Introduction to Business Operations and Management

Introduction to Business Operations and Management
INTRODUCTION
Business plan is a plan that outlines
important details about the business and
provides idea about what are business
and its important elements. This business
plan involves information about what are
business and its vision, objectives and
goals. In addition to this, business plan
also involve background and expertise
and Swot analysis of the business.
Followed by this plan will also include
marketing mix that outlines marketing
strategies of the business and lastly plan
will involve investment needed and
financing opportunities. This involves
creating a budget for new business and
determination of sources for funding or
finance.
About Business
Business is customised cake and bakery
products business. For this business on the
basis of special orders for cake as well as
other bakery products will be taken and on
the basis of this cakes and bakery products
will be prepared for customers.
Customisation includes design and flavour
customisation including providing healthy
alternative for cake and bakery products. In
addition to this, all the products of the
business including cake and other bakery
items will be vegan. This idea is based on
increasing demand for vegan products and
people are looking for vegan and healthy
alternative in every type of product and this
is also basis for its market viability.
Vision
“To become first choice for those
who wants health along with
taste”.
Objectives
To achieve breakeven point within
6 months of starting business
To achieve 5% market share by
2020
To develop basis for loyal
customers for long term and
sustainable growth of business
Goals
To provide high quality products
to customers
To provide innovative product
offerings to customers
Background and expertise
Regarding business there is
no specific background
except interest in baking.
Expertise required for the
business includes
professional knowledge and
skills for baking and ability
to effective manage
business organisation. In
order to gain knowledge
Diploma in Baking and
Confectionary has been
done to gain knowledge for
business.
Swot Analysis
Strengths
Product Offerings
Customisation
Weaknesses
Price
Threats
Increasing
competition
Recession and
economic conditions
leading to reduction
in purchasing power
Opportunities
Increasing consciousness
towards health
Increasing demand for
vegan products
Increasing demand for
bakery products like cake
and pastries
Target Market
Segmentation
Segmentation for
customised cake and
bakery business has
been done on the basis
of demographic
segmentation and
psychographic
segmentation.
Targeting
Targeting strategy for
customised cake and
bakery is differentiated
targeting in which on
the basis of customers
demand and choice
they will be offered
customised and
personalised products
and services.
Positioning
Positioning strategy
for the business
includes attribute
positioning. This is
because attribution of
customisation
differentiates it from
its competitors and is
also a value that it
provides to its
customers.
Competition
Threat of new entrants
Threat of mew entrant is
strong for Customised cake
and Bakery products’ business
because resources and capital
required is limited.
Threat of substitute
Customised cake and Bakery products’ business
have several substitutes that can be used in place
of these. This threat gets affected by number of
substitute and high number of substitute creates
strong threat of substitute and weakens position of
an organisation.
Bargaining power of suppliers
Input and material required for
customised cake and Bakery products’
business is easily available and this is
why bargaining power of suppliers is
weak.
Bargaining power of buyers
Regarding customised cake and Bakery
products’ business there are limited
number sellers compared to number of
buyers. Because of this new business
have strong power in this force of
competition.
Industry rivalry
Regarding industry rivalry there are several forms operating in baking industry and
this is why there is strong rivalry within baking industry
Marketing Plan
Product
the Customised cake and
baking products’ businesses
includes high quality, vegan
and healthy cake and
bakery products.
Price
Price strategy adopted
for Customised cake
and bakery products’
business is premium
price strategy
Promotion
Customised cake and
bakery products’ business
traditional as well as
modern channel will be
used
Place
Customised cake and
bakery products’
business will be sold
at the shop or bakery
Investment needed
Investment needed for
Customised cake and bakery
products’ business involves
different requirements for
starting a business. This
involves getting initial
material and input, rent of the
place, buying machinery and
equipment, salary of staff and
promotional cost. This has
been outlines in following
budget for Customised cake
and bakery products’ business.
Financial opportunities
Financial opportunities are
ways through which one can
finance starting of new
business. There are several
ways through which
Customised cake and bakery
products’ business can be
financed and these includes
partner financing, venture
capitalist, Bootstrapping,
Bank Loans, Microfinance
Providers and government
programs offering start-up
capital.
CONCLUSION
On the basis of above discussion it can be concluded that in
present social environment Customised cake and bakery
products’ business is a viable business idea. Business plan
included identifying and determining target market and
customers. Plan also involved competition that Customised cake
and bakery products’ business will require to face and marketing
strategy that it will adopt for success of business. Marketing
strategy were discussed through developing marketing mix for
new business. Lastly, plan included investment that Customised
cake and bakery products’ business will require for starting and
followed by this, financial opportunities were also discussed.
Financial opportunities include opportunities through which
business can get finance.
REFERENCES
Genadinik, A., 2019. Business plan template and example: how to write a business plan: Business planning made simple. Alex Genadinik.
Milanović, V and et.al., 2020. Selection of cereal-sourced lactic acid bacteria as candidate starters for the baking industry. Plos one. 15(7).
p.e0236190.