Foundation Business Essentials - Introduction
Added on 2021-01-14
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Foundation BusinessEssentials -Introduction
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Concept of New Business...........................................................................................................1TASK 2............................................................................................................................................4PESTLE Analysis of Shining Shoes Company...........................................................................4TASK 3............................................................................................................................................6Launching Event.........................................................................................................................6Producing a Budget.....................................................................................................................7TASK 4............................................................................................................................................7Marketing Objectives..................................................................................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness Idea can be defined as the starting point for any current and futureentrepreneurs. Idea for starting a business is important only in the initial stage of start up. Thefollowing assignment is based on launching a new venture and will consider all the aspectsimpacting on its formation and working. The assignment will start with the new business ideaproposed and will specify its business, location, sector and the products or services which it willprovide to their customers. In addition to this, the assignment will also focus on customersegments which the business will target and on the competitors with which the business has tocompete. The assignment will state the objectives of the business and will also providejustification for their state of ownership which the company will choose. The impact of macroenvironmental factors will also be analysed in this assignment by making use of PESTLEAnalysis. As launching new business need amount in large amount so to control the cost, budgetwill be prepared and a launching event of the business will also conducted. Finally theassignment will provide marketing objectives, target markets, marketing mix and marketingstrategies used by the company to attract their target market. TASK 1Concept of New BusinessThe name of the new business launched is “The Shining Shoes Company”. The companywill be based in Liverpool, UK (Baskerville and Dulipovici, 2015). The reason behind choosingthis as a business idea is because the company is adopting recycling process. Customers will beasked to give their old shoes and take new shoes home in exchange. Discounts will also beprovided to the customers which will help the company in attracting more and more customerstowards the products of the company. It will become easy for the company to attract thecustomers towards the product and likewise the company will also be able to fulfil theirCorporate Social Responsibilities towards the environment which is a positive point for thecompany. Another reason for the selection of this business is because people are fed up ofwearing same shoes again and again so the company will provide the customers with this facilitywhich will make it different from other businesses and it will become easy for the company togain market share. Shining Shoes Company will provide their customers with formal shoes forthose people who are going to office on daily basis and sport shoes will be offered to those1
people who are health conscious. “ Health Conscious” here refers to those people who arepurchasing sports shoes for jogging taking into consideration their health. As the sports shoesoffered by the company are comfortable in wearing and are also economical in price (Chapman,2015). The location chosen for the operations of business is Liverpool. The company will makeoperate its business in a rented shop in front of the Tower Buildings in Liverpool. The locationchosen is appropriate for the business as the population level of people living in this area is high.In addition to this, financial situation of the people living in this area is also good and they canafford high prices of the products. So there are chances that the company will be able to makegood profits at this location and will strengthen its survival and growth. The sector in which thecompany will deal is Retail Sector. The company will make the production and recyclingprocess at their own and will also sell the products with the help of retail outlets. Further the sale and purchase activities of the products of the company will take place inboth the ways which are online and high street. It is because most of the people in this locationare working and it may not be possible for them to come directly to the shop and make choicesof their preference in shoes (Cohen and et. al., 2015). So the company is providing the customerswith an online facility to choose the products they like and also make payment for their purchase.Customers will also be provided to make the exchange process online by uploading the pics oftheir old shoes and choose the one which they want to purchase. Name of the CompetitorReasonHotterThe following company is chosen as a competitor for ShiningShoes because the company is also providing comfort shoes to theircustomers and is also providing free delivery of all products overthe prices of £ 80. So this company is considered as a competitorfor Shining Shoes Company.Joseph Cheaney & SonsThe products of this company also matches with our ones also.Along with their other products, the company is also offeringformal shoes to their customers. So there are chances that thecompany needs to compete with the products of this company also.Due to this reason this company is also considered as competitorfor the company.2
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