Business Essentials and Firm Structure

The assignment delves into the concept of a business as a legal entity that can be formed by one or more individuals with common goals and targets. It highlights the importance of planning, which is essential for both small and large firms to achieve success. The document also touches on firm structure, including operational, tactical, and strategic decision-making procedures.

FOUNDATION
BUSINESS
ESSENTIAL-
INTRODUCTION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
PART A..................................................................................................................................1
TASK 2............................................................................................................................................2
TASK 3............................................................................................................................................3
PART A..................................................................................................................................3
PART B..................................................................................................................................4
TASK 4............................................................................................................................................5
Marketing objectives..............................................................................................................5
Target market .........................................................................................................................5
Marketing strategies for every market....................................................................................5
Marketing Mix........................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Business is determined as a legal entity which is framed up with the corporation of an
individual and natural assets who shares common objective and goals. This report is majorly
categorised into different divisions for an example prominent elements that require to evaluate at
the time of launching new venture with in the market place. Hence, this assignment is majorly
based on beginning a business in the larger campus of the university in order to facilitate various
kind of food item for concentrating on student and young customers (Robyt, 2012). In this report,
a PESTEL analysis in given along with creation of budget plan who are prominently highlighted
in the report for establishing a new developed business venture.
TASK 1
PART A
In the current scenario or condition, it has been determined that students and youngsters
are going to be more foodies due to the launching of larger numbers of junk food and western
items or so on. Hence, students and youngsters are more likely to try more of various stall food,
restaurant, hotel, cafes and many more.
Overview of newly established business- In accordance to the survey, it has been
undertakes that venture for providing different kinds of food item is reflecting as innovating,
creating and efficient division in current duration of time. Hence, there are various positive
elements that involve qualitative products, offering hygienic foods and delivery of time are
useful for attaining more major returns on their investment.
Name of the organisation: “JONES SOLE PROPERITOR”
This company is quit small ventures which smoothly runs by the sole trader in that they
have offers various kinds of tasteful and delicious food product and dishes in van of food for
satisfying their demand and desires.
Location- After evaluating entire venture, it has been determined that suitable region for
this kind of business such as university, collages, outside of the bigger malls, tourist destination
and various different location where larger numbers of individual is available (Romano, 2013).
Hence, locations at different and several crowded regions are very helpful in order to have
attention of large numbers of persons and customers. However, venture required to be generated
in both manner such as online and popular street.
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Motive behind for selecting this business: There are various reasons that are available
for the enterprise to get chosen that are detailed as like:
 Required minimum input but at time take increased outcome.
 It exhibit as the money oriented and creating profit in the sector of business.
Name of the
competitors
Food types
Bankin Burgers Tasty and delightful burgers service provided by firm in location with
the aid of Bankin bus on daily basis.
Lotto Food company This is the famous eating point and catering system which specialized
in Afro-Mediterranean good in various collection.
PART B
the company has main objective which is to create planning that is necessary and
prominent for the small and larger firms because it provide assistance in order to addressing
effective and corrective path way it respect to have success or launching of the firm (Urner,
2016). Other side, venture also related with the food industry and create effective and efficient
planning which has required direction that provide them help at the duration of executing and
performing different kind of business activities in a specific and corrective manner. Some of the
major and important objective that are detailed as- Qualitative- it is needed in order to maintain their product quality by utilising bet and
prominent raw material and also provide support to various different product in effective
manner.
 Hygienic-they required to maintain their food's and product's security or safety through
protecting them for different harmful germ and bacteria for providing healthy food
product to their buyer.
