Foundation Business Essentials Assignment - Introduction
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Added on 2020-10-22
Foundation Business Essentials Assignment - Introduction
Added on 2020-10-22
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Foundation BusinessEssentials - Introduction
TABLE OF CONTENTSTASK 1............................................................................................................................................1A. Business Idea..........................................................................................................................1TASK 2............................................................................................................................................2PESTLE Analysis........................................................................................................................2TASK 3............................................................................................................................................4A. Description of Launch Event.................................................................................................4B. Budget.....................................................................................................................................4TASK 4............................................................................................................................................5Marketing Objectives..................................................................................................................5Target Markets ...........................................................................................................................6Marketing Strategies...................................................................................................................6Marketing Mix............................................................................................................................6TASK 5............................................................................................................................................7Operational Business Decision...................................................................................................7Tactics Business Decision ..........................................................................................................8Strategic Business Decision........................................................................................................8TASK 6............................................................................................................................................9Resources....................................................................................................................................9Information among suppliers......................................................................................................9Analysing consumer post sale.....................................................................................................9REFERENCES..............................................................................................................................11
TASK 1A. Business IdeaBusiness Idea is regarding opening up of Real Estate Agency which will provide manykinds of services related to lending residential homes on rents or lease as it has high scope forgrowth. Apart from that, provides many best choices to the customer for buying house accordingto their budget (Six factors influencing the UK property market in 2018, 2018). This agency willbe build up at Leeds on high street and online availability of services will also be there. As itprovides easy access to all offerings that agency will save time of customers. Major objective ofthe business is to serve residential buildings to individuals who are seeking budget friendlyplaces to live. Also, focuses on developing a bond trust between buyer and seller through qualityservice. With Globalisation, the scenario of urbanisation has been introduced due to whichdemands of residential buildings in a city is increasing. As a result, sellers are selling at veryhigh cost which makes difficult for customers to buy them at such prices. Competition in thissector is very high due to presence of strong and established rivals who already have a strongbase of buyers. Following are the competitors in Real Estate SectorsRival Real Estate AgencyAchievementsBaratt HomesAwarded as Homebuilder of the year at Sundaytimes British Homes Awards and is regarded tobe one of the top agencyBewley HomesHas build up their reputation for excellence aswell as innovation. They have completelychanged lifestyle of buyers. Also, having hugebase of customers.Bloor HomesWorks on providing a new locations tocustomers and are known for servingcustomers by providing them homes accordingto their needs and preferred location.This business plan is regarded to be best option as these competitors does not providebudget friendly homes to customers and our idea focuses on providing best homes to middle-class customers.1
B. ObjectivesTo provide residential homes to customers at affordable prices.To formulate strategies for effective promotion of businessesTo increase the sales by 10% within 3 months\To formulate plans for customer engagementAs the first objective focuses on providing residential homes to buyers according to theirneeds as well as budget. Due increase in expenditure, lifestyle of people has become very costlyin present scenario. Hence, every individual searches a compact home which is affordable. Also,there are certain factors such as security and maintenance which can be at risk in big homes.Apart from that, it is very essential to conduct effective promotions of business in order to attractpotential customers of target market (Housing market, 2018). Strong competitive environment,makes very difficult for every new entrant to reach out to their potential buyers. This can only beachieved through effective marketing of business with implementation several strategies. Thisparameter determines the success of the business idea in practical purpose. Therefore, majorfocus should be on this aspect. Ownership of the business will be Sole Trader type. There are several advantages whichare associated with this type of possession. As individual is free to take decisions and there isless chance of conflicts. Also, amount of profit which would be earned is not divided withanother person. Strategies which are involved in business have complete protection from anykind of unauthorised access. Therefore, there is no risk of leaking confidential information.Legal Structure can also be easily changed as per the circumstances without intervention of anyother person. Cost related to starting up a business is very low. Also, there is no need forconferring with other individuals for decision making. TASK 2PESTLE AnalysisThere are some factors which are taken into consideration for analysing as it affectstendency of business to serve their customers properly. These aspects of macro environment arediscussed as below:Political Factor- Political Scenario of a locality affects the expansion of a business.When these conditions are favourable for commercial idea than business can be easily expanded2
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