provide
growth, consolidation and underperformance.............................................................................9
Entrepreneur using various financial tools, models and decision making techniques to assess
and justify the risks ..................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In this report company discuss about the business plan which is mainly related the
footwear company and established in UK country with the name of “Footprints”. They came into
the existence with the main objective to increase demand of the product and want to increase the
trafficking of customer. They provide best quality product to their consumer. They mainly
analyse the new innovation and Creation Company perform to increase the sales of the firm. In
another part it analyse the competitive and STP framework of the company to identify the
opportunity gap in the market economy (Jehanzeb, 2019). After wards they draw the
Osterwalder's company model canvas and porter's five forces model of the business and also it
explain how and why they think the about the working of new venture. Apart from this it
describe the marketing plans that proprietor implement and the mistake they do first-time in their
business it also explain the plans for development, consolidation and underperformance. At last
it examine the financial methods, planning equipment and models of decision-making that
company use to reduce the firm risk.
TASK
Presentation of feasible study of a new business start-up with the support of relevant conceptual
models, critically analyse the views which entrepreneurs are the engines of innovation and
creativity.
In the past few years, the footwear market has come out as a unique and specialised
industry which made-up on style (Shields, 2018). This report is considered the idea of new start-
up which is a footwear business named as Foot prints. The business will be located at UK and its
main objective is serve quality product and services to the people. This firm’s focus to provide
footwear to every age group people. The main intension of the business is to cover almost 70%
of the market share and become a central hub of shopping events for the local population and for
those who would enjoy wearing the new trends and styles. The company focuses on the adult
generation because youth is attractive toward style and fashion. The business is situated in the
heart of London market which provides opportunity for the firm. Company intention is to
improve the standard in the society, by promoting reusable and renewable resources which is
used in th product. Company uses various techniques to provide best possible consumer
satisfaction. Innovation and creativity leads business to the success, both the objective help a

firm to develop new and advance product which satisfy the needs of the consumers. Company
uses reusable material which is an innovation that helps to reduce the pollution in the society.
There are several strategies for a footwear firm to attract more consumers and keep them
engaged for longer periods of time, including:
 Examining the marketplaces: Marketplaces provide entrepreneurs with new chances to
develop on a broader scale. It is vital for any firm to recognise that developing a business
strategy in the economy will be profitable and successful. It examines the market's size,
both in terms of volume and value, as well as the various consumer categories and buying
behaviours, competition, and the economic climate in terms of entry obstacles and
regulation. It would be beneficial to study rivals who might present a risk to the firm and
look for measures to mitigate the impact (Hamilton, 2018).
 Recognizing the tastes and preferences of consumers: Consumer preferences and tastes
are important determinants of commercial product buying choices. Recognizing this
aspect is likely one of the main reasons why entrepreneurs are more interested in
watching and assessing consumer opinions about their goods. Whether a company sells a
product or provides a service, knowing the preferences of its customers is critical. This is
due to the fact that a company's success is determined by its clients.
 Keeping up with current environmental developments is essential: It refers to being
informed about the current trends that people in the surroundings are following and
choosing. IT also offers a notion of what may be done to serve the public in the most
efficient way possible. It explains the product selection, desired and chosen colours, peak
shopping hours, and which footwear is favoured over others. new and creative products
that follow the current trend in the environment (Молчанова, 2020).
Present STP analysis and competitive study to investigate the opportunity gap in the marketplace
for supporting this analysis with supported data drawn from extensive market research.
Foot prints market analysis
The business plan focuses on the competitive market in the United Kingdom, which will
first analyse consumer needs and desires. As a result, it would aid in the placement and
introduction of new and innovative items into the marketplace. There are a variety of
methodologies that may be used in competitive analysis, including:

 Examining and analysing current competition: A competitive analysis is a strategy that
entails investigating main competitors' products, sales, and marketing strategies.
Conducting a competitive market study has a number of advantages, including
strengthening corporate strategy, beating off competitors, and grabbing market share. It
would be essential for the firm to know ahead of time what techniques other businesses
are doing and how a new start-up may be established in such a manner that it can achieve
profitability and success in the current financial environment (Safont, Centelles, 2018).
 Consumers' Demands and Expectations: Understanding what is desired and needed by
current customers in the environment is important for any organisation, whether it is
already in operation or is being planned on a larger scale. It would also assist to identify
where the existing business is lacking, which could be leveraged as a competitive
advantage over competitors for filling the gap and overcoming such environmental
obstacles and barriers that are in the way of business. Understanding and having a deeper
understanding of the market's users will be beneficial in attracting and inspiring
employees to operate the firm in the long run.
 Recognizing competitors' strategies for obtaining market share: It would be beneficial to
have an understanding of whatever steps are being implemented and what their
distinctive selling approach for attracting personnel from the environmental field has
been. Every company strategy must have a vision into which areas remain untouched and
may be exploited for improved chances or possibilities in the marketplaces. It would
reveal whether rivals are focusing on a certain group or age group, or whether they are
accessing the market as a whole.
Analysis of segmentation, targeting, and placement of Foot prints
The model is useful when putting together a marketing communication plan. Market
segmentation, business goals, and the company's competitive market position would all be
valuable for the company to research and analyse (Albarrán, Fernández, 2018). The following is
a summary of the company's main attributes, taking into consideration the relevant aspects:
 Market segmentation: It illustrates which strategy would be most useful in assessing
customer desires and requirements, as well as market segmentation. Before introducing
any product, a trendy firm would be beneficial in understanding client needs and desires,
as it would assist to engage customers from the marketplace if they are able to meet their