TASK 2
Several external elements are playing an important and effective role for launching a new
venture with in different area or locations cause an organisation needs to undertake such factors
for making efficient plans and policies (Wheelen and Hunger, 2017). All the large and small
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ventures are majorly based on several values, rules, norms and regulations represented by the
authority framed as a head of corporate location. Therefore, effects of macro environment on
“Jones Sole Proprietor” are explained as follows: Political- Political situation is stable that directly put impact on the firm’s rules and
regulations so the government always makes changes to such policies such as tax policy
which required to be followed by the each and every firm in accordance to the law and
regulation or norms. Economical- Jones sole proprietor are not taking care of buyers saving hence they are not
effects to the customers in order to saving their major amount in any ways. Social-behaviour of buyers to be take cares and if customers are not satisfied with the
food product and it is useful for the venture. It will provide help in the developing
community and society (Wilson, 2014). Enterprise needs to satisfy the desire and demand
of customers that make direct impact of the success and growth of the firm. Technology- it is that element which directly impact over the growth of business and
their profitability. It is required for the firm is to opt different kind of methods and
technologies in order to producing innovative and creative goods and services. Environmental- Such elements needs to be responsible in order to protecting and
developing the society for inappropriate elements which are used for creating their food
products. Environment need not to get effected by the manufacturing and creating such
goods.
 Legal- it is important for the company is to take care of the health of their target
customers with in the society hence healthy nutrient product will not be provided to
customers.
TASK 3
PART A
Introducing or launching a new business or branch always reflects more adventurous
cause it required a major number of fund and workforce capability. Through the help of it,
manager of firm along with particular requirement should creative strategies and plans for
choosing appropriate location for launching branch of the firm. “Jones Sole Proprietor” majorly
determines the needs of food van in different places or locality and importance to interpret the
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needs of entire society. Hence, for investing money they needs to think in regards to important
factors that are detailed as:
a) Investment in food and entertainment- it is observed that this is best impressive
techniques for innovative things where all offers of meal can be provided with entertainment
(Wirtz, 2012). hence, it is useful method for attaining major numbers of eyes of buyers. The core
objective is to offers customers with in single locations and trying to make goods and efficient
services.
b) Invitation to famous person- Celebrity such as film person and any of cricketer will
play major signify role for the improving a certain product at wider market place and society will
get attract for the famous person towards their attribute and charm (Zakrajsek, 2013).
PART B
For framing an efficient plan for undertaking correct figures and facts with in the time for
predicting sufficient budget for minimum losses. The budget refers for the firm which are
detailed as:
Particular Current Year Forecasted
Revenue
Sales 100*50 5000 6000
DIGNITARY passes
100*20 2000 2300
Total sale 7000 8300
Less: Expenditure
Film-star cost 100*5 500 300
Discounted food 1500 3000
Interior decoration 600 600
Encouragement cost 200 400
Additional services 100 150
Total expenses 2900 4450
Total Net profit 4100 4750
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According to the above reflected tabular presentation of the budget for “Jones Sole
Proprietor” that needs to frame for prediction with the aid of various necessary elements. It will
reflect that all the desired expenditure that must be going to have with launching best food van.
TASK 4
Marketing objectives
In order to launching a new firm at the European market locations with the help of
various elements and data for suitable time for creating an efficient plan for analysis the main
objective and goals of an organisation through utilising suitable technologies and methods
business also includes for offering various food services that required to chose major location
where buyers desired more products (Anderson and et. al., 2014). the core marketing objective of
“Jones Sole Proprietor” is detailed as: Quality- An organisation try to provide more healthy, tasty, delicious and hygienic food
for their target buyers.
 Service- There are different services that are offered by the firm due to providing self
cooking services for creating them different form other firms which are occupied with the
same kind of venture.
Target market
Marketing team of the firm develop various strategies and plan in order to promote their
services and product in different location by utilising effective techniques and methods for
targeting a particular market location. It refers to that they are categories different market in
several divisions for evaluating buyers needs and requirements towards some food product.
Basically, it can be identified in accordance to the attribute of the customers that involves
demographical, geographical, behavioural and psycho graphic (Prewitt and Weil, 2014).it will
helps in attaining the firms goal and objective in appropriate manner so it garb attention of larger
number of customers.
