IT & Entrepreneurship Assignment

Added on - 28 May 2020

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Running Head: IT & Entrepreneurship0CHOCOFILLSIT & Entrepreneurship
IT & Entrepreneurship1Course Work 2Executive SummaryThe Choco fills chocolate company is starting their new venture of manufacturing andproducing chocolates. Their tagline is “Punchy Munchy Crunchy”, which delivers a varietyof flavors and taste through chocolate bars and truffles. Their main Unique-sellingproposition is to maintain stability and focus on delivering the best quality products to theircustomers. Their marketing budget and sales forecast are to be estimated, which increases thegrowth and profitability of the company. In the following, an effort has been made to discussthe business plan and pitch it to the potential investors.
IT & Entrepreneurship2ContentsExecutive Summary...............................................................................................................................1New Venture Formation........................................................................................................................3Background and Branch........................................................................................................................4Unique Selling Proposition................................................................................................................4Company values................................................................................................................................5Core Competencies............................................................................................................................5Resources..............................................................................................................................................6Market Research....................................................................................................................................7Market segment.................................................................................................................................7Target Market....................................................................................................................................7Market Size and Trends.....................................................................................................................7Porter’s five forces analysis...............................................................................................................8SWOT analysis................................................................................................................................10Competitor analysis.........................................................................................................................11Customer analysis................................................................................................................................12Planning and Costing...........................................................................................................................14Sales forecast.......................................................................................................................................16
IT & Entrepreneurship3New Venture FormationFirstly, we are planned to starting a new venture Choco fills chocolate company, which is achocolate manufacturing company that offers “Punchy Munchy Crunchy” in a variety oftastes through organic chocolate bars and truffles. The organization will concentrate tocapture philosophies from customers by fulfilling their needs and preferences. Theorganization delivers high-quality chocolates, truffles in a clean, and hygiene atmosphere byserving 78% population of children and youngsters in U.K (Gallo, Antolin-Lopez andMontiel, 2018).The company brand name will be “Choco fills” chocolate company, which is a privatelimited company and is the most business vehicle. In this, the stakeholders have no obligationfor the company’s debts above the amount payable to the company. The stakeholders aremore willing to invest in the business because of their legal structure and capital structure.The several options are available for the foreign organization to develop a business presencein U.K. The most common approach is to develop a framework as suppliers, lenders, andlocal customers will be familiar with the overall structure and can retain a higher degree ofcontrol and power (Fosfuri, Giarratana and Roca, 2016).It is to be state that by setting a private limited company in United Kingdom, the Registrar ofCompanies retains several details of companies through a public register held at CompaniesHouse, which incorporates registered number and address, copies of constitutionaldocuments, details of directors, and share capital (Boyarskaya, Ushakova and Schwaninger,2014).The issues, which are involved in creating a new venture, are a crowded market, compliance,market condition etc. It is seen that in an economy with a creation of small business inhibitedthe capability to attain access to customer needs and preferences. The statutory legislation,tax policies, and industry regulations are significant for the decision-making process. Despitethese, the wider economic market condition can avoid or delay in the establishment of a newventure. It is to be stated that the market condition when considering a new venture arerapidly changing the competitive market and highly unstable (Huybrechts, Nicholls andEdinger, 2017).
IT & Entrepreneurship4They need to take care of the uniqueness and innovativeness of the product. They should alsoensure that premium chocolate offers smooth-melting and signature intense chocolate taste.They should take care of the intensity of the product, which lies in the aspect that custom-made chocolate with differences to the size, taste, and packaging as per the preference of thecustomers. Intensive quality assurance in the selection of cocoa beans indicates that highest-quality beans should be selected. It this chocolate product, proprietary blend of cocoa beansthat is refined to offer the organization’s intense and different chocolate taste. Then, it has tobe noted that the business signature flavor profile is constantly maintained and managed in allchocolate products. It induces the customer to buy the products as it safeguards that chocolatemelts in the mouth. It is seen that nowadays individual looking for tasty chocolates becauseof the competing nature of the environment. It is a good opportunity to involve in thechocolate industry because of the prospect to generate positive revenue and growth. It willprogressively become the choice of every people in the United Kingdom and createproductivity (Sarasvathy et al., 2014).Background and BranchThe Chocolate industry is evaluated around 45,000 tonnes valued at approximately $8million. Bars of chocolate such as milk chocolate, truffle, nestle milky bar, Amul, and dairymilk have covered the biggest segment accounting for 37% of the total market as per value.The chocolate companies have increased sales, which have been targeted to attract adultaudiences. It can be displayed as snack food for the new target audiences and characterizedby huge expenses, price sensitivity, high volumes, and low margins. It has been rising at asteady growth rate of 34% (Schjoedt et al., 2013).Unique Selling PropositionThe uniqueness of the product lies in stability and flavor. It should be according to thecustomer’s expectation and preferences.StabilityThe stability and reliability of the product made from two distinct skim milk and cocoapowders. It is to be stated that highly stable chocolate generated from sustainable aspects thatwill offer a more favorable alternative to chocolate customers in the U.K. confectionarymarket (Jia et al., 2016).
IT & Entrepreneurship5Taste and FlavoursChoco fills will give a huge rivalry to its competitors through taste and flavors. It will offer“Punchy Munchy Crunchy” in diverse flavors with high quality such as vanilla, crunch,coffee, dry fruits, and caramel flavor to the customers. It is stated that utilizing high quality ofcocoa will improve the taste and flavor of chocolates. Choco fills will be defining the tasteand flavor of chocolates and it is best to share among relatives and friends (George, 2016).Company valuesTheir main objective is to deliver customer with the best quality products to the best interestof the customers.Research and InnovationIt states that innovation will generate value for our customers. Maintaining productionprocesses and innovative research will attain brand loyalty of the customers and develop highcustomer retention. They will concentrate on the development of the best quality productsand progressively innovate as per the positioning and nutritional values (Running, Hayes andZiegler, 2017).QualityQuality assurance induces those customers who are highly conscious about their health andhygiene. Choco fills will deliver good quality products to the best interest of customers insustainable development and hygiene in order to meet the standards of U.K. standard andQuality Controlled framework (Recanati, Marveggio and Dotelli, 2018).Core CompetenciesThe core competencies on which the organization will compete are:High qualityThey need to take care of consuming the “Choco fills” as it is of supreme quality andgenerate productivity. They have sufficient quantities of cocoa beans and become sticky atroom temperature. The Choco fills chocolate company will have to ensure that a customergets quality products at low cost (Pandi and Watson, 2018).
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