Managing Enterprise in the 21st Century

The report explains how to manage organisations in 21st century and what factors should be considered by owners while establishing new business entities in the market. It covers market segmentation, SWOT analysis, target market, marketing plan, management team, and financial plan of a London based food company named Vegan Veggies.

Managing Enterprise
in the 21st Century

Executive summary
The main purpose of this report is to explain how to manage organisations in 21st century and
what factors should be considered by owners while establishing new business entities in the
market. The report defines marketing plan and marketing audit through which companies
could recognise their strengths along with market segmentation in order to target potential
customers.

Table of Contents
Executive summary.............................................................................................................................2
INTRODUCTION...............................................................................................................................4
MAIN BODY.......................................................................................................................................4
Business overview.............................................................................................................................4
Product and Services.........................................................................................................................4
Market Audit.....................................................................................................................................4
Target Market....................................................................................................................................6
Marketing Plan..................................................................................................................................7
Management Team............................................................................................................................9
Financial Plan..................................................................................................................................10
CONCLUSION..................................................................................................................................10
REFRENCES.....................................................................................................................................11

INTRODUCTION
Business is defined as establishment of companies by people in different legal
structure in order to enhance their market share and earn profitability along with gaining
competitive advantage over others. It is very in the 21st century to manage business functions
as it required continuous innovation in product and services offered by organisations in the
market in order to attract large base of customers (Wróblewski, Gaio and Rosewall, 2019).
The following report covers the establishment of “Vegan Veggies” which is a new company
in London that offers vegan food products for customers. The report contains overview of the
company along with explanation about type of food products the respective organisation will
offer. Furthermore, market audit, target market, marketing plan, management team and
financial plan of the selected company has also been discussed.
MAIN BODY
Business overview
The company “Vegan Veggies” is a small business enterprise which implements partnership
legal structure. The company is located in London and offers vegan food products for
customers who are lactose intolerant as well as for those who prefer to eat healthy. The
respective company provides its services on both online and offline channels.
Product and Services
The “Vegan Veggies” offers food products that are completely plant based and are suitable
for those people who are lactose intolerant. The respective company focus on providing
vegan food items to the door steps of customers according to their requirements (Wibowo and
Sadikin, 2019). There are various products available which includes basics such as beard,
tofu, seeds and others along with plant milk as well as meat alternatives. The customers could
order products according to their need and it would be delivered at their doorsteps in
maximum 20 minutes.
Market Audit
SWOT Analysis
This is an analytical which helps organisation in identifying their strengths and weakness
which they could use to improve their position in the market. This tool also assists in
enhancing opportunities and mitigating threats which they experience through their journey.
In terms of Vegan Veggies, the SWOT analysis has been explained below:

Strengths: The respective organisation offers high quality and healthier food products which
is the utmost priority of customers. The company also possess broad range of vegan food
products along with maintaining good relationship with customers by providing them
effective services.
Weakness: The weakness of selected company includes weak inventory management control
which results into several issues of storing food products (Tidd, 2019). The company also
face issues related to technological advancement which sometimes leads to website crashing
and other issues.
Opportunities: The company could enhance its market share as various people are shifting
their food preferences from fast food to healthy diet. The online ordering of food items is also
increasing among people which could further helps selected company in gaining large base of
customers.
Threats: The company could face competition from other organisation offering organic or
natural food product which might lead to decrement in its market share. The focus of
customers could also be diverted.
Porters Five Forces
Bargaining Power of Suppliers: This component helps in explaining negotiation power of
suppliers which could help them in enhancing their power over companies. In terms of vegan
veggies, it has been observed that the bargaining power of suppliers is high because There are
very few suppliers who could provide raw materials for the final products.
Bargaining Power of Customers: This element of Porter’s five forces helps in explaining
bargaining power of consumers which could impact business functions of a company. In
terms of respective company, the bargaining power of customers is low as there are only few
organizations which could provide vegan food products at their doorsteps (Cook and Light,
2019).
Competitive Rivalry: This factor helps in evaluating presence of existing companies who are
offering same commodities that could impact market position of the firm. In terms of
respective company there are several companies who provide vegan products such as Beyond
Meat, Vbites and many others which could create high competition in the market.

Threat of Substitute Product: This component of the model helps in explaining how
secondary products could impact performance of original commodities in the market. In
terms of selected company, the threat of substitute product is low as there are no secondary
products which could replace vegan commodities.
Threat of New Entry: This factor of model helps in explaining how establishment of new
business entities could impact market position of existing companies. In terms of selected
company threat of new entries is low because there are already big organizations in the
market which provide effective services that helps them in gaining loyalty of customers.
Target Market
STP model is used to develop the enterprise by separating the people, target the divided
grouping in accordance with their choice and update the changes in brand and market
strategies to fulfil their needs. STP Model for Vegan Veggies is given below:
Segmentation: It recognises similar group of consumers and dividing the marketplace into
classifiable groups. These markets are divided into:
Demographic: This segment is related to the features such as age, gender, education,
occupation and many more (Aithal and Aithal, 2019). In case of selected company, they had
differentiated their commodities related to the characteristics of customers which results in
the big development in their firm.
Geographic: This segment is related to the separating all parts by the nation, areas,
city, and many more. In context to vegan food, they had concentrated on mostly that side
where its presence progressively shifting in various directions and then it was spreading more
and more.
Psycho graphic: This segment is all about their personality, behaviour, interests,
belief, thoughts and so on. In case of Vegan Veggies, they have also separated the food items
according to their personality, their eating habits and many more.
Behavioural: This segment is all about the attitude of the consumers that is their
loyalty about the commodity. As in case of respective company, they also require the loyal
consumers and also about the food what consumers are wanting to eat, what interests’
consumers have which is helping the firm to grow it (Kelley, Dannefer and Masarweh, 2018).