requests. It would be beneficial to communicate with consumers in order to gain a better
idea of what is expected of them, what they receive, and where the business can improve
in order to offer them with a sense of complete contentment. It would also be beneficial
to know whether they are able to receive what they are paying for. It is a method that
would aid the firm in being able to manufacture contemporary trend-setting items that
would bring value to their lives as well as their style (Cadroy and Voltes, 2018).
 Market-based targeting: After completing a procedure such as segmentation or
determining customer needs. They'd concentrate on the environment that would yield the
best results. They'd have a way to target the economy, such as being able to select and
choose with internet marketing, targeting, and contributing to revenue production in areas
like the consumer life cycle and segment. In the women's, men's, and children's sections,
it would be useful in achieving and achieving goals. Senior citizens, who would have the
option of wearing both comfortable and attractive footwear, would be considered in the
company idea. Offering style and flair to older people would be a target market
(Goremykin, 2018).
 Market positioning: Following market targeting, the organisation must position its work
in a way that will make it more helpful and gratifying in the years ahead. It shows how
the organization's scale income may be obtained. It would help in the development of a
competitive and appealing image while also taking into account future circumstances. A
new business must find a location that will give them with customers as well as
opportunities to help them achieve their goals. • Positioning in the market:
Prepare a Porter's value chain and Osterwalder’s Business model canvas, draw proposed business
model and explain how and why start-up would operate its functions.
Osterwalder's Business model canvas of Foot prints
Key Activities
 Commercialis
m
 Promotion
 Storage
management
 Study and
Key partners
 huge brands.
 Bid based
producing.
 commercial
enterprise and
Customer relationships
 Faithfulness
among trade
good being
present in-front
of consumers.
 Structure faith
Value propositions
 provide wide
range of
verity.
 Consumer
safety and

evaluation of
customer
supply
 Pricing planing
 Highly
effective
arrangement
strategies
 expandation
providers.
 organisation at
a international
as well as
geographic
level.
among
customers: It is
very essential to
build trust among
users by
providing best
suitable product
according to their
needs.
 Meet society
prospects and
supply as well.
 Client
satisfaction.
 Brand image .
 Hold lengthy
relation.
 Suitable methods
of payments
either online or
offline.
certainty
 various kind
of payment
modes.
 Effective
pricing.
 Company
work on all
areas of
market for the
diversification
.
Channels
 Approachable
stores areas.
 Simple policies
and procedures
 Social media
platforms.
 Personalised
Website for
consumers.
Customer segments
 provide
footwear for
all age
individuals.
 Mainly
focuses on
adult
generation but
deliver
Key resources
 Consumer
relations
 effective
distribution
channels
 effective cost
control strategies
 Affiliated

 Deals and
offers for new
consumers.
products
without
discrimination
about gender
connections.
Porter's value chain of Foot prints
 Bargaining power of suppliers: The supplier's negotiating power is estimated to be lower
since they are reliant on customers to produce demand, which in turn helps the firm
flourish, grow, and expand, which is beneficial in the long term. Style and fashionable,
on the other hand, would have a decent chance of having a negotiation margin on food
and other things (Terrell, and et.al., 2018).
 Bargaining power of purchaser: This model would be beneficial for a corporation to
analyse the consumer's negotiating power. If a business's manufacturing costs are
excessive, the buyer will change organisations and preferences. With the use of such a
model, a firm may assess the user's negotiating power.
 Threat of substitute goods and services: Some items have been seen to be irreplaceable
due to quality while in some situations it may be cost effective, therefore it is vital for
every business to take into consideration all such measures and grasp how firm can cope
with such conditions and minimise effect (Zamora Sánchez, 2021).
 Intensity of competitors: It is useful for assessing the strength of other businesses
operating in a given economic climate. It would be particularly useful and beneficial in
identifying approaches and new inventive methods that would aid in the growth of new
business and demand. It would have certain competitors, such as New Balance,
Sheepland etc.
 Threat of new entrants: Every business, whether new or established, faces the threat of
new competitors entering the market, which might reduce the size of the present firm's
sales.
The Footprint, which is known to mostly deal in the footwear sector, would undoubtedly
succeed because the company is always coming up with new ideas for innovation and creativity
in the marketplace. They would have a primary goal and motivation to produce profit or income
by providing high-quality services and goods while adhering to all safety regulations, which

