Key Elements of Business - Report

Added on - 28 May 2020

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<University><Small Business Management>by<Your Name><Date><Lecturer’s Name and Course Number><Your Name> 20171of19
IntroductionSmall business is regarded as an independently owned as well as operatedcompany, which has the limitation of size and revenue depending on the type ofindustry (Sampaio, ThomasandFont, 2012). It can be a sole proprietorship or amanufacturing firm. Further, managing the small business in all aspects is aresponsibility of its owners. The management of the small business can be defined asthe alignment and coordination of various activities in a firm (Hatten, 2012). Formanaging the organization, business owners utilize the managerial skills foraccomplishing its goals and objectives of the firm.The present report describes the small business management of a CambridgeSatchel, which is a small business firm of UK. The topic for this report is to explorethe key elements of a business and for that, company’s portfolio in regards tomarketing, finance and operations management has been explained (Storey, 2016).Reason for the categorising the company into small businessCambridge Satchel has been chosen for accomplishing the topic that isexploring the key elements of a business. This particular firm has been chosenbecause it is small manufacturing organization of UK and performs its operation inlimited part of the country(Bridge and O'Neill, 2012).Moreover, the revenuegenerated is also limited as per the industry norms. Therefore, it satisfies all theconditions of being a small sector organization and for that aspect, this company hasbeen chosen for carrying out this project report (Blackburn, Hart and Wainwright,2013).<Your Name> 20172of19
This company was running its business in the city of Cambridge and nowoperates four stores in the country UK (Adams, KhojaandKauffman, 2012). Further,it generates the revenue as $13 million, which falls under the category of smallbusiness. Further, it also does not have the worldwide operation and that defines thatcompany is limited to only one nation. Moreover, the firm also has a single productline. Furthermore, the company is satisfying all the conditions and requirements of thesmall business sector of UK, therefore, this company is categorized as the smallbusiness organization of the country UK (Eid and El-Gohary, 2013).Background of the companyThe small business firm, selected for this report is Cambridge Satchel that is aBritish company producing satchel and other leather goods. This company wasfounded in 2008 in Cambridge, England. Further, the product range of the firm isgenerally satchel and few leather goods for women but they have recently launchedthe first line exclusively for men.The Mother Freda Thomas and her daughter Julie Deane founded thiscompany. The mother made the satchel for her grandchildren and unexpectedly, thedemand rose as a fashion accessory and this motivated them to begin its firm in 2008.Later the duo started its own factory in Leicester under the name Cambridge Satchel(Goss, 2015). Moreover, this company falls under the fashion industry as this industryprovides all kind of handbags, purses, pouches as well as a satchel. The financialposition of the business is progressing every year. In 2010, turnover of the companywas $8 million, and then in 2011, it was estimated at $15 million. In 2013, it was<Your Name> 20173of19
calculated as $21 million. Thus, it can be concluded that company is performing wellin terms of finance as its turnover is increasing every consecutive year.Further, it is important to identify the current position of the company as thiswill help inanalysingthe key elements of the business. For assessing the competitiveposition of the firm, SWOT analysis has been carried out. SWOT analysis will help inidentifying the internal as well as its external environment (Wilson and Gilligan,2012). The detailed SWOT analysis of Cambridge Satchel is as follows:StrengthsWeaknessesHigh quality productPopular among the Cambridgeand the people of this location.Demand of satchel is very high inthe market.Started own factory (Kotler,2015).Product line is very narrow.Not popular among other parts ofthe country.Lack of latest technology.OpportunitiesThreatsExpansion of market as well as ofproduct line.Installation of new technology toget low cost of production.Tough competition from biggerbrands.Limited size and revenue cancause loss to the business duringexpansion.<Your Name> 20174of19
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