Management of Business | Assignment

Running head: MANAGEMENT
Management
Name of the Student
Name of the University
Author note

MANAGEMENT1
Task 1
a) Business idea is thoughts related to someone as what can be successful when converted in
the business. Therefore, business idea may be to sell coffee makers for the cars for saving
time. However, the business opportunity is the system which someone should have developed
from texting as well as experience along with proven can work. It should have products and
services which can be sold and it has been proven to work (Tomczak, Reinecke & Kuss,
2018).
b) Launching of the business start-up in the entire Australian economy can be quick however,
there is minimum four years required for earning profitability from the business. The actual
time frame is mainly dependent on how much the entire start-up capital is needed for creating
products as well as services and how much amount of money is being drawn from company
for the compensation as well as servicing of investors (Schiavone & Simoni, 2019).
c)
 Using Social Media for promoting the business is the first and foremost cheapest
aspect such as Facebook, Twitter or YouTube for making the customers aware
regarding the new business start-up.
 Turning the different vehicles in the mobile billboards with the vehicle wrap and other
cheapest way in maintaining the budget and improving the business prospects in a
suitable manner (Sadeghpour et al., 2017)
 Development of the customer referral programs wherein the company will be offering
the customers with free products or free month of service
 Online contests are the other cheap alternative which can be used by the start-ups
wherein the winners will be awarded with the free gifts or hampers for trying their
products (Lim et al., 2018)

MANAGEMENT2
 Development of industry partnerships for the joint project and it can be done online
and it is the other effective gateway
d)
Advantages of Opening Website for Business Through Yahoo or Such Other Service
 There will be 24*7 support available for the customers (Lancaster & Massingham,
2017)
 It will be providing easy access to the different business information successfully
 Keeping it fresh as there will be up to date information available for customers
Disadvantages of Opening Website for Business Through Yahoo or Such Other Service
 There can be issues related to reliability which can be hampering business
 Crashes and Uptime are the other issue influencing efficiency of the business
(Kreutzer, 2019)
 Difficulty in reaching to the right people as there can be Spam involved
Task 2
a)
Component What will you include?
Opportunity Analysis
Industry Analysis Analysis of level of threats and competition
through the help of Porter’s Five Forces
Model (Kreutzer, 2016)
SWOT Analysis It includes the internal strengths and
weaknesses along with external

MANAGEMENT3
opportunities and threats (Kim, Shin & Min,
2016)
Environmental Analysis PESTLE Analysis helps in identifying the
opportunities and threats which can be
affecting the firm in the country in which
the company operates (Ito, 2019)
Competitive Analysis Identifying different competitors who can
become a huge threat
Marketing Analysis
Overall Market and target The target market analysis needs to be done
through the understanding the needs and
wants of customers
Goals and Objectives The objectives for both short and long term
need to be analyzed such as the sales
percentage or the profitability for atatining
in next few years
Marketing Strategy For achieving competitive advantage,
marketing strategy needs to be developed
with the help of social media or integration
effectively (David & David, 2017)
Product/Service Analysis of right product apt for the
customers through extensive research
Pricing Strategy Competitive or the value-added pricing can