would be advantageous for the company's employees and even consumers. They'd also operate
more efficiently and effectively to meet their goals and objectives. If they worked continuously,
they would quickly achieve their objectives and take over the whole economy (Cvetić, and
Momčilović, 2018).
Evaluation of marketing strategies which is apply by the entrepreneur to achieve success. Also
discuss various errors which make by entrepreneur and analyse strategies that used to
provide growth, consolidation and underperformance.
There are various marketing channels and strategies available in the market which
provide growth to the company. It help company to attract maximum number of people. Various
type of marketing and advertising channels are discussed below:
 Search engine optimization (SEO): SEO is the best way to introduce organisation in the
marketplace. Today's generation is mainly depends on the internet and they take mostly
information form the internet. SEO refers to the important changes which are made in the
website of the company that help company to approach suitable customers. SEO provide
product and services to the needy ones by eliminating the traffic of various websites. Foot
prints can use this channel to reach most valuable customers which directly meet their
requirements from the company (Ingham, 2018)s.
 Social media platforms: As company is mainly focuses on the adult consumers and there
is the wide number of adult who uses the social media platform. It is helpful for the firm
to reach target consumers. There are many social media platform which help company to
attract large number of people which include Facebook, Instagram and twitter etc
(Nikoluk, 2019).
There are some common mistakes which first time entrepreneurs are being discussed as below:
This point refers to the mistakes done by the newly entrepreneurs :
 Eliminating consumer feedback: This is the most common mistake which is done by
entrepreneur to avoid consumer feedback. Consumer feedbacks are very important for a
firm and they suggest about problem and errors in the product and services.
 Improper selection of work force: It is very important aspect to hire the professionals
which is more suitable for the organisation. Hiring a wrong employee can spoil the
image of the firm. Entrepreneur has to select the staff according to needs of organisation,
not on the basis of salary or wages.

 Ignorance to market risks and errors: An entrepreneur ignore the market risks which take
firm towards losses and failures. To establish a new business, it is very important to
analyse market environment that provide understanding about consumer behaviour,
consumer purchase power, interest and competition (Rudnicki, 2019).
Foot Prints has to prepare a marketing strategy which provide knowledge about consumer
and its competitors. Entrepreneur has to give importance to the feedbacks of consumer to
enhance the product and services which increase the trust of the consumer.
Entrepreneur using various financial tools, models and decision making techniques to assess and
justify the risks
The process of planning and developing techniques and procedures to aid in reducing and
minimising risk connected to project objectives and goals is known as risk mitigation. Because
there are more risks in a new business, it is critical for Footprints to assess these risks and
improve their capacity to satisfy these stated risks. There are a variety of financial instruments,
approaches, and decision-making models that can aid in the detection of impending threats.
There are numerous ways that can assist a company in identifying project risks, such as:
 Examine and forecast risks: This is a type of strategy that is beneficial and effective in
assessing and giving a better knowledge of risk that may have an influence on the output.
The major goal of such strategies is to communicate hazards associated to company. It
would assist in focusing on risk and its impact on manufacturing costs. Style and
elegance adopt tactics for reducing wasteful expenditures and increasing profit
production in the company sector (Canda, 2019).
 Avoiding and ignoring risk: Understanding the options available and the potential
outcomes and consequences would be beneficial. It would also assist in avoiding such
dangers. This type of tactic is also known as an avoidance strategy. Foot Prints would
devise a strategy for assessing the danger and taking steps to mitigate it.
 Risk monitoring: When risk cannot be avoided, this method is employed. This plan
would suggest risk-reduction and risk-reduction activities, as well as the execution of
risk-reduction and risk-reduction actions. It would mitigate the risk of obtaining success
in the near future.

 Risk transfer: The major goal of this method is to shift the risk's stress on another party.
This danger arises when the duties of one department have an impact on the work and
operations of another department (Sacirbey, 2018).
 Observe and monitor operational functions: This method might be adapted as part of a
typical project review plan by the production team. Scheduling cost, and performance or
output is all factors of a project that may be regulated for risk that may occur after it
(Duermyer, 2018).
CONCLUSION
The above report concluded that the foot prints company is mainly deals in footwear
which are newly established company in UK country and it setup with the main motive to
achieve higher profits by providing best quality of goods and services. This business is mainly
explain the uniqueness and creation company invent in their product and launch its goods with
that products because new invention and creation assist the business to grow in long run and
maintain its endurance in the competitive market. Apart from this they also analyse the STP and
competitive analysis along with the company Osterwalder's business model and its porter's value
chain. They critically discuss the marketing strategy of company which company follo to get
success in rivalry firms. At last it analyse some financial methods, tools of planning and decision
making process to mitigate the entity risk.

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