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Marketing strategies for every market
For having awareness for the targeting market as well as buyers, it is important for the
firm is to create effective frame or suitable strategy for the “Jones sole Proprietor” through
undertakes the valuable data for attaining needed objective and goals (Cobanoglu and et. al.,
2011). There are different source of promotional activity that are opted by the marketing head of
the “Jones Sole Proprietor” for attain their work in rapid manner that are detailed as: Printing promotion- According to this method, the company necessitate to print various
templates, booklet, card and newsletters which are having of needed information in
regards of particular good and services offering by business firm.
 Television advertising- Majority of the young individuals and students are habitual
towards watching television or any promotional activity.
Marketing Mix
Mixing or combination of traditional kinds of P'S that are known as marketing mix that
provide assistance to the company for attaining their various marketing activities in the more
efficient and effective manner for undertaking all major terms and situation (Engemann and
Henderson, 2011). Hence, an effective overview of traditional P'S that is more important for
addressing as under-
Element Description
Price As per this factor, the company required to care on their product price or
value and determine after reasoned all prominent price that should to be arise
in the making products at time of manufacturing process.
Product According to this component “JONES SOLE PROPERITOR” require to
detailed entire scenario of their product or foods that should be provided by
them in their food van and quality. (Laudon and Laudon, 2011).
Place It is essential for firm is to make sure that product needs to be reach at right
place in granted time period for pleasing their customers of necessity and
wants.
Promotion The activities of motivating sales various products with the usage of different
origin or modes that includes promotion by using TV, sites, social media,
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newsletter and many more.
Other side it is also said that, every firm is also divided into different divisions for
creating formal structure of the firm and distributed work among employees in accordance to
their specialisation and each of division needs to have their representatives for representing their
problem in effective manner. So different determine procedures of “Jones Sole Proprietor” is
discussed as follows: Operational- Decision in regards to regular functions and operations. Tactical- It is in relation with applying plans and strategies.
 Strategic- The choice of activities are effects entire firm for attain objective and targets.
CONCLUSION
Form the above report it has been concluded that Business is believe as a legal entity that
is framed up with aid of a person and natural possession and share common goals and targets. A
firm's core motive is to make planning which is essential and critical for small and large firm
because it help in addressing suitable direction towards having success of the firm.
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REFERENCES
Books and Journals
Robyt, J. F., 2012. Essentials of carbohydrate chemistry. Springer Science & Business Media.
Romano, A., 2013. Investigative Essentials for Journalists in Multicultural and Diverse
Communities. In Journalism Research and Investigation in a Digital World (pp. 263-
272). Oxford University Press.
Urner, J., 2016. Development Of Intersensory Perception Comparative
Perspectives.Development.1. p.2.
Wheelen, T. L. and Hunger, J. D., 2017. Strategic management and business policy. Pearson.
Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
Wirtz, J., 2012. Essentials of services marketing. FT Press.
Zakrajsek, T., 2013. Essentials Skills in Building and Sustaining a Faculty Development Center:
Budget and Staff. Journal on Centers for Teaching and Learning.5.
Anderson, D. R and et. al., 2014. Essentials of statistics for business and economics. Cengage
Learning.
Cobanoglu, C and et. al., 2011. The impact of technology amenities on hotel guest overall
satisfaction. Journal of Quality Assurance in Hospitality & Tourism. 12(4). pp.272-288.
Engemann, K. J. and Henderson, D. M., 2011. Business Continuity and Risk Management:
Essentials of Organizational Resilience. Rothstein Publishing.
Follett, M. P., 2013. Freedom and co-ordination (RLE: Organizations): lectures in business
organization (Vol. 15). Routledge.
Hair, J. F., 2015. Essentials of business research methods. ME Sharpe.
Laudon, K. C. and Laudon, J.P., 2011. Essentials of management information systems. Upper
Saddle River: Pearson.
Prewitt, J. E. and Weil, R., 2014. Organizational opportunities endemic in crisis
leadership.Journal of Management Policy and Practice. 15(2). p.72.
Ragas, M. and Culp, E., 2014. Business Essentials for Strategic Communicators: Creating
Shared Value for the Organization and Its Stakeholders. Springer.
Online
Bhasin, 2016. [Online]. Available through: <https://www.marketing91.com/marketing-mix-
affects-pricing-decisions/>.
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