Targeting: This is the second step which is in use to recognise the best possibility for the
firm. It is used for measuring potentiality and commercialized attraction of each section.
Criteria Size: It is related to the size of a market which leads to the future potentiality
development in the market. In case of Vegan Veggies, it has a very big market as the quantity
of people who has interest in vegan food is more which results to the examine the
commodity, its cost and its place in an effective manner.
Profit: It is related to net income that which segment of the organization wants to
spend with their marketing attempts. In relation with selected company, it is exceeding the
price of additive marketing strategies which assist them to increase the profit.
Reachability: It means factors to considering how easy or difficult for the consumer
to see each segment. In context to vegan food, purchasers can also reach by some promotions
or distribution channels.
Positioning: This is the last part of this model which assist to position a commodity for
targeting a contrary group of customers which assist to concentrate on the benefits which
distinguish the commodities from competitors (Zharov, 2020).
Symbolic positioning: It means with the heightening of self-image or ego of
consumers. In case of Vegan Veggies, it is positioning itself by knowing what its consumers
are acknowledging, or ranking their challengers.
Functional positioning: It means with the positioning where consumers can figure
out their issues and give some authentic advantages. In case of Vegan Veggies, firms are
concentrating on the value proposition of food provided that satisfy consumers need and self-
respect.
Marketing Plan
Company overview
The “Vegan Veggies” is a London based food company which offers vegan food products for
customers who prefer to eat healthy and lactose free. The company operates business in
partnership legal structure type along with having its presence on both offline and online
platforms.
Vision and Mission

The vision of the Vegan Veggies is to become market leader in vegan food industry and
mission statement of the company is to make veganism mainstream.
Marketing Strategies
The marketing strategies which Vegan Veggies adopt includes social media and paid
marketing which helps in gaining attention of large customer base (George, 2019). The social
media marketing of respective company focuses on providing valuable and informational
content for customer which could result into enhanced traffic on its website as well as its
social media channels. On the other hand, paid media advertising includes pay per click
approach which helps company in diverting people to its website.
Promotional Strategies
The respective company organise various contents on its social media channels which helps it
attracting large base of customers. The organisation also delivers products on doorsteps of
customers in maximum 20 minutes which further helps in gaining trust of customers along
with enhancing large client base.
Marketing Mix
Product
This is the factor in marketing which helps companies in explaining what product or services
they are offering in the market which could provide them differentiation factor from others
and grab large base of customers. in terms of Vegan Veggies, it offers vegan products for
customers who prefer to lactose free food items and are conscious for their health. The
respective company offers food products to customers at their doorsteps (Wigell, Scholvin
and Aaltola, 2018). There are various categories of food commodities such as basic, plant-
based milk and many from which consumers could select.
Place
This component of marketing mix helps organisation in describing location from where
products or services offered by them could be assessable for customers. In context to
respective company, it offers vegan products on online and offline platforms. The online
channel includes its official website from where customers could select products and add to
their cart before placing order. The offline platform of the company is its stores in London
from where people could come and find their required products into different sub-sections.
Price

This element assists in explaining which pricing strategies organisations adopt in order to
accomplish competitive advantage over others in the market. In terms of selected
organisation, it adopts competitive pricing strategy so that it could change price according to
the modifications in costs of its rivals.
Promotion
This factor of marketing mix assists in describing what different types of promotional
strategies companies adopt in order to make their brand popular in the market. In terms of
respective organisation, it adopts social media marketing and provide fast delivery at
doorsteps of customers.
Management Team
Management team is described as collection of high-level associates who are responsible for
planning strategies that could help organizations in operating business smoothly. In terms of
vegan veggies, the main purpose of management team is to successfully handle all the
activities in the organization along with supervising performance of employees (Becard and
Menechelli, 2019). Management team of the respective company includes accounting,
marketing sales, business strategy and operations. Accounting department of the company is
accountable for managing financial aspects of the company along with delegating budget to
different departments for their smooth operations. Marketing team is responsible for making
strategies that could help in enhancing brand awareness in the market. Sales and business
strategy management team is responsible for supervising performance of products in the
market so that effective measures could be taken to improve its position. Operation
management team is responsible for looking after activities conducting in production and
manufacturing unit.

Financial Plan
A financial plan is defined as comprehensive analysis of present and future state by utilizing
existing known variables in order to predict possible future. In terms of Vegan Veggies, the
financial plan is described below:
Activities Amount
Promotion £5,000
Manufacturing £5000
Transportation £10,000
Operational activities £10,000
Total £30,000
CONCLUSION
From the above discussion it has been analysed that launching a business is not an
easy task for owners as there are so many components which are required to be considered by
them to accomplish organisational objectives. It has been observed from the above report that
it is very essential for companies to understand their market segmentation in order to target
right customers who could provide them profitability. It could be said from the above report
that it is important for organisations to have complete market analysis in order to operate
business smoothly in the market along with gaining competitive advantage over others.

REFRENCES
Books and Journal
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